COMPANY REGISTRATION NUMBER: 08540244 CHARITY REGISTRATSON NUMBER: 1154402 Royal Agricultural Universlty Student Union Company Limited by Guarantee Unaudited Financial Statements 31 July 2025 dunca11joyce￿ . aS4iOC.l¢Trti... , chartered accountants Royal Agricultural University Student Union Company Limited by Guarantee Financial Statements Yoar ended 31 July 2025 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements q1 12 13 Royal Agricultural University Student Union Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 July 2025 The ITiisl6es, who are also the dlreclor8 for th8 purposes of company law, present Ihelr raport and thè unaudited finan¢lal slalemenls of the charity for the year ended 31 July 2025. Refor8nce and admlnlstratlvg detalls Reglstfrred charlty name Royal Agricultural University Sludenl Unlon Charlty reglstratlon number 1154402 Company regl$tratlon number 08540244 Prlnclpal office and reglsterad Royal Agricultural Unlver81ty offlce Slroud Road Clrencesler Glou¢eslèrshlre GL7 6JS The trustees Mlss A Godlray Mr G Pollard (Reslgned 31 July 2025) (Served from 20 September 2024 10 27 February 20261 (Served from 20 September 2024 to 27 February 20261 IS8rvtrd from 20 September 2024 10 27 Fabruary 20261 (Appointed 20 September 20241 (Appointed 21 July 20251 (Served from 20 September 2024 10 27 February 2026) IServeLI from 11 November 2024 10 13 Aprll 20251 (Resigned 27 February 20261 IReslgnod 31 July 20251 {Appoinled 27 February 20261 (Appointed 27 February 20261 {Appoinled 27 February 20261 {Appoinled 27 February 20261 (Appointed 27 February 20261 Miss C 8rillon-Stevens Mr C Benson Mr E Horton Mr R Brown Mlss D Robinson MrA Young Mr A Burr Mr M Harris Mr P Sheehan Miss C Forsyth Miss M Mulhall Miss A Wilson Mr E Polonic Indeppndent examlner Duncan N Joyce ACA, CTA Duncan Joyce & AssrKiales Limllgd Chartered Accounlanls 36 & 38 Cross Hayes Malme8bury Willshire SN169BG Royal Agricultural University Student Union Company Llmlted by Guarantee Trustees, Annual Report IlncorporatSng the Dlrector's Report) l¢ontlnuerl) Year endod 31 July 2025 Structure, govemance and rnanagemont a> Conslltutlon The Royal Agricultural Unlversily Sludenl Unlon (RAUSU) is constlluled under the Educatlon Act 1994, as a charity with regulations sel out by ils Artlclos of Association. As part of the Transformation Project which the SbJd8nls' Unlon has been undertaking since September 2024, amended Arbcles of Association were adopted on 23 July 2025. RAUSU'S charitable objectives under the Act are lo advance the University's educallonal purposes by provKling represenlalion, support and recreational actlvitles fol th8 students of the Royal AgrlcuStural Universlty Ilhe University). The Trustee8 of the RAUSU are as dolailed on page 1. bl Legal structure The RAUSU is a reglslered charlty and a ccmpany limited by guarantee govemed by ils Memorandum and Art￿leS of Asse¢iallon. The Tru8tee$ of the charlty are also direolors for the purposes of the Ccmpanies Act. c} Trustees Responslbllltles The Trustee8 are re8ponsibla for the overall dlrection and charitable activitles of the RAUSU and for engurlng that It complie8 with thg Charlty Commi88ion guidance on PL¢bllc benefit. dl Select5on of Trustèos As sel out In the amended Artioles of Assoclalion, Student Trustees are appointed annually by thg Board of Tru51ee3 with the option lo extend for a second ane year term. Extemal Trustee8 ara appolnlgd by the Board of Trnslees every four years, with the option lo seNe a maxlmum of two four year terms. The Sabbatic81 Trustee is elected by the student body for a term of one year, with the option lo extend for a second and final year by re-election from Ihe sludenl body. el Organlsatlonal Structure The President is the senlor student repr8s8nl81ive of the RAUSU. and is accountabl& to ils membeV8. The Board of Trustees meets up to six limes a year. On behalf of the board, where required. the President also reports up lo slx IINieg a year to the Governing Council of the University, which 15 a major funding source for th8 Charity, through Its bbck grant, During