**Registered number: 12592489 Charity number: 1189548**
## **THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 10|
|**Independent auditors' report on the financial statements**|11 - 14|
|**Consolidated statement of financial activities**|15|
|**Consolidated balance sheet**|16 - 17|
|**Charity balance sheet**|18 - 19|
|**Consolidated statement of cash flows**|20|
|**Notes to the financial statements**|21 - 44|
**THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025**
|**Trustees**|N Thompson, External Trustee|
|---|---|
||A Yafele, External Trustee|
||D Harvey, External Trustee|
||F Farha, Sabbatical Trustee (resigned 11 July 2025)|
||E C Isaiah, Sabbatical Trustee|
||G E Ehiosun, Sabbatical Trustee (resigned 11 July 2025)|
||J Ononiwu, Sabbatical Trustee|
||B Young, Student Trustee (resigned 31 August 2024)|
||O Aikohi, Student Trustee|
||A Caton-Bradley, Student Trustee (appointed 1 September 2024)|
||A Ghicavaia, Student Trustee (appointed 1 September 2024, resigned 31 August
2025)|
||S Hutchings, External Trustee (appointed 1 August 2024)|
||S Morris, Student Trustee (appointed 1 September 2024)|
||R Hayes, External Trustee (appointed 1 August 2024)|
||O Fola Akande, Student Trustee (appointed 14 July 2025)|
||A Kuriwal, Student Trustee (appointed 8 September 2025)|
||V S Okupevi, Sabbatical Trustee (appointed 14 July 2025)|
|**Company registered**
**number**
12592489
**Charity registered**
**number**
1189548
**Registered office**
The Student Centre
Bournemouth University
Poole
BH12 5BB
**Company secretary**
J Harris (appointed 7 May 2025)
M Mannion (resigned 7 May 2025)
**Senior Management**
A Squire, CEO (appointed 19 August 2024)
H West, Interim CEO (resigned 21 August 2024)
J Harris, Director of Operations and Governance
M Koseva, Director of Strategy and Development
A Dove, Director of Commerical Services
J Raggett, Director of Finance
**Independent auditors**
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ||
Page 1
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
**TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025**
The Trustees present their report and the financial statements of the charity for the period ended 31 July 2025. The charity incorporated 07 May 2020, registered at the Charity Commission 19 May 2020 and commenced trade 29 August 2020.
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2025. The trustees have adopted the provisions of 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 Trustees of the Student’s Union at BU Ltd (“SUBU”) present their annual report and audited accounts for the year ended 31 July 2025 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).
## **Objectives and activities**
## **a. Policies and objectives**
The objects of the charity are the advancement of education of students at Bournemouth University for the public benefit by:
- Promoting the interests and welfare of students at Bournemouth University during their course of study and representing, supporting and advising students;
- Being the recognised representative channel between students and Bournemouth University 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.
## **b. Strategies for achieving objectives**
Whilst pursuing our aims and objectives and providing various activities for our members SUBU seeks at all times to be a leading Student Union that helps our students to create the best university experience for themselves, their community, and their future through:
- Facilitating high quality opportunities to develop and evidence transferable life skills that will empower student to succeed;
- Providing students a wide variety of visible and inclusive opportunities to support them in their studies, to make friends, create lifelong networks and have fun; and
- Being fully informed and student-led, working with students to ensure they are supported, their voice is heard, and together we will make a positive impact – locally, nationally, and globally.
Page 2
## **THE STUDENTS' UNION AT BU LTD**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Objectives and activities (continued)**
## **c. Activities undertaken to achieve objectives**
To support these aims SUBU provides a variety of services and activities for students include:
- Advice Service: to provide free, independent advice and information for BU students on a wide range of academic and non-academic issues;
- Student Voice and Insight: ensuring student feedback through Student Reps and sector insight drives SUBU's work and ensures the BU student experience is the best it can be;
- Student Opportunities: providing a wealth of extracurricular opportunities for students including clubs and societies, volunteering (locally, nationally and over-seas), community involvement and sustainability;
- Democracy and Campaigns: providing students with the opportunity to have a direct say over the activities of the Union through student-led democracy. Also supporting Liberation Campaigns and student communities to create opportunities for marginalised student communities;
- Commercial Services: including an entertainment venue, bar and kitchen, café and convenience store, as well as fundraising and sponsorship activities throughout the year; and
- Lansdowne: SUBU’s satellite site on the Lansdowne Campus.
In addition to these student facing departments, SUBU as a whole is supported by a range of staff responsible for Finance, Communications, Strategic Development, HR and Health and Safety, and Corporate Governance.
## **d. Main activities undertaken to further the Charity's purposes for the public benefit**
The Trustee Board has given due consideration to Charity Commission published guidance on the operation of the public benefit requirement when reviewing the Charity's aims and objectives and planning future objectives.
The activities that SUBU undertakes in relation to Public Benefit include:
- The creation and maintenance of an Academic Representation framework, so that through it SUBU may best facilitate positive change with the University on academic quality;
- The operation of an Advice service, available to all students at the University, to provide support for academic, welfare, housing and financial issues; and
- The provision of support to all University of Bournemouth student led societies and groups. Societies supported include those related to academic studies, charitable causes, fitness, media, politics, international and faith.
## **Achievements and performance**
## **a. Main achievements of the Charity**
SUBU has been awarded Best Students’ Union in the South West in the 2025 WhatUni Student Choice awards, which is the second consecutive year achieving this success. We additionally ranked in the top 25 nationally in the same awards, establishing SUBU as a nationally recognised leader in the sector.
