Trustees, Report & Financial Statement // Year End 31st July 2 STUDENTS. I Keele su Keele University Student5, Union Newc35tle-under-Lyme, Staffordshire. 5T5 5BJ. T.. 01782 7331{￿ l E.. su@keeSe.ac.uk I W.- Kee￿su.cOM Keel@ ￿ is èCMriLiblel￿orp[￿dtedckgbft￿3trQ￿No.II73328 Published November 2025 CONTENTS // Trustees. Report. .01-02 Vision, Mission, Values . 03-04 Activities forAchieving Objectives . 05-08 Achievements & Performance . . 09-22 Financial Review . 23-24 Structure. Governance and Management..... . 25-26 Plansfor Future periods 27-28 Statement of Trustees Responsibilities. . 29-30 Refprp.nc_e and administrative detsils of the charity. its trustees & advisers. -31-32 Financial Appendix Independent auditors. report on the financi31 statements Consolidated statement of financial activities Consolid3ted balance sheet Charity Balance Sheet Consolidated Statement of cash flow5 Notes to the Financial Statements .33 Keele su THE TRUSTEES, REPORT// 101 TRUSTEES. REPORT AND ANNUAL STATEMENTI/YEAR END SULY 2025 The Trustees present their annual report together with the audited f inancial statements of the charity for the year 1st August 2024 to 31st July 2025. Policies and objectives Strategies for achieving objectives. Keele SU'S objectives are the advancement of education of students at Keele University, for the public benefit, by: In pursuing our aims and objectives, and providing 3 variety of opportunities for our members. Keele University Student5, Union {Keele SU) always seek5 to: Promoting the interests and welfare of students at Keele University during their course of study and representing, supporting, and advising students. Ensure that the diversity of its beneficial membership is recognised by members, and that equal 3ccess is available to all members of whatever origin or orientation. Beino the recognised representative channel between students and Keele University, and other external bodies. Pursue its aims and objectives independent of any political party or religious group. Providing social. sparting, and cultural activities and forums for discussions and debates for the personal development of the stLidents. Equal opportunities by taking positive action within the law to facilitate participation of groups discriminated against by society. Keele SU has a rolling student facing Strategic Pianwhich is updated annually to ensure that it is current and relevant. Within that plan we outline our vision, mission, and values. Keele su TRUSTEES. REPORT ANDANNUALSTATEMENTII YEAR EN'D JULY 2￿72) l Q2 Ourvision // Empower every student to be who they want to be and make a difference to the world. Our Mission // Through the delivery of our quality support, activity, representation, entertainment and value for money services, we will ensure that our students feel part of a community which is inclusive. where they can grow in confidence and simply be students. USTEES. REPORT ANDANNUALsfATEMENf/i*EAR ENDJULY2 Ourvalues // We lead with ambition and inspire positive change. serving as role models for both people and the planet. We champion 5UStainable practices. inclusivity, and diversity in everythingwe do. By empowering students.we prioritise environmental. ethical. and social sustainability while ensuring that everyone feels welcomed, supported. and represented, regardless of their background. WE ARE GLOBAL CITIZENS We strike a dynamic balance between ch311engingthe University to improve the student experience and collaboratingto cre3te transformative change. As a critical friend. we always put students first, fostering collaborative partnerships within Keele's vibrant learning community to drive growth and success. WE CHALLENGE & COLLABORATE We are committed to providing leadership opportunities and creating an environment where students can discover their strengths, unlock their full potential, and build lifelong friendships. Through a collaborative approach, we focus on empowering student5 to find their tribe and make unforgettable memories that will last a lifetime, leaving a lasting impact on each individual. WE UNLOCK POTENTIAL TrUSTEES'REPORT ANDANNUALSTATEMENTIIYEAR END JULY 2025 1 IH Elected Officers 2024-2025 _ Activities forAchieving Objectives in Advancement of the Public Benefit // Student Life Representation and Campaigning Advice & Support at Keele SU (ASK) Our professional advice team, ASF< provide5 free. confidential, and independent advice and 3dvocacy to any Keele student. ASK delivers quality assured information and 3dvice on a range of topics from academic proces5e5. discipline and fitness to practise through to money. housing, em.ployirent and wellbeing concerns. Our Elected Officers are the voice of all Keele students. They l i5ten to what matters most and take action by workingwith the University and external organisations to influence decisions, challenge inequ31ity, and use the student voice to drive positive change across the student experience Student Academic Representation OLir Student Voice department works with Keele University to deliver a strong and effective student voice represent3tion system. 8y recruiting. training: and supporting student reps. we ensure students Ldll slidve Llieir dLddeiJiii èxyei ieiiLe ciiid create meaningful change within their courses and schoo15 across programme, school and faculty level5. Student Activities Our Experience Team Support students to build commuillties through societies, networks. and student-led uroups. Whether students are lookino to connect viith others, explore their interests, OF lead something new. we're here to help them make it happen. Competitive Sport Sport at Keele is abcut more than just competition-it's a powerful driver of student wellbeing, belonging. 3nd success. Our Student Experience Team support a diverse range of student sports clubs and provide opportunities for stiident5 to get active, build friendships, and be p3rt of something bigger. Sport helps Students connect acr055 cultuires, develop transfer3ble Skills. 3nd grow their confidence-coli tributing to iimproved wellbeing. academic attaininent, and employability. |:=.7 TRUSTEES. REPORT ANQ ANNUALSTATEMENT JIN"EAR END JU-:V 292 j Volunteering The Hub We link student volunteers with appropriate and relevant volunteering placement opportunities within the University community ap,d in the local and wider community. We accredit and certificate volunteering hours undertaken and support volunteers to articulate the value of their contribution both for the communities impacted and themselves as contributors. The Hub is a valuable space with multiple functions, acting as our reception and general enquires cent. The Hub offers space for relaxing. studying or gamin8, and sellis Keele branded merchandise. Catering Keele SU offers a varied caterin8 lunch time and night club offer, including grab and go convenient products through to sit down meals. Venues & Entertainment We provide venues for extra-curricular sacialising and entertainment. with a range of bars and venues to offer a varied progr3mme of activity, day, and night. Keele Print House Keele Print House provides a valuable source of printingexpertise and capability for students, personal and academic purposes. be it dissertation printing and binding or project work. It also provides a valuable printing service for the wider Keele Coimmunity. Retail We operate a franchise of the Co-op. offeri ng a diverse and wide selection of groceries on campus for students and the wider Keele Community. ASK 9a.1% TRUSTEES'REPORT ANDANNUALSTATEMiNfi/YEAREND JULY 2025 | 08 11 I 11 CF FOUNOA Achievements &, Performance // . O Key Financial performance Indicators The net movement of funds reported for July 2025 is a surplus of £33,221 (2024: £194.412 deficit). Net Current liabilities were £364,653 (2024= £323.325). The cash holding is £143.18912024: £199.845). @S Review of Union Activities In the heart of Keele campus, by the Forest of Light the Students, Union building is a central place providing a wide range of services to support students. Whether day. evening or night-time we provide a space for students to socialise. study, attend events or hang out. Amidst a financially challenging period for students. universities, and Keele Students, Union, we have made a significant positive impact in delivering our charitable - objectives for students._ ENr 4R JULYgO2: n11 TRUSTEES'REPORT ANDANNUAlSTATEME￿1JvEAR ENDJb'LY2025 0 Haveyour Say Day ONetworks 'Have Your Say Day, replaced Union General Meetings (UGMS) to improve engagemen, from students with officers. The aim is to hold up to four such events annually, al lowing students to directly provide feedback and hold officers accountable creating a more accessible platform for eng3gement. Last year, we gathered 1841 digital responses and 1550 postcard responses across all 'Have Your Say Days.. 285 Students joiiied networks last academic year. We saw Student Networks utilising social media more to increase engagement with tleir members by sharing educational content during national awarene5S campaigns or lobbyin8 the university for change. The Wellbeing Officer worked closely