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2025-07-31-accounts

The Union of UEA Students Limited

Annual Report and Accounts for the year ended 31st July 2025

Company No. 09664303

Annual Report and Accounts for the year ended 31[st] July 2025

Executive and Union Information 3-4
Annual Report
Trustee Report 5-7
Strategic Report 7-9
Independent Auditors report 10 -13
Statement of Financial Activities for the year to 31 July 2024 14
Balance Sheet as at 31 July 2024 15
Consolidated Cash Flow Statement 16
Notes to the Accounts 17-36

ÿ

Annual Report and Accounts for the year ended 31[st] July 2025

Executive and Union Information

Address: Union House, University of East Anglia, Norwich, Norfolk, NR4 7TJ

Charitable Status: The Union was founded in 1963, as an unincorporated body.

The Union became the Union of UEA Students Limited, a company limited by guarantee, company registration number 09664303, at the end of the financial year 2014-15. All of the operations and assets of the Unincorporated Union were transferred to the company at this date and continued under the new company. At this time the Charity received a new registered number 11162866. ýüÿûüü

Charity Trustees:

harity Trustees:
Trustees Appointments/Retirements Term of Office Ends
Elected Full Time Officers (5 posts – 2 vacancies)
Amjad Daher Appointed 1st July 2025 30-Jun-26
Turaiya Laila Lemard Appointed 1st July 2025 30-Jun-26
Olivia Hunt Appointed 1st July 2024 30-Jun-26
Bhaskar Bukkanahalli Shivanna Appointed 1st July 2024, resigned 14th January 2026
Nathan Wyatt Resigned 30th June 2025
Christopher Kershaw Resigned 4th December 2025
Rebekah Temple-Fielder Resigned 30th June 2025
Elected Student Trustees (4 posts – 2 vacancies)
Holly Watkins Appointed ?
Francesca Foglia-Pearshouse Appointed ?
Mark Etkind Resigned 14th February 2025
Ali Shaker Resigned 30th June 2025
External Trustees (6 posts)
Yinbo Yu, Chair Appointed 16th December 2024
Simon George Appointed 1st July 2023 30-Jun-26
Peter Bruce Mason Appointed 1st February 2025
Aiketerini Iliopoulou Appointed 19th April 2024 18-Mar-26
Peter Robertson Appointed 19th April 2024 18-Mar-26
Nora Yalenga Loga Appointed 1st February 2025
Anwar Azari Resigned 28th April 2025
Company Secretary
Jumara Stone Appointed 18th September 2025
Liz Wendy Joselle Bigalke Resigned 18th September 2025

þ

Annual Report and Accounts for the year ended 31[st] July 2025

Organisational Management

Chief Executive Officer – Jumara Stone Director of Operations – Richard Hunter Director of Engagement – Yusra Khan

Group Structure

The Union has two wholly owned non-charitable subsidiaries, Students’ Union Services (East Anglia) Limited, which carries out the trading activities of the Union based on campus at UEA, and The Waterfront – Student Union Services Limited. Their trading results are consolidated in these financial statements.

Auditors Knox Cropper LLP, 65 Leadenhall Street, London, EC3A 2AD Bankers Co-operative Bank, 69 London Street, Norwich, NR2 1HT

Solicitors

Eversheds, Kett House, Station Road, Cambridge, CB1 2J

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Annual Report and Accounts for the year ended 31[st] July 2025

The Union of UEA Students Annual Report and Accounts for the year ended 31[st] July 2025

Trustees Report

The Trustees of the Union of UEA Students for the purposes of the Companies Act 2006, present their annual report in compliance with that Act, together with the financial statements, including the Trustees Report and Strategic Report, for the year ended 31 July 2025.

Structure, Governance and Management

The Union of UEA Students is governed by its Constitution dating from 1963, which was substantially revised in 1996 to incorporate the requirements of the 1994 Education Act. The major officeholders are elected by a campus ballot of ordinary members of the Union on an annual basis and receive a comprehensive training offer from the organisation, along with the National Union of Students, WONKHE, and the university’s executive team.

The sabbatical posts are remunerated as authorised in the constitution in accordance with the Education Act 1994 and cannot exceed two years duration for each holder. Each officer has specific responsibility for aspects of the Union’s activities and is supported by permanent staff who are organised in departments.

The Union operates on democratic principles which was restructured this year. The new UEA50, a body of students picked at random, have the power to set policy statements, review annual budgets and accounts of the Union and oversees the election of students to serve on Union and University committees. UEA50 is accompanied by our Annual General Meeting which is for all members to take part in. These are complemented by four sub-committees and the Executive Committee. Such membership comprises the Union’s Full Time Officers, and Part Time Officers, together with representatives of all Union clubs, societies and peer support groups and representatives of students in every school of study, all of whom can fit into specific sub-committees.

The Executive Committee operates as the main representative/leadership body in the Union with UEA50 making decisions on proposals which impact the wider student body. The Trustee Board can set aside decisions of UEA50 if it incurs risk to the finances, legal standing or reputation of the organisation.

The post of external trustee is advertised on the Union website and applications invited from relevant contacts and associated bodies, in particular current trustees. Appointments of both external and student trustees follow an open and transparent recruitment process, overseen by a panel of current trustees. The panel recommends candidates to the Board for formal appointment, based on their skills, experience and expertise.

The Union operates policies for the full and fair consideration of applications, continuing employment and training while employed and training, career development and promotion for disabled persons.

Relationship with the University of East Anglia

The Union of UEA Students receives Grants from and occupies a building owned by the University of East Anglia. A formal lease is in place between the University and the Union of UEA Students governing the use of Union House which is up for renewal in 2026. This creates an annual charge of £465,086 payable by the Union for which specific additional grant funding is received.

Whilst the Union continues to generate funding from trading activities, it remains dependent on the University’s support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future as the Education Act 1994 imposes a duty on the University to support a student representative body.

We have made a continuous conscious effort to strategically partner with the University this financial year on their Student Experience and Education Strategy, considering areas where we can save on costs and resources by working more cohesively on student delivery and outcomes.

