**Registered number: 10676070 Charity number: 1172830**
# **THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2025**
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1 - 2|
|**Trustees' report**|3|
|**Trustees' responsibilities statement**|12|
|**Independent auditors' report on the financial statements**|13 - 16|
|**Consolidated statement of financial activities**|17|
|**Consolidated statement of financial position**|18|
|**Charity statement of financial position**|19|
|**Consolidated statement of cash flows**|20|
|**Notes to the financial statements**|21 - 44|
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025**
|**Sabbatical Officers**|2025/26 (From 1 July 2025 to 30 June 2026)|
|---|---|
||Chimdindu Okechukwu, President (Chair of the Board)|
||Natalie Shotton, President Faculty of Health|
||Kwaku Marfo, President Faculty of Science and Engineering|
||Joshua Frost, President Faculty of Arts, Humanities and Business|
||2024/25 (From 1 July 2024 to 30 June 2025)|
||Krupa Naik, VP Wellbeing and Diversity|
||Darcie Jones, VP Education|
||Chimdindu Okechukwu, President (Chair of the Board)|
||Joshua Frost, VP Activities|
|**Student Trustees**|Vivian Hocking MBCS (resigned 30 September 2025)|
||Nnenna Chibusi (appointed 1 July 2025)|
||Jacob van Bergen (appointed 1 July 2025)|
||Ellesha Hatch (resigned 2 October 2024)|
||Harry Simpson (resigned 30 June 2025)|
||Christopher Styles (resigned 30 June 2025)|
|**External Trustees**|Jane Hopkinson, (Deputy Chair of the Board)|
||James Hemsley|
||David De-Beger|
||Naomi Wrigley|
|**Company registered**
**number**
10676070
**Charity registered**
**number**
1172830
**Principal Office**
Students' Union Building
University of Plymouth
Drake Circus
Plymouth
PL4 8AA
**Chief Executive**
Sarah Davey
**Independent auditors**
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP
**Bankers**
HSBC Bank Plc
PO Box 26
4 Old Town Street
Plymouth
PL1 1DD||
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Solicitors**
Foot Anstey Salt Quay House 4 N E Quay Sutton Harbour Plymouth PL4 0BN
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT FOR THE YEAR ENDED 31 JULY 2025**
The Trustees present their Annual Report together with the audited financial statements for the year 1 August 2024 to 31 July 2025. The Annual Report serves the purpose of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Trustees Report and Financial Statements of the charity company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
UPSU is constituted under the Education Act 1994 as a charity with its governing document, UPSU's Articles of Association being approved by the governing body of the University of Plymouth. UPSU's charitable objects are to advance the University's educational purposes by providing representation and support for the students of the University and are supplemented by the further object of helping members to develop their own charitable activities as active participants in civil society.
The Board of Trustees is responsible for the strategic direction, governance, and sustainability of UPSU. The Board met five times in the year ended 31 July 2025 and considered amongst other issues the outcomes of the Board development review, the outcomes of the organisational financial review, the outcomes of the commercial review, the development of representation via the changes to the elected Officer roles, the SUSS Pension Scheme, and organisational change to align with student engagement and financial sustainability. The Board held two development days during the year and stood up two short-term working groups to focus upon organisational change and governance development.
## **Committees of the Board**
The Board discharges its responsibilities through several formally constituted committees. The committees are the Governance and Staffing Committee and the Finance, Audit and Risk Committee. The Board has established terms of reference for each committee which clearly set out the powers delegated by the Board and the committees' authority to take decisions and act on behalf of the Board. The composition of the committees is designed to ensure an appropriate balance of External, Sabbatical Officer and Student Trustees.
## **Appointment of Trustees**
The Trustees of the Union are the four elected Sabbatical Trustees, four selected Student Trustees, and four selected External Trustees. The Finance, Audit and Risk Committee have co-opted additional external expertise in finance to help advise the committee and Board.
The Sabbatical Officer Trustees are elected annually by a cross-campus ballot of all student members. The Sabbatical Officer Trustees are full-time, remunerated officers with a term of office of one year. They may restand for a second year if they wish to do so. The selected Student Trustees are recruited from within the student body. Selected Student Trustees are appointed by the Governance and Staffing Committee and ratified by Union Council. External Trustees are recruited from outside the student body. External Trustees are appointed by the Governance and Staffing Committee and ratified by Union Council.
## **Trustee Induction and Training**
Upon appointment all trustees receive a variety of information as part of their induction. Trustees are briefed on their legal obligations and other trustee responsibilities and receive an induction information pack which includes their role responsibilities, historical and current information about UPSU and information on the strategic plan. All Trustees are provided with links to the Charity Commission online resources. This year new Sabbatical and Student Trustees attended a specialist new Students’ Union Trustee training event. Sabbatical Chairs received additional specialist training to support development within the role of both Chair of the Board and Chair of the Governance and Staffing Committee.
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
Development Days were held in December and July, to carry out a full governance review informing developmental priorities followed by generalised development aimed at accelerating onboarding, team building and activities to focus new Trustees upon organisational change and current priorities.
## **Union Council (Open Meeting)**
Open Meetings are a place to make important decisions that affect the student body and ensure that the wide diversity of the student body is fairly represented in these decisions.
Open Meetings are open for all students to attend and participate in, however a small group of elected students need to be there as a minimum to make key decisions. This group is called Union Council and is made up of the School Representatives, Network Chairs and the Sabbatical Officers.
## **Forums and Networks**
We host two forums for our sports and societies communities, bringing together voices across a diverse range of groups to shape the union and improve the student experience.
## **Relationship with the University of Plymouth**
Under the Education Act 1994, the University of Plymouth has a statutory duty to take such steps as are reasonably practicable to ensure that UPSU operates in a fair and democratic manner and is held to proper account for its finances. UPSU therefore works alongside the University of Plymouth in ensuring that the affairs of the Union are properly conducted and that the educational, social and welfare needs of UPSU's members are met. The formal relationship with the University is governed by a Code of Practice.
UPSU receives a block grant from the University, and occupies buildings owned or leased by the University for an Annual Charge of £581k. which also includes some utilities. From August 2023 this charge has been managed differently and an equal reduction to the block grant made. As recommended by the Charities SORP, for due compliance with the requirements for Students' Unions provided for in the Charities Act 2011, an estimated value for USPU for free, partially serviced accommodation has been included in the accounts.
Although UPSU continues to generate supplementary funding from various trading activities, it is dependent on the University's financial support. There is no reason to believe that this support will not continue for the foreseeable future and the University provides a letter of support to UPSU each year confirming this continued financial support.
## **The Senior Management Team**
The Chief Executive has been supported by three permanent directors that form the Senior Management Team. This team provides the strategic management of UPSU, managing its operations, giving leadership to its staff and ensuring that the Board and its sub-committees are kept fully informed on all aspects of the organisation and are regarded as being the key management personnel of the charity outside of the Trustees.
During the 2024 - 2025 year the size and shape of the Senior Management Team was reviewed, and following reorganisation in July 2025, is planned to reduce in future years.
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **OBJECTIVES AND ACTIVITIES**
UPSU exists to support the wellbeing of all the students that are studying with the University of Plymouth.