with iietworks on several issues, including a wheelchair b3sed campus tour with the Head of Estates which lead to immedi3te changes around campus to improve the accessibility for wheelchair users and also authored a response to the EHRC Consultation with the support of the LGBT+ Network as a further commitment to our Trans Student Community. Student Networks also held soci31 events where members could t3ke part in crafts or watch films. We also sawstudent Networks collaboratingwith Keele UnivcrJlty departments to put on events celebrating diverse communities of Keele. /officer Campaigns &Wins Thi5 ye3r saw several major campaigns &win5:'SHAGWeek','Movember' and a neurodiversity initiative. For the Neurodiversity I nitiative, Off icers secured £700 in funding from Staffordshire County Council and permanent physical space in the Tawney building to cre3te a sensoi V space. The Education Officer created a new Voice Represent3tive Structure, and utilised feedback from Voice Reps to lobby the university to make improvements tc) timetabling. Other Officer wins include semesterly Athletic Union membership and improvement5 to study spaces across campus. r) JOIN OUR STUDENT NETWORKS// /Student Voice Reps LGBT+ WOMEN'S STUDENT NETWORK STUDENT NETWORK We received an i mpressive 387 applications for Student Voice Representatives: from which we successful ly appointed, trained, and are currently supporting 364 representatives. Additionally, we saw 60 applications for Lead Voice Representatives. resulting in the appointment, training, and onaoing support of 16 lead voice representatives across 15 Schools. IHTFRNATIONJL STUDENT NETWORK BAME NETV OISABLED STUDENT NETWORK &c ST. PV¥¥G¥A)UATE STUDENT TRUSTEES'REPORT ANDANNUALSTATEMENTIIY£4kL.NO JULY20?5 1012 O Elections Keele Su's 2025 elections saw3 Voter tLiriiout of 2,008 students, a decrease from 2,093 in 2024. However. candidate numbers slightly declined. with 10 c3ndid3tes for four officer positions. down from 12 in 2025. A strong emphasis on incentives, such as scratch cards. helped drive engagement. with 205 votes cast at the Elections Cabin in just two hours on one evening. Targeted emails to specific stLident groups, particularly those affili3ted with societies or courses. sionificantly boosted voter turnout. VOTES IN 2 HOURS This tailored approach yielded better results than mass eimails. suggesting a need for more persanalised outreach in future elactions. TT DUIA #GAINS4GARI4ETr LLA4 EXPERIEIICE COMMUNITY *E(ptrlC ff@&EC￿. PORT AN LY 202 Student Experience The Student Experience Department Events and Engagement ' continues to play a vital role in enriching i This academic year has seen.a strong start":. life at Keele, offering students a diverse -ts. With high-impact events like Freshers, Fair. and inclusive range of opportunities to get and 'Give-It-a-Go', which have successfully 14..,, involved, connect, and thrive. introduced new students to a wide range -* of opportunities available. Looking aPEad. . to Christmas, we're supporting adynamic :: . calendar of events in collaboration with Keete SU teams, studentgroups, and. university departmen￿ Highlights include: StudentGroups and Volunteering We areproud tocurrentlysupport 111 societies and 35 clubs Wlth new societies added in throughout the academicyear .. through our'new society application -. process Each ofthese offer unique activities that cater to a wide spectrurn of interests - from cultural and academic .-tD recreational and competitive. These groups are powered by an incredible -. . 839 student volunteers who serve on committee5. learning new skills providing & leadership, support, and engagement opportunities for the wider student bodv. Team Keele Our volunteering programme has grown Ourweekly BUCS fixtures kick off on significantly over the past year. We've 15th October, with manyteams proudly strengthened partnerships with external wearing our newly re-branded Team Keele providers including Support Staffordshire, kits. We'veworked closelysupporting . VAST, and Do It. enabling ustooffera university departments with kit. branding -- . broader range of off-campus volunteering s:.->- and student focus groups during the opportunities alongside ourestablished_ development of the new University Sport . on-campus initiatives. This expansion Strategic Plan being created by the sports . ensures that students can make meaningful team at Keele University-we lookforw.ard . contributions both within and beyond the to continuing this collaboration to enhance Keele community. opportunities for oursports teams and ":" promote active wellbelng across campu.s: Diversity Festival Past vs Present Movember Activities Annual Team Keele Winter Event . These events not only celebrate student . I;";:. , culture but also foster community and wellbein& Collaboration and Promotion -- We're excited to be workingwith the._: Universittys Placements and Projects Team. and have welcomed a Student Media Intern to help amplify the visibility of our student -_---_: . groups - p.articularly around key activities *:-: such as weekly BUCS fixtures. TRUSTEEYREPOkTAND•J4PalALSTATEMENrNYEAII.Ets'D JJJLY 2ts&i l.Jl4. . . OAdvice & Support Supporting students is at the heart of what we do, and advisers in Advice and Support at Keele SU (ASK) are committed to doing everything we can to enSLire students feel supported throughout their time at Keele. As the higher education landscape evolves, we adapt to meet emerging challenges. We do this by maint3iD,ing an up-to-date website. sharing proactive information via social media. and engaging with the wider sector. such as the Off ice of the Independent Adjudicator (O.l.A.l and colleagues from other StudenFs' Union5, to communicate the student voice. ASK is a free and confidential service that is indepeiident from the Universityand is staffed by professional and experienced advisers. ASF( provides advice on a wide range of queries including Keele University student processes includino complaints. ac3demic anpe31s, 3C3demic misconduct. discipline, and fitness to practise. We also support students with social welf3re law matters, including money, housing. consumer issues. and employment rights. In addition to empowering individual students with knowledge of their rights and responsibilities to solve their own problems. ASK collects data on recurring and significant student issues. We work with elected officers and trhe wider SU team to lobby Keele Univer51ty and third parties for change, to resolve those issues at their core and improve the student experience for future cohorts. In the 24/25 academic year. ASK supported stLidents with 1.016 C35es, with academic appeals and academic Inisconduct continuing to be the most common quieries. Notably. we have advised on 52 cases of misconduct involvino artificial intelligence. which has now overtakeii plagi3rism as tha most frequent form of academic misconduct. Several of these cases resulted in no finding of misconduct, and we continue to raise concerns with the University regardino the clarity of reoulations and the adequacy of evidence in such cases. 1,016 O ADVICE O CASES The Keele SU 2025 Housing Fairwas ruli alongside a Volunteering Fair and had 198 students attend ino Landlord attendance continues to decline. and ihe closure of the council's landlord accreditation scheme h35 made oLitreach more difficult. Conversations with landlords suggest many are considering exi+,ing the studentr hoLising Imarket ahead of upcoiying reforms. ASK will be communicating with Students about their new rights when the Renters, Rights Bill is finalised and updating ColleagUe￿n its potential impact on SU services. 198 HOUSING FAIR ATTENDEES l Oib TRVSTEES, REPORT AND ANNUAL STATEMENTIIY=A4 ENI J .'[ 11 Y 2Kt)LS ASK routinely requests feedback from students who use o.ur service as part of our efforts to continuously improve our o.ffer.. . We havereceived excellent feedback, with 98% of students sayingthey would recommend the service to others. Some students who used ASK this year have said... Extremely friendly and welcoming, while understanding and professional. It always felt as though they were in my corner and desired the same outcomes. TRIISTÉES'REPORT A14DANNuAL￿ATEmENTIJyEAR END JULY 2025 1916 . We hosted night-time events with over 57,231 attendees across the year, all attracting a wide range of acts and artists to suit tastes. -1017 TRUSTEES. REPORT ANDANNUAL ENfll.YtARENDJULY2025.. OEntertainment, Commercial & Retail Wewere successful in attracting 3 wider range of external live shows and selling out the venue with performances during the year. We held live gigs with as Scouting for Girls, The K's and The Sherlocks. DURINGTHEYEARWE SOLD: .. . Alongside these, we hosted Oktoberfest featuring Umpa Band, tribute nights spanning genres from The Jam, Arctic Monkeys, The Kil lers, Sam Fender, Oasis, Kasabian, Happy Mondays, Courteeners, Catfish and the Bottlemen, to Chic & N i le Rodgers. as well as crowd favourites , themed AU nights, the Halloween Spooktaku13r, ABBA night, Past versus Present events, and even a special appearance from Tracey Beaker & Hacker the Dog. 0 54,000 VODKASHOTS 6 % ,,,,,,, ALCOHOL FREE In 2025 we have hosted regular Bongo's Bingo nights and we finished the year h05ting our annu31 summer event Woodstoke. 