the reportlng period the RAUSU also had gn Executive Committee whlch was Chalred by Ihe PreS￿ent. The officer roles for the period in quèslSon wer8 as follow8.' PreS￿ent - Vica Presldent- Leaming - Vlce President- Leisure RAG (Raising & Giving) Chair RAG (Raising & Gfvingl S8cr&tary - Sports and Societie8 Offker As part of the Unk)n's Transformation Project, the Trustees approved the rèduction of the number of sludenl officer roles to one full lime pBid Sabbatical Officèr (President}. The Unlon is reviewing ils 8ppr¢)ach to student input and leadershlp In 2025126. As part of the Transformation Proled, 8 new full lim& Union Dlreclor was appolnled in July 2025 and Is respon81ble for the day-to-day running of the Unlon and is accountable lo the Boaid of Trustees. Royal Agricultural University Student Union Company Llmlted by Guarantee Trust8es' Annual Report (Incorporating the Dlrector's Report) (contlnu8d) Year ended 31 July 2025 fj Rèlatlonshlp wlth Royal Agrlcultural Unlvgrslty The FIAUSU recelve8 a block grant Irom the Unlversily and occuples a building owr)eLI by the Univers11y, who pay for any ulililles and structural malnlenance. The 8UPPOrt is intrinslc lo the relationship belwean the Unlverslly and the RAUSU and has not bean valued. Although Ihe RAUSU continues to generate supplementary fundlng from various aGlivllies, it wlll always be dependent on the support of the Univ8rsily. There 18 no reason lo b8li8ve that Ihls SLEPPOrt wlll not continue for the foreseeable futur8, as the Education Act 1994 imposes a duty on the University lo ensure the financial vlablllty of ils sludenl represenlalive body. Th& University therefore requires notification of any Ghanges to th8 governance of the RAUSU and regular report8 on the RAUSU'S acllmlles and finances. fl Rlsk Managèment The Trustees are responsible for the management of r¢sks faced by the RAUSU. As part of the Transformation Project, the TrLFsl8e8 are roviewing Ihg systems to mlllgal& rl8k appropriat8 lo the size of the charity with a focus on flnance, repulallon 8nd health and safely. Royal Agricultural Unlversity Student Union Company Llmlted by Guarantee Trustaos, Annual Report {Incorporatlng the Dlrector's Report) (conflnuodj Year ended 31 July 2025 Obl8ctlves and actlvltles The primary rc)lè of the RAUSU is to act as the represonlalive body for all the students and ensure that 81udents derive the maximum possible benefit from their Ilf6 81 the Universlty. Th8 M8morandum and Articles ofAssociation of the RAUSU outline its objeGtlve8 as: Promoting the interests and welfare of Students of the Royal Agricultural Unlverslly durin9 thalr course of study and r6presèntlng, 8UPPOrtlng and advislng students., Belng the recognised represenlallve channel between Sludenls, tho Royal Agriujllural University and any other external bodles., Provlding soclal, Gullural, sportlng and recreational acllv51ies and forum8 for dlsGussk)ns and debate for th8 personal develoyment of ils students. Further to the above, and lo Ihg ch?rity's PL¢rposes for the public benefrt, th8 maln aclivi116s undertaken in r?lalion to these objectiv8s are a rnlx of event management, extracurricular aclivlll8S provlslon and student r8pre3enl8llon, including.. Acting as principle Coordlnalor and manager of non-aGademlc acllvilies deslgned lo slimulale and entertain all 5tudent&- Acting as the primary roprasental¢ve of the student body dealings wllh the University.. Organising major soGial funGtFons and events, including sludenl balls, RAG evet)Is and Welcome VV8ek', Organising ragLElar weekly enlertainmenl for all sludenls., Managing and coordlnatlng the aclivilles of the RAUSU'S sports ¢lubs and special inlere8t socletles., Raising fundg for external ¢harllles through RAG, plus all a8soclated coordination and management.. Representing the Students in dealings with the NUS and on key unlversily commillees., Preparlng up to slx report8 per year on the RAUSU activities for the Goveming Council of the Royal Agrloullural UnNersity', Managing funds, monlloring the financlal posStion and ensuring proper accounts are kept of all