UPSU's objectives are the advancement of education of the students of the University of Plymouth for the public benefit by:
- Promoting the interests and welfare of students at the University of Plymouth during their course of study and representing, supporting and advising students;
- Being the recognised representative channel between students and the University of Plymouth and any other external bodies; and
- Providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.
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.
In pursuit of these aims for the public benefit, UPSU ensures that the diversity of its membership is recognised, valued and supported and has established departments and services for use by its members and to support its work with the University and other organisations on behalf of students.
## **Charitable Objects**
## **Activities in the Year**
UPSU provides a variety of services and activities for students including:
Advice Service — we provide a specialist service to our members in the areas of academic issues (complaints, appeals, interruption, withdrawal, welfare concerns and financial hardship. Student cases are often complex and involve many interrelated issues. Our service is for the benefit of our members, however there is an increasing trend of access being made by past and prospective students, offer holders and interrupted students; in 2024/5 this accounted for 15% of enquiries. In the year we supported 1,727 students with 2,674 enquiries (2023/4: 1,189 / 2,265). Our advice work often leads to financial gain for students, for example via Student Finance England and other funding opportunities available which students were not aware of. During the 2024/5 year the financial gain directly to students because of our advice work was £375k.
Activities — a choice of 164 student led communities via our 50 sports clubs, and 114 societies offer a diversity of opportunities for social and skills development. 7,138 students registered to join a UPSU club or society during the year (2023/4: 7,273), with 3,753 of those students joining more than one student led communities. The “Give it a Go" programme provides taster sessions to give students an insight into the range of activities available to them, as well as trips to many locations in the Southwest. During the year 338 sessions ran with 1,324 students attending. We also support student-led volunteering, facilitating a variety of community volunteering opportunities, British Universities and Colleges Sports, the annual Varsity which raised £13k for charity, a Buddy Scheme supporting around 50 students, external speakers, cultural events and an annual celebration event at our Beacon Awards. The Sports and Student Activities team also provides support, advice and help with the safe running of activities especially around health and safety, recruitment, communication, delivery and finance.
Representation — we support students in campaigning and representation activities. The number of students voting in the sabbatical elections this year was 2,781 the equivalent of 19% in comparison to 16% in 2023/4. We continued our support for School, Course and Faculty Reps with new recruitment and training initiatives and undertake to help students partner with the University to innovate and improve their education experience. Through this work students led on a range of campaigns and associated activities, including LGBT History month, Black History month, International Women’s Day, Menstruation and Period Poverty,
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
Happy Healthy Love (sexual health promotion), University Mental Health Day, Exam wellbeing support, Drug and Alcohol Awareness Week, Oral Health Day, Don’t Dump, Donate’ and the creation of a nursing and health professions uniform swap shop.
Culture — we provide a range of entertainments including live music, karaoke, bingo, diverse food offers, comedy shows and a regular night club. We also organise Welcome events and the annual UPSU Summer Ball which attracts over 4,200 students.
Retail — we operate a convenience shop on campus which provides sandwiches, snacks, drinks, stationery and University branded gifts and clothing. The shop also runs a merchandise stall at the University graduation ceremonies.
Sport and Physical activity — we run the gym, fitness suites and sports hall on campus enabling students and staff to purchase membership to take part in gym classes, sports hall activities and to use the fitness facilities.
Fundraising — UPSU does not undertake fundraising from the public and does not use professional fundraisers. As such no complaints procedures or further policies in this area are considered necessary.
## **Achievements and Performance**
The current strategy, developed in 2022, focusses on 4 key strategic themes:
- To help create a sense of belonging in our student community
- To effectively represent the student voice
- To develop students mental and physical wellbeing
- To enable students to have fun
These themes are supported by 6 enablers:
- Great people and culture
- Sustainable resources and infrastructure
- Effective governance and strong democracy
- Engaging communication
- Comprehensive research, evidence and insight
-
- A constructive relationship with the University and wider sector
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
|**Question**|**Data**
**Source**|**2023/4**|**Target**|**2024/5**|
|---|---|---|---|---|
|% of students agree we have a positive impact on
their student experience|Annual
Survey|71%|85%|75%|
|% of students satisfied with UPSU|Annual
Survey|85%|NA|87%|
|% of students who agree that the SU represents
students' academic interests well or very well*|National
Student
Survey|73.8%|65%|77%|
|% of students who feel that they belong to the
studentcommunity at Plymouth|Annual
Survey|59%|81%|73%|
|% of students agree "UPSU has a positive impact
on the academic experience of students"|Annual
Survey|71%|NA|78%|
|% of students agree "UPSU has a positive impact
on the wellbeingof students"|Annual
Survey|73%|75%|82%|
|% of students agree "UPSU provides services,
activities and events that are entertaining and fun"|Annual
Survey|74%|85%|77%|
|% of students agree with the statement "UPSU is
democratic and accountabletomembers"|Annual
Surve|59%|75%|83%|
|% of students that say that the communications
they see from the SU are interesting / engaging|Annual
Surve|82%|85%|78%|
During 2024-25 focus continued aligned to our key strategic themes and enablers, however focus was placed upon both financial and commercial review to inform a plan of organisational change to take place during 2025/6. Priority objectives were progressed over the year, for example:
- Implementation of revised Sabbatical Officer roles moving to a Faculty focus.
- Developing the connectivity between the Sabbatical Officers and Faculty representation
- Creating a small student community kitchen and lounge space to support both community and wellbeing.
- Development and implementation of a People and Culture Strategy and allied action plan.
- Governance Review.
- Finance Review.
- Commercial Review.
- Organisational change project to ensure implementation of change in a way which retains benefit to our students.
Looking ahead UPSU enters a year of implementing organisational change following staffing consultation during July 2025, with a new structure implemented in August 2025. Sharp focus will be placed upon purpose and priorities in line with charitable objectives. A period of strategic review to refresh the current strategic priorities is envisaged to follow strategic review activity being undertaken by the University during the 2025/6 year.
## **Risk Management**
UPSU has a clear framework, policy and set of procedures in place to ensure risks are anticipated and mitigated effectively and consistently. Trustees are responsible for ensuring that UPSU has robust and effective risk management processes in place and the Finance, Audit and Risk Committee are delegated to oversee the UPSU Strategic Risk Register. The Senior Management Team take collective responsibility to monitor risks and mitigations. This year the Trustees have approved a new Risk Policy, framework and methodology with an implementation timeline.
The wider assurance framework includes policies on health and safety, anti-fraud, bribery and corruption, management of complaints and raising concerns (whistleblowing). These policies ensure that where incidents
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
give rise to risks, these are identified, acted on swiftly, and reported according to our regulatory responsibilities.
## **Principal Risks faced by UPSU and Mitigating Actions**
|**Risk**
**Theme**|**Risk**|**Mitigating Actions**|
|---|---|---|
|Physical
Facilities|Physical facilities are not to
the
standard
required
impacting upon delivery and
the student experience|Relationships with University Estates Teams
Agile internal response
Discussion
with
key
University
stakeholders
regarding the future of the physical SU space|
|Funding|Financial pressures lead to no
increase in block grant funding
from university|Budgeting and forecasting
Relationship with key UoP staff
SU UEG meetings
Benchmarking other SU block grants
Articulation of value for money of SU|
|Commercial
Income|Reduction in expected income
from commercial operations|Review approach and offer to ensure viability.