Strategic relationships are in a much better space due to the efforts made by the elected officers, the senior leadership team, and the university’s executive team, with hopes this will reflect in achieving both organisations’ strategic vision and priorities.

Fundraising

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

ù

Annual Report and Accounts for the year ended 31[st] July 2025

Charitable Objects as set out in our Constitution

The Union’s object is the advancement of education of students at the University of East Anglia for the public benefit by:

The trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.

Trustee Board Responsibilities

The Trustees (who are also directors of the Union of UEA Students Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they 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 adequate accounting records that are sufficient to show and explain the charity’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the relevant accounting standards and the provisions of the charity’s constitution. 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.

Provision of information to Auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

ü

Annual Report and Accounts for the year ended 31[st] July 2025

Strategic Report

Review of achievements and performance of the Group for the period

Within the year the Union has continued to take significant activity to engage the interests of and improve the experience of students at UEA more strategically. The financial year has continued to demonstrate that students’ way of living has changed dramatically, and that the night-time economy must focus on non-alcohol centric events to boost engagement. The elected Full-Time officers continue to remain agile with their campaigns to better the student experience and to ensure they are receiving the basics during their study. Examples include launching a community pantry with a no questions asked service on taking ingredients to cook with.

Well into our first year of embedding the 5-year strategy, each department now operates with KPIs which work towards the core themes and values outlined within the strategy. Such KPIs are monitored and reported on through monthly one-to-ones and appraisals, all which feed into Board reports from both Directorates and their respective Directors, ensuring strategic oversight by the Board.

As the organisation has now stabilized its fundamental practices and procedures, we have seen this financial year bring room for external reviews to be conducted and deduce other areas of need for improvement. The main four external reviews all occurred simultaneously and were the following: - Commercial

Each review has provided its own set of recommendations and action plans, all agreed within Board meetings, with steer from trustees on rationale and reasonings. It is for these reasons we have seen an overhaul of the democratic structure at the SU, where members voted to remove Union Council and replace with UEA50 and its sub-committees. We have seen a minor restructure of the organisation based on the needs of our commercial offering, requiring one Head of Venues to manage all venue offerings and delivery, along with a dedicated Head of Commercial who will oversee the income generation to support the charitable objectives. The Finance review has encouraged a switch over from Exchequer to Xero so we operate in real time and give more agency to our budget holders for spending on projects. All the recommendations are being worked on with one dedicated Change Manager to ensure every strand is prioritised with the needs of the organisation. The new external Chair of the Board has been embedded into the governance structure, with the recruitment of new members based on the new format of numbers. The Board is now made up of 6 externals (of which one is Chair, and one is an assigned UEA member), 5 Full Time Officers, and 4 student trustees.

Financial Review and results for the period of the Group

The financial statements for the period ended 31 July 2025 have been prepared on a consolidated basis. The companies concerned are Students’ Union Services (East Anglia) Limited and Waterfront - Student Union Services Limited. These companies undertake activities, which for commercial reasons, are more appropriately channeled through trading companies rather than being undertaken directly by the Union.

The consolidated financial statements for the year ended 31 July 2025 show total income of £6,923,000 (2024: £6,964,000). Income remains broadly consistent with the prior year, with a modest reduction of £41,000 reflecting slightly lower commercial trading income.

Commercial trading operations generated £4,057,000 (2024: £4,158,000), representing a decrease of approximately 2% year on year. Contributions from clubs and societies totaling £804,000 (2024: £794,000), reflecting continued engagement in student-led activities. University grants and related funding amounts to £1,912,000 (2024: £1,943,000), providing an essential and stable funding base for the Union’s charitable activities.

Total expenditure for the year was £7,056,000 (2024: £7,159,000), a reduction of £103,000 compared to the previous year. Charitable activity expenditure amounted to £1,612,000 (2024: £1,648,000), reflecting continued investment in representation, student support and engagement activities. Commercial trading expenditure is at £4,341,000 (2024: £4,389,000), consistent with the reduction in trading income.

û

Annual Report and Accounts for the year ended 31[st] July 2025

After accounting for pension deficit adjustments of £71,000 (2024: £194,000), the Group reported a net deficit of £204,000 (2024: £389,000 deficit). This represents a significant improvement on the prior year, primarily due to cost control measures and reduced staffing costs.

Cash and cash equivalents at 31 July 2025 were £1,639,000 (2024: £1,853,000). The Union’s liquidity position remains stable, and the Trustees consider that the organisation has adequate resources to meet its obligations as they fall due.

The Trustees continue to monitor trading performance closely in light of changes in student spending patterns and wider economic pressures. Cost control, commercial resilience and effective management of pension recovery obligations remain key priorities to ensure the long-term financial sustainability of the Union.

Going Concern

The charity has cash resources that exceed its reserves. The trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

The trustees have anticipated uncertainties around reduced demand in the venues alongside cost inflation and supply issues of material and labour and sensitised the financial forecast accordingly. There remain reasonable grounds for confidence that the Charity will remain solvent and meet all financial obligations as they fall due.

Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Reserves policy

The Union’s reserves policy was adopted by the Trustee Board to ensure the level held is consistent with good practice and appropriate for the Union’s size and range of activities.

The reserves policy previously recognised that a substantial amount of cash is locked up by the favourable consolidated working capital position, effectively guaranteeing trading liabilities. This has the consequence of restricting funds available for capital investment in those trading activities that generate the substantial share of funding for the Union’s charitable purpose. The policy therefore excluded direct trading liabilities. The experience of the pandemic has been to limit this exclusion to the proceeds of advanced ticket sales which proved to be robust whilst other liabilities required settlement. The adjustment in respect of the value of these liabilities has been capped at a historically normalised level of £400,000. Long-term liabilities such as the pension liability and loans repayable after one year are also excluded as these are in practice funded from future income rather than current funds.

The reserves policy of the Union of UEA Students group is to maintain a level of unrestricted funds, not committed or invested in tangible assets, which will enable the Union to

  1. Ensure the SU has sufficient cash during periods of non-trade;

  2. Provide a buffer to weather short term dips in commercial performance;

  3. Enable the Charity to maintain a current net asset position to discharge its current liabilities at all times

This remainder should be focused on improving the Union’s student-facing facilities, information technology and maintaining and developing the asset base of the Social Enterprises in support of improved profit contributions, which remains a key constituent of the funding of the Union.