Our performance in the National Student Survey has also increased, with student satisfaction with SUBU improving by 3.9 points to 76.2%. This score places SUBU above the national benchmark and a greater rate of improvement compared to the sector average.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
## Student Voice
Our Student Voice functions are a key part of enhancing SUBU’s relevance to students, representing our members and encouraging student membership. Student engagement with our initiatives to collect feedback and represent other students has shown a steady increase in general since 2022, when participation is looked at as a proportion of the whole BU student population.
SUBU’s online feedback tool SimOn is our regular student voice mechanism, used by Student Reps and individual students, to provide feedback on all aspects of their university experience, from assignment briefs, teaching quality and their timetables, to university buses, campus catering and their library provisions. Tailored SimOn feedback reports are provided to Student Reps and our Full and Part Time Elected Officers, so that the student experience is effectively represented and discussed at all levels of BU’s meetings and committees, enabling enhancements and strategic projects to positively benefit students and implement best practice. Up to April 2025 we saw almost 13,800 student comments submitted to our SimOn tool.
In addition to the ongoing student feedback received through SimOn throughout the year, SUBU delivers a range of student voice campaigns to shape its work and drive projects that respond directly to student needs.
A key initiative is Speak Week, which runs twice annually and is designed to gather feedback on issues that are both important to students and strategically relevant for SUBU. At 1,884 participants, this year’s Speak Week initiatives achieved our highest response level in recent history, representing a 14% increase in participants from the previous year and a 246% increase since 2022.
## Advice
SUBU Advice is accredited by AQS (Advice Quality Standard) and provides independent, non-judgmental, and confidential advice while giving holistic support across areas of student life.
To May 2025, the team supported over 1,361 students and solved circa 1,500 cases, advising on a range of matters – from academic issues, such as exceptional circumstances and academic offence panel support to financial support, including food poverty and household bills.
SUBU Advice helped students in urgent need receive over £3,500 in small emergency grants, while hundreds of students were offered food donations through our Community Kitchen.
We saw increased use and demand for the SUBU Community Kitchen and Supper Club initiatives, set up due to the escalating cost of living faced by many students. These initiatives remain an essential resource for students struggling financially. The team have expanded the initiative and opened a Community Garden in May 2025, to offer an additional means for student community to access food. Funded through grants and donations, it focuses on students growing food at Bournemouth University, aiming to inspire and engage students, staff, and even the local community. It serves as a vibrant space for various activities, including monthly supper clubs, open days, plant sales, workshops, team days, and more. The mission of the Community Garden encompasses several key objectives: supplying the Community Kitchen with organically grown fruits and vegetables, enhancing the student experience by offering unique volunteering opportunities, providing a range of workshops, events, and wellness opportunities to create a sense of belonging.
By enhancing the SUBU Advice dashboards, the team has gained valuable insights into the emerging issues students are facing, allowing for collaboration across university teams to identify trends and develop prevention strategies. Delivered by a dedicated and qualified team, SUBU’s Advice Service has demonstrated exceptional commitment and excellence throughout the year, addressing critical student concerns while fostering a spirit of community and belonging. As we move forward into the next academic year, our focus remains on enhancing support services to ensure every student feels valued and connected
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
## Democracy
Delivered through our Democracy function, fair and exciting election campaigns are a key priority for SUBU and a way to support our relevance to students. This year’s Full-Time Officers elections saw 28 impressive candidates campaigning, with 1,655 students (12.5% of SUBU’s members) casting a remarkable 6,089 votes to elect their Officers for 2025-26.
## Communications
The Communications Team at SUBU plays a pivotal role in delivering a wide range of messages to the student body at BU, developing creative and impactful approaches to student engagement throughout the academic year. By working closely with student creators and influencers, they have consistently supported key initiatives and have produced content across a variety of platforms, helping to reach a diverse audience of over 14,000 students. This year’s Freshers’ digital campaign saw our Instagram account reach increase by 38% when compared to last year.
A key focus of our communications strategy looks at using our channels more tactically to help students better understand the value and impact of our work. As part of this shift, we’ve made more effort to highlight the services we offer and our key achievements. This approach aims to build greater awareness of the essential work carried out by the Students' Union.
The Communications Team has been working to strengthen our partnership with the university’s Marketing and Communications department. We have contributed to the university’s recruitment campaigns, helping to highlight what sets Bournemouth University apart. This particularly focuses on our unique location and the opportunities offered through the Students’ Union, which remain key selling points.
Following our pioneering communications work with student content creators over recent years, we have now invested in a team of 12 part-time student content creators who reflect our overall student population. We have extended our social media strategy to focus on trends and build engagement across our TikTok channel, whilst providing an authentic view to student life at Bournemouth University to assist with student recruitment. As a result, we have seen engagement on our TikTok channel grow by over 300% this year.
We have refreshed SUBU’s visual identity to ensure it remains relevant and engaging for students. This evolution includes updates to our logo, colour palette, core messaging, website, and visual assets to better reflect who we are and help us communicate our offer more effectively.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Achievements and performance (continued)**
## **Financial review**
## **a. Financial review**
The principle funding sources are derived from the trading subsidiary, SUBU Trading Ltd, and the Student Union’s bar, café and shop facilities alongside the Block Grant provided by Bournemouth University. The Block grant is predetermined annually by the University and contributes to the resources used in achieving SUBU’s charitable objectives. During the academic year 2024/25 the grant awarded was £1.188m (2024: £1.250m). This alongside rent and service-free occupation of Bournemouth University facilities supports SUBU in achieving its various activities.
As at 31 July 2025 the Group, comprised of the Student’s Union at BU Limited and SUBU Trading Ltd (“the Group”) had generated £4,190,467 of income by way of grants and trading income (2024: £4,384,396). Whilst Commercial Services saw increased footfall during the year, sales still remain below pre-pandemic levels. A Commercial Review Group continues to meet on a monthly basis. An external Financial Governance Review was undertaken during July 2024 with findings shared with BU & the Board of Trustees, recommendations have either been fully implemented or are being worked on & implemented where relevant.