58,000 JUNGFRAU BOMBS Aimid the ongoing challenges faced bythe night-time economy and the increasing financial pressures on students, we worked hard to balance our student-focused offer with external venue hire. Strengthened col laboration with the university enabled summer schools to make use of the space, while external business activity provided a vital complement to our student offer and ensured the sustainability of our operations. 4,800 PITCHERS 34,000 PINTS TRUSTEES'REPORT ANDANNUALSTATEMENTIIY£AR ENDJULY 2025 1018 OAnother Successful Year at Co-op This marked the fourth year of operating our Co-op franchise, and it was another year of real progress and achievement. We were proud to welcome several visits from the Co-op franchise team and other Students, Unions launching stores. allowing us to showcase the high st2ndards upheld in our store to prospective franchisees. Al I quarterly audits were passed. wit!I, the most recent achieving an impressive 98% and accompanied by positive feedback. Our team Showed incredible dedication during the Co-op cyber-attack. working tirelessly to keep oper3tion5 running and to support customers despite the disruption to deliveries. Their commitment ensured that service levels remained high even in challenging circumstances. Sales performance reflected thi5 effort.with a total of 86.059 meal deals sold last year 3nd 2.069 new Co-op members signed up in-store. These memberships give Students access to valuable discounts and offers. helping thein navigate the cost-of-living challenge5 they face. Welcome to Keele University S.tudents.' Union's Co-op, ¢4•44•. 'IIIN 1019 TRUSTEES. REPORT ANDANNV Ocatering and Retail The weekly market offer was iinproved, 3Cting on student feedback around choice and v3riety. Weworked with over 10 local food pop-ups to ensure the offer remained fresh, diverse. and exciting throLighout the year We a150 introduced kiLchen tarfeovers to complement ourearly evening events, adding new flavours and experiences to our in-house food offering. In ret311, the introduction of our 3-for-2 offer proved hugely successful. driving strong sales and positive feedback from students who valued both choice and value for money. Graduation was another stand-out success, with over 200 personalised graduation hoodies shipped a record year that celebrated the pride and spirit of our Keele Graduate community. Thi5 year marked a v31uable reset for our Catering team. After n3Vl8atino previous challenge5, the focus for 2024/25 w35 on stability, qU31ity, and cons15tency. We refined our offer and ensured that our core menu of much-loved clas51cs was available throughout the day and into the evening. with favourites such as curly fries, chicken nuggets, and chunky chips continuing to perform Strongly. Our partnership with Keele University remained an important part of our operation. with our facilities once again supporting summer schools and special events, helping to bring variety to our service. Footfall acr055 Keele SU stayed strong, with the ground floor, The Hub, and The Squirrel Bar & Kitchen continuing to be vibrant, Social spaces where students come together to eat, meet, Study, and unwind. l.1EIXIT /..-VEAR tXI) JULY 2•2 Funds Held as Custodian Keele SU holds funds raised for other charities and orgarii53tions, predominantly by the Raising 2nd Giving (R.A.G.) Activities of our student clubs and societies. The monies raised at the year end had been paid over to charities. Disclosure of Information to Auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: So far as that Trustee is aware. there is no relevant audit information of which the charitable group's auditors are unaware, and That Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable groups auditors are aware of that information. Auditors The auditors, Dains Audit Limited, have indicated their willinEne55 to continue in off ice. The designated trustees will propose a motion reappointing the auditors at a meeting of the trustees. Approved by order of the members of the board of trustees and signed on their behalf Nuala Welsh Trustee Date:10 /L TRU5TEES'REPORI ANDANNUALsfAT£MENTIJY&AR ENO JULY202i 1028 Statement ofTrustees Responsibilities for theyear d Ended 31 July 2025 // The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with 3pplicable law 3nd United Kingdom accounting standards (United Kingdom generally accepted accounting practice). The law applicable to charities in En8land & Wales requires the trustees to prepare financi31 statements for each financial year which 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, includ ing their income and expenditure, for that period. I n preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistenkly. Observe the methods and principles of the Charities S.O.R.P (FRS 1021. Makejudgments and accounting esti mates that are reasonable and prudent. State whether applicable U.K. accounting standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financi315t3tements on the going concern b3SIs unless it is inappropriate to presume th3t the group will continue in business. The Trustees are responsi ble for keepiiig adequate accounting record5 that are sufficient to show and explain the group and tle 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 charities act 2011, the charity (accounts and reports) regulations 2008 and the provisions of the trust deed. 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 irregu13rities. Approved by order of the members of the board of Trustees and signed on its behalf Nuala Welsh Trustee TR￿)rEE5 REPOQT A>4tiANNLIALSTAkTEMENT /,.' YEAR END JJLY 2025 5 030 Reference and administrative details of the charity, its trustees and advisers For the year ended 3]stJuly 2025 // 21 TRUSTEES REPORT ANDANNUALSTATEMENTIIYEAR LNI Diub202St"..": '"-:: Trustee5 Andrew Harris, Chair (resigned 31 July 20251 Valerie Newman Iresigned31July2025) Prof Marilyn Andrews Ire5igned 31July 20251 Georgia Souter Ifesigned 31 July 2025) Simon Rutter (resigned 23 othber20251 Tom Robinson Iresigned 17January 20251 Abdelrhman Rayiz (resigned 31July20251 Sophie Borman lappointed l July 20241 Zoe Garnett lappointed l ju￿ 2024) Matthew Kemp (appointed l July2024) Corey Chavda lappointed 16 June 20251 Grace Buffery(appointed IAuEUSt 20251 Nuala Mary Devlin Ilnterim Chairl (appointed IAugust2025J James Ashenden (appointed IAugu5t 20251 Hayley Williams lappointed IAugust 2025) Charity Registered Number 1173328 Principle Office Keele University Student Union Office Newcastle-under-Lyme._: ST5 5BJ Senior ManagementTeam R Beasley. Chief Executive Off icer (from ￿912024) D Brown, Chief Operating Off icerl M Steele, Head of Student Engagement (from 0￿0812025) Independent Auditors Dains Audit Limited Suite 2.Albion House 2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire STI 5RQ Bankers The Co-operative Bank PO Box 250 Skelmersdale. WN86WT . TRUSTEE5'REPORT ANDANNUALSTATEMENTI/I""AIN Lf'?i "' Keele Unlverslty Stvdents, Unlon Independent Auditors. Report to the Members of Keele University Students, Union Oplnlon We have oudited the financiol stolements of Keele Untversity Students. Union (the 'parent charity) ond its subsidiory (the 'group? for the yeor ended 31 July 2025 which comprise the Consolidoted Stotement of Finonciol Activities. the Consolidoted Bolance Sheet. the Choiity Bolonce Sheet. the Consolidoted Statement of Cosh Flows ond the reloted notes, including o summary of significont accou￿tIrng policie& The financiol reporting fromework thot hos been opplied in their preporution is opplicoble low ond United Kingdom Accounting 5tondord& including Finonciol Reporting Standord 102 'The Flnancial Reporting Stondard opplicoble in the UK and Republic of Irelond. (United Kingdom Generolly Accepted Accounting Proctice). In our opinion the finonciol stotements". give a true ond fair view of the state of the Group'5 und Df the porent chority's effoirs os ot 37 July 2025 ond of the Group's Incoming resources ond opplicotion of resources, including its incorne ond expenditure for the yecTr then ended; have been properly prepored in occordonce with United Kingdom Generolly Accepted Accounting Practice,. and hove been prepared in occordonce with the requirements of the Chorities Act 2011. Bosi5 for opinion We conducted our oudit In occordonce wilh Internotionol Stondords oft Auditing (UK) (ISAS (UK)) and opplicable law. Our responsibilities under those stondords ore further (Jescribed in the Avditors. responsibilities for ihe oudit of the financial stotements section of our report. We ore independent of the Group In occordonce with the ethical requirements thot ore relevont to our oudit of the finonciol stalemeD.ts in the United Kingdom, including the Finonciol Reporring Council's Eihicol Standard. and we hove fulfilled our other ethicol responsibilities in occordonce with these requirements. We believe thot the ovdit evidence we hove obtoined is sufficient and oppropriote