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← Reading University Students' Union

2025-07-31-accounts

READING UNIVERSITY STUDENTS’ UNION FINANCIAL STATEMENTS

31[st] JULY 2025

Registered Charity Number 1158523 Registered Company Number 08840709

READING UNIVERSITY STUDENTS’ UNION FINANCIAL STATEMENTS YEAR ENDED 31[st ] JULY 2025

CONTENTS

Trustees and Union Information 1
Trustees Report
A: Structure, Governance & Management 2
B: Strategy 4
C: Change Priorities 8
D: Financial Review 9
Independent Auditors’ Report to the 14
Members
Consolidated Statement of Financial 17
Activities
Consolidated Balance Sheet 18
Consolidated Statement of Cash Flows 19
Notes to Financial Statements 20

Reading University Students’ Union Trustee and Administrative Information

Trustees Jack Maddock (Co-Chair) Debra Soper Tim Bertram until 22.11.2024 Ray Ellison Mike Phillips Salman Agha from 01.11.2024 Gwyneth James until 23.06.2024 Shreyas Gandhi until 23.06.2024 James Haxell until 23.06.2024 Eghoghon Ifidon until 23.06.2024 Nathan Norris until 23.06.2024 Emanual Adoyeye from 22.07.24 Madison Rundle Tobe Okonkwo Tulsi Santhosh Kumar Tiam Koravand from 24.06.2024 Martina Hudson from 24.06.2024 Ella Withington from 24.06.2024 Elyn Thompson from 24.06.2024 Sara Pawar from 24.06.2024

The Co-Chairs of Trustees were Jack Maddock, and James Haxell until 23.06.2024 and Tiam Koravand from 24.06.2024.

Charity registration number 1158523 Company registration number 8840709 Website www.readingsu.co.uk Registered address Whiteknights Campus, Pepper Lane, Reading. RG6 6EH Chief Executive Officer Catherine Bodin Company Secretary Catherine Bodin Auditor Gravita Audit Oxford LLP, First Floor, Park Central 40-41 Park End Street, Oxford, OX1 1JD Bankers Barclays Apex Plaza, Reading RG1 1AX Lloyds Bank 24 Broad Street, Reading RG1 2BT Solicitors Barrett & Co LLP, 87 Castle Street, Reading. RG1 7SN

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Reading University Students’ Union Trustees’ Report

The Board of Trustees, who act as Directors for the purposes of Company Law, present their Annual Report for the year ended 31 July 2025 which has also been prepared to meet the requirements for a directors’ report and accounts for Companies Act Purposes. The administrative information is set out on page 1, together with the audited accounts for the year.

A: Structure, Governance & Management

Charitable status

Reading University Students’ Union (Reading SU) is a company limited by guarantee registered in England and Wales (company number: 8840709) which was formally registered as a charity with the Charity Commission in September 2014 (charity registration number: 1158523). The Directors of Reading SU are its Trustees for the purposes of Charity Law and throughout this report are collectively referred to as the Trustees. Reading SU is governed by its Articles of Association which were amended in March 2022.

Governance

Reading SU is a students’ union within the meaning of the Education Act 1994. The SU’s Articles of Association are approved by the governing body of the University of Reading, which has a statutory duty to ensure that the organisation operates in a fair and democratic manner and is held to proper account for its finances. Reading SU is devoted to the educational interests and welfare of its student members and works alongside the University of Reading to achieve its aims. The Articles of Association and supporting Byelaws have been structured to give the Trustees authority to manage the affairs of the organisation in a professional manner. The Trustees give the utmost consideration to the views of the student members.

The objects of Reading SU are the advancement of education of Students at the University of Reading for the public benefit by:

In shaping Reading SU’s strategy and objectives the Trustees have considered the Charity Commission guidance on exercising of duty and power for the public benefit.

In the 2025/26 year, the Union will undertake a full Governance and Democracy Review with the aim of reviewing and improving its systems and governing documents to ensure they are fit for purpose and continue to support the aims of the charity.

Board of Trustees

The Board of Trustees is responsible for the strategic direction, governance, and financial sustainability of Reading SU. The Board is made up of five Officer Trustees, four Student Trustees and five External Trustees. The Officer Trustees and two of the Student Trustees are elected by and from the students at the University of Reading each year, through a cross-campus secret ballot, and serve in office for one year. The External Trustees and the remaining two Student Trustees are appointed by the Board via the Appointments Committee. The External Trustees are recruited to bring a wider perspective and skill set from outside Reading SU.

A term in office for an External Trustee lasts up to four years and they may be reappointed for a second term of up to a total maximum of eight years. The Student Trustees are appointed for a term in office of one year and they must be a registered student for the duration of their term in office. Student Trustees can be appointed for a second year. They are selected based on their skills, knowledge and experience, taking into

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account the demographics of the elected student Board members. Selection decisions of the appointments committee must be ratified by the Trustee Board.

The Trustee Board holds a minimum of four meetings per academic year and is responsible for establishing and delegating to committees.

Committees

The Trustee Board has 4 formally constituted committees:

  1. Finance & Risk Committee has delegated responsibility from the Board of Trustees to oversee the finances of the organisation and to analyse and monitor risk management. Matters considered include financial and risk strategy, approval of annual budgets, ongoing monitoring of financial performance and quarterly review of the risk register.

  2. People & Culture Committee has delegated responsibility from the Board of Trustees to oversee people, development and cultural matters of the organisation. Matters considered include Reading SU’s people strategy and associated plans, staff satisfaction, employee related policies and procedures and work to improve equality, diversity and inclusion.

  3. Remuneration Committee is responsible for considering the remuneration of the Chief Executive and Officer Trustees.

  4. Appointments Committee is responsible for overseeing the appointment of External Trustees, Student Trustees and other key governance roles, such as Student Voice Chair and Subsidiary Board Directors.

The Board delegates day-to-day oversight of Little Learners Nursery to a Subsidiary Company Board, with a reporting line to the Finance & Risk Committee. Most operational decisions are delegated to the Leadership Team, which consists of the Officer Trustees and members of the Senior Leadership Team.

Training of Trustees

Upon appointment, all trustees receive an induction, which includes their legal obligations and other trustee responsibilities and is tailored according to their knowledge and experience. The Officer Trustees receive a more intensive and in-depth induction and training programme as they have a variety of responsibilities within the organisation, University, and local community in addition to their unpaid Trustee roles.

Senior Leadership Team

Reading SU employs a Chief Executive, Catherine Bodin, who supports the Officer Trustees and the Board of Trustees. The day-to-day management of the organisation is delegated to the Chief Executive who manages Reading SU by implementing the policy and strategy adopted by and within a budget approved by the Trustees and, where appropriate advises the Trustees in relation to such policy, strategy, and budget.