The strain of cost of living, increased costs of goods, and changing consumer behaviours, has affected Commercial Services profits, and the year ended with a deficit of £87,056 (2024: £112,575).
As indicated on the consolidated balance sheet, unrestricted reserves, stood at £536,993 (2024: £707,706). The overall financial position at the balance sheet date reflects what will be a continuing reliance of the Union on the support of Bournemouth University as well as the income from our commercial services. Bournemouth University confirmed its willingness to continue its support for the Union, through grant funding for the year ending 31 July 2026, subject to block grant conditions.
As at 31 July 2025, the Union had a consolidated surplus reserve of -£133,046 (2024: -£45,990). The Union's policy is to maintain sufficient unrestricted free reserves, as per the Reserves Policy, to cover committed salary and operating costs for a period of three months as well as redundancy costs and other committed liabilities, by means of judicious management of our assets. The value of reserves relating to tangible fixed assets that would be required to be sold to release the reserves is £61,958. Included within reserves is our element of the SUSS multi-employer pension scheme deficit, as set out in Note 25, and the result of this is to decrease our overall reserves by the deficit in this fund of £670,039 (2024: £753,696). There is a Recovery Plan in place for full repayment by 2032. These repayments are included in our expense calculations and as such are not considered to affect our reserves policy level. The charity's overall deficit position on the reserves has only occurred by recognising the pension scheme liability which is subsequently being met under the agreed payment plan. On this basis, we continue to present the financial statements on a going concern basis.
## **b. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **c. Reserves policy**
The reserves policy has been developed, and will be reviewed as necessary, by SUBU’s Trustees, taking into account:
- the Charity Commission’s guidance in Charity Reserves - building resilience;
- the Union’s Strategic Plan;
- the Combined Risk Register of both the Union and SUBU Trading Ltd with specific reference to financial risks, as revised from time to time;
- the latest reports and accounts for both the Union on a consolidated basis and SUBU Trading Ltd;
- current annual budgets for both the Union and SUBU Trading Ltd; and
- current year management accounts prepared at minimum on a quarterly basis.
SUBU has identified that the reserves required to meet the working capital requirements of the charity are three months of expenditure (salaries and operating budgets, plus redundancy costs as well as other committed liabilities). The Trustees are confident that this level of unrestricted funds not committed or invested in tangible fixed assets would allow the charity to continue the current activities for at least one year in the event that any of the commercial facilities were wound up or there was a significant drop in funding from Bournemouth University.
## **d. Investment policy**
The charity’s current aim is to retain a prudent amount in reserves each year with the expectation that most of the funds received or generated will be spent in the short-term. Therefore, there are no long term investment plans.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management**
## **a. Constitution**
SUBU operates as a charitable company, with Articles of Association (“the Articles”) as its governing document, together with bye-laws made under the Articles.
## **b. Methods of appointment or election of Trustees**
Trustees are appointed in accordance with the Articles and relevant bye-laws. The Articles provide for the appointment of up to 6 officer Trustees to be elected by secret ballot in accordance with Union bye-laws, and for the appointment of up to 6 Student Trustees, and 6 external Trustees by an Appointments Committee.
Officer Trustees and Student Trustees receive an induction in the role, responsibilities and duties of Trustees. Officer Trustees also receive an induction and extensive specialist training on their roles as full- time officers, delivered both internally and by external organisations. External Trustees receive inductions and briefings as required.
## **c. Organisational structure and decision-making policies**
Under the Articles, the Board of Trustees are responsible for the management and administration of the Union, including its governance, budget and strategy. The Board has power to overrule any decision or policy of the members made in general meeting, in referenda or at Student Members meeting, where it is considered there are financial implications, a breach of legal requirements, a contravention of the Union’s aims and objects or the carrying out of the Board’s responsibilities as above are affected. In the reporting year, the Board of Trustees had four meetings (excluding Committee meetings).
The Trustees have power to delegate their functions to committees or individuals. There are two standing committees, as provided for in the Articles, which are responsible for the functions set out in the relevant Union bye-laws or terms of reference. These are the Human Resources Committee and the Audit and Risk Committee. In the reporting year, the Human Resources Committee met twice and the Audit and Risk Committee held four meetings. An Appointments Committee, as provided for in the Articles, responsible for the appointment of external and Student Trustees, met once.
Day to day management of the operation and administration of SUBU is delegated by the Trustees to the Chief Executive Officer (“CEO”). The CEO is responsible for ensuring that the Charity delivers on the aims and objectives of the Charitable Company. The Senior Leadership and Management Teams work alongside the CEO taking responsibility for the day to day operations of SUBU and its trading subsidiary, individual supervision of employees and ensuring the team continue to develop their skills and working practices in line with good practice. The CEO reports to Trustees at each Board of Trustees’ meeting, and as necessary between meetings and to the Committees of the Board.
## **d. Policies adopted for the induction and training of Trustees**
Officer Trustees and Student Trustees receive an induction in the role, responsibilities and duties of Trustees. Officer Trustees also receive an induction and extensive specialist training on their roles as full- time officers, delivered both internally and by external organisations. External Trustees receive inductions and briefings as required.
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**THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Structure, governance and management (continued)**
## **e. Related party relationships**
SUBU acts as custodian for funds raised by the students’ many clubs and societies and these funds are separately identified in the accounts. A balance of £61,879 is held for these third parties at the end of the year.