to provide o bosis for our opinion. Concluslons relotlng to golng concern In ouditing the finonciol stoternents. we have concluded that the Trustees, use of the going concern bosis of occounting in the preporotion ol the financial statements Is appropriate. Bosed on the work we have performed. we hove not identified ony material vncertointies reloting to events or conditions thot, individuolly or collectively. moy cost significont doubt on the Group'5 or the porent chority'5 obility to contlnue os o going concern for o period of ot least twelve months from when the finonciol stoiements ore authori5ed for Issue. Our responsibilities ond the responsibilities of the Trustees wlth respect to going concern ore described In the relevant settions of this report. Poge 33 Keele University Students. Vnion Independent Auditors, Report to the Members of Keele University Students. Union (continued) Other information The other informotion comprises Ihe informotion included in the Annuol Report other thon the financial stoternents ond our Auditors, Report thereon. The Trustees ore responsible for the other information contained within the Annuol Aeport. Our opinion on the finonciol 5totements does rK>t cover the other information ond. except to the extent otherwise explicitly stoted in our report. we do not express any form of ossuronce conclusion thereon. Our responsibility Is to read the other informotion and. in doing so. cons.,der whether the other information is moteTially inconsistent with the finoncial stotements or our knowledge obtained in the course of the oudit, or otherwise appetsrs to be materiolly misstated. If we identify such materiol Incon￿StenC5eS or opporent material rnisstolements. we ore required to determine whether this gives rise to a material rnisstotement in the finoncol stotements themselves. If. bosed or) the work we have performed. we conclude thot there is o material misstatement of this other informotion. we ore required to report that foct. We hove nothing to report in this regord. Matters on which we ore required to report by exception We hove nothing to report in respect of the following motters where the Choritles (Accounts ond Reports) Regulotlons 2008 requires us to report to you if. in our opinion.. the informotion given in the Trusleeg Report is inconsistent in ony moteriol respett wlth the finonciol statements.. or rf) the parent chority hos not kept sufficient occounting records- or the porent chority finoncial statcmcnt- ore not 09reement with the occounting rècords ond retvrns: or we hove not received all the information ond explonotions we require for our audlt. Responsibiltties of trustees As exploined more fully in the TrLJStees' Responsibilities Statement. the Trustees ore responslble for the preporolion of the finonclol stotements which give o true ond foir view. and for such internal control os the Trustees determine is necessarg to enable the preporotion of finonciol stoiements thot ore free from moterial misstotement whether due to fraud or error. In preparing the finonciol stotemenls. the Trustees are responsible for ossessing the Group's ond the porent chority's obility to continue os o ooing concern. disclosing, 05 opplicable. motter5 related to going concern and using the going concern ba&s of occounting Unle￿ the Trustees either intend to liquidote the Group or the porent chority or to ceose operotion& or hove no realistic alternotive but to do so. Poge 34 Keele Universlty Student¥ Unlon Independent Auditors. Report to the Members of Keele University Student¥ Unlon (contlnued) Avdrtors, responsibilities for the audit of the financial statements We have been oppointed os auditor under section 144 of the Chorities Acl 2011 ond report in occordonce with the Act ond relevant regulotions mode or having effect thereunder. Our objectives are to obtoin reosonable assurance about whether the finonclol stotements as o whole ore free from moterial mi55totement. whether due to fraud or error. and to issue an ALiditors' Report that includes our opinion. Reosonoble ossuronce is a high level of 055uronce. but is iot o gu(7rontee thot on oudit conducted in accordonce with ISA5 (UK) will olwoys detect o moteriol misstatement when it exists. Misstatements con arise from froud or error ore considered moterlol if, individuolly or in the aggregote, they could reosonoblu be expected to influence the economic decisions of users token on the basis of these finonciol stotements. Irregulorities. including fraud. are instonces of non-compliance with lows and regulatlons. We design procedures in line with our responsibilities. outlined obove. to detect moteriol misstatements in respect of irregulari;ie5. including fraud. The extent to which our procedures ore copoble of detecting irregulorities. including fraud is detoiled below.. Our opprooch to identifying and assessing the risks of material misstotement in respect of irregularities, including froud and non-compliance with Irjws ond regvlotTons. wos os follow& the senior statutory ouditor ensured that the engagement teom collectively hod the oppropriote competence. copabilities and skills to identify or recognise non-cornpliance with applicable lows and regulations., we identified the lows ond regulotions opplicGble to the p(7rent chority ond group through discussions with trustees and other monogement, ond from our commerciol knowledge and experience of the sector., we focused on specific Iow5 and regulations which we considered may hove o direct material effect on the f1nanciol stotements or the operotions of the F)orerrt chority. including the finonciol reportin9 legislotion. Chorities Act 2011. toxotion legislation, onti-briberu. employment. ond environmentol ond health ond sofety .egislotion.' we assessed the extent of compliance with the lows ond regulotions identified obove through moking enquiries of monogement ond inspecting legol corre5pondence- ond identified lows ond regulolions were communicoted within the oudit teom regularly ond the teom remoined olert to inslonces of non-complionce throughout the oudit. We ossessed the suscepts"billty of the porent chority ond group's financiol stoternents to moteriol mlsstotement. including obtoining an understonding of how froud might occur, by.. moking enquiries of monogement os to where they considered there wos susceplibility lo fraud. their knowledge of octual. suspected ond alleged froud." ond consideriNg the internal controls In ploce to mitigote risks of froud ond non-complionce with lows ond regulation& To address the risk of fraud through monogement bios ond override of controls, we.. performed onolyticol procedures to identify ony unusuol or unexpected relatSonships', tested journal entries to identify unusual transaction& assessed whether judgements and o55umptions made in determining the accounting e5timate5 set out in Note 3 were indicative of potential bias.. ond invesligoted the rotionole behind significant or unu5vgl transactlDns. Poge 35 Keele University Students. Union Independent Auditors, Report to the Members of Keele University Studentg Union (continved) In response to the risk of irreguloritles ond non-compliance with laws and re9ulotions. we designed procedures which incltjded. but were not limited to." ogreeing finonciol statement disclosures to underlying supporting (Jocumentotion." reoding the minutes of meetings of those chorged with governonce.. enquiring of manogement os to acluol ond potentiol litigobon ond cloims. ond reviewing corresF)ondence with HMRQ relevant regulators ond the parent chority and group's legal odvisor5. Because of the inherent limitations ol on audit. there is o risk that we wlll not detect all irregularities. including those leodlng to a materiol misstatement in the finonciol slotemenis or non-complionce with regulation. This risk Increoses the m(Ye that compliance with o low or regulotion is removed from the events and tronsoctions reflected In the finonciol stotements. as we will be le￿ likely to become oware of instances of non-complionce. The rigk is olso greoter regording irregulorities occurrin9 due to froud rather thon error. os froud involves intentional concealment. forgery. collusion. omission or mi5representOfion. A further description of our responslbilities for the audit of the financial stotements is locoted on the Financiol Reporting Councll's web51te ot. www.fr .or ouditorsr nsibilitie& This description forms pon of our Auditors, Report. Use of our report Thls report is made solely lo the chority's trustee& 05 0 body. in occordance with Port 4 of the Chorities (Accounts ond Reports) Flegultstions 2008. Our audit work hos been undertuken so that we might stote to the charity's trustees those matters we ore required to state to them in on Auditors. Report ond for no other purpose. To the fullest extent permitted bu low. we do not occept or assume responsibility to anyone other Ihan the charity ond its tru51ees. os a bodu, for our audit work. for this report. or for the opinions we hove formed. Dains Audit Limited Statutory Auditor Chartered Accountants Suite 2. Albion House 2 Etrurio Office Villoge Forge Lone Stoke on Trent Stoffordshire ST15RQ Date.. (6 (?