2024-07-31-accounts

Registered number: 08738730 Charity number: 1154401 NOTTINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) TRUSTEES REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

NO￿INGHAm TRENT STUDENTS. UNION (A company limited by guarantee) CONTENTS Page Reference and admlnlstratlve details of the Union, its Trustees and advisers Trustees ￿pOrt Independent auditors, report on the financlal statements Ststement of financial activities 3-13 14-17 18 Balance sheet 19-20 Statement of cash flows 21 Notes to the financial ststements 22-45

NOThINGHAM TRENT STUDENTS, UNION (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Charltable Status Nottingham Trent Students Union {NTSU) is an incorporated charty registered with the Charty Commission (No. 1154401) and Companies House (No. 8738730) since 30 October 2013. NTSU is governed by the article5 of association. Trustees Elected Sabbatical Trustees From 1 July 2022- 30 June 2024 Anna O'Hara Jodi Stephens From 1 July 2023- 30 June 2024 Isabella Voice From 1 July 2023 Olivia Brooks Jasmine Gaunt Jessica Walker From 1 July 2024 Jasmyn Aaliyah Bri-Ana Smith Libby Sinclair Mollie Vadher Elected Mon￿abbat1Caj Trustees From 1 July 2023- 30 June 2024 Dylan Neary From 1 July 2024 Grace Fox Student Trustees From 1 July2021- 30th June 2024 Catarina Galhardo Lopes From 1 July2022- 30th June 2024 Jessie Hamilton Suly Owolabi From 1 July 2024 Melekwe Ebile Tony Alan Michael Clarke Nikita Shefner Universi ointed Trustee From 1 June 2020 Geoff Love Page 1

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE UNION. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Exlemal Trustees From 1 July 2023 Kudzai Muzangaza From 1 July 2023 Georgie Benford Senior Mana ement Team NTSU employs a Chief Executive Officer to ensure effective management of the charity as head of a senior management team as follows: Chief Executive Officer NTSU Head of Finance Director of Membership Services Director of Commercial Servi￿5 Phil Kynaston Lisa-Jane Whitehead Hannah Templeman Stephenson Company registered number 08738730 Charity reglstered number 1154401 Prfncipal address Benenson Building Clifton Campus Clifton Lane Nottingham NG118NS Independent auditors Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Bankers Natwest Bank 16 South Parade Nottingham NG12JX Solicitors Howes Percival The Osiet5 Business Park The Osiers Busines5 Centre Leicester LE19 1DX Page 2

NOThINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) TRUSTEE'S REPORT FOR THE YEAR ENDED 31 JULY2024 The Board of Trustees present their Annual Report for the year ended 31 July 2024, which includes the administrative inforrnation set out above, together wtth the audited accounts for that year. Structure, Gov8rnanc8 and Management NTSU is a registered charity and a company fimited by guarantee. not having share capital and govemed by its Memorandum and Arlicles ol Association. The liabilty of each memb8r in the event of winding up is limited to £1. The Trustees are members of the Charity. It is registered as a charity with the Charity Commission. The charity is administered by its Board of Trustees which has an Executive Committee of seven students elected annually by cross-campus secret ballot of the NTSU membership. The six posts of President. VP Education. VP Community & Welfare, VP Opportunities, VP Post-graduate and VP Sport are full-time, or 'sabbatical'. posts remunerated as authorised by the Education Act (1994). The six full-time and one part-time Executive Off￿er along with the SÈX Non-Executive Trustees are the charty Trustees of NTSU. A5 the charity Trustee5. all Executive Officers and Non-Executive Officers receive an induction and training into their legal and administrattve responsibilities, with an ongoing training programme as necessary for issues arising during their tenrj of offi￿. NTSU operates eccording to democratic prinoples. with supetwsory power vested in the Union Meeting, which is open to all members of NTSU, and which can scrutinise decisions made by the Executive Committee and approves its general policy. The Executive Committee meets fortnightly to re￿[ve reports from individual Officers and the Chief Executive Officer, to review the charity's performanGe and adminislRtion generally and to decide policy issues arising. subject to Union Meeting oversight. NTSU also employs a number of non-studenl. full-time staff for their specialist knowledge and expertise and to enhance continuity in the management of its many activities ointment of Trustees The Directors of the charitable company are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. Dele ation The Truslees delegate the day-to-day management, the development of strategy and overall leadership of the Charity to the Chief Executive and a Senior Management TeaTn. Pa Poli and Senior Staff A Remuneration Commhttee is appointed annually by the Board of Trustees to review the salaries of senior staff members. The Committee uses data from comparable students. unions across the UK to provide a benchmark for their decision making. Relationshi with the Univers The relationship bekneen the University and NTSU is establtshed in the regulations of the University and detailed in NTSU rules approved by both organisalions. The Relationship Agreement was reviewed by both parties and approved in November 2023. NTSU receives a Block Grant from the University, and occupies buildings own&d or leased by the UnNersty. which also pays for some utilities. This non-monetary support is intrinsic to the relationship be￿een the University and NTSU. As recommended by the Charities. SORP. for due compliance with the requirements for Student5, Unions provided for in Ihe Charities Act 2011, an estimated value to NTSU for free, serviced accommodation has been included in the accounts, this was reviewed in year and is priced at £192.079. NTSU continues to generate supplementsry funding from various mutual ttading activities. Page 3

NOThINGHAM TRENT STUDENTS, UNION (A company limitsd by guarantee TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Aims and Obje¢tlves NTSU is governed by ts Memorandum and Articles which record ts Objects as follows.. The Union's Objecls are the advancement of education of students at NottiNJham Trent University for the public benefit by'.- Promoting the interests and welfare of students at Nottingham Trent Universty during their course of study and representing, supporting and advising Students; Being the recognised representative channel betsveen Students and Nottingham Trent Universty and any other external body. and Providing social, culture. sporting and recreational activities and forums for discussions and debate for the personal development of Studenls. The Union undertook a quinquennial review of the Memorandum and Articles of Association in year and the new Memorandum and Articles of Association vRre approved through the required processes by the Trustees and the University in November 2023. The Unions published a strategic plan. which was approved by the Board of Trustees in June 2019 following consullation wrth over 4,000 students, is due to run through to 2025. As part of the creation of the current slrategy the Trustees took the decision to align our strategic cycle with that of the Universty. The Trustees believe that Ihis provides the maximum opportunty lo influence the University where the interests of the Untversty and our members are congruent. while enabling the Union to maintain an independent, authentic student voice where our interests are different. The Trustees have again endorsed this approach in the formation of our next strategy however they have delayed the process by a year until the higher education policy of the new government is set out. The NTSU Board of Trustees has identified NTSU'S mission as being We empower students to make the best academic and personal experien￿ for themselves and others.. The Union's strategic plan focuses on the following themes: We will advocate for the best educational experience for NTU sludents: (li) We will encourage healthy communities. (iii) We will represent and celebrate our diverse rnembet5hip. In pursuii of these themes. for the public benefit. NTSU will ensure the drversity of its membership is recognised, valued and supported. It has established departments and services for use by its members, to support its work with the Universty and other organisalions in the interests of student5. These include the NTSU Information and Advice Service. the NTSU Student Voice Team. NTSU Opportunities Team, NTSU bars, kitchen & coffee outlets, NTSU business development and entertainments, and NTSU shops. Executive Offiors (the sabbatical and officer Trustees) of NTSU sit on committees of the Universty and meet regularly with the local authority, police and olher providers of public Servi￿ affecting students. NTSU continues to represent the students at Nottingham Trent University on relevant local and national issues by maintaining many student representatives. Student representatives are members of, and contribute to Universty committees and academic programme forums. which allow the Union to effectively address the needs of students. Student representatives are also present on policy and strategy making boards within the Universty. The Union is grateful for the continued, generous financial support of the Universty. Strong relationships have been fomied and maintained with the academic and professional service departments which allow us to meet our charitable objectives whilst continuing to improve the student experience for our members. The successful maintenan* of these relalionships wll continue to be one of our strategic prioribes. particularly in a time of financial challenge for higher education and students. Page 4