## **f. Financial risk management**
The Trustees are responsible for the management of the risks faced by SUBU through the strategic risk register, which the Audit and Risk Committee review in detail at each meeting, and which is subsequently reviewed by the Board. Operational risks are managed at a team level with mitigations controlled through operational planning. The University is a significant funder of the charity and we work in partnership with the University to deliver ever improving services for the students. The relationship is maintained by developing close working relationships with senior members of the University team by our trustees, particularly the Full Time Officers, and by the Senior Leadership Team.
The financial sustainability of the Union, in terms of it’s reliance on the commercial services to boost block grant income, remains the principle risk to the Union.
## **g. Arrangements for setting pay and remuneration of key management personnel**
Pay reviews take place on an annual basis. Whether or not a pay increase is awarded, will depend on the financial position of the Organisation at the time. Employees will not receive an incremental pay increase upon earning further skills documented on the skills matrix until the designated annual pay review. There are three key steps to our pay policy and how we arrive at a figure that will be applied:
1) Data Analysis 2) Cost of Living
- 3) Affordability
The above will be decided by the organisations Remuneration Committee that will be made up from the CEO, a Trustee Appointed by the Trustee Board (usually the HR Trustee) and the Director of Operations & Governance.
## **Plans for future periods**
The financial year ending 31 July 2025 continued to be challenging and the current financial position going into the new academic year has little tolerance due to the changing habits of students post-pandemic and our continued reliance on commercial operations to supplement the University Block Grant. Careful budgeting remains a priority to ensure the longer-term financial sustainability of the Union and to ensure this a zero based method was introduced. SUBU will continue to review costs and consider Key Performance Indicators to help monitor activity to ensure the most efficient use of the grant it receives.
SUBU’s 2025/26 Strategic Priorities form our response to the evolving student expectations, as well as the university’s current challenges, emerging student experience priorities, and Access and Participation Plans.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025**
## **Statement of Trustees' responsibilities**
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 judgments 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.
## **Disclosure of information to 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 and to establish that the auditors are aware of that information.
## **Auditors**
The auditors, Griffin, have indicated their willingness to continue in office. 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|on|
|---|---|---|---|---|---|---|---|---|---|---|
|_________________________________________________|||||and|signed|on their behalf|by:|||
||||`10/04/2026`||||||||
## **E C Isaiah**
Chair of Trustees
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STUDENTS' UNION AT BU LTD**
## **Opinion**
We have audited the financial statements of The Students' Union At BU Ltd (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- 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 Charities Act 2011.
## **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 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's or the 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 STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STUDENTS' UNION AT BU LTD (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
- the parent charitable company has not kept sufficient accounting records; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the 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.
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**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STUDENTS' UNION AT BU LTD (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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:
Our audit procedures have reviewed for evidence of management override, any ongoing legal cases, completeness of related party transactions, as well as ongoing consideration of fraud and irregularities during the whole audit process.
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 trustees, as a body, in accordance with 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 trustees 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.
Page 13
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STUDENTS' UNION AT BU LTD (CONTINUED)**
**Laura Waycott FCA (Senior statutory auditor) for and on behalf of Griffin** Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ
## Date:
Griffin are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 14
## **THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
**Total income**
**Expenditure on:**
Raising funds
8
Charitable activities
9
**Total expenditure**
**Net expenditure**
Transfers between funds
20
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**42,214**
**42,214**
**(42,214)**
**125,871**
**83,657**
**(753,696)**
**83,657**
**(670,039)**|**Unrestricted**
**funds**
**2025**
**£**
**1,718,699**
**1,110,279**
**1,359,816**
**1,673**
**4,190,467**
**1,198,501**
**3,036,808**
**4,235,309**
**(44,842)**
**(125,871)**
**(170,713)**
**707,706**
**(170,713)**
**536,993**|**Total**
**funds**
**2025**
**£**
**1,718,699**
**1,110,279**
**1,359,816**
**1,673**
**4,190,467**
**1,198,501**
**3,079,022**
**4,277,523**
**(87,056)**
**-**
**(87,056)**
**(45,990)**
**(87,056)**
**(133,046)**|_Total_
_funds_
_2024_
_£_
_1,745,065_
_1,152,904_
_1,485,448_
_979_
_4,384,396_
_1,324,216_
_3,172,755_
_4,496,971_
_(112,575)_
_-_
_(112,575)_
_66,585_
_(112,575)_
_(45,990)_|
|---|---|---|---|---|
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 15
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee) REGISTERED NUMBER: 12592489**
**CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2025**
|**Note**
**Fixed assets**
Tangible assets
13
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
18
**Net assets excluding pension liability**
Defined benefit pension scheme liability
22
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds excluding pension asset
20
Pension reserve
20
Total restricted funds
20
Unrestricted funds
20
**Total funds**|**62,295**
**55,221**
**590,189**
**707,705**
**(230,932)**
**-**
**(670,039)**|**2025**
**£**
**61,958**
**61,958**
**476,773**
**538,731**
**(1,738)**
**536,993**
**(670,039)**
**(133,046)**
**(670,039)**
**536,993**
**(133,046)**|_76,343_
_85,257_
_687,264_
_848,864_
_(216,627)_
_-_
_(753,696)_|_2024_
_£_
_87,597_
_87,597_
_632,237_
_719,834_
_(12,128)_
_707,706_
_(753,696)_
_(45,990)_
_(753,696)_
_707,706_
_(45,990)_|
|---|---|---|---|---|
Page 16
# **THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee) REGISTERED NUMBER: 12592489**
# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025**
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
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 on _________________________________________________ and signed on their behalf by: `10/04/2026`
## **E C Isaiah**
Chair of Trustees
The notes on pages 21 to 44 form part of these financial statements.