-?{ Doins Audit Limited a￿ eligible to oct as OLbditors in terms of section 1212 of the Componies Act 2006. Poge 36 Keele Unlverslty Students, Union Consolidated Statement of financlol actlvltles For the Year Ended 31 July 2025 Unrestricted fund5 2025 Restrltted funds 2025 Totol funds 2025 Total funds 2024 Note Income from: Donation5 and legacies 1.96J.835 78.280 2.042.11S 2.256.938 Charltable octivities 100.106 423.008 525.114 590,792 Other troding activities 3.758.377 3.758.377 3.965.969 Investments 6.105 6.105 5.420 Other income 12.978 12.978 3,608 Total Income Expenditure on: 5 841401 501288 6 342 689 6 822 727 Roising funds 4.446.092 4.446.092 4.149.565 Chcritoble octivitie5 1.338.888 524.488 1.863.376 2,478.950 Total expenditure 5 784 980 6 509 468 6628 315 Net movement In funds Reconcillotion of funds: Totol funds brought forword 0.769.162) 215.831 0.555,331) (1.749,745) Net movement in funds 56.421 (23.200) 33.221 194.412 Totol fvnds eorrled forward 741 The Consolidated Stotement of Finonciol Activities includes oll goins ond losses recognised in the yeor. The notes on poge5 43 to 67 form port of these finonciol stotements. Page 37 Keele Unlverslty Stvdentr Union Registered number: 1173328 Consolidated Balance Sheet As at 31 July 2025 2025 2024 Note Fixed assets Tongible assets 13 488.781 576.157 488.781 576.137 Current assets Stock5 15 158.870 149,811 Oebtors 16 145.211 203,089 Cosh ot bank and in hond 145.189 199.845 447.270 552.745 Current liabilities Creditors.. amounts folling due within one year 17 (811.923) (876.070) Net current liobilities (564.653) (323,325) Totol assets less current liobilitles 124.128 252.812 Creditors". omounts folling due after more thon one yeor 18 0.646.238) (1,808.143) Net Ilobllftles excluding pension asset (1.522.110) (1,555.331) Total net assets 0.522.110) (1.555.331) Charity funds Restricted funds 19 190.631 215,831 Unrestricted funds Generol funds 19 (59&749) {412.811) Pension reserve 19 (1.315.992) (1,356,351) Totol unrestricted funds 19 (1.712.74 0.769.162) Totol funds 0.522.110) (1.555.551) The finonclal statements we opproved ond outhorised for by ond signed on tlieir beholf by.. issue the Trustees on 10 QeofflSof Zois Page 38 Keele Vniversbty Students. Union Registered number: 1173328 Consolidoted Balance Sheet (continued) As at 31 July 2025 Nuala Devlin Trustee5 The notes on poges 43 to 67 form port of these finonciol stotement& Poge 39 Keele University Stvdents, Unlon Registered number: 1173328 Charity Statement of financkjl posttk>n As at 31 July 2025 2025 2024 Note Flxed assets Tangible ossets Investments 13 68.745 78.462 14 100 100 68.845 78.562 Current osset$ Debtors 16 164.375 348.150 Cosh at bank and In hond 110.266 164.768 274.641 512.918 Current liabilltles Creditors.. amounts folling due within one year 17 (422.184) (560.311) Net current liabilities 047.543) (47.393> Total os50t$ loss currènt Ihbilitles {78.69a) Creditors amounts falling due after more than one yeor 18 0.317,979) (1,416.003) Totol net liabilities 0.39&67n (1,384.834) Charity fvnds Restricted funds 19 190.631 213.831 Unrestricted funds General funds 19 (2X.516) (242.314) (1,356,351) Pension reserve 19 (1.515.992) Totol unrestricted funds 19 0.587.508) (1,598.665) Total funds (1.396.677) (1.384.834) Page 40 Keele University Students. Union Registered number: 1173328 Charity Statement of financial position (continued) As at 31 July 2025 The flnancial stotement5 were opproved ond ouihorised for issue by the Trustees ond slgned on their behalf by,. Nuala Dev Trvstee Date= In The note5 on pages 43 to 67 form port of these financiol statements. Poge 41 Keele University Students, Union Consolldated Statement of Cosh Flows For the Yeor Ended 31 July 2025 2025 2024 Cash flows from operating octivlties Net cosh used in operotyng octivitles 66.886 100.191 Cash flows from investing actlvitles Inve5trnent income 6.105 5.420 Gror7ts recewed 3.608 5,608 Purchose of tongible flxed ossets (19.651) (45,061) Net cosh used in investing acttvities (9.938) 6.033) Cosh flows from finoncing activities Flepournents of borrowing New loans 009.735) (59.201) 150.000 Interest payoble (5.869) (4.402) Net cash (used in)/provided by finoncing oetivities 13.604) 86.597 Chonge in cush ond cosh equivolents in the year (56.656) 150.555 Cash and cash equivolenls at the beginning of the year 199,845 49.290 Cash and cash equivalents at the end of the year 145.189 199.845 The notes on poges 43 10 67 form pcrl of these financial statements Page 42 Keele Universlty Students, Union Notes to the Financiol Statements For the Yeor Ended 31 July 2025 General Informatlon Keele University Students, Union is o Choritable Incorporoted Orgonisotion.. The address of the registered office 15 given in the reference and odministrotive detoils on K)oge l of these finonciol stolements. The noture of the chority'5 operotion and principol activities ore detoiled in the trustees. report Accounting pollcles 2.1 Basis of preporation of financial statement5 The financial stotements have been prepored in occordonce wth the Chorities SORP (FRS 102) - Accounting ond Reporting bu Charitie% Statement of Recomrnended Proctice opplicable to chorities preparing their uccount5 in occordonce with the Finonciol Reporting Stondord opp'icable in the UK and Republic of Irelond (FRS 102) (effective 1 Jonuory 2019). the Finoncial Reporting Stondard applicable in ihe UK and Republic of Irelond (F￿ 102) and the Charities Act 2011. Keele University Students Union meets the definition of o public benefit entity under FRS 102. Assets csnd Iiobilities ore iniliolly recognised ot historicol cost or tronsoction value unless otherwise stoted in the relevont occounting policg. The Consolidoted Stotement of Finoncial Activities (SOFA) and Consolidated Bolonce Sheet consolidote the financial statements of the chority ond its subsidiory undertoknng. The results of the subsidiory ore consolidoted on a line by line bosi& 2.2 Going concern At the time of opproving the occounts. the trustees hove o reasonable expectotlon thot the Group hos odequote resources lo continue in operotionol existence for the foreseeable future and therefore the trustees continue to odopt the going concern bosis of occounting in preporing the occounls. The trustees have considered the consolidated net deticit P051tion for reserves of £1,522,110 reported in these accounts. This deficit reflects the recognition of ihe pension Scheme liobilities as disclosed in note 24 of the occounts. The pension scheme liobility of £1.315.992 (2024.. £1.356,351) represents the net present volue of future poyments to fund the scheme deficit in relation to post service. These poyments ore pouable in monthly instalments over o period of 12 yeor& The trustees hove reviewed coshflow forecasts ond the pension recovery poyment plan ond hove received assurances of sufficient finonciol support f rom Keele University to enoble the Union lo meet its liabilities as they foll due. On this bosis. the trustees ore sotislied that the Union has odeqvote resources ond cash flows to meet obligations as they fall due ond iherefore they are of the opinion that the going concern basls is oppropriate. Page 43 Keele Unlverslty Students, Unlon Notes to the Financial Statements For the Year Ended 31 July 2025 Accounting policies (continued) 2.3 Fund accountlng General funds ure unrestricted fund5 which are ovoilable for use at the discretion of the Trustee5 in furtheronce of the generol objectives of the Group and which hcve not been designoted for other purposes. Designoted funds comprise unrestricted funds thot hove been set aside by the Trustees for porticvlor purposes. The aim and use of each designated fund is set aut in the notes to the finonciol 5totements. Restricted funds ore funds which ore to be used In occordance with specific restrictions Imposed by donors or which hove been roised by the Group for particulor Pufposes. The costs of roising and administering such fund5 ore charged ogoinsr the specific fund. The oim ond use of eoch restricted fund is set out In the notes to the finonciol slotements. Investment income. goins ond losses ore ollocoted to the oppropriote fund. 2.4 8asis of consolidotion The finonciol stotements consolidote the occovnts of Keele Unlversity Students, Unlon ond Its subsidiory undertoking {'svbsidiory'). The Income and expenditure occount for the year deolt wth in the occounts of the chority wos a deficit of £11.843. 