income and expenditure., Po811ively representing the Unlverslty wllhin the local and wider community, The trusl88s have had regard to tho Charilles Commission guldance on publlc benefit when 8xercising any powers or duties lo whlch the guldance is relevant. How the RAUSU Achleves PubllG BenefSt In pursull of the aim for the publlc benefit, the RAUSU ensures that the diverslly of ils membership18 recognised, valued and SLEPPOrted. and has eslabllshed services for use by ils member8, and supports ils work wllh the Unlvgrsily and other organisation8 on behalf of sludenl8. The Presldent sils on and makes contributions to many Unlver8ily committees, acadamic programme forums, arFd Sludgnl Voice groups, in order lo effectively cater for the needs of students, Royal Agrlcultural Universlty Student Union Company Llmlted by Guarantee Trustee8' Annual Report {In¢orporating the Dlrectovs Report) (contlnuod) Year ended 31 July 2025 Achlevements and porformance a) Entgrtalnment and Events Enlertainmenls continued as normal throughout the year. Major events Included a Chrlstmas Party, RAG Week and the May Ball. Th8 May Ball returned a def￿11 of £4,75S {2024 - deficit of £7,600). Welcome Week cost5 amounted lo £10,285 {2024 £13,300}. Charitable donallons lolalling £15,770 12024- £12,093> were madè lo the SU'8 cho88n charities as a rasull of RAG aclivilies. bl Sport$ and Socl&tles Over twenty clubs and 8ecletle8 were run throughout the year. Total resources expended were £60,567 {2024- £53,992). ¢1 Student Volco RAUSU repre8enlatsves conllnued lo b8 Involved in UnSverslly Committees #nd focu8 groups, adding Ihelr views to Various Inilialives and changes introducèd by the University. dl Leual and Governance New Articles of Assoclatlon were approved by the Board of Trusleas and Royal Agrkultural Unlverslills Governlng Council In Ju5y 2025 which included change8 in the membershlp ol the Board ol Trustee8. Royal Agricultural Unlversity Student Union Company Llmiled by Guarantee Trustees. Annual Report (Incorporating Ihe Dlractor's Report) {conVnv8dJ Year ended 31 July 2025 Flnanclal revlew al Results Achleved The Charity had incoming resources of £350.057 (2024 £384,736) and expended £8,215 12024 £11,714) on generating income, £327,975 12024 . £403.0091 on ils charitable acliville5, Including £186,11412024 - £252,462) on governance and support costs, resulting In a surplus of £13,867 {2024 £29,9871Oeficil>l. b} Incomlng Resouyces The RAU prowded a grant of £240,85012024- £268.7401 for the financlal year lo support the charity. cl Resources Expended The malorfty of the charity's expenditure was incurred In providlng Welcome week entertainment, fostering the sports and special inlerèsl 8ocielie$ and student support servic88 for the universit18 students, hosting sludenl balls and providing reyular entertainments for students. dl Govemanco Costs The governance costs Include the s818ry of the President and Union Dlrector, RAG charitable donations, other Finance and general offi¢e cost8, consullalion fees and other admini81rallva èxpenBe8 relating to runnlng the chatlty ?) Ovorvl8W The charity had a 5urplu$ of Income over expenditure of £13,867 for the year, whiGh ha8 been added to the reserves brought forward for the charity's futu￿ use. fl Resèrves Pollcy The RAUSU amended Ils FinanGlal Res&rv&s Policy in 2022123. The RAUSU intends lo maintain reserves at a maximum threshold of £45,000. The FIAUSU intend8 to u8e the reserves in the lollowlng manner.. To meet approximate￿ 3 months of operational 8xpendilure In the event that the Royal Agr￿ultural University is unablo lo make grant payments In a Ilmely fashion or the￿ is a change in the rale of block grant provided. A8 al 31 July 2025, RAUSU reseNes w8r8 £89,27412024- £75,407). Any 8urplus of reserves over and above this threshold will be relnvesled in the lollowlng financial year and wlll be expended against the Trtssl's charitable aclivllles as instructed by the Trustees. The Trustees plan lo review the reseNes policy in 2025126. gl Future Fundlng The Trustees confirm that the RAUSU has sufficl8nl funds to