NOThINGHAM TRENT STUDENTS, UNION (A company Ilmlted by guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 When reviewing our objectives and planning our activtties, due consideration has been given to the Charity Commission's general and relevant supplementsry guidance on public benefil. 2023124 Perforniance This element of our report outlines the ser¥ices delivered by NTSU and their impact, for public benefit during 2023124. Services during the year wer8 delivered against the Union's strategic objectives and perfomiance is reported against these themes. During tbe year the quality of ￿rSu,5 5eNices has been recognised and accredited in a variety of ways. Achieved a 78010 satisfaction rating in the 2024 NSS Q25. a score 5 percentage points above the sector average., Achieved Green Impact Students, Union Excellent 2024", Achi8ved Ecocampus Silver Status in progress towards IS014001; Achieved NUS Best Bar None Gold Award 2024: Achieved Nottingham Best Bar None Gold Award 2024-, Achieved joint Fair Trade Universriy Award with the University: Achieved reaccreditation of our Advice Quality Standard in our Infomation & Advi￿ SeNlCe' Over 7,000 (180A) students voting in our annual election. We thank the university on behalf of our students for their continued support and willingness to listen to the views and experiences of our members to continually drive forward the student experience at NTU. Without the generous funding and partnership with the university much of this work in this report would not be possible. This report highlights the positive impacts NTSU has made on our members experiences in 2023124. It showcases our seNices and their contributions to our strategic objectives and details how we have continued to provide an ex￿ptiOns1 sludent experience by representing. supporting, and celebrating the students we serv?. We Will Advocate for the Best Educational Ex erIen￿ for our Members The Union implemenled a new academic representstion system in 2023124 following a wholesale review in 2022123. Eliminating the elections phase to remove barriers to engagement resulted in 810 representatives across undergraduate, postgraduale and further education courses who were more representative of the stud8nl population. Over the year lo0.￿ of representatives attend training to better support them in representing students views to the university. We also recruited 16 School Officers to represent students views at a school level across undergraduate and postgraduate levels. 64¥0 of members sU￿eYed in our Pulse Survey agreed that they underslood what their academic representative does with 59 % believing the system was effective. Towards the end of the year an annual review of the system was completed across members and stakeholders and considered at the university academic standards and quality committee with agreed recommendations for 2024125. The Union's Infomiation & Advi￿ Centre continued to represent students, almost 10.000 of the 12,000 time5 they provided adwce were academic related matters. The next iwo highest areas were housing and international student issues. The services undertook an extemal audit of Iheir provision as part of the Advice Quality standard in December 2023. They successfully achieved rea¢creditation demonstrating the professional standard and high qualty of the service. The service was promoted at 20 different outreach events speaking with 2500 students. In addition, 14 volunteers gave their timè at 15 outreach events as part of our peer support scheme engaging over 1000 students. We have infiuenced the development of the 'Notice of Extenuating Circumstances, and other student-facing policies throughout the year focusing on compassionate policies and language to support Students. This helps students when circumstsnces beyond their control impact their attendance or academic performance. Page 5

NOThINGHAM TRENT STUDENTS. UNION IA company limited by guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 We've actively supported our intemational studènt communty facing tuition fee payment issues and engagement challenges. We have swiftty addressed policy and communication issues ensuring our members, needs were recognised and addressed. Partnering with Alterline, a higher education insight agency, we've captured monthly insights into our students changing lives. needs, behamours, and experiences. We have used this insight to influence our engagement with the universty on areas that matter to our students and improve our own services. We have developed closer ties wilh Ihe universtils insight function to help the Union understand and respond to the Vol￿ of students through wider market research and tend analysis. This has fomied a key part of our trustee5' induction programme. We Will Encoura e Health Communities The Cost-of-Living Crisis remains a real issue for our students. with limited finanrial support from govemment they are struggling with rising accommodation costs & living expenses. Many students have voiced their increasing concerns relating to the pressures thelre experiencing trying to survive while studying, let alone thrive. We have worked with the university to make improvements to wider financial support available at universty and lobbied government to recognise and support students better. As a union we have continued to keep our pri￿$ value for money and affordable across our servI￿s, increasing the financial support available to our student groups to ensure fair access to opportuntties. The Union helped support the Sports Access Fund at the start of the academic year to remove barriers to participation in social or high-level sport at university. In September 2023 we welcomed over 15,000 students to our freshers. fairs across 4 days and 3 campuses. This enabled new and returning students to explore everything student life has to offer included 100's of student socielies and sports clubs and over 100 local & national businesses, along wtth key Union and university seNices. Our Freshers Team volunteers helped new students move into their accommodation and navigate student life through the welcome and fresher perirxl. We developed and delrvered an additional Opportunities Fair for our Winter Welcome period in January with over 500 new students attending to engage with over 50 stall holders from societies and sports clubs. Throughout the year the Union ran over 150 'Grve it a Go, activities Wtth 1.250 students attending these small and friendly one-off evenls meeting new people, creating friendships and developing new skills. The university opened Confetti London campus this year wtth an initial cohort of students which is expected grow over time. The Union Msited the new facilities throughout the year with induction and roadshow activities recruiting academic representatives and laying the groundwork for new societies in London. Our joint activities enabled the Union to support 138 societies wtth over 8000 unique membeTS and nearfy 13,000 memberships in total. Our societies are operated by over 600 volunleer committee members providing thousands of events and support for communities of students throughout the year. Throughout 2023124 we played a key role in the Universitys Mental Heatth Charter Award submission including leading the independent student submission. Officers, students and colleagues took part in the assessment day wrth Student Minds, We re￿]Ved very positive feedback about our contributions and look forward to working wth the findings. to continue to develop the mentsl health and wellbeing support for our members. The. Union has continued to have a vital leadership role in facilitating the delivery of the Consent is Everyihing programme to all first-year undergraduate students. Student and staff volunteers are trained to lead the sessions which has seen the delivery of 250 workshops this year reaching 72 % of first year students. The feedback for the workshop remains positive with 82 % of attendees saying they would recommend the workshop and 870kn saying that they are more confident giving or receiving consent. The Union also delivered training in con5enl, allyship and 'what is racism, to over 100 further educaion students at our Brackenhurst campus. Page 6