The Chief Executive was supported during the year by a Senior Leadership Team consisting of:

The Chief Executive Officer was also supported by the expertise of consultants of varying disciplines, at varying points in the year.

Student Council

Student Council is the democratic policy making body of Reading SU. It has the authority to represent the voice of students and set our policy as outlined in the Byelaws. Student Council receives updates from Officer Trustees and holds them accountable for their representative work. It considers ideas, campaigns and projects that impact the student experience. A referendum may be called on any issue by either a resolution of the

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Trustees, a majority vote of Student Council or a petition by at least 4% of the student members. Annually Reading SU holds a Student Members’ meeting (known as The Big Student Update) in accordance with the Byelaws. During this meeting a report is from the Trustees, annual accounts are formally presented, affiliations are approved as required by the Education Act (1994), appointment of auditors is approved and questions are asked of the Trustees by our student members.

Relationship with the University of Reading

The relationship between the University of Reading (UoR) and Reading SU is established in a Students’ Union Code of Practice which has been agreed by the governing body of the University. Reading SU is grateful for the financial contribution it receives from Reading University via an annual Block Grant which is subject to approval by the governing body of the University. Reading SU occupies premises owned by the UoR, which are provided free of charge. Reading SU is responsible for the day-to-day maintenance of its buildings. Reading SU also receives a range of administrative support which enable its operations to continue successfully. Reading SU continues to operate various trading activities for students; these are dependent on UoR’s support, for which the organisation is grateful. There is no reason to believe that the support from UoR will not continue for the foreseeable future. Our University has a regulatory responsibility for oversight of the proper financial management of Reading SU under the Education Act 1994.

Relationship with Subsidiary Companies

Little Learners at RUSU Ltd (company number 03723877) and RUSU Trading Limited (company number 08308331) are both limited liability companies wholly owned by Reading Students’ Union. Little Learners at RUSU Ltd operates a day nursery which provides childcare for students and staff at the University of Reading, and the local community. RUSU Trading Limited operates several services for non-students which are classed as non-primary purpose trading.

Relationship with the National Union of Students

Reading SU had been a member of the NUS and paid an annual affiliation fee to access training, resources and centrally negotiated purchasing agreements for many years. In 2022, however, the members of Reading SU voted in a referendum to leave NUS UK. However, they remain affiliated to the NUS Charity which allows them continued access to group purchasing and trading support services which benefit the Union’s commercial operations. As a result of this decision Reading SU has strengthened its links with other students’ union sector groupings and consultancy services to ensure that its elected representatives and staff have access to support and sector research and good practice.

B: Strategy

In 2021/22 Reading SU undertook a full strategic review and has continued to implement its new strategy, ‘Helping Students have the Best Time’ this year.

Purpose: Our top priority is making sure students at the University of Reading have the best time.

Vision: To be a strong, inclusive, and dynamic students’ union that is central to the student experience.

To achieve this, Reading SU is focusing on building communities, facilitating opportunities, and harnessing the collective voice of students to effect positive change.

Values: How we do things is important and so underpinning our work are five key values:

  1. Student-led: putting students at the heart of everything we do

  2. Purposeful: being bold, principled and a force for good

  3. Inclusive: challenge inequalities, create diverse spaces, activities and services that are accessible to all students from all backgrounds

  4. Sustainable: championing sustainability in all that we do and harnessing opportunities to collectively make a difference

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  1. Accountable: ensuring we are transparent and fair in what we say and do. Ensuring democracy drives us.

Reading SU’s work is also focused around four strategic themes, which will drive our work and allocation of resources over the coming years:

  1. Being the voice of students: We will ensure an effective voice on the issues facing students and harness the collective power we have to achieve positive change

  2. Supporting students to succeed: We want to help students on their journey. We will do this through providing support, advice, employment and personal development opportunities.

  3. Creating a sense of belonging and community: We will facilitate opportunities for students to come together and encourage participation in our activity. We know it takes time to feel part of a community and we recognise our role in helping to make this happen in an inclusive way.

  4. Making university life fun: We want to ensure students have the best time at Reading, making memories for life.

To transform the way we work and to underpin the strategic themes, we utilise eight foundations:

  1. People & Culture

  2. Wellbeing

  3. Digital Transformation

  4. Engaging Communications v. Resources & infrastructure

  5. Partnership

  6. Engagement & Outreach

  7. Good Governance & Democracy

As part of the strategy Reading SU collects data on the following:

  1. % of students that know they are members of Reading SU (2024/25: 69%; 2025/26: 71%)

  2. % of students that agree Reading SU is an integral part of me having fun at University (2024/25: 70%; 2025/26: 67%)

  3. % of students that agree Reading SU helped me feel connected, supported, and like I could be myself at university (2024/25: 60%; 2025/26: 75%)

  4. % of students that agree Reading SU reflects my needs (2024/25: -; 2025/26: 65%)

To provide an overview of engagement this year, the following statistics are included:

2024/25
Target		 2024/25 Actual
Percentage of students knew they weremembers of Reading SU 65% 69%
Percentage of students agreed/strongly agreed ‘Reading SU is an integral
part of me having fun at University’		 65% 70%
Percentage of students agreed/strongly agreed ‘Reading SU is an integral
part of me feeling Ibelong atReading’*		 65% 60%

SUMS implementation

2023-24 2024-25 Percentage
increase
Clubs or societies’ memberships 7,511 10,061(1) +34%
Number of students who joined clubs or
societies		 4,678 5,852 +25%
Number of voters(SpringLeadership 2,408 4,705 +95%

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Elections) (9.6% turnout) (18.3% turnout)
Overall online transaction amount 967,578(2) 1,192,030 +23%
Event tickets online transaction amount 484,379(2) 544,723 +12%
SU App users 3,633 6,564(1) +81%

Remarks:

Being the voice of students:

Being the voice of students:

Supporting students to succeed:

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Health (self-care boxes on World Mental Health Day and WellFest on University Mental Health Day), as well as activities within the Take a Break promotion. All these activities were well received by students.

Creating a sense of belonging and community:

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• After not being involved for a couple of years, we took part in SOS-UK's Green Impact Award for Students’ Unions achieving a ‘Very Good’. As it was our first year back, we were initially aiming for a ‘Good’ however surpassed our target scoring points across each department, particularly for our work around mental health and cost of living support for students. We also supported the University in their Fairtrade Accreditation submission where they achieved Gold.

• Became a White Ribbon Supporter Organisation and continued our Reclaim the Night tradition expanding our reach, marching with more than 70 women (students, staff and the local community), showing our dedication to the safety of women and girls. This sat alongside our wider safety work with the University where we spoke to over 400 students across the year hearing about their concerns around safety in the local community.