meet all of Its financial obligallons. The block grant for 2025128 has beèn agreed al £225.000. Th& 2025126 budget has been approved by the Board of Tru8teès. Royal Agrlcultural University Student Union Company Llmlted by Guarantee Trustees, Annual Report (Incorporating tho Dlrector's Report) (contlnued) Year ended 31 July 2025 Plans for future perlods The Union has been und6rtaklng a Transformation Project since September 2024 and this wlll continue into 2025126 Objecllves for 2025126.. To continue Implementlng the Translormalion Prol8cI, d8V8loping effeclnie governanGg, pollcle8 and procedures and operatlonal activity of RAUSU To embed the new RAUSU President into their role, ensuring they can effaclively carry oth their role To induct the new Unlon Director and revlew and implemgnl a fevlsed Staffing modol To deliver key events which are inclusive of all students, includlng Welcome Week, Winter Ball, RAG Week and May Ball To review RAUSU'S approach lo repres8ntation 80 that the Union can bèller champlon $ludgnls' academic and non-academlc Interests STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trusleas (who are also dlreclors of Royal Agricultural University Sludet)l Unlon for th8 purpose of company lawl are re8pon8lble for preparing the Trusl8es' Annual Report and the financial slalemenls in accordance with appllcable law and United Kingdom Generally Accepted Aecounling Practice. Company law requlres the Tru81ee8 to preparo ffnan¢lal statements for each financlal year which give a true and fair vi6w of the slate of affairs of the charitable company and ol the incoming resources and application of resources, including the income and expenditure, of the charllable company for that perlc(l. In preparing these flnancial slalemenls, the Tru8lee8 are required lo., select sullable accounting policies and then apply them oonslstenlly. observe the m&lhods and principles in the Charllles SORP., make ludgernenls and estlmate8 that are reasonable and prudent., stale whether applicable UK Accounling Standards have been followed, subject to any material departures dlsclosed and explained in the financial slalements., and prepare the financial slalements on the going concem basis unless1118 Inappropriate lo presume that the charitable company wlll continue in operation. The Trustees are respon8ible for keeping proper accounllng récord8 which disclose wllh reasonable acGur8Cy 818ny lime the flnancial position of the charitable company and whi¢h enable them to ensure that the flt)anci81 statements comply with thé Ch8ri1ie8 Act 2011, the Charity IAccounl8 and Reports) Regulations 2008, and the Companles Act 2LN)6. They are al80 responsible for safeguarding the a88els of the charitable company and henGe for taklng r6asonabl& steps for the prevention and detection of Ifaud and other irregularities. This report has been prepared in accordance with the provlslons applicable lo companies enlilled lo small companie8, exemption. Royal Agricultural University Student Unlon Company Llmlted by Guarantee Trustees, Annual Report Ilncorporating the Director's Report) (¢ontlnu8d) Year ended 31 July 2025 Small ¢ompany provlslons This rgPQrt has been prepared in accordance wllh the piovisions applicable lo companies enlllled lo the small companie8 exemption The Iru8lees' annual report was approved on 9 Aprfl 2026. and signed on behall of the board of trustees by.. MrP Sheehan Chair of Truslees Mr R Brown Dapuly Chair of Trustees Royal Agricultural University Student Union Company Llmlted by Guarantee Indopondent Examlner's Report to the Trustees of Royal Agrfcultural Unlversity student Union Year ended 31 July 2025 I report lo the Iruslea8 on my examination of thg financSal slalements of Royal Agrlcultural University Sludenl Unlon I'lhe eharlll) for Ihe year ended 31 July 2025. R8spon8lbllltles and basls of report As the trusloes of the company land al80 Ils directors lor the purposes of company law} you are responsib￿ for the preparation of the financial slalements in accordan¢9 wllh the requlrements of the Companles Act 20061'lhe 2006 Act,). Having