NofriNGHAM TRENTSTUDENTS. UNION (A company limlted by guarantee) TRUSTEE'S REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2024 We Will Re resent and Develo our DNerse Membershi Over 7,000 {18/0 turn out rate) students voted in the main the NTSU elections where we saw 31 candidates running for a position in our officer team. Election Q&A's took Pla￿ across campus and online culminating in a final results evening on our Clifton campus. The Union emb8rked on a democracy review in 2023124 to modernise its democratic engagement with students and to better embed the vol￿5 of underrepresented groups in our deci5Ton making. The reviews findings and recommendations will be utilised in 2024125 to adapt our representation and serVi￿S to better engage our membership. Wè joined the newly formed university EDI Strategy Board and have played a key role in engaging students through focus groups to Influen￿ the forniation of a new joined up EDI strategy. This key and timely piece of work provides valuable insight into our own organisational EDI Strategy and our democracy review. The Union remains a key member of the Race Equality Charter Steering Group as we work with the university towards our next submission. Our officer team have continued to champion student needs, leading impactful campaigns and activities such as sexual health and guidan￿ week, bystander invention programmes to improve night-time economy student safety, and intemational festive lunches for students who are alone during the winter break. We have also continued to recognise and celebrate key festivals and events throughout the academic year that impact our members. These ranged from Black History Month in October, LGBT History Month in February, and supporting Noltingham Pride in July. Each of these events and celebrations were designed and developed with students, our student socielies, employed students and through our elected officers. The union supported 45 faith and culbjral societies, helping students h05t events, cultural & religious celebrations, workshops and lectures throughout the year for over 2,500 members. With geopolitical upheaval. war. and conflict on the global stage we have worked with some of these societies to support students impacted and facilitated access to wider support services. This has included 5UPPOrting events and students impacted by the Israel-Gaza crisis and tsckling antisemilism, islamophobta, and hate impacting our students in the region. Our flagship Nottingham Students, Partnership w.rth University of Nottingham Students, Union has enhanced student influence on local policy and encouraged voter registration and engagement in elections. including the East Midlands Mayoral Election in May and General Election in July 2024. Commercial We have continued to deliver varied programme of services, event5 and activities throughout the day and night across all NTU campuses and sites. From small and friendly sessions to help students find their new communities of friends and build a sense of belonging at university to large scale sporting, night club and live music events. This has included almost 200.000 individual ticket sales to events and over 6.500 of these tickets were for formal balls. The Union has student safety as a top priority, our best Bar None Gold Awards demonstrat8 our commitments to safety, student experience and responsible alcohol management. In addition we have improved our first aid provision, lobbied for improvement to late night transport. implemented more non-alcoholic drinks provision, and trained venue staff in bystander inteNention. As a representative organisation we have been actively involved in the Nighttime Economy Safety group to rollout best practice across the city and region to support students. Responding to sludent feedback. we've made significant capital investments in our Clifton retail OLrtleL Partnering with Spar as a supplier. we've expanded our offering and improved the affordability of products for our members on Ihis campus. The feedback from our members has been exceptional and revenue has increase by 20Q/o, generaling surplus to reinvest into the student experience. Page 7

NOTTINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Across our seniices we have put over £600K back in students pcckets though paid empbyment, all at or above the National Living Wage. Last year we took the decision to mitigate the impact of the cost-of-ltving crisis on our member5 by freezing many of our prices in our commercial outlets. This year we have made single digit increases to price5 to reflect increased cost of sales however we have ensured we remain excellent value for rnoney for our members. This has resulted in us out performing our ambitious budget in 2023124, providing addttional surplus to fund our activities and reinvestment into our facilities. We have had strong levels of trade in our retail oullets and coffee shops and in our bars and entertainment offering in the evenings. Our catering hospitalty trade has grown. particularly in the second half of the financial year through changes implemented by the commercial team which have now been rolled out across more campuses. Once again our retail team delivered graduation clothing and merchandise to our members at both winter and summer graduations. Delivering this in house enables the Union to keep the prices lower than using external providers and enables any surplus to be reinvested into the student experience. Sustainability 2023124 is the second year of our journey towards being a sector leader in environmental 5UStainabilty. We have conlinued lo push forward with our Sustainabilty Strategy which was published last year. Our progress reports inlo our Environmental, Social and Govemance Committee and into our Board of Trustees to ensure govemance and oversight of this priority. We have continued our progress lo becoming IS014001 accredited. Our Management Revi￿ Cotnmittee has managed the progression of our Environmental Management System to achleve Ecocampus Silver accreditation in January 2024. Training has taken place with colleagues on the Gold and Platinum (accrediled) phases ofthis work. We have supported the universty as partne[5 achieving th8 Fair Trade Award in add￿.an to working as an inlerested party to help their own suc￿Ssful IS014001 reaccreditation and audti this year. Due to the hard work in our first year we were awarded the Green Impact students. Union 'Excellenf award 12 months earlier than our inilial ambition and we have maintained excellent again in 2024. Our Sustainability Advisory Group. including staff and students. has worked throughout the year to provide feedback and ideas to the Union on improving our operations. This work has fed into Ihe wider work of the Union and influenced our policies and projects. We have undertaken and published reports on our impaci included Waste audits and our latest carbon footprint and 2022123 Carbon Report. These areas of WO￿ help us set our baselines and allow us to monitor the impact of our works against our strategy and objectives. The year we became a founding member of Sustsinable Students, Unions after driving change through our purchasing consortium. The new scheme sees a number of environmentally conscious trading Students, Unions come together and commit to real actions that we hope will drive forward our ambitions in our strategy. Page 8

NOThINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) TRUSTEE'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Governance The key elements of our governance are described elsewhere within this report. The Union is subject to regulation by the Charity Commission, Companies House and the EducatM)n Act (1994). The Union complies with all the statutory requirements which apply to it. In addition, the University has a regulatory role under the Education Act (1994). The University me8ts regularly with the Union to ensure that the requirements of the Act are fulfilled. It also includes the Union in its internal audit programme to ensure that the grant r￿1Ved is used appropriately and that the implementation of the Union'5 internal financial controls is effective. The Union worked hard with beneficiaries and stakeholders to plan for new legislation including the Higher Education (Freedom of Speech) Act 2023 and the new Offic8 for Students regulations related to the Act. In July 2024 days before the powers came into force the new government revoked the Higher Education (Freedom of Speech} Act 2023 and associated Office for Student regulations therefore this work has nc)w ￿ased. The Board operated the new Committees in 2023124 to ensure govemance was fit for purpose and can meet the current challenges. Following the first year of operation the Board reviewed their impact and confimied the following 3 main Committees from June 2024 onwards" Finance, ReSoUr￿s, and Commercial Committee Heallh, Safety. and Risk Committee Environmental, Social. and Governance Committee The Union has 14 places on its Trustee Board. These comprise". Six sabbatical offEcer Trustees elected by the members by cross campus ballot; One part-time offI￿r Trustees elected by the members by cross campus ballo( (Trustees chosen in this way are elected for a one-year term and are eligible to sepde for a maximum of two lerms rf they are successfully ￿elected.) Up to four student Trustees appointed by the Union's Appointments Committee (three were appointed to serve for 2023124)" Three Extemal Trustees, one of whom is appointed by the University and of whom are appointed by the Union's Appoinlmenls Committee. The relatively regular turnover of some Trustees ne￿$sItateS a thorough induction process for new Trustees. Truslees are provided with a day-long induction to the role of a trustee in a students. union based on the National Occupational Standard for Trusle8s. This form5 part of a longer two-week induction programme for the elected student Truslees which covers all aspects of the organisation and its strategy and operations. Due to the large number of new Trustees who join the Board each year we review of the learning objectives for our trustee induction programme annually, to ensure that they have the skills and understanding necessary to engage with the organisation's key issues quickly. The Union maintains g¢)od relationships with its key stakeholders and has been developing this adively through our Nottingham Students, Partnership. Page 9