Page 17
## **THE STUDENTS' UNION AT BU LTD (A company limited by guarantee) REGISTERED NUMBER: 12592489**
## **CHARITY BALANCE SHEET AS AT 31 JULY 2025**
|**Note**
**Fixed assets**
Tangible assets
13
Investments
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension liability**
Defined benefit pension scheme liability
22
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds excluding pension liability
20
Pension reserve
20
Total restricted funds
20
Unrestricted funds
20
**Total funds**|**42,995**
**36,069**
**527,105**
**606,169**
**(326,102)**
**-**
**(670,039)**|**2025**
**£**
**21,002**
**1**
**21,003**
**280,067**
**301,070**
**301,070**
**(670,039)**
**(368,969)**
**(670,039)**
**301,070**
**(368,969)**|_53,390_
_46,081_
_490,990_
_590,461_
_(153,715)_
_-_
_(753,696)_|_2024_
_£_
_31,440_
_1_
_31,441_
_436,746_
_468,187_
_468,187_
_(753,696)_
_(285,509)_
_(753,696)_
_468,187_
_(285,509)_|
|---|---|---|---|---|
The Charity's net movement in funds for the year was _£_ (83,460) _(2024 - £(273,806))_ .
Page 18
# **THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee) REGISTERED NUMBER: 12592489**
# **CHARITY BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025**
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 151 of the Charities Act 2011.
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 on _________________________________________________ and signed on their behalf by: `10/04/2026`
**E C Isaiah** Chair of Trustees
The notes on pages 21 to 44 form part of these financial statements.
Page 19
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Defined benefit pension liability movement
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 21 to 44 form part of these financial statements|**2025**
**£**
**(3,550)**
**1,673**
**(11,541)**
**(83,657)**
**(93,525)**
**-**
**(97,075)**
**687,264**
**590,189**|_2024_
_£_
_55,198_
_979_
_(8,249)_
_(65,876)_
**(73,146)**
**-**
**(17,948)**
_705,212_
_687,264_|
|---|---|---|
Page 20
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **1. General information**
The Students Union at BU Limited is a private company limited by guarantee registered in England and Wales, registration number 12592489 (company) and 1189548 (charity). The registered office is The Student Centre, Bournemouth University, Fern Barrow, Poole, BH12 5BB.
## **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 Students' Union At BU Ltd 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 balance sheet consolidate the financial statements of the Charity 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 financial statements are prepared in pound sterling.
## **2.2 Going concern**
Due to the recognition of the multi-employer pension-scheme deficit as a result of FRS102 requirements, the charity presents a negative statement of financial position. The pension deficit liability is being met by way of an agreed recovery repayment plan, established under the previous unincorporated charity and this has been in successful operation for several years. The annual repayment requirement is currently being met within the working capital of the charity.
With continued support from Bournemouth University being agreed, and the breadth of information currently available to the Trustees, it is considered appropriate to prepare the financial statements on the going concern basis.
Page 21
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## **2.4 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.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 22
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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.
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 basis:
|Fixtures and fittings|-|25% straight-line|
|---|---|---|
|Computer equipment|-|25% straight-line|
## **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.
Page 23
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.11 Liabilities**
Liabilities and provisions 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 Charity 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.
## **2.12 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.
## **2.13 Pensions**
## SUSS
The Union participates in the Student 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 the Union. Under the terms of FRS 102 in these circumstances, contributions are accounted for as if the scheme were a defined contribution scheme based on actual contributions paid through the year. This scheme was frozen to new contributions in September 2011. The scheme was inherited as part of the transfer from the previous unincorporated charity The Students’ Union at Bournemouth University.
## AEGON
The Union also participates in AEGON. This is a defined contribution scheme and as such only the amounts recorded as paid during the year are shown. No further liability is attributable with this type of scheme.
Page 24
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **2. Accounting policies (continued)**
## **2.13 Pensions (continued)**
NEST
As required by the Government's auto enrolment policy, the Union participates in a NEST defined contribution scheme and as such only the amounts recorded as charged during the year are shown. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
## **2.14 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees for the general objectives of the Group and which have not been designated for other purposes.
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 judgment**
Estimates and judgments 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 Charity 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.
- Discounting of SUSS deficit contribution liability payments (note 25) The discount rate used, as disclosed in note 25, is the Bank of England gilt curve + 1.5% pa, linearly changing over a term of 13 years to Bank of England gilt curve + 0.25%.
- Depreciation is calculated on the fixed assets of the Students Union at BU Ltd. This depreciation amount is calculated based on the estimated useful economic life of the assets.
Page 25
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
Donations
531,199
Grants
1,187,500
1,718,699
_Unrestricted_
_funds_
_2024_
_£_
Donations
_495,065_
Grants
_1,250,000_
_1,745,065_|**Total**
**funds**
**2025**
**£**
**531,199**
**1,187,500**
**1,718,699**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_495,065_
_1,250,000_
_1,745,065_|
The donation of serviced accomodation is the estimated value of the services provided by the University free of charge to the Union. These include use of premises and related services.