Restructure of aspects of delivery.
Implementation of change management
Continued exploration of revenue diversification
Price advantage due to NUSSL membership
Regular financial forecasting|
|Relationshi
p with
University|Poor relationship with key
university staff members and
lack of understanding of value
of the SU to the student
experience|Representatives and staff sit on key University
committees
Regular meetings in place
Articulation of value for money of SU
Presentations and reports to university staff and
committees|
|Pension|SUSS
pension
deficit
becomes immediately payable
leading
to
catastrophic
financial impact, or substantial
increases
in
annual
repayments
resulting
in
ingoing
significant
cost
pressures|Funds allocation within 3-year budget planning
Attendance at SUSS AGM meetings
Exploration of SUSS exit
Monitoring of Experian scores|
## **FINANCIAL SUMMARY:**
UPSU's gross income from all sources this year totalled £4.81m (2024: £5.17m), this includes a block grant for the University of Plymouth of £2.10m (2024: £2.10m). A total of 4.66m (2024: £5.33m) was expended on student benefits and revenue making activities and an investment gain of £2k (2024: £8k gain) was recognised in the year.
UPSU ended the year with a net income and expenditure surplus of £151k (2024: £158k deficit). This surplus includes a £97k surplus on the valuation of the SUSS pension liability reserve (2024: £98k surplus).
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
Due to the significant deficit on the pension liability reserve, UPSU are showing a negative balance sheet position of £26k (2024: £177k negative).
## **Investment Policy**
UPSU invests funds not required to meet the Charity's objects or satisfy working capital requirements. The Investment Policy states that the purpose of financial investment is to yield the best financial return within the level of risk considered to be acceptable and must, at minimum, seek to preserve the assets of the organisation. The investment portfolio should be well diversified to reduce investment risk. Short term deposits should be split between UK based institutions with different banking licences, to reduce the risk from institutional failure and to ensure maximum protection from the Financial Services Compensation Scheme (FSCS). Medium/longer term investments used must allow for fund withdrawals so that the Union can access its funds should the need arise. There are no ethical restrictions on where cash deposits are placed but where competing institutions offer similar products in terms of risk and return, it may be appropriate to take account of their ethical credentials.
Investment income of £34k (2024: £38k) was received in the year. Fund values increased by £8k during the year to £204k.
## **Reserves Policy**
During the year the Board of Trustees have reviewed and updated the reserves policy.
The revised policy states that:
UPSU will maintain free reserves to achieve the following objectives:
- to designate to specific projects to enable these to be undertaken at short notice;
- to protect UPSU against adverse economic conditions;
- to manage annual working capital fluctuations; and
- to provide a fund for future plans and capital replacement or refurbishment.
UPSU considers that a certain level of free reserves should normally be maintained to safeguard against unexpected expense or shortfall in income. This minimum amount to be designated for the free reserves level will be established as an amount sufficient to maintain ongoing operations and programs for a set period of time.
The free reserves serve a dynamic role and will be reviewed and adjusted in response to internal and external changes.
UPSU has identified that the reserves required are 3 months of the full net annual cost (total unrestricted expenditure less block grant contribution) less casual wages plus statutory redundancy costs.
This would allow core activities to be continued in the event of a significant drop in funding from the University of Plymouth or downturn of commercial activity whilst the organisation adapted.
The target minimum for the free reserves will be calculated each year as part of the annual budgeting process and has been calculated at £554k.
The Board is committed to ensuring that UPSU is run in a sustainable way, to ensure that any unexpected fluctuations in revenue and expenditure can be met within reasonable limits whilst also ensuring that UPSU does not hold excessive reserves.
At the end of 2024/25 UPSU's free reserves were £717k.
The policy will be reviewed by the Finance, Audit and Risk Committee on an annual basis.
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Provision for Pension Liability**
UPSU is required to adopt Financial Reporting Standard 102 (FRS 102). Under FRS 102, a contractual agreement under a multi-employer defined benefit pension scheme to fund a past deficit should be accrued for as a liability to net present value. During 2024/25 the total liability provision has decreased from £1.62m to £1.51m.
## **Future Funding**
The Trustees confirm that UPSU has sufficient funds to meet all its obligations.
UPSU's 2025/26 budget is set to generate a small operating surplus of £38k and has been approved by the Board of Trustees.
UPSU continues to meet with the University to ensure future funding is in line with organisational need and to support activity in line with the strategic direction of both the University and UPSU.
## **Going Concern**
The concept of going concern is particularly relevant in times of economic difficulty, and the macroeconomic pressures facing the higher education sector have been felt by many Students Unions. We have carried out a detailed going concern assessment based on the following key factors:
- Ongoing support from our major funder, the University of Plymouth, alongside the university's confidence in enrolment
- Outcomes of a strategic staffing review and 'right-sizing' of our cost base;
- New organisational Business Plan with a surplus budget for 2025/26 and 5-year forecast
- Reviewed reserves policy and approach to our reserves position
As a result of Business planning and reorganisation implemented in this financial year, the Trustees are satisfied that the Union should be considered a going concern and we have, therefore, prepared the financial statements on this basis.
## **Custodian Activities**
UPSU administers funds on behalf of the Raising and Giving Society who support clubs and societies and other groups in charitable fundraising activities. These funds are identified as belonging to the Raising and Giving Society and not UPSU. The balance held at the year-end was £524 (2023/24: £1,576) which is included in other creditors.
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Auditors**
In so far as the Trustees are aware:
- There is no relevant audit information of which the charitable company's auditors are unaware; and
- · the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information to establish that the auditors are aware of that information.
Trustees report was approved by order of the Board of Trustees, as company directors and signed on the Board's behalf by:
## Chimdindu Okechukwu
## **Chimdindu Okechukwu**
(Chair of Trustees) Date: 23 February 2026
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025**
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the Board of Trustees and signed on its behalf by:
## **Chimdindu Okechukwu**
(Chair of Trustees) Date:
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION**
## **OPINION**
We have audited the financial statements of The University of Plymouth Students' Union (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities (incorporating income and expenditure account), the Consolidated Statement of Financial Position, the Charity Statement of Financial Position, the Consolidated Statement of Cash Flows and notes to the financial statements, including 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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 July 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 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 group and parent 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.
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**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)**
## **OTHER INFORMATION**
The other information comprises the information included in the Trustees' Annual Report other than the financial statements and our Auditors' 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent charitable company,or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Statement of Trustees' Responsibilities, the Trustees (who are also the directors of the parent charitable company for the purposes of company law as set out on page 1) 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 the parent charitable 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 the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 14
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)**
## **AUDITORS' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when 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.
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:
- We have considered the nature of the industry and sector, control environment and financial performance;
- We have considered the results of enquiries with management and the board in relation to their own identification and assessment of the risk of irregularities within the group and parent charitable company;
- We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation; and
- We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the group and parent charitable company for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override and the valuation of the defined benefit pension deficit repayment plan.