satisfied myself that the accoun18 of the company are not requlred to be audited under Part 16 of the 2006 Act and are eliglble for independent examination, I report in respect of my oxaminalion of the charity's accounts a8 carried out under section 145 of the CharltSe8 Act 2011 I'lhe 2011 Act'l. In arrySng out my examinallon I have followed the Direcllon8 glven by the Charlly CommS88ion under secllon 145151(bl of the 2011 Act. Indepgndgnt examlner's statement Since the charty's gr088 Income exceeded £250,OC>O your ex8miner must be a member of a b¢)dy listed in section 145 of the 2011 Act, I confirm that l am qualified lo undertake the examinallon because l am a member of the Inslltule of Chartered Accountants in England and Wales IICAEW), wh￿h1$ on8 of the listed bodles. I have cornpleled my examlnallon. I confirm that no mallers have come lo my attgnlion in Gonnectlon with the examination givirvJ me cau88 lo beI￿ve., accounting records wero not kgpt In respect of the charity as requlred by section 386 of the 2006 Act.. or the financial slalements do not accord with Ih08e records; or the financial slalemenls do not compty wllh tha accounllng requlremenls of sectlon 398 of the 2006 Act other than any requlremenl that the accounts give a 'lrue and fair. view whlch Is not a maller considered as part of an independent examinallon., or the finanelal 8talemenls have not been prepared in accordan￿ wllh the methods and principles of the Slalemenl of Recommended Practlce for accounting and reporting by ¢haritles applicable to charities preparing their accounts In accordance with the Financlal Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 102). Royal Agricultural University Student Union Company Limited by Guarantee Independent Examiner'3 Report to the Trust8es of Royal Agricultural University student Unlon fconllnuBdJ Yaar anded 31 July 2025 I have no ooncerns and have come a¢ros$ no other matters in Connection with the examination lo n should be drawn in this report In order to enable a proper understanding of the accounts lo be ached. ACA, CTA Duncan Joyce & Assoclates Llm Chartergd Ac¢ountantB 36 & 38 Cross Hayes Malmesbury Wiltshire SN16 9BG ed 29 Aprtl 2026 10 Royal Agricultural University Student Union Company Llmlted by Guarantee statement of Flnanclal Activities {including income and expenditure account} Year ended 31 July 2025 2025 Unreslriclad funds Total funds Totsl fund8 2024 Nots Income and endowments Donations and legacles Charitabl6 actwities 240,850 109,207 350,057 240.850 109,207 350,057 268,740 115.996 Total Income 384,736 Expendlture Expenditure on ralslng fund8'. Costs of raising donallons and legacles Expenditure on tharltsble actlvS1ies Total expgndlturo 18,2151 18,21 $1 (11,7141 (327,9751 {327,9751 {403.009} {336,190} (336,1901 1414.7231 Net IncOM￿lexpendItUro} and net movémént In funds 13,867 13,867 129.9871 Reconclllatlon of funds Total funds brought fO￿ard Total funds carrlèd foNard 75,407 89,274 75,407 105.394 75,407 89,274 Tho statement of financial a¢livllie8 Includes all gains and losses recogni86d in the year. All income and expenditure derive from conlinulng acllvllies, The notes on pagt8 13 to 20 fomi part of thege finanGIo18tatements, 11 Royal Agricultural Unlverslty Student Unlon Company Limited by Guarantee Statement of Financial Position 31 July 2025 2025 2024 Note Flxed a$s&ts Tanglble fixed as8el8 15 8,846 9,109 Current assets Stocks Debtors Cash al bank and In hand 16 17 6,983 10,337 108,546 125,8e6 820 112,811 113,631 Creditors: amountg falllng du8 wlthln one year Net curront assets 18 133,203) 80,428 89,274 89,274 159,5681 86,298 Total a5$•ts less current Ilabllltle8 75,407 75,407 Ngt assets Funds of the charlty Unre8lr¢cled funds 89.274 75,407 75,407 Total charfty funds 20 89,274 For the year endlng 31 July 2025 the charity was enlllled to oxemplion from audit under section 477 of the Companies Act 2006 ielaling to small companles. Directors, r8sponsiblliliès.. The members h8ve not required the company lo obtain an audit of Its financial statements for th8 year in question in accordance wlth section 476., The dlrectors acknowledge their respon81bililies for complylng with the r4ulrem8nl8 of the A with respect lo accounting records and the preparation of flnancial slalemenls. These flnancial statemènts have been prepared In accordance with the provlsions applicable to companies sublecl to the small ¢ompanle8' regime. These financlal $lalements were approved by the board of truslges and aulhorlsed for issue on 9 April 2026, and are signed on behaff of the board by.. r P SheeFian Chalr of Trus18es Mr R Brown Deputy Chair of Trustee The not8B On p4g•g 13 to 20 fomi part of thege Thnanclal ¥tstem•nt8. 