ü

Annual Report and Accounts for the year ended 31[st] July 2025

Free reserves are calculated as follows:-

£’000 £’000
Unrestricted reserves (2,079)
Add back long term pension liabilities 2,448
Long term loans 722
liability for advanced tickets (normalised) 400
Less NBV of tangible fixed assets (3,625)
excluding fixed assets from restricted funds 2,712
(913)
Free Reserves 578

The target level of free reserves has been calculated as three months salary and pensions costs for career staff, which is £523,000 at July 2025. This gives rise to a surplus of £27,000, which is a reduction of £240,000 in the year.

The Trustees have approved a deficit budget which will reduce reserves to £143,000 below the target level over the period to July 2026 at which time an assessment will be made of the steps require to maintain at the target level over a rolling 5 year period.

Principal risks and uncertainties

The Board continued to monitor how the organisation mitigates current, and future risks, specifically focusing on impacts on the university, the current higher education climate, students needs and changes (such as alcohol consumption and the cost of living crisis), and financial impact of commercial and the block grant against inflation and rising costs. The Risk Register includes various risks from across the entire charity with a focus on the social enterprise model, the political ambitions of the student leaders, and engagement rates across the year. Reviewing potential and current risks allows the trustees to act in real-time and strategically act more with prevention in mind than reaction which has led to healthier conversations and stakeholder relationships with students, and UEA colleagues.

Future Plans

The Board remains focused on ensuring the long-term financial sustainability and good governance of the organisation. Throughout 2025-26, the Union of UEA Students will continue to embed the recommendations from the Governance, Commercial and Democratic Reviews, while building a financially resilient, forward-looking Union that continues to empower every UEA student to shape their experience and community.

This Annual Report, under the Charities Act 2011, and the Companies Act 2006, was approved by the Board of Trustees; including in their capacity as company directors approving the strategic report contained therein, and is signed as authorised on its behalf by

Yinbo Yu – Chair

Date _______

ø

THE UNION OF UEA STUDENTS LIMITED (registered company no. 09664303)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNION OF UEA STUDENTS LIMITED FOR THE YEAR ENDED 31 JULY 2025

We have audited the financial statements of The Union of UEA Students Limited (the ‘parent company’) and its subsidiary ('the group') for the year ended 31 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 group 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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. 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.

/Continued …

10

THE UNION OF UEA STUDENTS LIMITED (registered company no. 09664303)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNION OF UEA STUDENTS LIMITED FOR THE YEAR ENDED 31 JULY 2025

(Continued)

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 group and the parent 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 in the Trustees' Report, 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 group's and parent 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 group or parent 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 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.

/Continued …

11

THE UNION OF UEA STUDENTS LIMITED (registered company no. 09664303)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNION OF UEA STUDENTS LIMITED FOR THE YEAR ENDED 31 JULY 2025

(Continued)

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:

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by , for example, forgery or intentional misrepresentations, or through collusion.

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

/Continued …

12

THE UNION OF UEA STUDENTS LIMITED (registered company no. 09664303)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNION OF UEA STUDENTS LIMITED FOR THE YEAR ENDED 31 JULY 2025

(Continued)

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report or for the opinions we have formed.

S tephen hoaib A nderson (Senior Statutory Auditor)rshad (Senior Statutory Auditor) For and on behalf of:

Knox Cropper LLP

Chartered Accountants & Statutory Auditors 65 Leadenhall Street London EC3A 2AD

_______2026

Knox Cropper LLP Chartered Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

13

THE UNION OF UEA STUDENTS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2025

Unrestricted
Funds
Note
2025
£ '000
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
1,982
Charitable activities
5
56
Other trading activities
3
4,056
Investments
4
25
TOTAL
6,119
EXPENDITURE ON:
Charitable activities
5,953
TOTAL EXPENDITURE
6
5,953
166
Transfer between funds
19
19
185
Actuarial gains on defined benefit
pension schemes
(71)
NET MOVEMENT IN FUNDS
114
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 1 AUGUST 2024
(2,193)
TOTAL FUNDS AT 31 JULY 2025
(2,079)
£
Net expenditure
Net outgoing resources before other
recognised gains and losses
Other recognised gains/losses		 Restricted
Building
Funds
2025
£ '000
-
-
-
-		 Restricted
Funds
2025
£ '000
-
804
-
-		 Total
Funds
2025
£ '000
1,982
860
4,056
25		 Total
Funds
2024
£ '000
1,944
859
4,134
24
- 804 6,923 6,961
322 781 7,056 7,155
322 781 7,056 7,155
(322)
-		 23
(19)		 (133)
-		 (194)
-
(322)
-		 4
-		 (133)
(71)		 (194)
(194)
(322)
3,034		 4
336		 (204)
1,177		 (388)
1,565
2,712
£		 340
£		 973
£		 1,177
£

14

THE UNION OF UEA STUDENTS LIMITED

Company limited by guarantee (registered company no. 09664303)

CONSOLIDATED BALANCE SHEET As at 31 July 2025

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Stocks
Debtors
12
Cash at bank and in hand
CREDITORS: amounts falling due
within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS: amounts falling due
after one year
14
TOTAL NET ASSETS
FUNDS
Unrestricted funds:
Restricted funds
19		 Charity
2025
£ '000
2,734
221
2,955
-
1,764
196
1,960
(777)
1,183
4,138
(3,170)
968
£
(2,084)
3,052
968
£		 Group
2025
£ '000
3,625
-
3,625
62
362
1,638
2,062
(1,544)
518
4,143
(3,170)
973
£
(2,079)
3,052
973
£		 Charity
2024
£ '000
3,020
350
3,370
-
1,615
315
1,930
(789)
1,141
4,511
(3,412)
1,099
£
(2,271)
3,370
1,099
£		 Group
2024
£ '000
3,859
-
3,859
57
234
1,854
2,145
(1,415)
730
4,589
(3,412)
1,177
£
(2,193)
3,370
1,177
£

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.