We have also obtained an understanding of the legal and regulatory frameworks that the group and parent charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities SORP (FRS 102) - Accounting and Reporting by Charities and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, and the Charities Act 2011.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group and parent charitable company’s ability to operate or avoid a material penalty. These include, licensing laws, data protection legislation, health and safety regulations, environmental regulations and employment law.
Our procedures to respond to the risks identified included the following:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements;
- Enquiring of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing board meeting minutes;
- Performing detailed transactional testing in relation to the recognition of revenue with a particular focus around the year-end cut off; and
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
Page 15
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (CONTINUED)**
- We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' 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, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Alison Oliver FCA CTA (Senior statutory auditor)**
for and on behalf of
## **Bishop Fleming Audit Limited**
Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP
Date:
Page 16
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025**
|**Note**
**INCOME AND**
**ENDOWMENTS**
**FROM:**
Donations and
legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
**TOTAL INCOME AND**
**ENDOWMENTS**
**EXPENDITURE ON:**
Raising funds
Charitable activities
8
**TOTAL**
**EXPENDITURE**
**NET INCOME/**
**(EXPENDITURE)**
**BEFORE NET**
**GAINS/ (LOSSES)**
**ON INVESTMENTS**
Net gains on
investments
**NET MOVEMENT IN**
**FUNDS**
**RECONCILIATION**
**OF FUNDS:**
Total funds brought
forward
Net movement in
funds
**TOTAL FUNDS**
**CARRIED**
**FORWARD**|**Unrestricted**
**funds -**
**pension**
**liability**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**(96,638)**
**(96,638)**
**96,638**
**-**
**96,638**
**(1,617,637)**
**96,638**
**(1,520,999)**|**Restricted**
**funds**
**2025**
**£**
**-**
**783,516**
**-**
**-**
**783,516**
**-**
**752,255**
**752,255**
**31,261**
**-**
**31,261**
**301,107**
**31,261**
**332,368**|**Unrestricted**
**funds -**
**general**
**2025**
**£**
**2,103,996**
**1,867,852**
**24,718**
**33,708**
**4,030,274**
**13,076**
**3,996,134**
**4,009,210**
**21,064**
**2,066**
**23,130**
**1,139,763**
**23,130**
**1,162,893**|**Total**
**funds**
**2025**
**£**
**2,103,996**
**2,651,368**
**24,718**
**33,708**
**4,813,790**
**13,076**
**4,651,751**
**4,664,827**
**148,963**
**2,066**
**151,029**
**(176,767)**
**151,029**
**(25,738)**|Total
funds
2024
£
2,103,996
3,005,609
20,665
37,641
5,167,911
10,540
5,323,292
5,333,832
(165,921)
7,668
(158,253)
(18,514)
(158,253)
(176,767)|
|---|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 21 to 44 form part of these financial statements.
Page 17
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:10676070**
## **CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025**
|**Note**
**FIXED ASSETS**
Tangible assets
16
Investments
17
**CURRENT ASSETS**
Stocks
18
Debtors
19
Cash at bank and in hand
26
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
20
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
21
**TOTAL NET LIABILITIES**
**CHARITY FUNDS**
Unrestricted - pension liability
22
Restricted funds
22
Unrestricted funds
22
**TOTAL FUNDS**|**116,329**
**85,280**
**1,079,106**
**1,280,715**
**(285,179)**|**2025**
**£**
**295,662**
**204,063**
**499,725**
**995,536**
**1,495,261**
**(1,520,999)**
**(25,738)**
**(1,520,999)**
**332,368**
**1,162,893**
**(25,738)**|128,365
53,719
1,012,810
1,194,894
(277,363)|2024
£
327,258
196,081
523,339
917,531
1,440,870
(1,617,637)
(176,767)
(1,617,637)
301,107
1,139,763
(176,767)|
|---|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Chimdindu Okechukwu**
(Chair of Trustees) Date:
The notes on pages 21 to 44 form part of these financial statements.
Page 18
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:10676070**
## **CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2025**
|**Note**
**FIXED ASSETS**
Tangible assets
16
Investments
17
**CURRENT ASSETS**
Stocks
18
Debtors
19
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
20
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
21
**TOTAL NET LIABILITIES**
**CHARITY FUNDS**
Unrestrcited - pension liability
22
Restricted funds
22
Unrestricted funds
22
**TOTAL FUNDS**|**116,329**
**94,951**
**1,066,434**
**1,277,714**
**(282,179)**|**2025**
**£**
**295,662**
**204,064**
**499,726**
**995,535**
**1,495,261**
**(1,520,999)**
**(25,738)**
**(1,520,999)**
**332,368**
**1,162,893**
**(25,738)**|128,365
63,509
1,000,269
1,192,143
(274,613)|2024
£
327,258
196,082
523,340
917,530
1,440,870
(1,617,637)
(176,767)
(1,617,637)
301,107
1,139,763
(176,767)|
|---|---|---|---|---|
The Charity's net movement in funds for the year was £151,029 (2024 - £(158,588)).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**Chimdindu Okechukwu**
(Chair of Trustees) Date:
Page 19
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash provided by operating activities
25
**CASH FLOWS FROM INVESTING ACTIVITIES**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Interest received
**NET CASH PROVIDED BY/ (USED IN) INVESTING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**
26|**2025**
**£**
**75,830**
**-**
**(43,242)**
**33,708**
**(9,534)**
**66,296**
**1,012,810**
**1,079,106**|2024
£
(700,959)
400
(27,429)
37,641
**10,612**
**(690,347)**
1,703,157
1,012,810|
|---|---|---|
The notes on pages 21 to 44 form part of these financial statements
Page 20
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **1. GENERAL INFORMATION**
The University of Plymouth Students' Union is a private company, limited by guarantee, registered in England and Wales, registration number 10676070. The registered office is University of Plymouth Students Union, Drake Circus, Plymouth, Devon, PL4 8AA.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The University of Plymouth Students' Union meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Statement of Financial Position consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
The Charity has taken advantage of the exemption available in FRS 102 from preparing a charityonly
cash flow statement, as consolidated financial statements have been prepared.
## **2.2 GOING CONCERN**
The financial statements show a total net liability position of £25,738 (2024: £176,767). This includes a total liability of £1,520,999 (2024: £1,617,637) which represents the total present value of future deficit repayments relating to the Student Union Superannuation Scheme as detailed in note 28.
UPSU forecasts and projections clearly show that it has sufficient resources to operate for at least twelve months from the date of approval of the accounts. The Union has a strong relationship with the University of Plymouth, its principal funder, and engages in continuous discussions about future funding in line with the University strategy. No matters have been drawn to its attention to suggest that future funding may not be forthcoming at budgeted levels. The Trustees have a reasonable expectation that UPSU has adequate resources to continue in operational existence for the foreseeable future and it is the opinion of the Trustees that UPSU will continue as a going concern. Thus, UPSU continues to adopt the going concern basis of accounting in preparing the annual financial statements
## **2.3 COMPANY STATUS**
The members of the Company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of this guarantee is limited to £1 per member of the Company.