• Inducted into the Movember Hall of Fame for raising £75,000 since being involved

Making university life fun:

Services for Students:

C: Change Priorities

1. Spaces

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used by students. The staff room in the nursery was also upgraded in response to staff feedback. In the upcoming year, the fund is designated to support initiating a program of maintenance across the estate.

2. Brand & Identity

3. `Digital Systems

4. Student Voice & Support

5. Building Community

6. Cost of Living Fund

D: Financial Review

The Consolidated Statement of Financial Activities outlines the income and expenditure for Reading SU for the 2024-25 financial year. Total income for the year was £5,596,913 (2023-24 £5,330,309) while total expenditure before movement in pension deficit amounted to £5,855,447 (2023-24 £5,330,309).

Income from the Bars rose by 9% resulting in a 28% increase in contribution. In contrast, Catering faced significant challenges, ending the year with an overall loss of £46K. To address this, a Catering Consultant was engaged in August 2025 to provide guidance on improving performance. Overall commercial income (excluding Little Learners) increased by 8% and the overall contribution improving by 27% supported in part be a number of staff vacancies towards the end of the year.

Income from Little Learners rose by £72K – an increase of 8%. The use of student staff which removed the need for agency support, helped deliver a £44K increase in contribution.

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A small increase in the Block Grant was received for 24/25. Furthermore, an agreement has been secured for a 5% increase in 2025-26 followed by 2.5% increases in both 2026-27 and 2027-28, providing greater certainty for medium-term financial planning

Total expenditure increased by £381,451 primarily driven by higher salary costs following the 6.7% increase in the National Minimum wage and an increase Employer’s NI increases from April. This figure included £251,669 depreciation linked to capital expenditure - such as the Commercial refurbishment project which totalled ~£770K

Before the movement in pension deficit, the year closed with a £258,534 deficit of which £251,669 related to depreciation in Designated expenditure.

Reserves Policy

The Reserves Policy was reviewed during 2024-25 by the Finance & Risk Committee and approved at Board level.

Reading SU sets the level of reserves which reflects circumstances based on:

The risks identified and the suggested requirement are detailed in the table below:

Risk Risk Assessment Suggested
Requirement
Block Grant Medium £50,000
Commercial Contribution High £390,000
Working Capital Low £250,000
Student Clubs & Societies Low £10,000
Pension Deficit Low £100,000
Future Plans Low £50,000
Reserves Policy £850,000

This will be reviewed and agreed by the Board on an annual basis.

The General Reserve amounts to £1,167,254. After the £850,000 reserves this leaves a balance of £317,254.

A balance of £132,834 is held in the Change Priorities projects from the original transfer agreed by the Board of £647,225 in 21/22. During 24-25 £90K was transferred to a fund to drive the new Strategy for 2025-28

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Included in the Designated Reserves is the £1,078,923 long-term pension deficit provision and £130,000 University loan resulting in a Designated reserve balance of (158,412). The Restricted Reserves totalling £339,175 includes the balances on Student activities and the JCR accounts.

Investments

The Trustees reviewed the Investment Policy in 23/24 and made the decision to invest £0.5M in a CCLA COIF Ethical Investment Fund with a target of achieving CPI plus 3% over a period of five years. During 2024-25 the decision was made to move banks from Barclays to Lloyds and this was nearly completed by the end of the year. The majority of Reading SU cash is held in Lloyds Deposit accounts and £0.5M is held in a CCLA COIF Deposit account. Interest generated in 24-25 was £37,953 (23/24 £70,130)

Fundraising

The charity has no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Pension Liabilities

The defined benefit pension provision is included on the Balance Sheet to comply with the Charities SORP (FRS 102). The overall impact of this inclusion is a liability of £1,079k (2023-24 £1,039.5k.) Despite the inclusion of this substantial amount the considerable level of the accumulated reserves, noted above, ensure that Reading SU remains a going concern.

Risk Management

The Board of Trustees reviews the major strategic, operational and reputational risks faced by the organisation on an annual basis or as required. The Risk Management Policy notes the major risks and identifies both their probability and likely impact on the organisation. On behalf of the Trustees, Senior Managers regularly review major risks and mitigating measures. Financial and control risks are mitigated through a robust budget management process and supporting Financial Procedures for the authorisation and processing of transactions. Procedures are also in place to ensure the health and safety of staff, volunteers and participants in all activities organised by Reading SU.

The Trustees believe that all major risks are appropriately addressed. A Risk Assessment Policy is utilised which stipulates that each department to maintain their own Risk Register. This is reviewed and monitored at Senior Leadership Team level and then the top five risks are taken to the Finance & Risk committee at least twice a year.

Future Funding and Going Concern Assessment

The Trustee Board reviewed the going concern assumption by:

In evaluating the going concern assumption, stress tests were applied to assess the potential impact of identified uncertainties. These were a reduction of £165.2K in commercial income in 2025/26 and £150K in 2026/27; and the pension deficit increasing by a further £300K. In the unlikely event these should crystallise together the total financial impact on reserves could total c615K. The uncertainties identified above, do not individually or collectively cast significant doubt on Reading SU’s ability to continue as a going concern.

Reading Students’ Union is very grateful to the University for confirming the block grant for the upcoming three years, which allows the Students’ Union to financially plan with more income certainty.

Declaration

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The Trustees who held office at the date of approval of this trustees’ report confirm that they are aware of all the relevant audit information and that there is no relevant audit information which has not been supplied to the charity’s auditors.

We wish to thank all staff and volunteers at Reading SU for their continued commitment and hard work to make this another successful year for our members.

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Reading University Students’ Union Trustees’ Report

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also the directors of Reading University Students’ Union for the purposes of Company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Company law and Charity 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to: -

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document.