The financial statements were approved, and authorised for issue, by the Board of Trustees on _______2026 and signed on their behalf by:-

________, Officer

The annexed notes form part of these financial statements

15

THE UNION OF UEA STUDENTS LIMITED

CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 July 2025

Cash flows from operating activities
Deficit for the financial year
Adjustments for:
Depreciation
(Increase)/decrease in stocks
Increase in debtors
Increase/(decrease) in short term creditors
Decrease in long term creditors
Investment income
Cash flows from investing activities
Purchase of tangible fixed assets
Return on investment
Cash flows from financing activities
Bank loan returned
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 August 2024
Change in bank loans in period
Components of cash and cash equivalents
Cash at bank and in hand
Bank loans falling due after more than one year
Bank loans within one year
Major non-cash transactions
Cash and cash equivalents at 31 July 2025		 At 1
August 2024
1,854
(129)
(60)
1,665
£		 2025
£ '000
(204)
422
(5)
(128)
135
(188)
(25)
7
(188)
25
(163)
(60)
(60)
(216)
1,665
60
1,509
£
Cashflows
(216)
66
(6)
(156)
£
Nil
£
1,854
1,638		 2024
£ '000
(388)
480
7
(4)
(40)
(44)
(24)
(13)
(68)
24
(44)
(54)
(54)
(111)
1,965
1,665
£
1854
At 31 July
2025
1,638
(63)
(66)
1,509
£
Nil
£

16

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

1. ACCOUNTING POLICIES

Charity Information

The principal activities of the Union are campaigning, representation, provision of social activities and the organisation of recreational activities and opportunities. It is a Public Benefit Entity. The Union of UEA Students Limited is an incorporated charity (limited by guarantee). The charity registration number is 11162866. It is incorporated and domiciled in the UK. The company registration number is 09664303. The address of the principal office is Union House, University of East Anglia, Norwich, Norfolk, NR4 7TJ.

Basis of preparation of financial statements

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2015), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities (under section1a) and the Companies Act 2006. The presentational currency of the financial statements is Pound Sterling (£).

Going Concern

After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities in the Annual Report.

The cost of living crisis has impacted the spending power of customers in our venues and trustees have anticipated uncertainties around sales and cost inflation, and sensitised the financial forecast accordingly. There remain reasonable grounds for confidence that the Charity will remain solvent and meet all financial obligations as they fall due.

Having regard to the above, the trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Fund accounting

Students' Union administers and accounts for a number of charitable funds, as follows:-

Unrestricted Funds representing unspent income which may be used for any activity/purpose at the Trustees' own discretion;

Restricted funds have been analysed into two categories:-

17

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

Incoming resources

All income and capital resources are recognised in the accounts when the entitlement to the income, there is probable economic benefit to the Union and the amount can be reliably quantified.

Grants received are credited to income according to the period to which they relate and treated as unrestricted unless restrictions are specified by the provider relating to spending of that income, in which case they are treated as restricted.

Income from commercial activities includes amounts received in exchange for supplying goods and services with amounts recognised based on the date of sale. Revenue in respect of ticket sales received on behalf of 3rd party promoters and then remitted to them is not recognised as Income or expenditure in the commercial trading operations. Income is recognised for charges made to the promoter for the use of the premises to stage the event.

Resources Expended

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure includes irrecoverable VAT and comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers.

Central overhead costs are apportioned to charitable and other activities pro rata to the full-time staff equivalents in each department.

Investments

Investments are included in the Balance Sheet at their cost, less provision for impairment. In 2015, Student Union Services (East Anglia) Limited converted £2,650,000 of an original share capital of £3,750,000 into general reserves. In accordance with a policy of recognising any impairment in Investment value to reflect the Net assets of Student Union Services (East Anglia) Limited, there have been subsequent charges to the reserves of £2,429,000 and the carrying value of the Investment in Student Union Services (East Anglia) Limited is therefore £221,000 at 31 July 2025.

Leasehold Property

Waterfront Student Union Services Limited occupies premises leased from Norwich City Council. The current lease was signed in March 2021 for a term of 6 years ending in August 2026.

Tangible fixed assets and depreciation

The Union capitalises items with a useful life of more than one year. Capitalised equipment is stated at cost and depreciated over its expected useful life, as follows:

New Building 2% straight line Property Improvements – Union House, SUS (EA) Ltd 5 - 10% straight line Property Improvements – Waterfront SUS Ltd 20% straight line Motor Vehicles 25% straight line Fixtures, Fittings and Equipment 10 - 15% straight line Computers and I.T. 25% straight line

18

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

The cost of new building works represents an extension to the floor area of Union House, which is occupied under an agreement with the University of East Anglia. The rate of 2% for the depreciation of the new building work is deemed appropriate by the trustees, in accordance with the anticipated period of tenure being at least 50 years. Assets under the course of construction are not depreciated until the asset is in use.

Termination benefits

Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union terminates their employment.

Leased assets

Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.

The Club and Society Funds

The balance is the total of the balances on the subscriptions accounts of each of the individual clubs, societies and peer support groups. The Union acts as “banker” for the clubs, societies and peer support groups, who are required to pay all their income into the Union’s bank account and request withdrawals, duly authorised by the elected committee members, if they wish to spend the money. The Union acquires control of the funds if the club, society or peer support group ceases to have members. The trustees do not consider that this is a purely custodial arrangement and hence the income and expenditure are included in the Union’s Statement of Financial Activities.

19

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

Stock

Stock is valued at the lower of the cost or net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Capital Projects funded by specific grants

These are shown separately from operating assets. All Income is shown under a specific heading under restricted funds in the SOFA whilst the costs of these capital expenditures will be depreciated through the restricted fund expenditure account over their estimated useful lives.

Financial Instruments

The charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors, cash and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. The pension liability is valued at fair value with the movement processed through the Statement of Financial Activities.