NOThINGHAM TRENT STUDENTS. UNION (A company limlted by guarantse) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Code of Govemance The Union has no Trustees who have served more than nine yeats. Our Memorandum and Articles fomially limit the number of years which can be served by all extemal Trustees to nine years. All other Trustees are limited to two years as a sabbatical trustee, Iwo year5 as an officer trustee and two years as a studenl trustee. Sabbatical Trustees and officer Twstees are required to win an election by cross campus ballot to serve each one year terni of offi￿. The Union is required by the Charity Commission to have more unpaid than paid Trustees. The Union has six paid sabbatical Offi￿r5 as determined by its membership. This requires a Board of at least 13 Trustees, which is slightly higher than recommended by the Code of G0Veman￿ but in k*ping with Commission Guidance. In line with the Code of Govemance guidance on transparency. the Union publishes a summary of Board pro￿edingS for members on-line and regularly briets its staff on the PrO￿edingS at Trustees, meetings. The Charity Code of Governance is currently under review and any changes will be asse55ed thrcugh the Environmental. Social and Govemance Committee when the updated code is released. Fundraisin The Union does not engage in significant fundraising efforts to support its own activities. Financial Review NTSU'S incom6 for the year totaled £7,212.502 with unrestricted income from all sources totalling £6,875,593. Total expenditure of £7,125,392 on the wid&ranging benefits we provide within a broadly balanced budgel. as well as the modest fundraising and other revenu&generating acttvtties we undertake, left a surplus for the year of £87.110. These figures exclude the actuarial gains and losses on the L￿al Government Pension Scheme (See note 25 to the accounts). NTSU has continued to benefit from the recognition and support of the University. and this yearthe annual block grantwas £2,000,000. Custodian Activities.. RAG NTSU is nomially a custodian of the annual RAG proceeds from fundraising events organised by students under NTSU auspices for distribution to the intended charities. Following a change in Irends FLqG funds raised by students this year were all raised direclly into charity fundraising systems (eg. via just giving) therefore the Union has not held any new RAG proceeds this year. Reserves Polic NTSU is holding a surplus on resenies at 31 Juty 2024 of £2,551252. This comprises: Restricted funds of £324,603 Unrestricted funds of £2,226,649 Unrestricted funds comprise: £2,249.649 surplus on genetal unrestrtcted funds £23,000 deficit on the Local Government Pension Scheme The unrestricted funds of NTSU are £2.249.649 at 31 July 2024 exduding the Local Government Pension deficit. Page 10

NOTTINGHAM TRENT STUDENTS. UNION (A company limlted by guarantee) TRUSTEE'S REPORT (CONTINUED FOR THE YEAR ENDED 31 JULY 2024 The reserves policy recognises that reserves are necessary to maintain the day to day operations of the Union. The minimum reseNes level is set at 3 months operating costs and an additional fund to cover redundancy costs for all staff which equates to £1,077,271. Our target level is 4 months operating costs and an additional fund to cover redundancy costs for all staff which equates to £1.375.250. Free reserves at 31 July 2024 are £1,348.216 (£2.249,649 unrestricted funds less £901,433 fixed asset5 and excluding the defined benefit liability) which is betw*n our minimum and tar9et reserves level. Societies These are funds raised by the societies and administered by the Union for the specific benefit of that society which is ultimately under the control of the Union. Princi al Risks and Un￿rtaInlieS The Board of Trustees has examined the major strategic. business and operational risks faced by NTSU. During 2023124 the Board has rewewed and updated our Strategic Risk Register at frequent intervals during the year. The Board recognised key financial risks caused by the current higher education funding model, reducing international student numbers, and the impact of Inflat￿n. These have been recognised in our budgel paper and funding settlement with the untversty. Tre impact on universty fInan￿S across the sector is resulting in changes to staffing numbets locally and the Union is managing its stakeholder relationship with this in mind. Upward pressures on intemal staffing costs have been monitored and the outcome of a pay review implemented within year to manage turnover rate. Our People & Culture Strategy has been implemented and colleagues continue to work on priorÉty areas to ensure we can deliver ex￿lIent seniices to our beneficiaries. Vacancy rnanagement has been used to rnanage costs in line with budget. The significant increases in the national living wage have been implemented. Additional monitoring has been implemented lo ensure management can respond to trends and flex variable costs as required. Procedures are in place to ensure compliance with health and safety of staff. volunteers and participants on all activities organised by the Union. These policies and prO￿dureS were reviewed significantly in 2023124 to ensure that they continue to meet the needs of the charity. This particularly focused on training, risk management and policy review. This work continues into 2024125. We have continued to develop our approach to tackling cybercrime and fraud to combat the increased risk. This has included training, a new anti-fraud policy and a new risk assessment for key areas. We have worked wiÈh the universty to check, test and respond to our resilience to phishing attempts. The Board recognised the ongoing anij increasing risk of climate change Dn our activities and beneficiaries through th8 Risk Regisler, some of thbs V￿rk is detailed in the Sustainability section of this report. Page11

NOThINGHAM TRENT STUDENTS. UNION {A company limited by guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Plans for the Future In a tightening financial clÈmate we know the role of the student Vol￿ across the institution will b8 even more vital. Key decisions may need to be made about the provision of services at universty and the union and we want to ensure w8 have the right insight and our fingers on the pulse of student lrfe to continue to represent them. We will continue our investment in the student life pulse and work with our Trustees to utili5e the feedback to improve our provision. The Union will be consulting on and embedding the findings and recommendations of our democracy revi8W which took place this year. This particularfy focussed on embedding underrepresented groups in the decision- making of the Union. We see this as an important step in keeping the Union relevant to ils members and SUPPOrting them as a mosern students, union. We hope this work will also positively impact wider access and participation progression wth the university. We will also use this work. our EDI work with the university and our employee engagement activtties to devebp our own EDI Strategy over the next 12 months. We know that students continue to be forgotten and left behind by govemment and the cost of living pressures on students have not b￿n addressed by policy makers. We will focus on efforts in continuing to 5UPPOrt students. influencing the new govemmenl. and ensuring local support measures are easy for student to navigate. This includes financial guidan￿. and mental health provision. We have made big steps fO￿ard in our environmental sustainabilty V￿rk over the last 2 years and we are keen to ensure this continues, embedding more student leadership and intluencing the wider sector and Suppliers through Sustainable Students, Unions to have greater inpacL We expect over the next 12 months to begin defining the timeline for our next organisational strategy as the approach to higher education. skilts development and students becomes clear from the new govemmenl. Future fundin The Trustee Board confirms that NTSU has sufficient fund5 to meet all ts obligations. The Block Grant for 2024125 has been confimed at £1,900,OIX). Commercial activtiies are expected to continue operate through the Union with our wholly owned trading subsidiary remaining domiant. Tnjstees, Res onsibilities in Relation to the Financial Statements The Trustees (who are also Directors of NTSU for the purposes of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the chariiable company and of the incoming resources and application of resources, including the income and expendtture. of the charitable company for that period. In preparing these financial statements, the Trustee5 are required to: select suitable accounting policies and then apply them consistentty: obseNe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and pruden( state whether applicable UK Accounting Standards and Statements of Recommended Practice have been followed. subject to any maierial departures disclosed and explained in the financial ststements,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. Page 12