Page 21
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.4 INCOME**
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
As a Charity, UPSU receives grants from the University of Plymouth; income under the provision of charitable services; public donations and sponsorship; contributions from members; income from trading activity closely associated with its charitable purposes.
Income from investments is included in the year in which it is receivable.
## **2.5 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Charitable activities and Governance costs are costs incurred on the Group's educational operations, including support costs and costs relating to the governance of the Group apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
## **2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives using the straight-line method.
Depreciation is provided on the following bases:
Student union refurbishment - 3 to 10 years straight line - Furniture and equipment 3 to 5 years straight line
Page 22
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.7 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
## **2.8 STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.9 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 CASH AT BANK AND IN HAND**
Cash at bank and 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.
## **2.11 CUSTODIAN FUNDS**
Custodian funds entrusted to the Group for safekeeping, but not under its management's control, i.e. those of the Raising and Giving Society. Such custodian activities are disclosed in the Annual Report but as the funds are not managed by UPSU they cannot be included in the accounts.
## **2.12 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
## **2.13 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 23
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. ACCOUNTING POLICIES (continued)**
## **2.14 PENSIONS**
UPSU participates in the Students’ Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to UPSU. Under the terms of FRS102 only the agreed future deficit contributions are included as a liability at their present value.
## **2.15 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
The Group has entered into an agreement with its pension provider that determines how the Group will fund the deficit, and as such the present value of future contributions is recognised as a liability. Assumptions and judgements have been made over the rate of future salary increases and pension contributions, as well as the discount rate used. The discount rate used is consistent with a high quality corporate bond.
Page 24
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **4. INCOME FROM DONATIONS AND LEGACIES**
|University Block Grant
TOTAL 2024|**Unrestricted**
**funds**
**2025**
**£**
**2,103,996**
2,103,996|**Total**
**funds**
**2025**
**£**
**2,103,996**
2,103,996|Total
funds
2024
£
2,103,996|
|---|---|---|---|
|||||
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Retail and other trade
Representation and Representation
sponsorship
Sports and Recreation Members
Contributions
Sports and Recreation Sponsorship
External funding grants
Clubs and societies
**TOTAL 2025**
TOTAL 2024|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**783,516**
**783,516**
767,584|**Unrestricted**
**funds**
**2025**
**£**
**1,567,027**
**1,608**
**286,358**
**4,576**
**8,283**
**-**
**1,867,852**
2,238,025|**Total**
**funds**
**2025**
**£**
**1,567,027**
**1,608**
**286,358**
**4,576**
**8,283**
**783,516**
**2,651,368**
3,005,609|Total
funds
2024
£
1,992,539
1,360
227,985
8,586
7,555
767,584
3,005,609|
|---|---|---|---|---|
||||||
Page 25
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **6. INCOME FROM OTHER TRADING ACTIVITIES**
## **Income from non charitable trading activities**
|UPSU Trading Limited
TOTAL 2024
**INVESTMENT INCOME**
Investment income
TOTAL 2024|**Unrestricted**
**funds**
**2025**
**£**
**24,718**
20,665
**Unrestricted**
**funds**
**2025**
**£**
**33,708**
37,641|**Total**
**funds**
**2025**
**£**
**24,718**
20,665
**Total**
**funds**
**2025**
**£**
**33,708**
37,641|Total
funds
2024
£
20,665|
|---|---|---|---|
||||Total
funds
2024
£
37,641|
|||||
**7. INVESTMENT INCOME**
Page 26
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Summary by fund type**
|**Unrestricted**
**funds -**
**pension**
**liability**
**2025**
**£**
Retail and Other Trade
**-**
Welfare
**-**
Representation and
Representation Sponsorship
**-**
Societies, Sports and
Recreation Sponsorship
**-**
FRS102 Pension Deficit
Liability
**(96,638)**
Governance
**-**
Clubs and Societies
**-**
**TOTAL 2025**
**(96,638)**
TOTAL 2024
(98,132)
**9**.
**GOVERNANCE COSTS**
Auditors' remuneration
Trustee Board expenses
Executive travel and phone expenses
Support staff costs
Support facilities costs
**TOTAL 2025**
TOTAL 2024|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**752,255**
**752,255**
778,821
|**Unrestricted**
**funds**
**2025**
**£**
**1,762,130**
**217,496**
**969,892**
**973,507**
**-**
**73,109**
**-**
**3,996,134**
4,642,603
**Unrestricted**
**funds**
**2025**
**£**
**20,925**
**4,286**
**868**
**31,433**
**41,676**
**99,188**
107,781|**Total**
**2025**
**£**
**1,762,130**
**217,496**
**969,892**
**973,507**
**(96,638)**
**73,109**
**752,255**
**4,651,751**
5,323,292
**Total**
**funds**
**2025**
**£**
**20,925**
**4,286**
**868**
**31,433**
**41,676**
**99,188**
107,781|Total
2024
£
2,242,174
228,605
1,025,929
1,063,259
(98,132)
82,636
778,821
5,323,292
Total
funds
2024
£
18,100
5,322
1,707
35,529
47,123
107,781|
|---|---|---|---|---|
Page 27
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **10. STAFF & FACILITIES SUPPORT COSTS**
|Wages and salaries
Training costs
General adminstration
Legal and professional
Depreciation
Loss on disposal of asset
Rent
Other expenses|**2025**
**£**
**522,756**
**6,215**
**266,900**
**51,360**
**11,007**
**-**
**580,752**
**23,205**
**1,462,195**|2024
£
710,587
8,616
241,116
43,704
12,758
40,898
580,752
14,298|
|---|---|---|
|||1,652,729|
Support costs detailed above are apportioned to projects as below:
|**Basis of**
**apportionment**
**%**
Retail and other trade
**30**
Societies, Sports and
Recreation
**20**
Welfare
**7**
Representation and
Representation
Sponsorship
**38**
Governance
**5**
Total costs apportioned
**100**|**Support staff**
**2025**
**£**
**156,827**
**104,551**
**36,593**
**198,647**
**26,138**
**522,756**|**Facilities**
**costs 2025**
**£**
**281,832**
**187,888**
**65,761**
**356,987**
**46,972**
**939,440**|**Total costs**
**2025**
**£**
**438,659**
**292,439**
**102,354**
**555,634**
**73,110**
**1,462,195**|Total costs
2024
£
495,819
330,546
115,691
628,037
82,636|
|---|---|---|---|---|
|||||1,652,729|
## **11. NET INCOME**
This is stated after charging:
|Depreciation of tangible fixed assets
Auditors' remuneration - audit
Auditors' remuneration - other services
Operating lease rentals
(Profit)/loss on the sale of fixed assets|**2025**
**£**
**74,838**
**16,575**
**4,350**
**580,752**
**-**
**676,515**|2024
£
80,869
15,385
2,715
580,752
40,898|
|---|---|---|
|||720,619|
Page 28
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **12. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
|Retail and Other Trade
Welfare
Representation and Representation
Sponsorship
Sports and Recreation Sponsorship
FRS102 Pension Deficit Liability
Governance
Clubs and Societies
**TOTAL 2025**
TOTAL 2024|**Activities**
**undertaken**
**directly**
**2025**
**£**
**1,323,481**
**115,145**
**414,269**
**681,074**
**(96,638)**
**-**
**752,255**
**3,189,586**
3,670,562|**Support**
**costs**
**2025**
**£**
**438,649**
**102,351**
**555,623**
**292,433**
**-**
**73,109**
**-**
**1,462,165**
1,652,730|**Total**
**funds**
**2025**
**£**
**1,762,130**
**217,496**
**969,892**
**973,507**
**(96,638)**
**73,109**
**752,255**
**4,651,751**
5,323,292|Total
funds
2024
£
2,242,174
228,605
1,025,929
1,063,259
(98,132)
82,636
778,821
5,323,292|
|---|---|---|---|---|
## **13. STAFF COSTS**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Operating costs of defined benefit pension
schemes
FRS102 pension deficit liability|**Group**
**2025**
**£**
**1,519,013**
**123,544**
**56,130**
**133,536**
**(96,638)**
**1,735,585**|Group
2024
£
1,866,252
130,944
67,773
127,179
(98,132)
2,094,016|**Charity**
**2025**
**£**
**1,519,013**
**123,544**
**56,130**
**133,536**
**(96,638)**
**1,735,585**|Charity
2024
£
1,866,252
130,944
67,773
127,179
(98,132)
2,094,016|
|---|---|---|---|---|
There were total redundancy and compromise agreement payments of £59,249 (2024: £61,528) made during the year.