2.5 Income All income is recognised once the chority has entitlement to the Income. it is probable that the income will be received (snd the afllount of incorne receivable con be Trteosured reliably. Donoted serwces or focililies ore recognised when the chority hos control over the item, ony conditlons ossocialed with the donoled item hove been met. the receipt OF economic benefit from the use of the charlty of the item Is probable and thot econornic benefit con be meosured reliobly. In occordonce with the Charities SORP (FRS 102). generol volunteer time is not recognlsed ond refer to the Trustees, report for more informotion obout their contribution. On receipt. donated professional services and focilities ore recogni5ed on the bosis of the volue of the gift to the charity which 15 the omount it wc)uld have been wlling to pay o obtain services or focilities of equivalent economic benefit on the open rnorket.. o corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoveroble in relation to investment income is recognised ot the time the investment income is receivable. Other income TS recognised in the period in which it Is receivoble ond to the extent the goods hcve been provided or on complerTron of the service_ Poge 44 Keele University Students, Union Notes to the Finan¢i¢l Staternents For the Year Ended 31 July 2025 Accounting policies (continued) 2.6 Expendlture Expenditure is recognised once there is o legol or constructive obligotion to tronster economic benefit to a third porty, it is probable thot o tronsfer of economic benefits will be required in settlement ond the omounl of the obligation con be meosured reliobly. Expend',ture is clossiiied by octivity. The costs of each octivity ore mode up of the total of direct costs and shored costs. including support costs involved in undertoking each octivity. Direct costs attributoble lo u single octivity are ollocated directly to ihat octivity. Shored costs which contribute to more than one octlvity ond support costs which ore not ottributoble to a single octlvit are opportioned between those activities on o basis consistent with the use of resources. Centrol staff costs ore allocoted on the basis of time spent. ond deprecioiion chorges ollocoted on the portion of the osset's use. Fundroising costs ore those incurred in seeking voluntary contributions ond do nol include the costs of disseminoting information in support of the choritoble ottivities. Support costs ore those costs Incurred directly in support of expenditure on ihe objects of the chority ond include project monogement carried out at Ihe Union_ Costs of generoting funds ore cost5 incurred in ottracting voluntary income. and those incurred In troding octivitie5 that roise fvnd& Choritoble octivitie5 and Governonce costs ore costs incurred on the charity's operotions, including svpport and costs relating to the 9overnonce of the charittj appnrtioned to charitoble octivities. 2.7 Tangible fixed ossets ond depreciatlon Tangible fixed ossets are initiolly recognised at cost_ After recognition. under the cost model. tongible fixed 05sets are meosured at cost less occumulated depreciolion ond ony accumulated impairment losse5. All Costs incurred to bring o longible fixed asset into its intended working condrtion should be included in the meosurement of cost. At eoch reportlng dote the chorily ossesses whelher there is ony indication of impairment. If such Indication exists. the recoveroble amount of the asset is deiermined lo be the higher of its falr value le55 Costs to sell ond its vulue In use. An impoirment Ioss is recogr)ised where the carrying omount exceeds the recoverable amount. Depreootion is chorged so os to ollocole the c¢)st of longible fixed assets less their residual volue over their estimoted useful lives. Depreci01ion is provided on the following base& Building improvements Motor vehicles Fixtures ond fittings 10-20% Stroight Line 20-50% Straight line 20-50% Stroight ￿ne Page 45 Keele Unlverslty Students, Union Notes to the Financial Statements For the Year Ended 31 July 2025 Accounting policies (continued) 2.8 Investrnents Fixed usset investments ore o form of finonciol instmment ond ore initiolly recognised ot their transoction cost ond subsequently measured at foir volue ot the Balonce Sheet dote. unless the volue connot be measured reliably in which cose it is meosured ot cost less impairment. Invesrment goins and losses. whether reolised or unrealised. ore combined ond presented as 'Gains/(Losses) on investments. In the Consolidated Stalernent of Financial Activities. 2.9 Interest receivoble Interest on funds held on deposit Is included when receivoble and the omount con be meosured reliobly by the Grovp,. th15 is normally upon notificotion of the interest poid or poyable by the institution wlth whom the funds ore deposited. 2,10 Operoting leases Rentols pold under operoting leoses ore chorged to the Consolidoted Statement of Finonciol Activities on a straight-line bosis over the leose term. 2.11 Stocks Stocks are volved at the lower of cost ond net reolisoble volve after makino dJe allowance for obsolete and slow-moving stocks. Cost includes all direct cost5 and on oppropriote proportion of flxed and varioble overhead5. 2.12 Debtors Trade ond other debtors ore recogni5ed ot the settlement omount ofter ony trode discount offered. Prepoyments ore valued ot the omount prepoid net of ony irode discounts due. 2.13 Cash at bank and in hand Cosh ot bank ond in hond includes cosh and short-term highly liquid investments with o short moturity of three months or less from the dote of ocquisition or openTng of the deposit or similar occount. 2.H Liabilities and provisions Liabilities ore recognised when there Is on obligotion ut the Bolonce Sheet dote os o result Df a post event, it is probable that a tronsfer of economic benefit will be reqvired in settlement. aqd the amount of the settlement can be estimated reliably. Liabilities are recognised ot ihe omount thot the choritu onticipotes it will poy to settle the debt or the amount it has received as odvonced poyments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligotion. Where the effect of the time volue of money 15 moteriol. the provision is based on the present volue Df those amount5. discounted at the pre-tox discount rote thot reflects the risks specitic to the liobility. The unwinding of the discount is recognised in the Consolidoted Stotement of Finonciol Activities os a finance cost. Poge 46 Keele University Students, Union Notes to the Finonctol Stotements For the Year Ended 31 July 2025 Accounting policies (continued) 2.15 Financial instruments The Group only hos financial ossets ond finonciol liabilities of o kind thot quolify os bosic finonclol instruments. 80sic finonciol instrumenis ore initiolly recognised ot transoction volue and subsequently measured ol their settlement volue with the exception of bonk loons which are 5L*bsequently measured ot omortised cost using the effettive interest method. 2.16 Pensions The chority operotes o defined contribution pension scheme and the pension charge represents the omounts poyoble by the chority to the fund in respect of the yeor. The chority porticipotes in the Stvdents. Union Superannu(rtion Scheme. a defined benefit scheme which is externally funded ond contracted oui of the Slote Second Pension. The fLJnd is volued ot leust every three years by a professionolly qualified independent actuory with the rate5 of contribution payable being determined by the trustees on the odvice of the octuory. The Scheme operotes os o pooled orrongernent. with contributions poid ot o centrally ogreed rate. As o consequence. no shore of the underlying ossets ond liobillties can be directly ottributed to the chority. Under the terms of the chority SOAP. in these circumstances contributions ore occounted for os if ihe Scheme were a defined contributlon scheme b(Jsed on octuol contributions poid through the yeor. Where the chorlty hao cntered into on agreement to f und o deflcit in th@ srhpmp. thp. r.hnrlttJ recognises a liobilily for the contributions poyobEe thot orise from the ogreement ond recognise the resulting expense in the stotement of finonaal octivitie& The chorlty 0150 ponicipote5 in the NUS Pension Scherne (NUSPS). a defined conrribulion scheme. Contributlons are occounted for os pald throughout the yeor. Pege 47 Keele Unlverslty Stvdent¥ Union Notes to the Finandol Statements For the Year Ended 31 July 2025 Critical accovnting estimates ond oreos of judgment Estimates and judgments are continuolly evclvoted ond are bosed on historicol experience and other foctors. including expectations of future event5 thot ore believed to be reosonable under the circumstonce& Critical accounting estlmotes Dnd ossumptions The chority mokes estimotes ond ossumptions Con￿rning the future. The resulting occounting estimates ond assumptions will. by definrtion. seldom equol the related actual results. The e5timotes ond ossumptlons thot hove a slgnificont risk of cousing o moteriol odjustment to the carrying omovnt5 of ossets ond liabilities within the next financ101 yeor ore discussed below. Critical oreas of judgment.. Pènsion scheme dÉscovnt rote A5 prevlously explained o pension liability is recognised in the account5 fcr the present value of contributions payoble to fund the deficit in the defined benefit scheme (See note 24 to the accounts). A key estimate made when calculoting the present volue of future payments is the discount rote applied The trustees hove approved a rate of 5.1% as recommended by the odvisors of the NUS. However. o chonge in the rote opplied could hove a miyteriol impoct on the colculoled loibilities ond therefore o materiol impact on the bolonce sheet ond stotement of finonciol