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2025**
**£**
Bar, Shop and Cafe income
944,622
Marketing income
82,426
Sundry income
83,231
1,110,279|**Total**
**funds**
**2025**
**£**
**944,622**
**82,426**
**83,231**
**1,110,279**|
|---|---|
Page 26
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **5. Income from charitable activities (continued)**
|Bar, Shop and Cafe income
Marketing income
Sundry income
**6.**
**Income from other trading activities**
**Income from trading subsidiary**|_Unrestricted_
_funds_
_2024_
_£_
_1,056,747_
_67,205_
_28,952_
_1,152,904_|_Total_
_funds_
_2024_
_£_
_1,056,747_
_67,205_
_28,952_
_1,152,904_|
|---|---|---|
||||
|**Unrestricted**
**funds**
**2025**
**£**
Trading activities
1,359,816
_Unrestricted_
_funds_
_2024_
_£_
Trading activities
_1,485,448_|**Total**
**funds**
**2025**
**£**
**1,359,816**
_Total_
_funds_
_2024_
_£_
_1,485,448_|
|---|---|
Page 27
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **7. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Investment income
426
Interest receivable
1,247
1,673
_Unrestricted_
_funds_
_2024_
_£_
Investment income
_979_|**Total**
**funds**
**2025**
**£**
**426**
**1,247**
**1,673**|
|---|---|
||_Total_
_funds_
_2024_
_£_
_979_|
Page 28
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **8. Expenditure on raising funds**
## **Expenditure of trading company**
|**Unrestricted**
**funds**
**2025**
**£**
Bar operating costs
830,670
Wages and salaries
313,627
NI
15,445
Pension costs
12,057
1,171,799
_Unrestricted_
_funds_
_2024_
_£_
Bar operating costs
_952,816_
Wages and salaries
_319,783_
NI
_11,804_
Pension costs
_11,750_
_1,296,153_|**Total**
**funds**
**2025**
**£**
**830,670**
**313,627**
**15,445**
**12,057**
**1,171,799**
_Total_
_funds_
_2024_
_£_
_952,816_
_319,783_
_11,804_
_11,750_
_1,296,153_|
|---|---|
Page 29
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **8. Expenditure on raising funds (continued)**
## **Other trading expenses**
|**Unrestricted**
**funds**
**2025**
**£**
Cost of sales
1,447
Administration expenses
1,381
Administration depreciation
23,874
26,702|**Total**
**funds**
**2025**
**£**
**1,447**
**1,381**
**23,874**
**26,702**|
|---|---|
## **Other trading expenses (continued)**
|Cost of sales
Administration expenses
Administration depreciation|_Unrestricted_
_funds_
_2024_
_£_
_681_
_441_
_26,941_
_28,063_|_Total_
_funds_
_2024_
_£_
_681_
_441_
_26,941_
_28,063_|
|---|---|---|
## **9. Analysis of expenditure by activities**
|Student services
Shop and bar
Marketing|**Activities**
**undertaken**
**directly**
**2025**
**£**
788,704
522,972
18,716
1,330,392|**Support**
**costs**
**2025**
**£**
1,367,733
380,897
-
1,748,630|**Total**
**funds**
**2025**
**£**
**2,156,437**
**903,869**
**18,716**
**3,079,022**|
|---|---|---|---|
Page 30
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **9. Analysis of expenditure by activities (continued)**
|Student services
Shop and bar
Marketing|_Activities_
_undertaken_
_directly_
_2024_
_£_
_676,431_
_542,269_
_13,614_
_1,232,314_|_Support_
_costs_
_2024_
_£_
_1,579,443_
_360,998_
_-_
_1,940,441_|_Total_
_funds_
_2024_
_£_
_2,255,874_
_903,267_
_13,614_
_3,172,755_|
|---|---|---|---|
## **Analysis of support costs**
|Staff costs
Depreciation
Insurance
Office costs
Rent and overheads
Repairs and renewals
Other staff costs
Legal and professional fees
Additional clubs and societies costs
Governance costs|**Student**
**services**
**2025**
**£**
944,876
-
28,013
23,257
163,607
25,317
32,768
58,613
54,103
37,179
1,367,733|**Shop and**
**bars**
**2025**
**£**
-
13,305
-
-
367,592
-
-
-
-
-
380,897|**Total**
**funds**
**2025**
**£**
**944,876**
**13,305**
**28,013**
**23,257**
**531,199**
**25,317**
**32,768**
**58,613**
**54,103**
**37,179**
**1,748,630**|
|---|---|---|---|
Page 31
**THE STUDENTS' UNION AT BU LTD**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Staff costs
Depreciation
Insurance
Office costs
Rent and overheads
Bad debt provision
Repairs and renewals
Other staff costs
Legal and professional fees
Governance costs|_Student_
_services_
_2024_
_£_
_1,131,253_
_-_
_38,356_
_27,628_
_147,019_
_-_
_24,225_
_80,603_
_80,323_
_50,036_
_1,579,443_|_Shop and_
_bars_
_2024_
_£_
_-_
_9,937_
_-_
_-_
_348,046_
_3,015_
_-_
_-_
_-_
_-_
_360,998_|_Total_
_funds_
_2024_
_£_
_1,131,253_
_9,937_
_38,356_
_27,628_
_495,065_
_3,015_
_24,225_
_80,603_
_80,323_
_50,036_
_1,940,441_|
|---|---|---|---|
|**10.**
**Auditors' remuneration**
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts
**11.**
**Staff costs**
**Group**
_Group_
**2025**
_2024_
**£**
_£_
Wages and salaries
**1,705,326**
_1,695,094_
Social security costs
**127,138**
_113,053_
Contribution to pension schemes
**105,550**
_125,523_
**1,938,014**
_1,933,670_|**2025**
**£**
**9,030**
**Charity**
**2025**
**£**
**1,391,699**
**111,693**
**93,493**
**1,596,885**|_2024_
_£_
_8,600_
_Charity_
_2024_
_£_
_1,375,311_
_101,249_
_113,773_
_1,590,333_|
|---|---|---|
Included within staff costs are redundancy payments of £Nil relating to 0 employee (2024 - £2,333 to 1 employee)
Page 32
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **11. Staff costs (continued)**
The average number of persons employed by the Charity during the year was as follows:
|Student Services
Shop and bars|**Group**
**2025**
**No.**
**42**
**133**
**175**|_Group_
_2024_
_No._
_43_
_172_
_215_|**Charity**
**2025**
**No.**
**42**
**40**
**82**|_Charity_
_2024_
_No._
_43_
_24_|
|---|---|---|---|---|
|||||_67_|
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|**1**|_1_|
|In the band £70,001|- £80,000|**1**|_-_|
The total amount of employee remuneration and benefits received by key management personnel (including employer's pension costs) was £314,723 (2024 - £279,455).