Pensions

The Union of UEA Students participates in the Student Union Superannuation Scheme (SUSS), a multiemployer defined benefit pension scheme whose membership consists of employees of students' unions and related bodies throughout the country. The Charity is therefore exposed to actuarial risks associated with other employers’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the Charity therefore accounts for the schemes as if they were wholly defined contribution schemes. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the Charity has entered into an agreement (the Recovery Plan) that determine how each employer within the schemes will fund the overall deficit, the Charity recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the profit and loss account.

The Union participates in the University of East Anglia Staff Superannuation Scheme (UEASSS), a defined benefit scheme providing benefits on a final salary basis. Under a Flexible Apportionment Arrangement and subsequent agreement with the University, the Union’s obligation is limited to the agreed Deficit Recovery Contributions. The Union does not recognise its share of the underlying assets and liabilities of the scheme. A liability is recognised for the present value of the agreed deficit contributions, with movements recognised in the Statement of Financial Activities.

20

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

Judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements and estimates. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are that of the SUSS pension scheme deficit.

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control such as the Student Union Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The Trustees are satisfied that SUSS meets the definition of a multi-employer scheme and the Charity has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

2. DONATIONS AND LEGACIES

University Grants
Provision of accommodation
Compensation for transferred businesses
Other funding from University
Capital Grant
Comparative donations and legacies
University Block Grant
University other grants
Other Grants
Space Grant
Capital Grant		 Unrestricted
Funds
2025
£ '000
971
465
474
72
-
1,982
£
Unrestricted
Funds
2024
£ '000
915
474
99
456
-
1,944
£		 Restricted
Funds
2025
£ '000
-
-
-
-
-
Nil
£
Restricted
Funds
2024
£ '000
-
-
-
-
-
Nil
£		 Total
Funds
2025
£ '000
971
465
474
72
-
1,982
£		 Total
Funds
2024
£ '000
915
456
474
99
-
1,944
£
Total
Funds
2024
£ '000
915
474
99
456
-
1,944
£

21

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

3.
INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted
Funds
2025
£ '000
Rental income
476
Trading income
3,137
Event income
443
4,056
£
Comparative income from other trading activities
Unrestricted
Funds
2024
£ '000
Rental income
447
Trading income
3,105
Event income
582
4,134
£
4.
INVESTMENT INCOME
Unrestricted
Funds
2025
£ '000
Interest receivable from:
Bank interest
25
25
£
Comparative investment income
Unrestricted
Funds
2024
£ '000
Interest receivable from:
Bank interest
24
24
£		 Restricted
Funds
2025
£ '000
-
-
-
Nil
£
Restricted
Funds
2024
£ '000
-
-
-
Nil
£
Restricted
Funds
2025
£ '000
-
Nil
£
Restricted
Funds
2024
£ '000
-
Nil
£		 Total
Funds
2025
£ '000
476
3,137
443
4,056
£
Total
Funds
2025
£ '000
25
25
£		 Total
Funds
2024
£ '000
447
3,105
582
4,134
£
Total
Funds
2024
£ '000
447
3,105
582
4,134
£
Total
Funds
2024
£ '000
24
24
£
Total
Funds
2024
£ '000
24
24
£

22

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2025
£ '000
Fee income
56
Clubs and Societies
-
56
£
6.
RESOURCES EXPENDED
Human
resource
£ '000
Cost of charitable activities
Clubs and societies
-
Representation
361
Student Support Services
131
Sports Association, Clubs & Societies
147
Commercial Activities (subsidiaries)
1,958
Union House
refurbishments
-
2,597
£
Central costs included in the resources expended
Staff costs
£ '000
Representation
146
Student Support Services
54
Sports Association, Clubs & Societies
55
Recharged to subsidiary
companies
114
369
£		 Restricted
Funds
2025
£ '000
-
804
804
£
Direct costs
£ '000
781
118
14
48
1,609
-
2,570
£
Premises
£ '000
269
100
102
135
606
£		 Total
Funds
2025
£ '000
56
804
860
£
Central
costs
£ '000
-
487
181
184
715
322
1,889
£
Support
costs
£ '000
72
27
27
42
168
£		 Total
Funds
2024
£ '000
65
794
859
£
Total
2025
£ '000
781
966
326
379
4,282
322
7,056
£
Total
£ '000
487
181
184
291
1,143
£

23

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

6. RESOURCES EXPENDED (continued)

Comparative resources expended

Human
resource
Direct costs
£ '000
£ '000
Cost of charitable
activities
Clubs and societies
-
795
Representation
208
101
Student Support Services
214
11
Sports Association, Clubs & Societies
115
49
Commercial Activities (subsidiaries)
1,906
1,528
Union House
refurbishments
-
-
2,443
£
2,484
£
Central costs included in the resources expended
Staff costs
Rent
£ '000
£ '000
Representation
180
220
Student Support Services
98
120
Sports Association, Clubs & Societies
90
110
Recharged to subsidiary
companies
208
125
576
£
575
£
Resources expended include:
Auditors’ remuneration (current auditors):
Audit fee for the consolidated financial statements
Non-audit fee for preparation of consolidated financial statements
Assurance, accounts and tax returns for the subsidiary companies
Auditors’ remuneration (previous auditors):
Audit fee for the consolidated financial statements
Non-audit fee for preparation of consolidated financial statements
Assurance, accounts and tax returns for the subsidiary companies
Depreciation		 Central
costs
£ '000
-
465
253
232
951
327
2,228
£
Support
costs
£ '000
65
35
32
58
190
£
2025
10
2
10
-
-
-
422		 Total
2024
£ '000
795
774
478
396
4,385
327
7,155
£
Total
£ '000
465
253
232
391
1,341
£
2024
-
-
-
-
9
4
19
480

Details of staff costs are given in Note 7.