They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies:

This report was approved by the Trustees and signed by order of the Board:

........................................................... …………………………….…….. Jack Maddock - Co Chair Date

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Reading University Students’ Union Independent Auditors’ Report

Opinion

We have audited the financial statements of Reading University Students’ Union (the ‘charitable company’) for the year ended 31[st] July 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

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Reading University Students’ Union Independent Auditors’ Report

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ 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 determine 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 trustees are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain 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 auditor’s 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 it exists. Misstatements can arise from fraud or error and are

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Reading University Students’ Union Independent Auditors’ Report

considered material if, 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 irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s 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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor) For and on behalf Gravita Audit Oxford LLP, Statutory Auditor First Floor, Park Central, 40-41 Park End Street Oxford OX1 1JD

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Reading University Students’ Union Consolidated Statement of Financial Activities (Including the Income and Expenditure Accounts) For the Year Ended 31[st] July 2025

Note
INCOME AND ENDOWMENTS
Grant Income
Grants and Donations
2
Charitable Activities
Student Social Venues and Events
3
Student Activities (Clubs and Societies)
3
Student Democracy and Representation
3
Little Learners (Nursery)
3
Other Trading Activities
Franchised Space
4
Business Development
4
Commercial Trading
4
Interest Receivable
Other
Total Income
EXPENDITURE
Charitable Activities
Student Social Venues and Events
5
Student Activities (Clubs and Societies)
5
Student Democracy and Representation
5
Advice Services
5
Digital and Communications
5
Affiliations
5
Governance
5
Little Learners (Nursery)
5
Raising Funds
Franchised Space
6
Business Development
6
Commercial Trading
6
Marketing and Sponsorship
6
Total Operating Expenditure
Net Operating Income/(Expenditure)
Gain on investments
Movement in Pension Deficit
Transfers between Funds
Net Movement in Funds
Reconciliation of Funds
Total Funds brought Forward
Funds Carried Forward		 Unrestricted
Funds
£
1,738,000
1,847,640
36,780
2,872
995,586
48,017
241,082
34,952
37,953
36,408
5,019,290
2,053,288
780,666
304,939
365,689
440,043
17,709
166,667
879,646
3,930
116,141
61,505
104,109
5,294,332
(275,042)
(4,438)
39,422
500
(310,526)
1,319,368
1,008,842		 Restricted
Funds
£
577,623
577,623
561,115
561,115
16,508
(500)
17,008
322,167
339,175		 Total
2025
£
1,738,000
1,847,640
614,403
2,872
995,586
48,017
241,082
34,952
37,953
36,408
5,596,913
2,053,288
1,341,781
304,939
365,689
440,043
17,709
166,667
879,646
3,930
116,141
61,505
104,109
5,855,447
(258,534)
(4,438)
(293,518)
1,641,535
1,348,017		 Total
2024
£
1,727,335
1,680,451
564,054
2,300
923,310
47,130
235,887
54,436
70,130
25,276
5,330,309
1,970,143
1,188,977
277,765
331,572
407,375
18,313
168,820
854,870
3,185
106,039
64,263
82,674
5,473,996
(143,687)
12,159
32,984
-
(98,544)
1,740,073
1,641,529

All transactions noted above derive from continuing operations. A full Comparative SOFA for 2024 is included in note 26.

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Reading University Students’ Union Consolidated Balance Sheet As At 31[st] July 2025

Fixed Assets
10
Investments
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at Bank and In
Hand
CREDITORS:
Amounts falling due
within one year
14
NET CURRENT ASSETS
CREDITORS:
Amounts falling due
in more than one
year
15
PROVISION FOR
LIABILITIES
16
NET ASSETS
RESERVES
General Funds
21
Designated Fund
21
Restricted Fund
22
Total Reserves		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
996,526
733,428
984,466
724,607
516,597
512,159
516,601
512,163
1,513,124
1,245,587
1,501,067
1,236,770
106,861
92,099
106,602
91,840
150,058
120,062
153,773
110,896
1,190,992
2,118,833
939,202
1,942,242
1,447,911
2,330,994
1,199,577
2,144,978
(452,094)
(765,551)
(338,446)
(677,220)
995,817
1,565,443
861,131
1,467,758
(82,000)
(130,000)
(82,000)
(130,000)
(1,078,923)
(1,039,501)
(1,078,923)
(1,039,501)
1,348,017
1,641,529
1,201,275
1,535,027
1,167,254
1,309,994
1,020,512
1,203,496
(158,412)
9,368
(158,412)
9,368
339,175
322,167
339,175
322,167
1,348,017
1,641,529
1,201,275
1,535,031		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
996,526
733,428
984,466
724,607
516,597
512,159
516,601
512,163
1,513,124
1,245,587
1,501,067
1,236,770
106,861
92,099
106,602
91,840
150,058
120,062
153,773
110,896
1,190,992
2,118,833
939,202
1,942,242
1,447,911
2,330,994
1,199,577
2,144,978
(452,094)
(765,551)
(338,446)
(677,220)
995,817
1,565,443
861,131
1,467,758
(82,000)
(130,000)
(82,000)
(130,000)
(1,078,923)
(1,039,501)
(1,078,923)
(1,039,501)
1,348,017
1,641,529
1,201,275
1,535,027
1,167,254
1,309,994
1,020,512
1,203,496
(158,412)
9,368
(158,412)
9,368
339,175
322,167
339,175
322,167
1,348,017
1,641,529
1,201,275
1,535,031		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
996,526
733,428
984,466
724,607
516,597
512,159
516,601
512,163
1,513,124
1,245,587
1,501,067
1,236,770
106,861
92,099
106,602
91,840
150,058
120,062
153,773
110,896
1,190,992
2,118,833
939,202
1,942,242
1,447,911
2,330,994
1,199,577
2,144,978
(452,094)
(765,551)
(338,446)
(677,220)
995,817
1,565,443
861,131
1,467,758
(82,000)
(130,000)
(82,000)
(130,000)
(1,078,923)
(1,039,501)
(1,078,923)
(1,039,501)
1,348,017
1,641,529
1,201,275
1,535,027
1,167,254
1,309,994
1,020,512
1,203,496
(158,412)
9,368
(158,412)
9,368
339,175
322,167
339,175
322,167
1,348,017
1,641,529
1,201,275
1,535,031		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
996,526
733,428
984,466
724,607
516,597
512,159
516,601
512,163
1,513,124
1,245,587
1,501,067
1,236,770
106,861
92,099
106,602
91,840
150,058
120,062
153,773
110,896
1,190,992
2,118,833
939,202
1,942,242
1,447,911
2,330,994
1,199,577
2,144,978
(452,094)
(765,551)
(338,446)
(677,220)
995,817
1,565,443
861,131
1,467,758
(82,000)
(130,000)
(82,000)
(130,000)
(1,078,923)
(1,039,501)
(1,078,923)
(1,039,501)
1,348,017
1,641,529
1,201,275
1,535,027
1,167,254
1,309,994
1,020,512
1,203,496
(158,412)
9,368
(158,412)
9,368
339,175
322,167
339,175
322,167
1,348,017
1,641,529
1,201,275
1,535,031
1,513,124
995,817		 1,236,770
1,467,758
1,447,911
(452,094)		 2,330,994
(765,551)
(82,000)
(1,078,923)		 (130,000)
(1,039,501)
1,348,017 1,535,027
1,167,254
(158,412)
339,175		 1,203,496
9,368
322,167
1,348,017 1,535,031