12 Royal Agricultural University Student Unlon Company Limitod by Guaranlee Notes to the FSnanclal Statements Year ended 31 July 2025 General Informatlon The charity is a publlc benefit enlily and a prlvale company limited by guarantee, registered in England and Wales and a r8gi8lered charity In England and Wales. The address of the registered office is Royal Agri¢Lsllural University, Slroud Road, Clrencesl?r, Gloucesler8hlre, GL7 6JS. Statement of compllance These financlal statements have been prepared in compliance with FRS 102, 'The Fin8nclal R6POrtlng Slandard applicabb in the UK and the R8publiG of Ireland,. the Slal?menl ol Recommended Pracllce appliGable lo charitie8 preparing their accounts In ￿cOrdSnce wilh the Financlal Reporting S18ndard applicable in the UK and Republic of Ireland IFRS 102} ICharlUe8 SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcles Debtors Trad8 and other debtors are recognSsed al the settlèment amount due after any trade dl8counls offered. Prepaymenls are valued al the amount prepald after taking Into account any trade discounts due. Basls of preparatlon The financial ¥talemenl$ have been prepared on the historical costs basis. The financlal Slalemenls are p￿Pared In sterling, which is the functional ¢urrency of the enllly. Taxatlon The charity is exempl from corporallon 18x on ils charitable a¢tlvilies. Golng Goncern Thère are no material uncertainlie8 about the charity's abllily lo continue. Crodltors Creditors are recognlsed where the charlly has a present obllgatlon r8suEting from a past event that will probabty result in a transfer of funds lo a thild porty and the 8mounl due to sellle the obligation oan be measured or eslimaled rellably. Credltors are nomalty recognised al Ihelr 88lllomenl amount after allowing for any trade discounts. 13 Royal Agrlcultural University Student Union Company Llmlted by Guarantee Noles to the Flnancial Statements (¢onflnuéd) Year ended 31 July 2025 Dlsclosure exemptlons The enlily satisfies the ullerla of belng a qualifying enlily as defined in FRS 102. As 8uch, advantage has been taken of the folbwing disclosur8 exemptions available 4Jnder parsgraph 1.12 of FRS 102.. (al No cash flow 8talemenl has beer¢ presented for the company. (b) Disclosures in respect of financial inslrument8 have not been pre8enl8d. Judgemènts and key sources ol estlmatlon uncèrtalnty The preparallon of the financial statèment8 requir8s management to make judgements, eslimales and a8sumptSon$ that affect the amount8 reported. These e811males and judgements are conllnually revlewed and are bBsed on experience and othgr factors, Including @xpeclalion of futur6 event8 that are beligved to be reasonable under th8 clrcumstance8. Fund accountlng Unrestricted funds are availablo for use at the dlscretion of the trustees lo furthgr any ol the charity's purpose8. Designated funds are unrestricted fLtnds eamiarked by the Iruslees for particular future project or commitment. Reslrictecl funds are sublecled lo reslriclions on their exp&ndilur& declared by the donor or through the lemis of an appeal, and fall into one of two 8ub-classes,' reslricled income funds or endowmentfund8, Incomlng resourc05 All incoming resources are included in the slalemenl of financial acllvilles when enlillemenl h88 passed to the ¢harlty', 1118 probable that the economic benefits assoclaled wllh the Iransacllon will flow lo the charity and the amount can be reliably measured. The followlng specific policie8 are applied