NorriNGHAM TRE￿r STUDENTS. UNION (A cornpany limited by guarantee) TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Trustees are responsible for keeping proper accounting records that disclose with reasonable acouracy at any time Ihe financial position Of the charitable company and enable them to ensure that the financial statements comply wtlh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Goin Concem After making appropriate enquiries and undertaking financial scenario planning for the forthcoming financial year. the Trustees have a reasonable expectation that the Union has adequate resour￿$ to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements, Further details regarding the adoption of the going con￿rn basis can be found in the Accounting Policies. Trustees, Indemnities During the year, an indemnity from the union was made available lo Trustee5 against liabilities that might be incurred by them in defending proceedings against them in respect of the affairs of the union. The value of Ihe indemnity in place during the year was £2.000.000. Disclosure of infomalion to Auditor Each of the persons who are Trustees at the time when this Trustees. report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware., that TNstee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any ielevant information needed by the charttable companls auditor in connection with preparing its report and to establish that Ihe charitable companys audttor is aware of that information" In preparing this report, the Trustee has taken advantage of the small companies. exemptions provided by Section 415A of Ihe Companies Act 2006. The report was approved by the Trustees. and signed on their behalf by. Jesslca Walker (Chair of the Board and President} Date: 11 io I Page 13

NOTTINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NOThINGHAM TRENT STUDENTS, UNION Opinion We have audited the financial statements of Nottingham Trent Students. Union (the 'union') for the year ended 31 July 2024 which comprise the Statement of financial activities, the Balan￿ sheet, the Statement of cash flows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, (Unrted Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements-. give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿. and have been prepared in accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We Conducted our audit in accordan￿ with Intemational Standards on Audf(ing (UK) (ISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Audtiors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audrting the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 14

NOTTINGHAM TRENT STUDENTS. UNION IA company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF NO￿INGHAm TRENT STUDENTS. UNION (CONTINUED) Other infomiatlon The other infomiation comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustee are responsible for the other inforniation contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion ther80n. Our responsibility is to read the other infomation and. in doing so, consider whether the other infomiation is malerialty inconsistent with the financial stafements or our knowledge obtained in the course of the audil, or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material rnisstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themsefves. If, based on the work we have performed, we conclud8 Ihat there is a matèrial misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrib8d by the Companies Act 2006 In our opinion, based on the WO￿ undertaken in the course of the audit: the information given in the Trustee's Report for the financial year for which the financial statements are pr8pared is consistent with the financial statements. the Trustee's Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the chaTitable company and its environment obtained in th8 course of the audit, we have not identified material misstatements in the Trustee's Report. We have nothing to report in ￿Spect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are nol in agreement with the accounting records and retums. or certain disclosures of Trust*'s remuneration specffied by law are not made" or we have not recerved all the information and explanations we requir8 for our audit,. or the Trustee were not entitled to prepare the financial statements in accordance with the small companies regime and take advantsge of the small companies, exemption5 in preparing the Trustee's Report and from the requirement to prepare a Strategic Report. Page15

NorriNGHAM TRENT STUDENTS. UNION (A company limlted by guardntee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NOThINGHAM TRENT STUDENTS. UNION (CONTINUED) Responsibilities of trustees As explained more fulty in the Trustee's responsibilities statement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the TrUSt￿S are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditors. responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when ti exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting I￿egula￿ties. including fraud is detailed below- We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 together wtth the Charities SORP (FRS 102). We assessed the required compliance V￿th these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ wllth which might be fundamental to the charitable company's abilty to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The key laws and regulations we considered in this context were General Data Protection Regulation, health and safety legislation and employee legislation. Auditing standards limit the ￿qUired audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal CO￿espondenCe, rf any. We identified the greatest risk of material impact on the financial statements from i￿egUlarities, including fraud, to be in the following areas= the override of controls by management, including posting of unusual joumals- inappropriate treatment of non-roLrtine transactions and areas of estimation Un￿rtainty. Our audit procedures to respond to these risks included enquiries of management and the Board aboLrt their own identification and assessment of the risks of irregularities, sample testing on the posting of joumals, reviewing accounting estimates for biases and reading minLrtes of meetings of those charged with govemance. Page 16

NorriNGHAM TRENT STUDENTS, UNION (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF NOTTINGHAM TRENT STUDENTS. UNION (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement5 or non-complian￿ with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statement5, as we will be less likely to become aware of instances of non-compliance. The risk is also greater Tegarding itregularities occurring du8 to fraud rather than error. as fraud involves inlenlional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibiltties for the audit of Ihe financial statements 15 located on th8 Financial Reporting Council's website aL www.frc.o .uklauditorsres onsibilities. This description fornis part of our Auditors, report. Use of our report This report is made solely to the charitable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work. for this report, or for the cpinions we have fonned. Helen Blundell LLB FCA FCIE DChA (Senior statutory auditor) for and on behalf of Crowe U.K. LLP StalLrtory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date: 21 061￿ 2094 . P8gé 17

NOThINGHAM TRENT STUDENTS. UNION IA company limited by guarant88} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total nds 2023 Note Income from: Donations and grants Charitable activtties Investments Other income 2.192,079 4,642,551 40.963 2.192,079 4,979,460 40,963 2, 050, 000 4,310, 771 q4,362 13,500 336.909 Total income 6.875.593 336.909 7.212,502 6,388. 633 Expenditure on: Charitable activrties 6,770,q75 355.217 7.125,392 6,468.057 Total expenditure 6.770,175 355.217 7,125,392 6,468,057 Net incomel(expenditure) Transfers be￿een funds 105.418 (36.965) 118,308) 36,965 87,110 (79,424) 17 Net movement in funds before other recognised gainsl(losses) 68,453 Other recognised gainsl(losses): Actuarial gains on defined benef pension schemes 25 34,000 34,000 1.212,OQO Net movement In funds 102,453 18,657 121,110 1, 132,576 Reconciliation of funds: Total funds brought forward Net tnovement in funds 2,124,196 102.453 305,944 18,657 2,430,142 121,110 1,297,566 1. 132,576 Total funds carried forward 2.226.649 324,603 2,651,252 2.430, 142 The notes on pages 22 to 45 fomi part of these financial statements. Page 18

NOThINGHAM TRENT STUDENTS, UNION (A cornpany limited by guarante8) REGISTERED NUMBER" 08738730 BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 901,433 882, 113 901,434 882, 114 Current assets Stocks Debtors Cash at bank and in hand 14 15 114,680 77.115 1,756.692 108,429 281.083 1.668.425 1.948.487 2.057,937 Creditors.. amounts falling due within one year 16 (275,669) (446, 909) Net current assets 1,672,818 1,61q,028 Not assets excluding pension liability Defined benefit pension scheme liability 2.574,252 2,493, 142 25 (23,000) (63,000) Total net assets 2,551,252 2,430, 142 Page 19

NOTfiNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) REGISTERED NUMBER: 08738730 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2024 2024 2023 Note Charity funds Restricted funds Unrestricted funds excluding pension asset Pension reserve 17 17 324,603 3Q5,946 2,249,649 (23,0001 2, 187, 196 (63.OOQ) 17 Total unrestricted funds 17 2,226.649 2, Y24, 196 Total funds 2,551,252 2,430, 142 The Trustees acknowledge their responsbilities for complyiThJ with the requirements of the Act wtth respect to accounting record5 and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by: Jessica Walker (Chair of the Board and President) Date: The notes on pages 22 to 45 form part of these financial statements. II. 10 ILtr Page 20