These financial statements were approved by the Board of Trustees on and are signed on their behalf by:

……………………………………………………… Salman Ali Agha - Chair of Finance

……….………..……………………………….. Jack Maddock - Co Chair

Company Number 08840709

18 | P a g e

Reading University Students’ Union Consolidated Statement of Cash Flows For the Year Ended 31[st] July 2025

Note
Cash Flows from Operating Activities
Net movement of funds for the period
Adjustments for:
Depreciation
Investment gain
Interest received from investments
Decrease/(Increase) in Stock
Decrease in Debtors
Increase/(Decrease) in Pension Provision
Increase/(Decrease) in Other Creditors
Net Cash provided by Operating Activities
Cash Flows from Investing Activities
Interest received from investments
Payments to acquire fixed assets
Payments to acquire investments
Net Cash provided by Investing Activities
Cash Flows from Financing Activities
Loan Repaid
Additional Loans in year
Net Cash provided by Financing Activities
Change in cash and equivalents in the period
Cash and equivalents at the start of the period
Cash and equivalents at the end of the
period		 2025
£
(293,518)
317,386
(4,438)
(37,953)
(14,756)
(29,996)
39,422
(313,457)
37,953
(580,484)
-
(48,000)
(48,000)
(927,841)
2,118,833
1,190,992		 2024
£
(98,544)
152,705
-
(70,130)
19,390
25,492
(303,740)
231,702
(43,125)
70,130
(395,446)
(500,000)
(825,316)
(54,000)
-
(54,000)
(922,441)
3,041,274
2,118,833

19 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

1. ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with the Charity's governing document, which is the Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice 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 Union is a Public Benefit Entity as defined by FRS 102.

Going Concern

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. As detailed in the Trustees Report, in forming this opinion, they have considered a period of at least twelve months from the date of approval of these financial statements.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value over the useful economic life of that asset as follows:

Other Equipment 5 – 10 years 5 – 10 years Shops 5 – 10 years Office and Facilities 3 – 10 years Motor Vehicles 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

Operating Lease Agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease.

Pension Costs

The Union participated in the Student Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. This scheme is now closed to future accrual. The fund continues to be valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable in respect of the past deficit being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Under FRS 102 the discounted value of contributions payable in respect of past service deficit have been provided for.

The National Union of Students Pension Scheme (NUSPS), and the National Employment Savings Trust (NEST) are defined contribution schemes and are accounted for in the year in which they are due.

20 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

Investments

Investments are stated at cost less any provision for diminution in value.

Taxation

No provision is made in these accounts for tax as the Union is entitled to the exemptions available to charities provided all income is applied for charitable purposes.

Consolidation

The Statement of Financial Activities and Balance Sheet consolidate the results of the two subsidiary companies, Little Learners @ RUSU Ltd and RUSU Trading Ltd.

2. DONATIONS AND GRANTS

Annual Grant
3.
CHARITABLE ACTIVITIES
Unrestricted Restricted
Total

Funds
Funds
2025
£
£
£
Student Social
Venues and
Events
1,847,640
1,847,640
Student
Activities
36,780
577,623
614,403
Democracy &
Representation
2,872
2,872
Little Learners
Nursery
995,586
995,586

2,882,878
577,623 3,460,501		 2025
2024
£
£
1,738,000
1,727,335

1,738,000
1,727,335
Unrestricted Restricted
Total
Funds
Funds
2024
£
£
£
1,680,451
- 1,680,451
39,472
524,582
564,054
2,300
-
2,300
923,310
-
923,310		 2024
£
1,727,335
1,727,335
2,645,533
524,582 3,170,115

The Nursery is operated by a subsidiary company, Little Learners Ltd, which is 100% owned by Reading University Students’ Union.

4. OTHER TRADNG ACTIVITIES

Franchised Space
Business Development
Commercial Trading		 2025
£
48,017
241,082
34,952
324,051		 2024
£
47,130
235,887
54,436
337,453

21 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

5. EXPENDITURE ON CHARITABLE ACTIVITIES

Student Social Venues and Events
Student Activities
Democracy and Representation
Advice Services
Digital and Communication
Affiliations
Governance
Little Learners Nursery		 Direct
Costs
Support
Costs
2025
Total
£
£
£
1,647,559
405,729
2,053,288
1,128,383
213,398
1,341,781
174,307
130,632
304,939
242,359
123,330
365,689
179,160
260,883
440,043
17,709
-
17,709
166,667
-
166,667
844,280
35,366
879,646
4,400,424
1,169,338
5,569,762		 Direct
Costs
Support
Costs
2024
Total
£
£
£
1,583,519
386,624
1,970,143
985,689
203,288
1,188,977
152,038
125,727
277,765
215,896
115,676
331,572
173,977
233,398
407,375
18,313
-
18,313
168,820
-
168,820
826,124
28,746
854,870
4,124,378
1,093,459
5,217,837

6. EXPENDITURE ON OTHER TRADING ACTIVITIES

Franchised Space
Business Development
Commercial Trading
Marketing and Sponsorship		 Direct
Costs
Support
Costs
2025
Total
£
£
£
-
3,930
3,930
62,210
53,931
116,140
44,240
17,265
61,505
104,109
-
104,109
210,558
75,126
285,683		 Direct
Costs
Support
Costs
2024
Total
£
£
£
-
3,185
3,185
57,831
48,208
106,039
47,143
17,120
64,263
82,674
-
82,674
187,648
68,513
256,161

22 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

7. SUPPORT COSTS

Student Social Venues and Events
Student Activities
Democracy and Representation
Advice Services
Digital and Communication
Little Learners Nursery
Franchised Space
Business Development
Commercial Trading		 Support
Staff
Repairs,
Maintenance
& Cleaning
Office
Costs
Other
Costs
2025
Total
2024
Total
£
£
£
£
£
£
260,674
48,787
101,791
(5,522)
405,730
386,624
137,260
25,608
53,429
(2,898)
213,399
203,288
80,749
16,777
35,005
(1,899)
130,632
125,727
83,948
13,245
27,635
(1,499)
123,329
115,676
206,405
18,323
38,229
(2,074)
260,883
233,398
35,366
-
-
-
35,366
28,746
3,930
-
-
- 3,930
3,185
42,773
3,753
7,830
(425)
53,931
48,208
9,389
2,649
5,527
(300) 17,265
17,120
860,493
129,142
269,446
(14,617)
1,244,465
1,161,972

23 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

8. NET INCOMING RESOURCES

The net incoming resources is stated after charging:

2025 2024
£ £
Depreciation of tangible fixed assets 317,385 152,705
Operating Lease rentals 100 100
Audit Fees 16,100 15,300

9. STAFF COSTS AND KEY MANAGEMENT PERSONNEL

Permanent Staff
Gross Salaries
Termination payments
Employers N.I.
Employers Pension
Part Time Students
Total Staff Costs		 2025
£
2,138,741
-
225,156
69,796
398,220
2,831,911		 2024
£
1,809,155
10,000
177,890
73,200
409,753
2,479,998

The average number of permanent staff in the year was 75 (2024: 66) The average number of temporary student staff in the year was 83 (2024: 100)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £70,000 was 2 (2024: nil).