24

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

7.
STAFF NUMBERS AND COSTS
Wages and salaries
Social security costs
Pension costs - current services costs		 Charity
2025
£ '000
858
83
46
987
£		 Group
2025
£ '000
2,628
200
104
2,932
£		 Charity
2024
£ '000
909
75
57
1,112
£		 Group
2024
£ '000
2,658
170
104
2,932
£

The average number of employees in the year was as below. This splits between salaried staff and staff on short term contracts, the majority of whom are students who work varying hours according to demand and availability and are generally limited to 15 hours per week. The average numbers employed across the year in each category were as follows:-

Career Staff
Staff on short term contracts
Total		 Charity
2025
No.
29
30
59		 Group
2025
No.
62
316
378		 Charity
2024
No.
28
21
49		 Group
2024
No.
61
347
408

The accounts include termination payments totalling £31,000 (2024 - £107,000).

The key management personnel of the Charity are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the 5 full time sabbatical officers and senior management, comprising the Chief Executive Officer, and, Assistant Directors of Social Enterprise, Advocacy and Finance.

The combined remuneration, including payments in lieu of notice, employer’s N.I. and pension costs, accrued holiday and severance of these key management personnel was £378,000 in the year (2024 - £506,000).

The number of higher paid employees in the Union and the group at the end of the period under review was:

2025 2024
No. No.
Total emoluments band
£60,001- £70,000 - 1
£70,001-£80,000 1 -
£80,001-£90,000 - -
£90,001-£100,000 - 1

The above employee was not members of a pension scheme and group contributions during the period were £nil (2024 - £10,927).

25

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

8. TRUSTEES REMUNERATION AND BENEFITS

The full-time officers elected in March 2024 took office from 1st July 2024. Each of the 5 full-time officers in office for the period 1st July 2024 to 31st June 2025 received an initial basic salary of £26,000 p.a. (2024: £25,000 p.a.) and participated in the Union’s salary sacrifice defined contribution scheme.

Their salaries are for the representation, campaigning and support work they undertake, as authorised by the Union’s Constitution. The total salary costs for the full-time officers was £144,000 (2024: £126,000), plus cost of pension contributions £5,000 (2024, £6,000) which includes a period of overlap between incoming and outgoing officers. Expenses for travel and accommodation when attending Board meetings of £1,109 were reimbursed to 3 Trustee (2024: £204 for 1 Trustee).

9. Financial performance of the Union

The consolidated statement of financial activities includes the results of the Union’s wholly owned subsidiaries, Students’ Union Services (East Anglia) Limited and Waterfront Student Union Services Limited. The Union has taken exemption from presenting its unconsolidated profit and loss account under section 408 of Companies Act 2006.

The summary financial performance of the Union alone is:

Notes
Income from:
Grants and donations
2
Charitable activities, incl. clubs and societies
5
Recharged to subsidiary companies
6
Total income
Expenditure on:
Charitable activities, incl. clubs and societies
6
Recharged to subsidiary companies
6
Union House refurbishments
6
Pension deficit adjustment
Adjustment to the investments values
11
Total expenditure
Net income
Funds brought forward
Restricted funds
Unrestricted funds		 2025
£ '000
1,982
860
291
3,133
2,452
291
322
71
128
3,264
(131)
1,099
968
£
3,052
(2,084)
968
£		 2024
£ '000
1,944
859
391
3,194
2,443
391
327
194
175
3,530
(336)
1,435
1,099
£
3,370
(2,271)
1,099
£

26

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

10. TANGIBLE FIXED ASSETS
Group Tangible Fixed Assets
Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
Union Tangible Fixed Assets
Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024		 Land and
buildings
£ '000
9,026
16
9,042
5,361
316
5,677
3,365
£
3,665
£
Land and
buildings
£ '000
5,462
-
5,462
2,526
279
2,805
2,657
£
2,936
£		 Fixture and
fittings
£ '000
2,635
172
2,807
2,441
106
2,547
260
£
194
£
Fixture and
fittings
£ '000
916
48
964
832
55
887
77
£
84
£		 Total
£ '000
11,661
188
11,849
7,802
422
8,224
3,625
£
3,859
£
Total
£ '000
6,378
48
6,426
£
3,358
334
3,692
£
2,734
£
3,020
£

27

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

11. INVESTMENTS

The wholly owned subsidiary companies Students’ Union Services (East Anglia) Limited, Company No. 01524381 (SUS) and Waterfront Student Union Services Limited, Company No. 02834353, (WF) are incorporated in the United Kingdom and pay all of their taxable profits to the Union under gift aid. The subsidiary companies operate the bars, shops, live entertainment, club nights and all commercial operations carried on by the Union. The registered office of both Subsidiaries is the same as for the Union of UEA Students Limited, which is Union House, University of East Anglia, Norwich, Norfolk, NR4 7TJ.

Students’ Union Services (East Anglia) Limited, SUS
Investment value at the start of the year
Impairment during the year
Fair value of investments in SUS
Waterfront Student Union Services Limited, WF		 2025
£
350,000
(129,000)
221,000
4
221,004
£		 2024
£
525,000
(175,000)
350,000
4
350,004
£

In accordance with a policy of recognising any impairment in Investment value to reflect the Net assets of Student Union Services (East Anglia) Limited, the carrying value of the Investment has been reduced.

The results and capital of the subsidiary companies were as follows:

Turnover
Interest income
Direct costs
Staff costs
Support costs
Loss in the year
Tangible fixed assets
Current assets
Liabilities
Net assets
Share capital and reserves
Capital and reserves		 SUS
2025
£ '000
2,726
25
(1,049)
(1,436)
(407)
(141)
£
656
1,704
2,360
(2,139)
221
£
221
221
£		 SUS
2024
£ '000
2,799
24
(993)
(1,394)
(601)
(165)
£
680
1,650
2,330
(1,968)
362
£
362
362
£		 WF
2025
£ '000
1,330
-
(560)
(522)
(308)
(60)
£
236
511
747
(741)
6
£
6
6
£		 WF
2024
£ '000
1,332
-
(535)
(512)
(350)
(65)
£
159
569
728
(662)
66
£
66
66
£

28

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

12. DEBTORS
Due within one year
Trade debtors
Due from group undertakings
Prepayments		 Charity
2025
£ '000
211
1,527
26
1,764
£		 Group
2025
£ '000
240
-
122
362
£		 Charity
2024
£ '000
54
1,523
38
1,615
£		 Group
2024
£ '000
104
7
123
234
£

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts
Trade creditors
Due to group undertakings
Deferred income
Other creditors
VAT creditors
Pension costs - Past Service Deficit
Accruals		 Charity
2025
£ '000
66
139
132
-
125
-
236
79
777
£		 Group
2025
£ '000
66
172
-
814
136
-
236
120
1,544
£		 Charity
2024
£ '000
60
20
167
-
108
89
227
118
789
£		 Group
2024
£ '000
60
74
-
590
150
90
227
224
1,415
£

Deferred Income represents ticket sales for events in the nightclubs and venues paid for in advance prior to the year end and income received in advance from stallholders and sponsors in respect of Welcome Week.

14. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Bank loans
SUSS Pension Past Service Deficit
UEASSS Pension Past Service Deficit
Loans from university		 Charity
2025
£ '000
63
2,394
54
659
3,170
£		 Group
2025
£ '000
63
2,394
54
659
3,170
£		 Charity
2024
£ '000
129
2,559
65
659
3,412
£		 Group
2024
£ '000
129
2,559
65
659
3,412
£

29

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

15. BANK LOANS

Bank Loans represent CBIL loans taken out in June 2021 and payable over 6 years.

The loans are repayable as follows:
Within one year or on demand
Between two and five years		 Charity
2025
£ '000
66
63
129
£		 Group
2025
£ '000
66
63
129
£		 Charity
2024
£ '000
60
129
189
£		 Group
2024
£ '000
60
129
189
£

Bank Loans represent CBIL loans taken out in June 2021 and payable over 6 years. Interest charges were met by the Government for the first 12 months. A debenture is held in the name of Union of UEA Students Limited, incorporating a fixed and floating charge over the assets of the company, including a cross company guarantee between the Union of UEA Students Limited, Waterfront-Student Union Services Limited and Students’ Union Services (East Anglia) Limited.’

16. DEFINED BENEFIT PENSION SCHEME – SUSS

Pension costs - Past Service Deficit
Brought forward
Payments made
Unwinding of interest for the year
Adjustment to provisions
Analysis:
Due within one year
Falling due after more than one year		 Charity
2025
£ '000
2,776
(228)
142
(71)
2,619
£
225
2,394
2,619
£		 Group
2025
£ '000
2,776
(228)
142
(71)
2,619
£
225
2,394
2,619
£		 Charity
2024
£ '000
2,831
(217)
145
17
2,776
£
217
2,559
2,776
£		 Group
2024
£ '000
2,831
(217)
145
17
2,776
£
217
2,559
2,776
£

The Union participates in the Student Union Superannuation Scheme, a multi-employer defined benefit pension scheme whose membership consists of employees of students' unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued for on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the scheme closed to future accrual. The fund is valued at least every three years by a professionally qualified independent actuary with the rate of contribution payable being determined by the trustees on the advice of the actuary.

The employers share the actuarial risks associated with all members of the scheme. The Union is not legally responsible for the scheme and does not have sufficient information to use defined benefit accounting. Accordingly, the scheme is accounted for as if it is a defined contribution scheme.

30

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

16. DEFINED BENEFIT PENSION SCHEME – SUSS (continued)

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 £106,697,000 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 £127,640,000. The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the yield on government bonds.

The following assumptions applied at 30 June 2022:-

The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 12 years 7 months and will increase by at least 5% each year.

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. FRS102 and the Charities SORP (FRS102), require that the charitable company share of past service shortfall is reflected in the financial statements.

The liability for SUSS is payable in increasing instalments over 11 years. The liability is discounted at a factor of 5.5% p.a. (2024: 5.1%)

In addition, the Charitable company paid Pension Protection Fund Levy of £4,008 (2024: £8,619) during the year.

31

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

17. DEFINED BENEFIT PENSION SCHEME – UEASSS

Pension costs - Past Service Deficit
Brought forward
Payments made
Adjustment to provisions
Analysis:
Due within one year
Falling due after more than one year		 Charity
2025
£ '000
75
(10)
-
65
£
11
54
65
£		 Group
2025
£ '000
75
(10)
-
65
£
11
54
65
£		 Charity
2024
£ '000
53
(10)
32
75
£
10
65
75
£		 Group
2024
£ '000
53
(10)
32
75
£
10
65
75
£

The Union participates in the University of East Anglia Staff Superannuation Scheme (UEASSS), a defined benefit scheme providing benefits on a final salary basis. Under a Flexible Apportionment Arrangement and subsequent agreement with the University, the Union’s obligation is limited to the agreed Deficit Recovery Contributions. The Union does not recognise its share of the underlying assets and liabilities of the scheme. A liability is recognised for the present value of the agreed deficit contributions, with movements recognised in the Statement of Financial Activities.

The most recent actuarial valuation extended the deficit recovery period to 31 July 2031. At 31 July 2024 the present value of the agreed deficit recovery contributions was £75,180, based on annual contributions of £10,740. No updated actuarial valuation has been issued in the year. The liability of £64,444 at 31 July 2025 has therefore been recalculated based on the existing recovery plan and discounted to present value using an appropriate discount rate.

18. LOANS FROM UNIVERSITY
Union House Covid-19 loan
Additional loan		 2025
£ '000
394
265
659
£		 2024
£ '000
394
265
659
£

The Union owes the University £394,000 in respect of unpaid rent on Union House during the first Covid19 lockdown and a further loan of £265,000 relating to ongoing funding needs. Both Loans are held as long-term liabilities on the Balance Sheet.

32

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

19. MOVEMENT OF RESTRICTED FUNDS

RESTRICTED FUNDS
Clubs and Societies
Capital assets funded by
specific grants
Other University grants
SUMMARY OF FUNDS
Subsidiary companies
General Funds
Restricted Funds		 Brought
Forward
£
311
3,034
25
3,370
£
78
(2,271)
(2,193)
3,370
1,177
£		 Incoming
Resources
£
804
-
-
804
£
3,791
2,328
6,119
804
6,923
£		 Resources Transfers and
Expended gains/(losses)
£
£
(781)
6
(322)
-
-
(25)
(1,103)
£
(19)
£
(3,864)
-
(2,089)
(52)
(5,953)
(52)
(1,103)
(19)
(7,056)
£
(71)
£		 Carried
Forward
£
340
2,712
-
3,052
£
5
(2,084)
(2,079)
3,052
973
£

The Clubs and Society funds can only be expended by the elected committee of the club or society for the benefit of the members of that club or society in accordance with the club or society aims.