NornNGHAM TRENT STUDENTS. UNION (A company limited by guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activilies 20 340,801 56,2YO Cash flows from investing activlties Inlerest receivable Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 40,963 13,500 (51, 898) (293.4971 Net cash used in investing activities (252,534) (38,398) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 88.267 17,812 1,650,613 1,668,425 Cash and cash equlvalents at the end of the year 21 1,756.S92 1, 668.425 The notes on pages 22 to 45 form part of these financial statements Pag6 21

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General Information The Union is a company limited by guarantee. The members of the company are the Trustees named on pages 1 & 2. In the event of the Union being wound up. the liability in respect of the guarantee is limited to £1 per member of the Union. Nottingham Trent Students, Union (NTSU) is an incorporated charity registered with the Charity Commission (No. 1154401) and Companies House (No. 8738730) in England and Wales. The principal address of The Union is Benenson Building, Cltfton Campus, Clifton Lane. Notlingham. NG118NS. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan￿ with the Charities SORP {FRS 102) - Accounting and Reporting by Charities: Statement of Recommended practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Nottingham Trent Students. Union meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Union and which have not been d￿ignated for olher purposes. Restricted funds are funds which are to be used in accordance with Specific r8Strictions imposed by donors or which have been raised by the Union for parbcular purposes. The costs of raising and administering such funds are charged against the speGifiG fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the apprcpriate fund. Page 22

NOTTINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng pollcles (continued) 2.3 Income All income is recognised once the Union has entitlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants ar8 included in Ihe Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition 15 deferred and included in Q￿dItorS as deferred income. Where entitlement occurs before income is re￿Ived, the income is accnjed. On receipt, donated professional sewices and facilities are recognised on the basis of the value of the gift to the chanty which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount Is then recognised in expenditure in the period of recespL Other income is recognised in the period in which tt is re￿1vable and to the extent the goods have been promded or on completion of the service. 2.4 Expendltura Expendilure is recognised once there is a legal or constructive obligation to transfer economie benèfit to a third paty, it is probable that a transfer of economic benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared cosls, including support costs involved in undertaking each actimty. Direct costs attributsble to a single aclivity are allocated directly to thal activty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apporttoned between those activities on a basis consistent wtth the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Union's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Going concern As stated in the Trustees, Report, the Trustees believe there are no material uncertainties that call inlo doubt the Union's abilty to continue as a going concern and the accounts hav8 th&refore been prapared on a going concern basis. The Trustees have reviewe(f the Union's finances considering the current climate and consider cash holdings to be suffIcient to ensure adequate cashflow for the foreseeable future. 2.6 Taxatlon No provision is made in these accounts for Corporate Tax since the Union is exempt from such taxes as a result of hawng charitable status. Page 23

NOThINGHAM TRENT STUDENTS. UNION {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.7 Tangible fixed assets and depreciation Tangible fixed assets costing £2.500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initialty recognised at cost. After recognttion. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into tts intended working condition shculd be included in the measurement of cost. At each reporting date the Union assesses whether there is any indication of impaiment, If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impaimient loss is recognised where the carrying amount exceed5 the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. D8preciation is provided on the following bases: Union buildings, alterations and - 2 _ 250A Stra￿ht line refurbishment Motorvehicles offi￿ equipment 500A straight line 33.33Yo Straight line 2.8 Investments Investrnents in subsidiaries are valued at cost less provision for impairmenL 2.9 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolele and slow-moving stocks. Cost includes all direGt Costs and an appropriate proportion of fixed and variable overheads. 2.10 Financial instruments The Union only enters into basic financial instruments that resull in the recognrtion of financial assets and liabilities such as trade and olher deblors and crediiors. Debtors . Short-term debtors are measured at transaction price, less any impairnent Cash Cash at bank and in hand includes cash and slK)rt term highly liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Short-temi creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subs4uently at amortised cost using the effective interest method. Page 24

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng policles (contlnued) 2.11 Pensions The Union contributes to the local authority pension scheme (LGPS), which is a defined benefit pension scheme and the assets are held Separate￿ from those of the Union. The LGPS is a funded scheme and the assets are held separately from those of the Union in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current raie of retum on a high quality corporale bond of equivalent term and currency to the liabilrties. The actuarial valuations are obtained at least triennially and are updated at each Balance Sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefrt liability/as5et is also recognised in the Statement of Financial Activities incorporating income and expenditure account and comprtses the inlerest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefrt obligations. The difference between the interest income on th8 scheme assets and Ihe actual retum on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses. The Union also auto£nrols emptoyees into the National Employment Savings Trust (NEST), an independently run defined contribution scheme. and participates in the Aegon money purchase scheme which is accounted for as a defined contributN)n scheme. Page 25

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Crlttcal accounting estimates and areas of judgement Estimates and judgements ar6 continually evaluated and are based on historical experience and other factors. including eXp￿ationS of fLrture events that are believed to be ￿aSonable under the circumstances. Critical accounting estimate5 and assumptions: The Union makes estimates and assumplions concerning the future. The resulting accounting estimates and assumption5 will. by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustmenl to the carrying amounts of assets and liabilities within the next financial year are discussed below. ()1 Local Government Pension Scheme The present value of the Local Govemment Pension Scheme defined benefit liability depends on a number of factors that are detemiined on an actuarial basis using a variety of assumptions. The assumptions used In detennining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 25. will inpact the carying amount of the pension liability. (li) Donation of facilities by Nottiroham Trent University The Union occupies its buildings on a rent free basis from Nottingham Trent Universty. In accordance wÈth the Charities SORP FRS 102, the Union has valued the benefrt it receives from crxupying this spa which has been estimated at a comparable market rent in the area as £147.260 (2023.. £715,LIg0). In addition the Union received payroll and IT servi￿$ from Nottingham Trent Universty for which no fee is charged. The value of this donation has been estimated at the cost of time spent, £44,818 (2023.. £35,000). {iii) Support costs Many of the support costs incurred by the Union such as support staff costs and service costs are shared be￿n actiwties. The Union's policy is to allocate these costs on the basis of time spent, and depreciation charges albcated on the portion of the assevs use. Page 26

NOTnNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from donatlons and grants Unrestricted funds 2024 Total funds 2024 Provision of free sepdices UnNersty grants 192,079 2,OOD,000 192,079 2,000,000 Total 2024 2,192,079 2,192.079 UnresÈncted funds 2023 Total funds 2023 Provision of free seniices University grants 150,000 1.900,000 150,000 7,900,000 Total 2023 2.050.OL 2,050.000 Page 27

NorriNGHAM TRENT STUDENTS. UNION (A ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Income from charttable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Social & Entertainments 4,642,551 336,909 4,979,460 Unrestiicled funds 2023 Restricted funds 2023 Total funds 2023 Social & Entertainments 4.081,644 229. 127 4.310,77q Other Incoming resources There were no other incoming resou￿5 in the year ended 31 July 2024. Unwtsicted funds 2023 Total funds 2023 Profit on disposal of fixed assets 13,500 13,500 Page 28

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expendlture on charitable actlvltles Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Advi￿ & Support Employabilty Social & Entertainments Student Voi 254,245 336.847 5,090,085 1.088,998 254,245 336,847 5,445,302 1,088,998 355,217 Total 2024 6.770.175 355,217 7,125,392 Unrestricled funds 2023 Restncfed funds 2023 Total 2023 Advice & Support Employabilty Social & Entertainments Student Voice 279,655 316, 194 4,585, 460 1.079.212 219,655 316, 194 4, 852,996 1,079.212 267.536 Total 2023 6,200,521 267, 536 6.468.057 Page 29