The total employee benefits (including employer pension and employer national insurance costs) of the key management personnel which consists of five managers was £355,043 (2024: nine managers, £296,362).

Expenses totalling £1,729 were paid to trustees during the period (2024: £1,113).

24 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

10. TANGIBLE FIXED ASSETS

Cost
At 1stAugust 2024
Additions
Disposals
At 31st July 2025
Depreciation
At 1stAugust 2024
Charge for the Year
Disposals
At 31st July 2025
Net Book Value
At 31st July 2025
At 31stJuly 2024		 Venues
Other
Office and
Facilities
Nursery
£
£
£
£
363,420
1,382,393
668,524
38,886
-
557,983
12,983
9,518
-
-
-
-
363,420
1,940,376
681,507
48,404
281,734
837,792
570,204
30,065
23,192
253,881
34,034
6,279
-
-
-
-
304,926
1,091,673
604,238
36,344
58,494
848,703
77,269
12,060
81,686
544,602
98,320
8,821		 Total
£
2,453,223
580,484
-
3,033,707
1,719,795
317,386
2,037,181
996,526
733,428

Included within this balance is the Net Book Value of all assets purchased using the designated Future Projects fund, which is £837,897 at 31 March 2025 (2024: £243,623).

11. INVESTMENTS

Subsidiary Companies:
Little Learners @ RUSU Limited
RUSU Trading Limited
Ethical investment fund:
Brought forward as at 1 August 2024
Additions
Change in market value
Gain on investment
Carried forward as at 31 July 2025		 2025
£
2
2
4
512,159
0
4,438
516,597		 2024
£
2
2
4
-
500,000
12,159
-
512,159

Little Learners at RUSU Limited (Company Number: 03723877) operates a nursery. The results of the subsidiary are consolidated in these accounts and are set out in notes 3 and 5. The net assets of the company at the year end amounted to £146,743 (2024: £106,502).

RUSU Trading Limited (Company Number: 08308331) was incorporated on 27[th] November 2012 and commenced to trade on 1[st] August 2015. The company was dormant throughout 2022/23. The net assets of the company at the year end amounted to £2.

25 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

12. STOCKS

Bars
Merchandise
Sports Kit
Catering
Nursery		 Consolidated
2025
2024
£
£
39,918
42,036
36,190
25,271
22,874
21,193
7,620
3,345
259
255
106,861
92,099		 Parent
2025
2024
£
£
39,918
42,036
36,190
25,271
22,874
21,193
7,620
3,340
-
-
106,602
91,840		 Parent
2025
2024
£
£
39,918
42,036
36,190
25,271
22,874
21,193
7,620
3,340
-
-
106,602
91,840
91,840

13. DEBTORS

Trade Debtors
Other Debtors
Intercompany Balance
Prepayment and Accrued Income		 Consolidated
2025
2024
£
£
67,373
51,997
4,788
7,720
-
-
77,896
60,345
150,057
120,062		 Parent
2025
2024
£
£
60,414
43,384
4,788
7,719
10,980
(397)
77,591
60,190
153,773
110,896		 Parent
2025
2024
£
£
60,414
43,384
4,788
7,719
10,980
(397)
77,591
60,190
153,773
110,896
110,896

14. CREDITORS : Amounts falling due within one year

Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
University Loans
48,000
54,000
48,000
54,000
Trade Creditors
96,890
167,328
91,135
162,707
Other Creditors including Taxation:
PAYE Social
Security
97,545
58,858
97,545
58,858
Other Creditors
118,291
195,538
14,743
120,531
Holiday Pay accrual
24,486
31,182
24,486
31,182
Accruals and
Deferred Income
66,879
258,645
62,539
249,942
307,201
544,223
199,312
460,513
452,091
765,551
338,447
677,220		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
University Loans
48,000
54,000
48,000
54,000
Trade Creditors
96,890
167,328
91,135
162,707
Other Creditors including Taxation:
PAYE Social
Security
97,545
58,858
97,545
58,858
Other Creditors
118,291
195,538
14,743
120,531
Holiday Pay accrual
24,486
31,182
24,486
31,182
Accruals and
Deferred Income
66,879
258,645
62,539
249,942
307,201
544,223
199,312
460,513
452,091
765,551
338,447
677,220		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
University Loans
48,000
54,000
48,000
54,000
Trade Creditors
96,890
167,328
91,135
162,707
Other Creditors including Taxation:
PAYE Social
Security
97,545
58,858
97,545
58,858
Other Creditors
118,291
195,538
14,743
120,531
Holiday Pay accrual
24,486
31,182
24,486
31,182
Accruals and
Deferred Income
66,879
258,645
62,539
249,942
307,201
544,223
199,312
460,513
452,091
765,551
338,447
677,220		 Consolidated
Parent
2025
2024
2025
2024
£
£
£
£
£
£
£
£
University Loans
48,000
54,000
48,000
54,000
Trade Creditors
96,890
167,328
91,135
162,707
Other Creditors including Taxation:
PAYE Social
Security
97,545
58,858
97,545
58,858
Other Creditors
118,291
195,538
14,743
120,531
Holiday Pay accrual
24,486
31,182
24,486
31,182
Accruals and
Deferred Income
66,879
258,645
62,539
249,942
307,201
544,223
199,312
460,513
452,091
765,551
338,447
677,220
338,447 677,220

26 | P a g e

Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

15. CREDITORS : Amounts falling due after one year

University Loans Consolidated
2025
2024
£
£
82,000
130,000
82,000
130,000		 Parent
2025
2024
£
£
82,000
130,000
82,000
130,000		 Parent
2025
2024
£
£
82,000
130,000
82,000
130,000
130,000

The Union currently has two interest free loans with the University which are repayable in instalments. As at July 2024, £25,000 is repayable in instalments until 2027 and £105,000 is repayable in instalments until 2028.

16. PROVISION FOR LIABILITIES

Pension Provision Consolidated
2025
2024
£
£
1,078,923
1,039,501
1,078,923
1,039,501		 Parent
2025
2024
£
£
1,078,923
1,039,501
1,078,923
1,039,501		 Parent
2025
2024
£
£
1,078,923
1,039,501
1,078,923
1,039,501
1,039,501

17. PENSIONS

The Union participated in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30[th] September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1[st] October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30[th] September 2011 the scheme closed to future accrual.