octivities. Pa9e 48 Keele University Studentg Union Notes to the Financial Stotements For the Year Ended 31 JLsly 2025 Income from donations and legacies Unrestricted funds 2025 Restricted funds 2025 Total fvnds 2025 Donations 715,784 78,280 794,064 Gronts 1.248.051 1.248.051 1,965,835 78.280 2.042.115 Unreslricted funds 2024 Restricted funds 2024 Tot01 funds 2024 Donolions 701,749 76.000 777,749 Gronts 1.479.189 1.479,189 2.180.938 76,000 2.256.938 Income from charitable octlvities Unrestricted tunds 2025 Restricted funds 2025 Total funds 2025 Services & Welfore Income 100.106 100.106 Income from Clubs & Sooeties 423,008 425.008 700.106 423,008 525.114 Page 49 Keele University Students, Unlon Notes to the Finoncit]I Stotements For the Year Ended 31 July 2025 Income from charitable activities (continued) Unrestricted fund5 2024 Restritted funds 2024 Total funds 2024 Servlces & Welfare Income 2QO.848 2C)0.848 2ncome from Clvbs & Societies 389.944 389,9H 200,848 389.944 590.792 Income from other trading activities Income from fvndrolsing events Unrestricted funds 2025 Total funds 2025 Morketing Income Commercial hire of tronsportotion Other fundraising income 39.802 39.802 24,813 24.815 407 407 65.022 65,022 Unrestricted funds 2024 Total funds 2024 Marketlng Income Commercial hi￿ of transportation Other fundraising income 28.108 28.108 29.781 29,781 1,629 1.629 59.518 59,518 Pogè 50 Keele Universlty Student¥ Union Note5 to the Financiol Stotements For the Year Ended 31 July 2025 Income from other troding activities (continued) Income from non chorltuble trading octivitie5 Unrestricted funds 2025 Totol funds 2025 Trading Subsidiary income 3.683.355 3,683.355 Other Income 10.000 10.000 3.693,355 3.693.355 Unrestricted funds 2024 Toto funds 2024 Troding sub￿￿IdIOr￿ income 3.906.451 3.906,451 Investment income Unrestricted funds 2025 Total funds 2025 Investment income 6.105 6.105 Unrestrlcted funds 2024 Tota f unds 2024 Investment income 5,420 5.420 Page 51 Kèele University Students, Union Notes to the Finonciol Statements For the Year Ended 31 July 2025 Analysis of expenditure on charitable attivities Summary by fund type Unrestrlcted funds 2025 Restritted funds 2025 Total 2025 Services & Welfare 1.270.625 82.736 1,353.559 Clubs & Societies 441,752 441.752 SUSS Pension Costs 68.265 68.265 1.338.888 524.488 1.863.376 UnreStr￿cted funds 2024 Restricted funds 2024 Totol 2024 Services & Welfore 1.942.962 76.076 2,019.038 Clubs & Societie5 407.474 407,474 SUSS Pension Cost5 52.438 52,458 1.995.400 483.550 2,478,950 Summary by expenditvre type Staff Costs Depreciation 2025 2025 Other costs 2025 Total 2025 Services & Welfore 578.964 36.966 737,429 1.353.359 Clubs & Socleties 441,752 441.752 SUSS Penslon Costs 68,265 68.265 578.964 36.966 1.247.446 1.863,376 Poge 52 Keele University Students, Union Notes to the Financial Statements For the Yeor Ended 31 July 2025 Analysis of expenditure on choritable attivities (continued) Summory by expenditure type (continuedl Stoff costs 2024 Depreciotion 2024 Other c05tS 2024 Totol 2024 Services & Welfare 891.749 42.178 1.085.111 2,019.038 Clubs & Societies 407.474 407,474 SUSS Pension Cost 52.438 52.458 891.749 42.178 1.545,023 2.478,950 Analysis of expendbture by o¢tNities Activities undertoken directly 2025 Support costs Totol funds 2025 2025 Services & Welfore 351.118 1.002.241 1.353.359 441.752 Clubs & Societies 441.752 SUSS Pension Costs 68.265 68.265 861,135 1.002,241 1.863.376 Activities undertoken direthly Support costs 2024 2024 Total funds 2024 Services & Welfore 588.545 1.430.493 2,019.038 Clubs & S(Kieties 407.474 407.474 SUSS Pension Costs 52.438 52.438 1,048.457 1.430.493 2.478.950 Page 53 Keele Unlverslty Students, Unlon Note5 to the Financial Statements For the Year Ended 31 July 2025 Anolysis of expenditure by octivrties (continued) Analysis of direct costs Servlces & Welfare 2025 Clubs & SUSS Penslon Societies Costs 2025 Total funds 2025 2025 Staff costs 356,662 356.662 Depreciotion 18.483 Purchases (24.027) 441.752 68.265 485.990 551,118 441,752 68.265 861.135 Services & Welfore 2024 Clubs & SUSS Pension Societies Cost5 2024 2024 Totol fLJnds 2024 Stoff costs 326,191 326.191 Depreciotion 21.089 21.089 Purchases 241.265 407,474 52.438 701,177 588.545 407.474 52.438 1,048.457 PcJge 54 Keele University Students. Union Notes to the Financiol Statements For the Year Ended 31 July 2025 Anolysis of expenditure by octfvlties (continued) Anolysis of support costs Total funds 2025 Tatol f unds 2024 Stoff c05fS 222.302 565.558 Depreciotion 18.483 21.089 Administration 9.059 103,509 Finance 16.975 19,859 Rent 715.784 701.749 Audit fees & other govermnce 9.985 14.286 Faalities & premises 9.655 4.443 1.002.241 1.430.493 10. Net Income/(Expend¢ture) 2025 2024 Depreciation of tangible fixed assets Avditors remunerotion 106.877 113,750 9,500 9.500 Operating lease rentals 31.5n 43.999 147.948 167,249 Page 55 Keele Unlverslty Students, Unlon Note5 to the Financial Statements For the Year Ended 31 July 2025 11. Staff costs Group 2025 Group 2024 Charlty 2025 Chority 2024 Woges ond solaries Soc501 securlty costs Other pension costs 1.551.381 7.ll9.923 n5.081 953.409 131.108 121.179 70.423 79.020 97.146 119,046 68.280 84.604 1.779.635 1.980.',48 853.784 1.117.033 During the year, the group hos Incurred stoff restructuring costs of £nil (2024". £72.28n consisting of £nil (2024.. £44.265) redundoncy payments ond £nil (2024 - £28.022) of payments in lieu of notice. Redundancy costs totalling £nil (2024 - £44.265) are to be funded by Keele University. The overoge number of persons employed by the chority during the year was as follows: Group 2025 No. Group 2024 No. Trustees Permonent 47 S5 Student 47 50 90 109 No employee recelved remunerotlon amountlng to more thon £60,000 In elther yeor. The key monagement personnel of the Union comprise the trustees ond members of the senior manogemenl team which comprise the members of staff listed on the odministrative details poge Totol key monogernent remunerotion durlng the year omounts to £164.410 (2024.. £152.125). Poge 56 Keele University Students, Union Notes to the Financiol Stotements For the Year Ended 31 July 2025 12. Trustees, remuneratlon 2025 2024 Remunerotion 89.407 91,246 89.407 91.246 As outhorised under section 5.3 of the Articles of AsSOCiOtion. 5 (2024 - 7) of the trustees (or ony person5 connected with the￿) received remunerotion during the yeor as totalled obove. During the year. 5 (2024.. 3) were reimbursed a totol of £1.167 (2024- £254) trovelling expenses. 13. TangSble fixed assets Grovp Building improvement Motor vehicles Fixtvres and fittings Total Cost or valuatlon At l August 2024 H6.581 127.518 1.629.073 1203.172 Additions 19.651 19.651 Disposals 30) (130> At 31 July 2025 446.581 127.518 1.648.594 2.222.693 Depreclation At l August 2024 Charge for the year H6.$81 127.518 1.052.936 1.627.035 106.877 106,877 At 51 July 2025 446.581 127.518 1.159.813 1.733.912 Net book value At 31 July 2025 488.781 488.781 At 31 July 2024 576,137 576,137 Page 57 Keele Unlverslty Studentg Union Notes to the Financial Statements For the Year Ended 31 July 2025 13. Tangible fixed assets (continued) Charity Plont ond mochinery Motor ￿￿tureS and fittings Vehicles Total Cost or volutttion At 1 August 2024 446.581 127.518 917.045 1.491.144 Additions 19.651 19.651 Disposols (130) {150) At 31 July 2025 446.581 127.518 956.566 1.510.665 Oepredatlon At 1 August 2024 Chorge lor the year M6.581 127.518 838.583 1.412.682 29.238 29.238 At 31 July 2025 446.581 127.518 867.821 1.441,920 Net book value At 31 July 2025 68.745 68.745 At 31 July 2024 78.462 79.462 Puge 58 Keele University Studentg Union Notes to the Finonciol Statements For the Year Ended 31 July 2025 14. Fixed osset investments Investments in subsidiary componies charity C05t or valuation At 1 August 2024 100 At 31 July 2025 100 Net book value At 51 July 2025 100 At 31 July 2024 100 Principal sub3idiaries The following was o subsidiary undertaking of the chority.. Name Company nvmber Holding Included in consolidation Keele SU Troding Limited 11414142 100% Yes The financial results of the subsidlory for the yeor were". Name Income Éxpendtture Profit/{Loss) / Surplus/ (Deticlt) for the yeor Net ossets/ liobilities Keele SU Trading Limited a86&686 (3.821.622) 45.064 025.433) Poge 59 Keele Unlversity Students, Union Notes to the Financial Statements For the Yeor Ended 51 July 2025 15. Stocks Group 2025 Group 2024 Flnished goods 158.870 149,811 Charity The chority hos no Stock. 