Page 29
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **13. STAFF COSTS (CONTINUED)**
The average number of persons employed by the Charity during the year was as follows:
|Trustees - Sabbatical Officers
Permanent Staff
Student Staff|**Group**
**2025**
**No.**
**4**
**41**
**168**
**213**|Group
2024
No.
4
48
218
270|**Charity**
**2025**
**No.**
**4**
**41**
**168**
**213**|Charity
2024
No.
4
48
218|
|---|---|---|---|---|
|||||270|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|Group|
|---|---|---|---|
|||**2025**|2024|
|||**No.**|No.|
|In the band £60,001|- £70,000|**2**|-|
Key management personnel received remuneration (including employer pension contributions and employer's national insurance contributions) during the year totalling £215,160 (2024: £214,179).
## **14. TRUSTEES' REMUNERATION AND EXPENSES**
In 2024/25 Executives Committee's sabbatical officers received £26,079, £26,964, £22,850 and £23,681. (2023/24: officers received £24,923, £23,976, £23,013 and £22,935.). Further to this, two incoming executive officers received £2,653 and £2,804 (2023/24: three officers received £2,590, £2,590 and £1,075) as part of the handover period. The executive officers received this as authorised in UPSU's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work includes voicing student opinion with the institution and local community, defending and extending the rights of students through petitions, discussions with MPs and also organising and supporting student volunteers and service provision for them. The total salary, NI and pension cost for the sabbatical officers amounted to £105,532 (2023/24: £101,102).
External members of the UPSU Trustee Board were reimbursed for hotel and/or travel expenses, totaling £4,286 (2023/24: £5,322) within the year.
In addition, the four executive officers who are also Trustees were reimbursed a total of £867 (2023/24: £1,707) for the year, in respect of travel and subsistence expenses, in accordance with their role as elected Executive Officers. These costs are included within Governance costs.
## **15. TAXATION**
UPSU's activities fall within the exemptions afforded by the provisions of Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
Page 30
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **16. TANGIBLE FIXED ASSETS**
## **GROUP AND CHARITY**
|**COST OR VALUATION**
At 1 August 2024
Additions
Disposals
At 31 July 2025
**DEPRECIATION**
At 1 August 2024
Charge for the year
On disposals
At 31 July 2025
**NET BOOK VALUE**
At 31 July 2025
At 31 July 2024|**Short-term**
**leasehold**
**property**
**£**
**652,594**
**-**
**-**
**652,594**
**378,105**
**51,817**
**-**
**429,922**
**222,672**
274,489|**Fixtures and**
**fittings**
**£**
**338,306**
**43,242**
**(24,113)**
**357,435**
**285,537**
**23,021**
**(24,113)**
**284,445**
**72,990**
52,769|**Total**
**£**
**990,900**
**43,242**
**(24,113)**
**1,010,029**
**663,642**
**74,838**
**(24,113)**
**714,367**
**295,662**
327,258|
|---|---|---|---|
Page 31
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **17. FIXED ASSET INVESTMENTS**
|**GROUP**
**VALUATION**
At 1 August 2024
Revaluations
AT 31 JULY 2025
**NET BOOK VALUE**
AT 31 JULY 2025
AT 31 JULY 2024
**CHARITY**
**COST OR VALUATION**
At 1 August 2024
Revaluations
AT 31 JULY 2025
**NET BOOK VALUE**
AT 31 JULY 2025
AT 31 JULY 2024|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**
**-**
**1**
**1**
1|**Investments**
**£**
**196,081**
**7,982**
**204,063**
**204,063**
196,081|**Investments**
**£**
**196,081**
**7,982**
**204,063**|
|---|---|---|---|
||||**204,063**
196,081|
||||**Total**
**£**
**196,082**
**7,982**
**204,064**|
||||**204,064**
196,082|
Page 32
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **17. FIXED ASSET INVESTMENTS (CONTINUED)**
## **PRINCIPAL SUBSIDIARIES**
The following was a subsidiary undertaking of the Charity:
**Name Company Registered office or principal Principal activity number place of business** UPSU Trading Limited 09689028 University of Plymouth Running events Students' Union, University of Plymouth, Drake Circus, Plymouth, Devon, PL4 8AA. **Class of Holding shares** Ordinary **100%**
The financial results of the subsidiary for the year were:
||**Name**||**Income**|**Expenditure**|**Expenditure**|**Profit for**|
|---|---|---|---|---|---|---|
||||**£**||**£**|**the year**|
|||||||**£**|
||UPSU Trading Limited||**24,718**||**(13,076)**|**11,642**|
||**Net assets**||||||
||**£**||||||
||**1**||||||
|**18.**|**STOCKS**||||||
|||**Group**|Group||**Charity**|Charity|
|||**2025**|2024||**2025**|2024|
|||**£**||£|**£**|£|
||Finished goods and goods for resale|**116,329**|128,365||**116,329**|128,365|
Page 33
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **19. DEBTORS**
|**Group**
Group
**2025**
2024
**£**
£
**DUE WITHIN ONE YEAR**
Trade debtors
**33,123**
12,523
Amounts owed by group undertakings
**-**
-
Other debtors
**13,671**
7,061
Prepayments and accrued income
**38,486**
34,135
**85,280**
53,719
**20.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**Group**
Group
**2025**
2024
**£**
£
Trade creditors
**29,608**
15,390
Other taxation and social security
**31,257**
36,512
Other creditors
**20,980**
49,550
Accruals and deferred income
**203,334**
175,911
**285,179**
277,363
**Group**
Group
**2025**
2024
**£**
£
Deferred income at 1 August 2024
**18,987**
4,799
Resources deferred during the year
**30,142**
18,987
Amounts released from previous periods
**(18,987)**
(4,799)
**30,142**
18,987|**Charity**
**2025**
**£**
**31,152**
**11,642**
**13,671**
**38,486**
**94,951**
**Charity**
**2025**
**£**
**29,608**
**31,257**
**20,980**
**200,334**
**282,179**
**Charity**
**2025**
**£**
**18,987**
**30,142**
**(18,987)**
**30,142**|Charity
2024
£
12,523
9,790
7,061
34,135
63,509
Charity
2024
£
15,390
36,512
49,550
173,161
274,613
Charity
2024
£
4,799
18,987
(4,799)
18,987|
|---|---|---|
The Charity has deferred income balances of £30,142 relating to funds received in advance for University Freshers Funding and other future events.