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure on charitable activities (continued) Summary by expenditure type Staff costs Depreciation Other costs 2024 2024 2024 Total 2024 Advice & Support Employabilty Social & Entertainments Student Voi 235,162 223,073 1,893,334 676.793 19,083 113,774 3,450,343 239,656 254,245 336,847 5,445,302 1,088.998 101,625 172,549 Total 2024 3.028,362 274,174 3,822,856 7,125,392 Staff costs Depreciation Other costs 2023 2023 2023 Total 2023 Advice & Support Employabilty Social & Entertainments Student Voice 198.298 224,509 1. 831,805 661.062 21.357 91,685 2.924, 137 248,268 219.655 316, 194 4,852, 996 1,079,212 97.054 169,882 Total 2023 2,915,674 266,936 3,285,447 6,468, 057 Page 30

NOThINGHAM TRENT STUDEKfs' UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2024 Analysls of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Advice & Support Employabilty Social & Entertainments Student Voice 210,451 275,226 4,895.438 957,970 43,794 61.621 549,864 131.028 254,245 336,847 5,445,302 1.088,998 Total 2024 6.339,085 786.307 7.125.392 Acfrviti"es undertaken d1￿CtlY 2023 Support costs 2023 Total funds 2023 Advice & Support Employability Social & Entertainments Student Voice 179.021 259,018 4.371,027 957, 639 40.634 57.176 481,969 121.573 219,655 316. 194 4,852,996 1,OT9,212 Total 2023 5. 766. 705 701.352 6,468,057 Page 31

NOTllNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysls of expondlture by actlvities (continued) Anatysis of direct costs Total funds 2024 Total funds 2023 Staff costs Deprecialion Other direct costs 2,622,168 274,174 3,442,743 2,553,537 26S,936 2,946,232 6,339,085 5, 766, 705 Analysis of support costs 2024 2023 Stsff costs Donated rent Donated services Other staff costs Travel costs Repairs arHJ maintenan Insurance Legal & professional Bank charges Other support costs Govemance costs 406,194 147,260 44,818 42,880 1,415 13,629 52,S50 37,597 8,895 13,069 18,000 362. 137 115.000 35,000 55, 726 Y,355 8.623 45,477 38. 145 8,064 14,927 16,900 786.307 701,354 Page 32

NOThINGHAM TRENT STUDENTS. UNION {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Auditors, remuneration 2024 2023 Fees payable to the Union's auditor forlhe audit of the UnIC￿'S annual accounts 18,000 16.9( Fees payable to the Union's auditor in re5peci ofr. All non-audit services not included above 1,485 1,515 10. Staff costs 2024 2023 Wage5 and salartes Social security costs Contribution to defined contribLrtion pension schemes 2,805,534 170,632 52.196 2,587, 728 148,405 179,541 3.028.362 2,915,674 No redundancy payment were made during the year (2023.. £13.680 to one employee). The average number of persons employed by the Union during the year was as follow5: 2024 No. 2023 Permanent staff Student staff 63 211 62 192 274 254 The number of employees whose employee benefits {exduding employer pension costs) exceeded £60,000 was: 2024 2023 In the band £70,001- £80.000 Key management personn81 are considered to be anyone who has authority and responsibility for planning, directing and controlling the activities of the Union. During the year, key management personnel received remuneration of £288.402 (2023." £262,308) induding employers National Insurance and employers pension contributions. Page 33

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Trustees, remuneration and expenses During the year. Trustees received total remuneration and benefits of £187,205 (2023." £137. 760). 6 of the 9 Execulive Commrttee's sabbatical officers re￿iVed £157,702 {2023." £22, 162) for lh8 year, a8 auth0ri5ed in the Union's goveming document, for the representation, campaigning and support work they undertake as distinct from the trustee responsibilities. Pension contributions were paid for S officers (2023.. 4), tolalling £3,435 (2023.. £403). Total discretionary pa￿entS were made for 6 officers (2023." 4) for £2,490 (2023.. £1, 680). During the year ended 31 Juty 2024, expenses iotsllirKJ £821 were reimbursed or paid directly to 6 Trustees (2023- £NIL). 12. Tanglble flxed assets Refurbishment of Union Buildings Motor vehicles Office equlpment Total Cost or valuation At 1 August 2023 Additions Disposals 2,365,028 209.176 73,340 499.688 84,321 (62,784) 2.938,056 293,497 (62,784) At 31 July 2024 2,574,204 73,340 521,225 3,168,769 Depreciation At 1 August 2023 Charge for Ihe year On disposals 1,646.101 196.818 68,Q10 4.474 341,832 72,885 {62,784) 2,055,943 274,177 (62.784) At 31 July 2024 1.842.919 72,484 351,933 2.267.336 Net book value At 31 July 2024 731.285 866 q69,292 901,433 At 31 Juty 2023 718,927 5.330 157.856 882, 113 Page 34

NorriNGHAM TRENT STUDENTS. UNION {A company limited by guarante8} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 13. Fixed asset investments Investments in subsidiary companies Cost or valuation At 1 August 2023 At 31 July 2024 Nottingham Trent Students Union owns 1000/0 of the share capital of Student Level Trading Limited. Consideration comprÈsed £1 for the purchase of 1 £1 ordinary share. At 31 July 2024 the balance due 15 £1 and this 15 included in 8ccruals. The company has continued to remain donnant throughout the accounting period. 14. Stocks 2024 2023 Goods for resale 114,680 108,429 1S. Debtors 2024 2023 Trade debtors Prepayments and accrued income 63,333 13,782 774.872 106,211 77,115 281,083 Page 35

NOThINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Other laxation and social security Other creditors Accruals and deferred income 57.067 3,653 79,996 134,953 10,652 810 333, 792 YOl,655 275.669 446,909 2024 2023 Deferred income at 1 August 2023 Resources deferred during the year Amounts released from previous periods 21.551 39,988 121,551) 30,476 21,551 (30,476) 39,988 21,551 Deferred irKome relates to NUS card income. freshers fair and income from marketing received in advance. Page 36

NOThINGHAM TRENTSTUDENTS, UNION (A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Statement of funds Statement of funds - current year Balance at 1 August 2023 Transfers inlout GaFnsl Balance at (Losses) 31 July 2024 Income Expenditure Unrestricted funds General Funds Pension reserve 2,187,196 (63,000) 6,875,593 (6.776,175) 6.000 {36.965) 2,249,649 (23,000) 34,000 2.124.196 6￿75,593 (6,770,175) (36,965) 34,000 2.226,649 Restricted funds Societies Carbon Challenge Uni-CyGle Scheme Santander Volunteer Funding 287,321 336.909 (351.659) 36,965 309.536 6,251 (1,954} 4,297 1,604 11,604) 10.770 10,770 305.946 336,909 (355.21n 36,965 324,603 Total of funds 2,430,142 7,212,502 (7.126.392> 34,000 2,551,252 A summary of the key restricted funds are as follows-. Societies - These are funds raised by the societies and administered by the Union for the specific benefit of that society which is ultwnately under the control of the Union. Carbon Challenge This is a Nottingham Trent University initiative aiming to get staff and students involved in the Universivs plans to reduce carbon emissions. Uni-cycle Scheme - These afe funds held and administered by the Union for providing a maintenance service for the Nottingham Trent University bike hire scheme. Santander Volunteer Funding - These are funds held by the Union for making sports activities accessible for all. Transfers represent movements of funds from the Union to the societies. Page 37