16. Oebtors Grovp 2025 Group 2024 Charity 2025 Charity 2024 Due within one year Trade debtors 29.073 33,831 3.180 8,904 Amounts owed by group undertakings Other debtor5 129.907 258.491 9.486 36.309 4.194 2,181 Prepayments ond accrued income 106.652 131949 27,094 78.574 145.211 203.089 164,375 348,150 Poge 60 Keele University Student< Unlon Notes to the Finoncial Stotements For the Year Ended 31 Jvly 2025 17. Creditors: Amounts falling due within one ueor Group 2025 Group 2024 Chorlty 2025 Charlty 2024 Other loons 110.273 109,735 50.000 50,ODO Trade creditors 178.899 182,418 52.556 39.959 Other taxotion ond sociol securlty 60.882 74,032 46.156 74.032 Other creditors 222.847 176.064 171.883 143,120 Accruols ond deferred income 239.022 533.821 121.609 253,200 811.923 876.070 422.184 560.311 Group 2025 Group 2024 Charity 2025 Charity 2024 Deferred income at 1 August 168.061 454.120 155.744 450,512 Aesources deferred during the year Amounts releosed from previous periods 108.196 168.061 73.184 153.744 (168.061) (454,120) 053.7M) (450.512) 108,196 168.061 73.184 153.744 Deferred income relotes to grant funding for 25/26 and income for student unlon events which will toke place In the 25/26 yeor.. Poge 61 Keele Unlversfty Students, Union Notes to the Flnanclal Statement$ For the Year Ended 51 July 2025 18. Creditors: Amounts folling due after more than one yeor Group 2025 Group 2024 Chority 2025 Charlty 2024 Other loons 378.259 492.140 50.000 100.000 Other credltors 1.267.979 1.316.003 1.267.979 1.316,003 1.646.258 1,808,143 1.317.979 1.416.003 The aggregote amount of liobililies poyoble or repoyable wholly or in port more thon five year5 Qfter the reporting date is.. Group 2025 Group 2024 Charity 2025 Chority 2024 Poyoble or repoyoble by instalments 984.906 1,070,883 984.906 1.070.883 984,906 1.070.883 984.906 1.070.883 Poge 62 Keele University Students, Union Notes to the Finonciol Statements For the Year Ended 31 July 2025 19. Statement of fund5 Statement of funds - current year Bolance at 1 August 2024 Transfers Balance at Jl in/out July 2025 Income Expenditure Unrestricted funds Generol Funds (412.811) 0.356.351) S.841.401 {5.716.n5) (6Q265) 008.624) 108.624 (396.749) (1.315.992) Pension Reserve V.769.162) 5.841.401 (5.784.980) (1.712.741) Restricted funds Internotiono1 Loon Fund 8.446 Sofety Bus Clubs &Sooeties 7.679 78.280 (82.736> 1223 197.706 421008 (441.752) 178.962 213.831 501.288 (524.488) 190.631 Total of funds 0.555.331) 6.342.689 (6.509.468) (1.522.110} Designated Funds Student opwrtunities - to inueose ond support porticipotion and engagement in student octlvitie& volunteering ond repre5entatiorL Restricted Fund5 Internationol Loon Fund - io provide old for overseos students wilh monetoru problems_ Safety Bus - to provide o free ond sofe tron5POrt for students who ottend Student union events and also picking up over5e05 Students. Clubs & Societies - funds are received from membership subscriptions ond chorges for activities ond events by individuol clubs ond societies. Monies collected ore used to support octiviries ond event5 hosted by those clubs ond societies. Any amounts unspent at the yeor end ore carried forward to the subsequent yeor for spending by each club ond society. The deficit corried forword on generol funds of £596.749 is expected to return to surplus in luture yeors as o result of the trading octivity through the Co op outlet. Poge 63 Keele Unlverslty Studentg Unlon Notes to the Financial Statements For the Year Ended 31 July 2025 19. Statement of funds (continved) Statement of fvnds- prior year 8olonce at 1 August 2023 Tronsfers Balance at in/ovt 31 July 2024 Income Expenditure Unrestricted funds Generol Funds (573,809) 6.356.783 (6.092.327) (52.438) 003,458) 103,458 (412,811) {7.356.351) Pension Fle5erve U.407.3n) (1.981.180) 6J56.783 (6.144,765) (1,769.162) Restricted funds Internotional Loon Fund 8.446 8.446 Sofety Bus Clubs & Societies 7.755 76.000 (76,076) (407 474) 7.679 215,236 389,944 197,706 251.437 465.944 (485.550) 213,851 Total of funds .749.743) 6,822,727 (6,628.315) (1.555,331) 20. Analysls of net assets between funds Analysis of net assets between funds - current year Unrestrlcted funds 2025 Aestrieted funds 2025 Total funds 2025 Tonglble flxed ossets 488,781 488.781 Current ossets 256.639 790.631 M7.270 Creditor5 due within one year Creditor5 due in more thon one yeor (811.9231 (811.925) 0.646.238) .646.238) Total (1.712,741) 190.631 (1.522.110) Poge 64 Keele University Students, Union Notes to the Finoncial Stotements For the Year Ended 51 July 2025 20. Analysis of net assets between funds (continued) Analysi5 of net ossets between funds - prior year Unre5trlcted funds 2024 Restricted fLJnds 2024 Total funds 2024 Tongible fixed ossets Current assets 576.137 576.137 338.914 213,831 552.745 Creditors due within one yeor Creditors due in more than one yeor (87&070) (1,808.145) (876.070) (1.808,143) 273,831 Total (1,769.162) (1.555.331) 21. Reconcillotion of net movement in funds to net cash flow from operatillg actlvities Group 2025 Group 2024 Net income for the year (os per Stolement of Finonciol Aaivilies) 33.221 194.412 (I Adjustments for: Depreciotion chorge5 Release of grant Dividends. interests ond rents from Investments Interest poyable (Increase) / decreose in stocks Decrease in debtor5 106.877 115.750 (3.608) (6.105) 3.869 (3.608) (5.420) 4.402 (9.059) 57.878 (8.002) 63.346 (Decreo5e) in creditors (116.187) (258.689) Net cosh provided by operating ortivit￿$ 66.886 100.191 Poge 65 Keele University Students. Union Notes to the Finonthol Statements For the Year Ended 31 July 2025 22. Analysis of cash and cosh equivolents Group 2025 Group 2024 Cash in hond 143.189 199.845 Total cash and cosh equlvolents 143.189 199.845 25. Analysls of changes in net debt At l August 2024 Other non- Cash flows cosh changes At 51 July 2025 Cash ot bonk ond In hond 199.845 (56.656) 143.189 Debt due within l year Debt due cjfter l yeor 009.735) 113.604 014.142) 113.881 10.273) {492.140) (378.259) (402.030) 56.948 (261) (345.343) 24. Pension commitments Oefined contribution schemes The Union operotes defined contributlons pension schemes The ossets of the schernes are held seFxJrately from those of the Union in on independently udministered funds. The pension cost chorge represents contributions payoble by the Union to the funds and omounted to £28.866 (2024". £34.442). Contributions totolllng £3.737 (2024.. £5.026) were poyable to the funds ot the bolance sheet date and are included in creditors. Defined benefit schemes The Union porticlpotes in the Students, Union Superonnuotion Scheme. which is o deftned benefit Scheme whose membership consists of emplouees of students. unions ond reloted bodies throughout the country. Benefits in respett of service up to 30 September 2003 are accrued on o -finol solory- basis. wlth benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Eornings (CARE) bosis. With effect from 30 September 2011 the Scheme closed to future occruol_ The most recent Valuation of the Scheme wos corried out os ot 30 June 2022 Dnd Showed that the morket volve of the Scheme's ussets W05 £119,000.000 with these ossets representing 44% of the value of benefits thot had accrued to member5 ofter Oilowing for expected fvlure increases in earnings. The deficit on an orFgoing fvnding basis amourTted to £156.000.000. Poge 66 Keele University Students, Union Notes to the Financlal Stotements For the Year Ended 51 July 2025 24. Pension commitments (continued) The ossurnptions which hove the most significant effect upon the results of the Valuotlon ore those relating to the role of return on investmen15 ond the rates of increase in solarles ond pensions. The 2022 voluation recommended o monthly contribution requirement by eoch porticipoting employer expressed in monetory terms to cleor the ongoing fynding deficit over a period of 15 yeors and will increose at 5% per year. These contribvtton5 also include on allowance for the cost of the ongoing odrninistrotiye and operotionol expenses of running the scheme_ These rates opplied from l October 2023 ond will be formully reviewed followlng the com ￿etion of the next voluation due an effective date of So June 2025. Surpluses ond deficits which orise with future voluotions will also impoct on ihe Union's future contribution commitment. See Note 17 and 18 for the liab"Jlity recognised under the currently ogreed deficit funding plon expiring September 2037. Liabilities ore shown on o discounted present volue bosi& In oddition to the obove contributions. the Union pays Its share of the scheme's levy to the Pension Prolection Fund. 25. Operating lease commitments At 31 July 2025 the Group ond the chority hod commilments to make future minimum lease poyments under non-concelloble operatlng leoses os follows.. Group 2025 Group 2024 Charity 2025 Chority 2024 Not later thon l year Loter thon 1 yeor ond not loter thon 5 yeors 3l765 43,237 5.580 19.782 23.682 46.908 55.447 90.145 5.580 19.782 26. Reloted party transactions During the yeor the Group hos received gront5 from Keele University of £1.326.331 (2024." £1.479.189) and mode soles to the University of £51.585 (2024." £19.589). A bolonce of £333 (2024: £48.965) wos owed from the University ot the yeor-erid. The Union hos olso mode purchoses during the year of £Nil (2024.. £1.429)- A balonce of £Nil (2024-. £8) wos owed to the University al the yeor-end. Aent ond overhead costs hove olso been donoted by Keele University omountlng to £715.784 (2024.. £701.749). Mrs H Brown. spouse of D Brown. Chief Operoting Officer. is employed by the Union. Mrs H Brown is poid within the normal poy scole for her role ond re￿iVed no special treolment os a result of her relotionship to Key Monogemenl. Poge 67