Page 34
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2025**|2024|**2025**|2024|
||**£**|£|**£**|£|
|Other creditors|**1,520,999**|1,617,637|**1,520,999**|1,617,637|
|The aggregate amount of liabilities payable or repayable wholly||or in part more than five||years after the|
|reporting date is:|||||
||**Group**|Group|**Charity**|Charity|
||**2025**|2024|**2025**|2024|
||**£**|£|**£**|£|
|Payable or repayable by instalments|**1,520,999**|1,617,637|**1,520,999**|1,617,637|
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
Creditors due after more than one year is the net present value of the agreed deficit recovery plan for the defined benefit pension scheme operated by the Group. For further information, see note 28.
HSBC UK Bank plc holds a fixed and floating charge over the assets of the Charity in respect to payment and discharge of any debt becoming due. There was no such debt at the 31 July 2025.
Page 35
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|**Balance at 1**
**August 2024**
**£**
**UNRESTRICTED**
**FUNDS**
**DESIGNATED**
**FUNDS**
Capital reserves
**327,258**
Pension deficit
reserve
**150,000**
**477,258**
**Balance at 1**
**August 2024**
**£**
**GENERAL FUNDS**
Free reserves
**662,504**
Trading subsidiary
**1**
**662,505**
**TOTAL**
**UNRESTRICTED**
**FUNDS**
**1,139,763**
**PENSION**
**LIABILITY**
Unrestricted
pension liability
**(1,617,637)**
**Balance at 1**
**August 2024**
**£**
**RESTRICTED**
**FUNDS**
Clubs and societies
**301,107**
**TOTAL OF FUNDS**
**(176,767)**|**Income**
**£**
**-**
**-**
**-**
**Income**
**£**
**4,005,556**
**24,718**
**4,030,274**
**4,030,274**
**-**
**Income**
**£**
**783,516**
**4,813,790**|**Expenditure**
**£**
**(74,838)**
**-**
**(74,838)**
**Expenditure**
**£**
**(3,909,654)**
**(24,718)**
**(3,934,372)**
**(4,009,210)**
**96,638**
**Expenditure**
**£**
**(752,255)**
**(4,664,827)**|**Transfers**
**in/out**
**£**
**43,242**
**-**
**43,242**
**Transfers**
**in/out**
**£**
**(43,242)**
**-**
**(43,242)**
**-**
**-**
**Transfers**
**in/out**
**£**
**-**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**Gains/**
**(Losses)**
**£**
**2,066**
**-**
**2,066**
**2,066**
**-**
**Gains/**
**(Losses)**
**£**
**-**
**2,066**|**Balance at**
**31 July 2025**
**£**
**295,662**
**150,000**
**445,662**
**Balance at**
**31 July 2025**
**£**
**717,230**
**1**
**717,231**
**1,162,893**
**(1,520,999)**
**Balance at**
**31 July 2025**
**£**
**332,368**
**(25,738)**|
|---|---|---|---|---|---|
Page 36
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR**
|**UNRESTRICTED**
**FUNDS**
**DESIGNATED**
**FUNDS**
Capital reserves
Staffing reserve
External/ Matched
funding
Digital and
technology fund
Sport development
reserve
Buildings repair
fund
Gym reserve
Facilities
development
reserve
Pension deficit
reserve|Balance at
1 August
2023
£
413,166
38,930
22,663
30,000
8,000
12,500
32,000
34,901
150,000
742,160|Income
£
-
-
-
-
-
-
-
-
-
-|Expenditure
£
(113,337)
-
-
-
-
-
-
-
-
(113,337)|Transfers
in/out
£
27,429
(38,930)
(22,663)
(30,000)
(8,000)
(12,500)
(32,000)
(34,901)
-
(151,565)|Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-|Balance at
31 July 2024
£
327,258
-
-
-
-
-
-
-
150,000|
|---|---|---|---|---|---|---|
|||||||477,258|
Page 37
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. STATEMENT OF FUNDS (CONTINUED)**
|**GENERAL FUNDS**
Free reserves
Trading subsidiary
**TOTAL**
**UNRESTRICTED**
**FUNDS**
**PENSION**
**LIABILITY**
Pension liability
**RESTRICTED**
**FUNDS**
Clubs and societies
**TOTAL OF FUNDS**|Balance at
1 August
2023
£
643,086
(335)
642,751
1,384,911
(1,715,769)
Balance at
1 August
2023
£
312,344
(18,514)|Income
£
4,379,662
20,665
4,400,327
4,400,327
-
Income
£
767,584
5,167,911|Expenditure
£
(4,519,477)
(20,329)
(4,539,806)
(4,653,143)
98,132
Expenditure
£
(778,821)
(5,333,832)|Transfers
in/out
£
151,565
-
151,565
-
-
Transfers
in/out
£
-
-|Gains/
(Losses)
£
7,668
-
7,668
7,668
-
Gains/
(Losses)
£
-
7,668|Balance at
31 July 2024
£
662,504
1
662,505
1,139,763
(1,617,637)
Balance at
31 July 2024
£
301,107
(176,767)|
|---|---|---|---|---|---|---|
Page 38
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. STATEMENT OF FUNDS (CONTINUED)**
## **DESIGNATED FUNDS:**
## **Capital Reserves**
The Trustees' policy is to provide, as far as possible for the future depreciation of fixed assets at the time UPSU becomes committed to acquiring them. The Trustees' may allow exceptions to this policy when an asset will generate increased net income. The Capital Reserve is a designated unrestricted fund. Transfers represent the increase or decrease in net book value of fixed assets covered.
## **Pension Deficit Reserve**
To cover costs of the SUSS deficit that may arise in future years.
## **UNRESTRICTED FUNDS:**
The free reserves (undesignated) are to provide working capital.
## **PENSION LIABILITY:**
This reserve represents the present value of the agreed future contributions towards the SUSS pension scheme as required under FRS102.
## **RESTRICTED FUNDS:**
## **Clubs and Societies**
Clubs and societies funds consist of the monies belonging to individual clubs and societies raised from things such as membership fees, sponsorship and fundraising. Each club manages its own affairs by committee and are financially and constitutionally separate from UPSU. UPSU does however have overall control over the money and must approve all expenditure. On this basis the income and expenditure has been included within the accounts.