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Statement of funds (continued) Statement of funds - prior year Balance at l August 2022 TTrnsfers in/out Gainsl galan￿ al (Losses) 31 July 2023 Income Expenditure General Funds Pension reserve 2,214,183 (1.223.000) 6, 159,506 (6. 148,521) (52,000) (37,972) 2, 187,196 (63, OOOJ 1,212,000 991.183 6. 159.506 (6.200,521) (37,972) 1,212.L 2, 124, 796 Restrlcted funds Societies Carbon Challenge Uni-cycle Scheme Santander Volunteer Funding 287, 758 229. 127 (267,536) 37.972 287,321 6,251 6,251 1. 604 10, 770 10,7TO 306,383 229, 127 (267.&36) 37,972 305,946 Total of funds 1.297.566 6,388. 633 (6.468.057) 2,430, 142 Page 38

NorriNGHAM TRENT STUDEKfs' UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 18. Summary of funds Summary of funds - current year Balance at 1 August 2023 Transfers inlout Gainsl Balance at (Loss8s} 31 July 2024 Income Expenditure General fiJnds Restricted funds 2,124,196 305.946 6.875,593 (6.770.175) 336.909 (355,217) 136.965) 36,965 34,000 2,226,649 324,603 2,430.142 7.212.502 (7,125,392) 34.000 2,551,252 Summary of funds - prior year Balance at l August 2022 TTrnsfeTs in/ou( Gainsj Balance at (Losses) 31 July 2023 Income Expenditure General funds Restricted funds 991. 183 306.383 6. 159,506 (6,200.521) 229, 127 (267.536) (37.972) 37.972 1.212,000 2, 124. 196 305,946 1,297.566 6,388, 633 (6,468,057) 1,212,000 2.430, 142 Page 39

NOThINGHAM TRENT STUDENTS. UNION IA company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 19. Analysls of net assets between funds Analysis of net assets between funds - current period Unrestricted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions for liabilities and charges 901,433 901.433 1,623,884 (275.669) (23.000) 324,603 1,948.487 (275,669) (23.000) Total 2,226,649 324,603 2,551.252 Analysls of net assets between funds - prior period Unrest17Cted funds 2023 Restiicted fvnds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions for liabilities and charges 882. 113 882, 113 1.751,991 (446,909) (63.000) 305,946 2,057,937 (446,909) (63,000) Total 2, 124, 196 305,946 2,430, 142 Page 40

NorriNGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 20. Reconciliation of net movement In funds to nat cash flow from operating activities 2024 2023 Net incomelexpenditure for Ihe period (as per Statement of Financial Activ¢ties} 87,110 (79,424) Adjustments for. Depreciation charges DNidends, interests and rents from investments Increase in stocks Decreasel(increase) in debtors Increasel(decrease} in creditors Defined benefit pension scheme cost and interest Defined benefit pension scheme firk2nce costs Pension contribulions by employer Profil on sale of fixed assets 274,177 (40.963) (6,251) 203,968 (171,240> 53,000 2,000 (61,000) 266, 936 (9, 623) (211,961) 51,782 41,000 (13,500) Net cash provided by operatlng activities 340,801 56,210 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 1,756,692 1.668,425 22. Analysis of changes in net debt At 1 August 2023 Cash flows At31 July 2024 Cash at bank and in hand 1.668,425 88,267 1,756,692 1,668,425 88,267 1,756,692 Page 41

NorriNGHAM TRENT STUDENTS. UNION {A company limited by guarantee) NOTES TO THE Flf4ANCIAL STATEMENTS FOR THE YEARENDED 31 JULY 2024 23. Contlngent liabilities HMRC is currently challenging the application of the catering concession by Students Unions if they consider the establishment to be a pub or bar. Whilst the Union believes it has complied with the concession in good faith. the subjective nature of the interpretation of the concession could mean that HMRC take a different wew. No contingent liabilty has been quantified. 24. Capital commltments 2024 2023 Contracted for but not provided in these finanaal statements 208,952 25. Pension commltments The Union operates a defined benefft pension scheme. Nottinghamshire County Council Local Government Pensbjn Scheme The Union is an admitted body to the Nottinghamshire County Council Local Govemment Pension Scheme final salary scherne. The LGPS is a funded defined benefit scheme, with assets held in separate trustee-administered funds. The total contribution made for the year ended 31 July 2024 was £82,000 (2023.. £101,000), of which employers contributions totalled £61,000 (2023." £80.OIXI) and employees, contributions totslled £21.000 (2023.- £21.OOOJ. The agreed contribution rates for future years are 20.2 % for employers and be￿￿n 5.50k and 12.5 % for empk)yees. Prinapal 8ctuarial assumptions at the Balance sheet date (expressed as weighted averages): At 31 July 2024 Af 31 July 2023 Discount rate Future salary increases Future pension increases 5.05 3.90 2.90 5.15 3.85 2.85 At 31 July 2024 Years At31 July 2023 Years Mortalty rates {in years) - for a male aged 65 now - at 65 for a male aged 45 now -for a female aged 65 now - at 65 for a female aged 45 now 20.4 20.4 21.6 21.7 23.3 24.7 24.6 Page 42

NOTTINGHAM TRENT STUDENTS. UNION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Penslon commitments Icontinued) Sensitivity analysis At 31 July 2024 At 31 July 2023 Discount rate +0.10/0 Discount rdte -0.10 Mortalty assumption - 1 year increase Mortalty assumption - 1 year decrease CPI rate +0.1° CPI rate-0.10 4,366,000 4.513,000 4,583,000 4,300,000 4A42,000 4N36,000 4, 160,000 4,298.000 4,365,000 4.096.000 4,231,000 4,225,000 The Union's Share of the assets in the scheme was: At 31 July 2024 At31 July 2023 Equities Gitts Other bonds 2,671.000 106,000 219,000 469,000 266,000 685.000 2,428,090 86.OCIO 247.000 494.000 218,000 692, 000 Property Cash and other liquid assets other Total fair value of assets 4,416.000 4. 165, 000 The actual retum on scheme assets was £213,000 (2023- £137.000). The amount5 recognised in the Staternent of Financial Activities are as follows.. 2024 2023 Current service cost N8t interest on the defined liabilty (asset) AdministratNe expenses 51,000 2,000 2.000 89,000 41,000 2,000 Total amount recognised in the Statement of Financial Activities 55,000 132, 000 Page 43

NOThINGHAM TRENT STUDENTS. UNION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 25. Penslon commitments Icontinued) Movements in the present value of the defined benefft obligation were as follows: 2024 2023 Opening defined benefit obiigation Interest cost Contributions by scheme participants Change in financial assumptions Current service cost Estimated benefits paid net of transfers in Experien￿ loss on obligation 4.228,000 5.305,000 215,000 178,000 21,000 21.000 57,000 (1,962,000) 51,000 89,000 (133,000) (182,000) 779,000 Closing d8fined benefrt obligation 4.439,000 4,228.000 Movements in the fair value of the Union's share of scheme assets were as follows: 2024 2023 Opening fair value of scheme assets Interest on assets Retum on assets less interest ContribLrtions by scherne participants Contriblrtions by employer Estimated beneffts paid plus unfunded net of transfers in Administration expenses 4,165,000 213,000 91,000 21,000 61,000 (133,000) (2.000} 4, 082,000 137,000 29.000 21,000 80, OOQ (182, 000) (2,000) Closlng fair value of scheme assets 4,416,000 4, 165,000 Page 44