Page 33
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **12. Trustees' remuneration and expenses**
During the year, Sabbatical Trustees have been paid remuneration from an employment with the Charity. The Trustees' remuneration and other benefits received was a total of £107,433 (2024 - £104,137) which includes employer's pension costs.
|||**2025**|_2024_|
|---|---|---|---|
|||**£**|_£_|
|O Fola Akande|Remuneration|**1,346**|_-_|
|N V Deka|Remuneration|**-**|_23,588_|
||Pension contributions paid|**-**|_567_|
|C A Dike|Remuneration|**-**|_25,106_|
||Pension contributions paid|**-**|_611_|
|V S Okupevi|Remuneration|**769**|_-_|
|F Farha|Remuneration|**25,506**|_26,413_|
||Pension contributions paid|**531**|_554_|
|H Tyack|Remuneration|**-**|_23,688_|
||Pension contributions paid|**-**|_477_|
|E C Isaiah|Remuneration|**26,789**|_1,251_|
||Pension contributions paid|**529**|_-_|
|G E Ehiosun|Remuneration|**24,782**|_1,045_|
||Pension contributions paid|**479**|_-_|
|J Ononiwu|Remuneration|**26,178**|_837_|
||Pension contributions paid|**525**|_-_|
During the year ended 31 July 2025, expenses totalling _£_ 230 were reimbursed or paid directly to 1 Trustee _(2024 - £874 to 4 Trustees)_ . The Trustees were reimbursed expenses in relation to training, travel and company secretarial work.
Page 34
## **THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
|**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2025**||
|---|---|
|**13.**
**Tangible fixed assets**
**Group**
**Cost or valuation**
At 1 August 2024
Additions
At 31 July 2025
**Depreciation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 July 2024_|**Fixtures and**
**fittings**
**£**
**891,207**
**11,541**
**902,748**
**803,610**
**37,180**
**840,790**
**61,958**
_87,597_|
Page 35
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
|**13.**
**Tangible fixed assets (continued)**
**Charity**
**Cost or valuation**
At 1 August 2024
Additions
At 31 July 2025
**Depreciation**
At 1 August 2024
Charge for the year
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 July 2024_|**Fixtures and**
**fittings**
**£**
**327,970**
**2,868**|
|---|---|
||**330,838**|
||**296,530**
**13,306**|
||**309,836**|
||**21,002**
_31,440_|
Page 36
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **14. Fixed asset investments**
|**Charity**
**Cost or valuation**
At 1 August 2024
At 31 July 2025
**Net book value**
At 31 July 2025
_At 31 July 2024_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**
**1**
**1**
_1_|
|---|---|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the Charity:
|**Name**|**Company**|**Registered office or**|**Registered office or**|**Principal activity**|**Principal activity**|**Class**|**of**|**Holding**|
|---|---|---|---|---|---|---|---|---|
||**number**|**principal place**|**of**|||**shares**|||
|||**business**|||||||
|SUBU Trading Ltd|04001419|Talbot Campus||The running of the||Ordinary||100%|
|(Formerly Feelprime||Fern Barrow||nightclub for students|||||
|Limited)||Poole||of Bournemouth|||||
|||BH12 5BB||University.|||||
|The financial results of the subsidiary for the year were:|||||||||
|**Name**||**Income**|**Expenditure**||**Profit/(Loss)**||**Net assets**||
|||**£**||**£**|**/ Surplus/**|||**£**|
||||||**(Deficit) for**||||
||||||**the year**||||
|||||||**£**|||
|SUBU Trading Ltd||**1,363,884**|**1,201,322**||**162,562**|||**235,923**|
|(Formerly Feelprime Limited)|||||||||
The financial results of the subsidiary for the year were:
Page 37
## **THE STUDENTS' UNION AT BU LTD**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **15. Stocks**
|Bar and food stock
General trading stock|**Group**
**2025**
**£**
**25,032**
**37,263**
**62,295**|_Group_
_2024_
_£_
_30,934_
_45,409_
_76,343_|**Charity**
**2025**
**£**
**5,732**
**37,263**
**42,995**|_Charity_
_2024_
_£_
_7,981_
_45,409_|
|---|---|---|---|---|
|||||_53,390_|
## **16. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**Group**
**2025**
**£**
**24,160**
**6,263**
**24,798**
**55,221**|_Group_
_2024_
_£_
_31,860_
_1,769_
_51,628_
_85,257_|**Charity**
**2025**
**£**
**15,643**
**6,263**
**14,163**
**36,069**|_Charity_
_2024_
_£_
_13,510_
_1,769_
_30,802_|
|---|---|---|---|---|
|||||_46,081_|
Page 38
**(A company limited by guarantee)**
## **THE STUDENTS' UNION AT BU LTD**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **17. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income|**Group**
**2025**
**£**
**10,762**
**57,513**
**-**
**63,820**
**70,823**
**28,014**
**230,932**|_Group_
_2024_
_£_
_10,372_
_110,902_
_-_
_39,575_
_10,230_
_45,548_
_216,627_|**Charity**
**2025**
**£**
**-**
**17,571**
**158,999**
**63,820**
**69,304**
**16,408**
**326,102**|_Charity_
_2024_
_£_
_-_
_51,861_
_18,324_
_39,575_
_8,650_
_35,305_|
|---|---|---|---|---|
|||||_153,715_|
## **18. Creditors: Amounts falling due after more than one year**
||**Group**|_Group_|
|---|---|---|
||**2025**|_2024_|
||**£**|_£_|
|Bank loans|**1,738**|_12,128_|
## **Agency arrangements**
The Students' Union of BU Ltd hold funds for the Student Unions' clubs and societies. An amount of £61,879 is included in other creditors relating to funds that are repayable to the clubs and societies. Included in the cash at bank and in hand figure is £4,004 in the activities bank account. The money in this account does not belong to the Students' Union of BU Ltd, it is money they hold on behalf of the clubs and societies.