Assets funded by capital grants are matched against specific non-discretionary funding and not available for general expenditure. As these assets are for long-term use, they are recorded as fixed assets in the balance sheet and the resources expended represents the depreciation charge to the SOFA in the period.

Comparative movement of restricted funds

RESTRICTED FUNDS
Clubs and Societies
Capital assets funded by
specific grants
Other specific grants
SUMMARY OF FUNDS
Subsidiary companies
General Funds
Restricted Funds		 Brought
Forward
£
312
3,361
25
3,698
£
134
(2,267)
(2,133)
3,698
1,565
£		 Incoming
Resources
£
794
-
-
794
£
3,762
2,405
6,167
794
6,961
£		 Resources Transfers and
Expended gains/(losses)
£
£
(795)
-
(327)
-
-
-
(1,122)
£
Nil
£
(3,818)
-
(2,215)
(194)
(6,033)
(194)
(1,122)
-
(7,155)
£
(194)
£		 Carried
Forward
£
311
3,034
25
3,370
£
78
(2,271)
(2,193)
3,370
1,177
£

33

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
£ '000
Tangible fixed assets
3,625
Net current assets
(2,534)
Creditors due in more than one year
(3,170)
(2,079)
£
Comparative analysis of net assets between funds
Unrestricted
Funds
£ '000
Tangible fixed assets
3,859
Net current assets
(2,640)
Creditors due in more than one year
(3,412)
(2,193)
£
LEASING COMMITMENTS
Operating leases which expire:
within one year
within two to five years
At 31 July 2025, the Union and its subsidiary companies had future
minimum lease payments under non-cancellable operating leases as
detailed below:-		 Restricted
Funds
£ '000
-
3,052
-
3,052
£
Restricted
Funds
£ '000
-
3,370
-
3,370
£
2025
£ '000
72
6
78
£		 Total
Funds
£ '000
3,625
518
(3,170)
973
£
Total
Funds
£ '000
3,859
730
(3,412)
1,177
£
2024
£ '000
72
78
150
£

21. LEASING COMMITMENTS

Waterfront Student Union Services Limited occupies premises leased from Norwich City Council. The current lease was signed in March 2021 for a term of 6 years ending in August 2026. Rent paid under the lease in the year was £72,000.

22. CAPITAL COMMITMENTS

Refurbishment work on the bars in Union House has been scheduled to the value of £19,000. Prior year capital commitments were £14,000 in respect of new box office systems.

34

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

23. RELATED PARTIES

The Union of UEA Students owns 100% of the issued share capital of Students Union Services (East Anglia) Limited, company no. 01524381 and Waterfront - Students Union Services Limited, company no. 02834353, which are companies incorporated in England & Wales. During the year, the Union entered into the following transactions:-

entered into the following transactions:-
SUS SUS WF WF
2025 2024 2025 2024
£ '000 £ '000 £ '000 £ '000
Provision of staff 1,389 1,389 501 501
Management charges 259 259 58 58
Rent on Union House and retail unit 75 75 - -
Covenanted payment in respect of taxable - - - -

The ultimate controlling party of the Union is its Trustee Board. The directors of the subsidiary companies are also directors of the Union and members of the Trustee Board.

The Union and its trading subsidiary, Student Union Services (East Anglia) Limited engages in a number of transactions with the University of East Anglia. In addition to the block grant of £971,000 the University provided additional grants and funding for Joint initiatives and clubs & society grants of £72,000 (2024, £94,000).

Under the funding arrangement an additional grant of £474,000 was paid in compensation for the transfer of the Union’s retail and catering operations.

The Union owes the University £394,000 in respect of unpaid rent on Union House during the first Covid19 lockdown and a further loan of £265,000 relating to ongoing funding needs. Both Loans are held as long-term liabilities on the Balance Sheet.

The Union paid rent on the use of Union House of £466,000 (2024, £456,000), which was funded by a corresponding grant payment. In addition the Union paid £141,000 for utilities (2024, £115,000), £1,000 for repairs and maintenance (2024, less than £1,000), £8,000 for IT equipment and licences (2024, £15,000), £14,000 in relation to capital expenditure (2024, £4,000), £23,000 for use of other campus services and facilities (2024, £9,000) including £7,000 for services provided to Clubs and Societies. In addition, the Union made deficit contributions into the UEASSS pension scheme of £11,000 (2024, £11,000).

The Union cross-charges rent to Student Union Services(East Anglia) Limited.

24. CONTROL

The Board of Trustees is responsible for the management and administration of the Union (as described in section 57 of the Constitution). The Trustees are appointed and may be removed by Union Council, which consists of representatives elected by the membership.

35

THE UNION OF UEA STUDENTS LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 July 2025

25 COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted d
Funds s
2025 5
£ '00000
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTAL
EXPENDITURE ON:
Charitable activities
TOTAL EXPENDITURE
Actuarial gains on defined benefit
pension schemes
Other gains
NET MOVEMENT IN FUNDS
TOTAL FUNDS AT 31 JULY 2023
TOTAL FUNDS AT 31 JULY 2024
Net expenditure before gains and
losses on investments		 Unrestricted
Funds
2024
£ '000
1,944
65
4,134
24		 Restricted
Funds
2024
£ '000
-
-
-
-		 Restricted
Funds
2024
£ '000
-
794
-
-		 Total
Funds
2024
£ '000
1,944
859
4,134
24
6,167 - 794 6,961
6,033 327 795 7,155
6,033 327 795 7,155
134
(194)
-		 (327)
-
-		 (1)
-
-		 (194)
(194)
-
(60)
(2,133)		 (308)
3,361		 (1)
337		 (388)
1,565
(2,193)
£		 3,053
£		 336
£		 1,177
£

36