The most recent valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m.

The 2022 valuation saw scheme Trustees take steps to ensure that the level of contributions will remain affordable for participating employers. The regular increase of 5% due in October 2023 will proceed as they had planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037. This is an extension from August 2035. Contributions due from 1 October 2026 onwards will be reviewed following the next actuarial valuation, due with an effective date of 30 June 2025. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. Surpluses or deficits which arise at future valuations will also impact on the Union’s future contribution commitment. In addition to the above contributions, the Union also pays its share of the Scheme’s levy to the Pension Protection Fund .

In accordance with FRS102, the net present value of the future contributions required over 14 years to clear the funding deficit is £1,078,923 (2024: £1,039,501).

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

In calculating this net present value, the extension of the deficit recovery period and then the annual increases of 5% have been taken into account and a discount rate of 6.1% representing the typical yield of high-quality corporate bonds has then been applied. The total contributions paid into the scheme in respect of the funding deficit for the period ended 31[st] July 2025 were £nil (2024: £356,964).

From 1st October 2011 the Union has participated in the National Union of Students Pension Scheme, NUSPS, which is a defined contribution scheme. This scheme was closed to new entrants on 31st January 2014. From 1st February 2014 new staff are automatically enrolled in the National Employment Savings Trust (NEST). Contributions to these schemes are accounted for in the year in which they are due and amounted to £53,507 (2024: £53,893).

18. COMMITMENTS UNDER OPERATING LEASES

At 31[st] July 2024 the company had total commitments under non-cancellable operating leases as set out below:

eases as set out below:
Operating Leases which expire
Within 1 year
After more than 5 years		 2025
Land &
Buildings
Other
Items
£
£
100
1,000
1,100		 2024
Land &
Buildings
Other
Items
£
£
100 -
1,100 -
1,200 -

The above amount relates to the lease on the nursery building which was renewed during the prior year and runs until March 2024 and the lease on the Student Union building which runs until 2036. Other accommodation is provided free of charge by the University. Were the Union to pay for additional space it uses for its operations this charge would increase by up to £675,000.

19. DONATIONS

The Union made no donations to external bodies during the year except where collections were made on behalf of various charities and lodged with the Union prior to payment to the charity.

20. RELATED PARTY TRANSACTIONS

The Union is in receipt of a recurrent grant from the University of Reading of £1,738,000 (2024: £1,727,335). The Union also received loans from the University in previous years, and in 2025 made repayments totalling £54,000 (2024: £54,000).

In addition, the Union occupies its building under a lease from The University of Reading for a charge of £100 per year until 25[th] March 2036 under an agreement whereby the Union maintains the building in a good state of repair.

The trustees of the Union are the members of the Trustee Board. The Officer Trustees of the Trustee Board receive remuneration for their services as provided for within the Constitution. The Union paid expenses of £1,688 (2024: £nil) for one trustee for Visa charges during the year.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

21. UNRESTRICTED FUNDS

Balance B/F Income Expenditure Transfers Balance C/F
DESIGNATED FUNDS 2024 2025
Capital Equipment Fund 522,311 - (251,669) 567,256 837,897
Commercial 383,592 - - (416,317) (32,725)
refurbishment
University Loan Fund (184,000) - - 54,000 (130,000)
Spaces 93,482 - (25,460) (28,752) 39,271
Brand and Identity 4,072 - (1,286) - 2,786
Digital Systems 60,614 - - - 60,614
Student Voice 55,167 - (28,579) - 26,589
Building Community 86,776 - (83,202) - 3,574
Strategy 25-28 - - - 90,000 90,000
Pension Reserves (1,039,503) - (39,422) - (1,078,923)
Cost of Living Fund 9,107 - (1,082) - 8,025
UoR#Bit 3,270 - (830) (2,439) -
Student Engagement Fund 14,480 - - - 14,480
9,368 - (431,530) 263,748 (158,412)
UNRESTRICTED FUNDS
General Funds 1,203,492 4,059,866 (4,053,496) (189,350) 1,020,512
Little Learners Reserve 106,502 995,586 (880,448) (74,898) 146,742
1,309,994 5,055,452 (4,933,944) (264,248) 1,167,254
1,319,362 5,055,452 (5,365,474) (500) 1,008,842

Funding of Capital Expenditure

The Capital Equipment Fund represents the Unions investments in fixed assets. All capitalised assets acquired from other designated funds (e.g. Commercial Refurbishment, Spaces, etc) are represented by the Capital Equipment Fund and appropriate transfers are made. Fixed assets depreciation is charged against this fund.

Commercial Refurbishment

We were proud to invest a percentage of our free reserves in our commercial spaces and undertook an ambitious 'no nails' upgrade to the spaces in 2024. This was ambitious as the timeframe for the project was just a month, and all four spaces were developed. The renovations including developments to the bars, including a new permanent bar in Glitch, investment into gaming equipment to make Glitch a free gaming space for students, including a new shuffleboard, and lighting and furniture developments in all spaces. The feedback was positive, with students and other stakeholders grateful for the investment in the spaces, to benefit the student experience.

University Loan Fund

The University Loan Fund represents the amount still owed to the University to repay loans which have financed fixed asset acquisitions.

Spaces

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

The Spaces fund has primarily been used to fund upgrades to our production equipment in our commercial venues, to support he capital development work that took place in there over the summer too. Another portion of the fund was used for the development of a new social space for students at the heart of our building. Named 'The Cave', this space can seat 40-50 students, has microwaves for heating food, and desks and plugs available for casual work individually or in groups. The space also houses our 'Help Yourself Shelf' and free food, which are both readily used by students. The staff room in the nursery was also upgraded in response to staff feedback. In the upcoming year, the fund is designated to support initiating a program of maintenance across the estate.

Brand and Identity

The Brand and Identity fund has been designated for use in rebranding across the Union. It is intended to be used for the design, physical assets and cultural elements, with a focus in the upcoming year on the front of the building. A small amount of the fund was used to support the rebrand the Union's coffee shop, 'Up!'.

Digital Systems

The Digital Systems fund will cover the upgrade of the IT network and facilities. This work is planned for the upcoming year.

Student Voice

The Student Voice fund has supported the salary of a team member focused on student data, which was a contract role ending in June. In the upcoming year, this fund will support the initiation of a new committee, the Campaigns and Insights Committee, which will directly deliver campaigns and projects from the student insights we gain. The President will chair this group.