Page 39
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **19. Accruals and deferred income**
|Deferred income at 1 August 2024
Resources deferred during the year
Amounts released from previous periods
**Deferred income at 31 July 2025**|**Group**
**2025**
**£**
**13,802**
**10,510**
**(13,802)**
**10,510**|_Group_
_2024_
_£_
_14,586_
_13,802_
_(14,586)_
_13,802_|**Charity**
**2025**
**£**
**13,802**
**10,510**
**(13,802)**
**10,510**|_Charity_
_2024_
_£_
_14,586_
_13,802_
_(14,586)_
_13,802_|
|---|---|---|---|---|
Included within deferred income is income received in advance for Freshers Events totalling £10,510 (2024: £13,802)
Page 40
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **20. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**August 2024**
**£**
**Unrestricted funds**
General Funds
**707,706**
**Restricted funds**
Pension reserve
**(753,696)**
**Total of funds**
**(45,990)**|**Income**
**£**
**4,190,467**
**-**
**4,190,467**|**Expenditure**
**£**
**(4,235,309)**
**(42,214)**
**(4,277,523)**|**Transfers**
**in/out**
**£**
**Balance at**
**31 July 2025**
**£**
**(125,871)**
**536,993**
**125,871**
**(670,039)**
**-**
**(133,046)**|
|---|---|---|---|
The specific purposes for which the funds are to be applied are as follows:
## **Pension Reserve**
The charity's deficit in relation to the Student Union's Superannuation scheme.
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
**Restricted funds**
Pension reserve
**Total of funds**|_Balance at_
_1 August_
_2023_
_£_
_886,157_
_(819,572)_
_66,585_|_Income_
_£_
_4,377,423_
_-_
_4,377,423_|_Expenditure_
_£_
_(4,432,150)_
_(57,848)_
_(4,489,998)_|_Transfers_
_in/out_
_£_
_(123,724)_
_123,724_
_-_|_Balance at_
_31 July 2024_
_£_
_707,706_
_(753,696)_
_(45,990)_|
|---|---|---|---|---|---|
Page 41
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **21. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Restricted**
**funds**
**2025**
**Unrestricted**
**funds**
**2025**
**£**
**£**
-
61,958
-
707,705
-
(230,932)
-
(1,738)
(670,039)
-
(670,039)
536,993
_Restricted_
_funds_
_2024_
_Unrestricted_
_funds_
_2024_
_£_
_£_
_-_
_87,597_
_-_
_848,864_
_-_
_(216,627)_
_-_
_(12,128)_
_(753,696)_
_-_
_(753,696)_
_707,706_|**Total**
**funds**
**2025**
**£**
**61,958**
**707,705**
**(230,932)**
**(1,738)**
**(670,039)**
**(133,046)**
_Total_
_funds_
_2024_
_£_
_87,597_
_848,864_
_(216,627)_
_(12,128)_
_(753,696)_
_(45,990)_|
|---|---|---|
Page 42
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. Pension commitments**
The Group operates a defined contribution pension scheme.
The Students' Union at BU Ltd operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £63,336 (2024 - £67,675). Contributions totalling £7,134 (2024 - £6,945) were payable to the fund at the balance sheet date and are included in creditors.
The Charity operates a defined benefit pension scheme.
The Union 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 onwards 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 £106.7m with these assets representing 44% of the value of the benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £127.6m, a decrease from the deficit of £140.9m from the previous valuation as at 30 June 2019. The decrease in the funding deficit since 2019 is principally due to deficit contributions being made.
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.
Following the completion of the 2022 valuation, the SUSS put in a deficit funding plan designed to eradicate the deficit over the 15 years to May 2037. Under the funding plan, contributions increase 5% in October each year. This recovery plan is due to end in May 2037, but contributions due from October 2026 onwards will be reviewed following the next acturial valuation due with the effective date of 30 June 2025, which is expected to be completed in 2026.
Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):
||**At**|**31**|**July**|_At_|_31 July_|
|---|---|---|---|---|---|
||||**2025**||_2024_|
||||**%**||_%_|
|Discount rate|||**5.60**||_5.20_|
Page 43
**THE STUDENTS' UNION AT BU LTD (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025**
## **22. Pension commitments (continued)**
Movements in the present value of the defined benefit obligation were as follows:
|Opening defined benefit obligation
Actuarial movements
**Closing defined benefit obligation**
Movements in the fair value of the Group's share of scheme assets were as follows:
Opening fair value of scheme assets
Contributions by employer
**Closing fair value of scheme assets**|**2025**
**£**
**1,732,196**
**42,214**|
|---|---|
|||
||**1,774,410**|
||**2025**
**£**
**978,500**
**125,871**|
|||
||**1,104,371**|
## **23. Members' liability**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
## **24. Related party transactions**
The Union is in receipt of a block grant from Bournemouth University of £1,187,500 (2024: £1,250,000 which is on an unrestricted basis. In addition, the Union and the subsidiary occupies the University’s buildings and The Old Firestation on a rent free basis under a formal lease which is dated 04 December 2017 and ends 24 March 2027.
The charity is controlled by the Trustee Board which is, in part, subject to the democratic election by voting membership of the Union.
Page 44
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