to particular categorlès of Income.. Income from donations or grants Is recognised when there18 evidence of entillemenl to the gift. receipt 1$ probable and ils amount can be measured rellabty, lega¢y Income Is recognised when receipt is probable and entillemenl is eslabllshed. inoome from donated goods is measured al tho fair value ol Ihe goods unless thi8 IS Impractical to measure rellably. in which case the value Is derived from the cost lo the donor or the estimated re8ale value. Donated facilities and services are recognbed In th8 accounls when rece￿ed if the value can be reliably measured. No amounts ar8 included for the contribution of general volunteers. income ftom conlra¢ls for the Supply of services 18 recognised wSth the dellvery of the conlraclgd servlce. This is classrfied as unreslricled funds unless there Is a conlraclual requirement for it lo be spent on a particular purpose and retumed W unspent, In which ca8e il may be r8garded as reslrlcted. 14 Royal Agricultural Universlty Student Union Company Llmlted by Guarantee Notes to th8 Financial Statements (conlthu•d) Year ended 31 July 2025 Accountlng pollclo8 (¢ontlnuadJ Resource$ expènded ExpendiluTe is recognised on an accruals basis a8 a liability 18 incurred. Expenditure includes any VAT which cannot b8 fully recov8red, and is classified under headings of the slalemenl of financial act￿lI1e$ lo wh￿h11 relalgs.. expenditure on rai81ng funds Includes the costs of all fundralslng acllvllie8, events, nonO during the year12024.' NIII. 14. Trusta8 ramunoratlon and expèn8e8 One or more trustees was pgld remuneration or received other benefit8 from employment ￿th the eharity. The followlng twslees recelved remuneration during the year., A Godfrey £23,976 A Young £2,535 M Harrls £5,580 Expenses of £638 (2024- £123) were also paid lo trustees during the year endèd 31 July 2025. 18 Royal Agricultural University Student Union Company Limlted by Guarantee Notes to the Flnanclal Statements fcontlnu8d) Yaar ended 31 July 2025 15, Tanglblè flx8d assets Flxtures and Motor vehiclas Total Cost Al 1 August 2024 Additions 22.271 2.302 24,573 16,500 38,771 2,302 At 31 July 2025 Depreclatlon Al 1 August 2024 Charge lor the year At 31 July 2026 Carrylng amount At 31 July 2025 At 31 JLtly 2024 16,500 41,073 15,670 1,938 17,608 13,992 627 29,662 2,585 32,227 14,619 6.965 6,601 1,881 2,508 8,846 9,109 16. Stocks 2025 2024 Goods lor resale e,983 17. Debtors 2025 2024 Trade debtors Prepayments and accrued Income Olher debtors 3,473 2,485 4,379 10,337 820 820 18. Credltors.. amounts falllng due wlthln one yoar 2025 2024 Tmde creditors Accruals and d8f8rred income Soclal se¢urlty and other taxes 6,646 18,437 8,120 33.203 2,336 57.232 59,568 19 Royal Agricultural University Student Union Company Limited by Guarantee Notes to the Flnancial Statements (contlnu6dJ Year ended 31 July 2025 19. Penslons and other post retlr?mant b8noflts Defin9d contrlbutlon plans The amount recognised in incom8 or axpendRure as an oxpense in relation lo dèfined conlr¢bulion plans was £93912024.. £1,220). 20. Analysls of charltabl8 funds Unre5trlcted funds At 1 August 202 At Incomo Expenditure 31 July 202 G8neral funds 75.407 350,057 (336,1901 89,274 At 1 August 202 Al Income Expendllure 31 July 2024 General funds 105,394 384,736 1414,723) 75.407 21. Analysls of net assets bgtween funds Unreslricled Total Funds Funds 2025 Tangible fixed a88818 Current assets Credllor8 less than 1 year Net a88et$ 8,846 113,631 (33.2031 89,274 8,846 113,631 133,2031 89,274 Unreslrlcled Total Funds Funds 2024 Tangible fixed assets Current assets Creditors le88 than 1 year Net assets 9,109 125,866 159,5681 75.407 9,109 125.886 (59,5681 75,407 22. Contlngent Llablllty The charity commissloned a review of 118 VAT affairs durlng the aCCOLtnllng period. 11 has been found that it may not have been fully compliant with ils obligallon8 and as a result further invesligallon is belng undertaken. This may rtrsull In a repayment of Incorrect￿ clalm&d input val, penalties and Interest becoming due. Th8 flnal, outcome 18 curranlly being determlned. 20