Page 39
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **23. SUMMARY OF FUNDS**
## **SUMMARY OF FUNDS - CURRENT YEAR**
||**Balance at 1**|||**Transfers**|**Gains/**|**Balance at**|
|---|---|---|---|---|---|---|
||**August 2024**|**Income**|**Expenditure**|**in/out**|**(Losses)**|**31 July 2025**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Designated|||||||
|funds|**477,258**|**-**|**(74,838)**|**43,242**|**-**|**445,662**|
|General funds|**662,505**|**4,030,274**|**(3,934,372)**|**(43,242)**|**2,066**|**717,231**|
|Pension liability|**(1,617,637)**|**-**|**96,638**|**-**|**-**|**(1,520,999)**|
|Restricted|||||||
|funds|**301,107**|**783,516**|**(752,255)**|**-**|**-**|**332,368**|
||**(176,767)**|**4,813,790**|**(4,664,827)**|**-**|**2,066**|**(25,738)**|
|**SUMMARY OF**|**FUNDS - PRIOR YEAR**||||||
||Balance at||||||
||1 August|||Transfers|Gains/|Balance at|
||2023|Income|Expenditure|in/out|(Losses)|31 July 2024|
||£|£|£|£|£|£|
|Designated|||||||
|funds|742,160|-|(113,337)|(151,565)|-|477,258|
|General funds|642,751|4,400,327|(4,539,806)|151,565|7,668|662,505|
|Pension liability|(1,715,769)|-|98,132|-|-|(1,617,637)|
|Restricted|||||||
|funds|312,344|767,584|(778,821)|-|-|301,107|
||(18,514)|5,167,911|(5,333,832)|-|7,668|(176,767)|
||||||||
## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**
|**Unrestricted**
**- pension**
**liability**
**2025**
**£**
Tangible fixed assets
**-**
Fixed asset investments
**-**
Current assets
**-**
Creditors due within one year
**(1,520,999)**
Creditors due in more than one year
**-**
**TOTAL**
**(1,520,999)**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
**-**
**295,662**
**-**
**204,063**
**332,368**
**948,347**
**-**
**1,235,820**
**-**
**(1,520,999)**
**332,368**
**1,162,893**|**Total**
**funds**
**2025**
**£**
**295,662**
**204,063**
**1,280,715**
**(285,179)**
**(1,520,999)**
**(25,738)**|
|---|---|---|
Page 40
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
|Unrestricted
- pension
liability
2024
Restricted
funds
2024
£
£
Tangible fixed assets
-
-
Fixed asset investments
-
-
Current assets
-
301,107
Creditors due within one year
-
-
Creditors due in more than one year
(1,617,637)
-
**TOTAL**
(1,617,637)
301,107
**25.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income/expenditure for the year (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
(Gains)/ loss on investments
Interest received
Profit/ (loss) on the sale of fixed assets
Decrease/ (increase) in stocks
Decrease/ (increase) in debtors
Increase/ (decrease) in creditors
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**|Unrestricted
funds
2024
Total
funds
2024
£
£
327,258
327,258
196,081
196,081
893,787
1,194,894
(277,363)
(277,363)
-
(1,617,637)
1,139,763
(176,767)
**FROM OPERATING**
**Group**
Group
**2025**
2024
**£**
£
**151,029**
(158,253)
**74,838**
80,689
**(7,982)**
(11,279)
**(33,708)**
(37,641)
**-**
32,248
**12,036**
12,434
**(31,561)**
76,629
**(88,822)**
(695,786)
**75,830**
(700,959)|
|---|---|
Page 41
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **26. ANALYSIS OF CASH AND CASH EQUIVALENTS**
|Cash in hand
**TOTAL CASH AND CASH EQUIVALENTS**|**Group**
**2025**
**£**
**1,079,106**
**1,079,106**|Group
2024
£
1,012,810|
|---|---|---|
|||1,012,810|
## **27. ANALYSIS OF CHANGES IN NET DEBT**
||**At 1 August**||**At 31 July**|
|---|---|---|---|
||**2024**|**Cash flows**|**2025**|
||**£**|**£**|**£**|
|Cash at bank and in hand|**1,012,810**|**66,296**|**1,079,106**|
Page 42
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **28. PENSION COMMITMENTS**
UPSU participates 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 September 2003 are accrued 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 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 £107m 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 £137m.
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 rates of increase in salaries and pensions.
The following assumptions applied at 30 June 2022:-
- The discount rate was assumed to be in line with the Gilts curve + 1.5% pa, linearly changing over a term of 13 years to gilts curve + 0.25% pa.
- Pensions accruing on the CARE basis would revalue in line with the Merrill Lynch swap-implied inflation curve.
- Present and future pensions would increase at rates specified by Scheme rules with appropriate assumptions where these are dependent on inflation.
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 15 years and will increase by at least 5% in each following year. 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 UPSU’s future contribution commitment. In addition to the above contributions, UPSU also pays its share of the Scheme’s levy to the Pension Protection Fund.
The accounts include a liability for the agreed future deficit recovery payments included at their net present value as required by FRS102.
|Brought forward
On unwinding
Payment
Change in assumptions|**2025**
**£**
**1,617,637**
**90,587**
**(133,536)**
**(53,689)**
**1,520,999**|2024
£
1,715,769
87,848
(127,179)
(58,801)
1,617,637|
|---|---|---|
Page 43
**THE UNIVERSITY OF PLYMOUTH STUDENTS' UNION (A COMPANY LIMITED BY GUARANTEE)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **29. RELATED PARTY TRANSACTIONS**
The Charity has one 100% subsidiary, UPSU Trading Limited. The Charity has therefore taken advantage of the exemption contained in FRS102 not to disclose transactions or balances with entities which form part of the group.
UPSU is in receipt of a recurrent Block Grant from the University of Plymouth of £2,103,996 (2024: £2,103,996).
UPSU occupies its buildings under a licence to occupy and paid rent to the University of Plymouth of £580,752 (2024: £580,752). The Union shares the costs of decoration and maintenance with the University. At the year end, £Nil (2024: £Nil) was payable to the University of Plymouth in respect of rent.
UPSU made sales of £22,436 (2024: £28,170) to the University of Plymouth. At the year end, a balance of £Nil (2024: £60) was outstanding from the University of Plymouth.
UPSU made purchases of £31,477 (2024: £23,456) from the University of Plymouth. At the year end, a balance of £90,823 (2024: £60,380) was payable to the University of Plymouth.
## **30. CONTROLLING PARTY**
The ultimate control of UPSU is vested under the Constitution in the members in the Annual General Meeting. As such no single person or entity controls the Union.
## **31. AFFILIATIONS**
UPSU, on behalf of the generality of the students, is currently affiliated to, and paid affiliation fees and memberships during the year to the following external organisations:
|National Union of Students
NUS Services membership
Advice UK
Croner-i
British Universities and Colleges Sports
ACCA membership
NASMA membership
WonkHE
Plymouth Social Enterprise Netwrok
ICO
CIPD Subscription|**2025**
**£**
**8,125**
**424**
**2,119**
**-**
**12,091**
**-**
**439**
**4,612**
**180**
**47**
**382**
**28,419**|2024
£
7,500
424
1,465
184
14,192
297
405
4,100
-
-
-|
|---|---|---|
|||28,567|
Page 44