Building Community

This year the Union embarked on an identity project, which started with segmentation research. We worked with a company that has expertise in customer closeness within the commercial sector to achieve this, and are proud to have conducted this research with over 1500 students. The segment solution formed the basis for our new three-year strategy, which marks a new chapter of growth for Reading Students' Union, and is built on a firm foundation of student voice.

Pension Reserve

The Pension Reserve represents the pension provision in respect of the SUSS Scheme of £1,039,501. See note 16 for details of the pension liability.

Cost of Living Fund

The Cost of Living fund was used this year for free tea and coffee supplies in the Lounge, one of our social spaces for students, and also for hardship funds to allow student facing financial difficulty to join our student groups without worrying about money.

Student Engagement Fund

This fund was created to provide access to financial resource for strategic projects developed by the Officer team. There was no spend in 2024-25. This fund will be used to fund the Governance & Democracy Review in 2025-26.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

UNRESTRICTED FUNDS COMPARATIVE

Balance Income Expenditure Transfers Transfers Gift Aid Balance
B/F Designated Restricted C/F
2023 2024
DESIGNATED FUNDS
Capital Equipment 243,623 - (83,405) 362,093 - - 522,310
Fund
Commercial - - - 383,592 - - 383,592
refurbishment
University
Loan		 (238,000) - - 54,000 - - (184,000)
Fund
Spaces 109,740 - (15,255) (1,003) - - 93,483
Brand and Identity 31,358 - (9,663) (17,623) - - 4,072
Digital Systems 66,863 - (6,249) - - 60,614
Student Voice 68.700 - (13,533) - - 55,167
Building 91,668 - (4,892) - - 86,776
Community
Pension Reserves (1,343,243) - (32,984) 336,724 - - (1,039,503)
Cost
of
Living		 33,649 - (12,352) (12,190) - - 9,107
Fund
UoR#Bit 9,086 - (5,817) - - - 3,269
Student 30,000 - (15,520) - - - 14,480
Engagement Fund
(896,556) - (199,669) 1,105,593 - - 9,368
General Funds 2,195,987 3,870,227 (3,825,575) (1,105,593) (5,405) 73,850 1,203,496
Little
Learners		 109,410 923,310 (852,368) - - (73,850) 106,503
Reserve
2,305,397 4,793,537 (4,677,942) (1,105,593) (5,405) - 1,309,999
1,408,841 4,793,537 (4,877,611) - (5,405) - 1,319,367

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

22. RESTRICTED FUNDS

Student Activities/
JCR
Activities Balance
Sporting Balances
Volunteering
Good Lads		 Balance B/F
2024
Income
Expenditure
Transfers
Balance C/F
2025
306,500
577,623
(555,518)
500
329,105
13,827
-
(5,597)
-
8,230
500
-
-
-
500
1,340
-
-
-
1,340
-
-
-
-
-
322,167
577,623
(561,115)
500
339,175

RESTRICTED FUNDS COMPARATIVE

Student Activities
Activities Balance
Sporting Balances
Volunteering
Good Lads		 Balance B/F
2023
Income
Expenditure
Transfers
Balance C/F
2024
309,276
514,582
(522,763)
5,405
306,500
15,896
-
(2,069)
-
13,827
3,220
10,000
(12,720)
-
500
1,340
-
-
-
1,340
1,500
-
(1,500)
-
-
331,232
524,582
(539,052)
5,405
322,167

Student Activities

These are the funds held for the Student clubs and societies. Income is in the form of club membership and income to hold events. Expenditure is on running the club or society including coaching and training, hiring venues, purchase of equipment and the running of events.

CSE Activities Fund

Funds given by the University Alumni Department to fund Sports and Societies projects.

Sporting Excellence

These are annual funds from the university alumni to be used for Scholarships for Sports students.

– Volunteering Shenley Foundation

Funding from the Shanley Foundation to support student volunteering projects.

Good Lads

This is a grant from Reading Borough Council to fund Equality, Diversity and Inclusion training.

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

23. SURPLUS FOR THE FINANCIAL YEAR

At permitted by section 408 Companies Act 2006, Reading University Students’ Union’s individual Statement of Financial Activities has not been included in these financial statements. The surplus for the year is made up as follows:

Reading University Students’ Union’s individual deficit for the financial year 2025
2024
£
£

(95,636)

24. CONTROLLING PARTY

The Union is controlled by the Trustee Board, up to 10 members of which are subject to democratic election by the voting membership of the Union. The ultimate control of the Union is vested under the constitution in the membership in General meeting. As such no single person or entity controls the Union. The Trustee Board also contains a minimum 4 externally appointed Trustees.

25. CAPITAL COMMITMENTS

At the year end the Union had committed to building refurbishment works and other capital projects totalling £nil (2024: £455,918).

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Reading University Students’ Union Notes to the Financial Statements For the Year Ended 31[st] July 2025

26. COMPARATIVE SOFA 2024

INCOME AND ENDOWMENTS
Grant Income
Grants and Donations
Charitable Activities
Student Social Venues and Events
Student Activities (Clubs and Societies)
Student Democracy and Representation
Little Learners (Nursery)
Other Trading Activities
Franchised Space
Business Development
Commercial Trading
Interest Receivable
Other
Total Income
EXPENDITURE
Charitable Activities
Student Social Venues and Events
Student Activities (Clubs and Societies)
Student Democracy and Representation
Advice Services
Digital and Communications
Affiliations
Governance
Little Learners (Nursery)
Raising Funds
Franchised Space
Business Development
Commercial Trading
Marketing & Sponsorship
Total Operating Expenditure
Net Operating Income/(Expenditure)
Gain or loss on investment
Movement in Pension Deficit
Transfers between Funds
Net Movement in Funds
Reconciliation of Funds
Total Funds brought Forward
Funds Carried Forward		 Unrestricted
Funds
£
1,727,335
1,680,451
39,472
2,300
923,310
47,130
235,887
54,436
70,130
25,275
4,805,726
1,970,143
649,925
277,765
331,572
407,375
18,313
168,820
854,870
3,185
106,039
64,263
82,672
4,934,943
(129,217)
12,159
32,984
(5,405)
(89,479)
1,408,846
1,319,367		 Restricted
Funds
£
-
-
524,582
-
-
-
-
-
-
-
524,582
539,052
539,052
(14,470)
5,405
(9,065)
331,233
322,168		 Total
2024
£
1,727,335
1,680,451
564,054
2,300
923,310
47,130
235,887
54,436
70,130
25,275
5,330,309
1,970,143
1,188,977
277,765
331,572
407,375
18,313
168,820
854,870
3,185
106,039
64,263
82,672
5,473,996
(143,687)
12,159
32,984
-
(98,544)
1,740,079
1,641,535

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