Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
**Charity registration number 1191885 (England and Wales)**
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
**ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 OCTOBER 2025**
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr T McCarthy Mr Andrew Squire Mr Mahar Sagheer (Appointed 1 July 2025) Mr Aidan Dawson (Appointed 1 July 2025) Miss K Ashurst (Appointed 1 July 2025) **Charity registration** England and Wales 1191885 **Auditor** Saint & Co. Sterling House Wavell Drive Rosehill Carlisle CA1 2SA **Accountants** Saint & Co Sterling House 3 Wavell Drive Rosehill Carlisle Cumbria CA1 2SA **Bankers** HSBC 35 Market Street Lancaster LA1 1JQ
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Independent auditor's report|7 - 10|
|Statement of financial activities|11|
|Statement of financial position|12|
|Statement of cash flows|13|
|Notes to the financial statements|14 - 27|
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
The trustees present their annual report and financial statements for the year ended 31 October 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "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).
## **Objectives and activities**
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## _Activities_
## **Chair’s opening statement for the period 2024-25**
During the financial year the University of Cumbria Students’ Union (UCSU) experienced organisational challenges, which with the support of stakeholders and internal changes has enabled learning and improvement. Student-facing activity was unaffected, with student officers, staff and volunteers conducting the substantive business of UCSU on a day-to-day basis as in any other year.
The overall end of year surplus position falls broadly in-line with recent periods. However, changes in personnel, a decision to update and overhaul the in-house accounts software and remedial action to enable the effective delivery of the prior-year audit resulted in an initial drop in the breadth of data available in-year to the Board for oversight purposes. A focus on quality of data over quantity of report-formats was taken, and over a period of months the source, accuracy and assignation of each piece of financial transactional data was interrogated and populated into a newly constructed accounts software environment.
With the oversight of the Board and in partnership with our auditors’ the Students’ Union finance functions have been rebuilt over this period, based in a review and rebasing of the prior-years’ data, setting up of new cloud-based accounts software and centralising of authorisation/ordering processes. These improvements have involved ongoing interactive check-in’s with stakeholders and process-partners, such as Saint & Co advisors and the University of Cumbria Payroll department.
The year also experienced variability in staffing costs arising from personnel movements. The decision of two out of the three Full Time Elected Student Officer Trustees to resign mid-year created pressure on meeting quorum requirements for the UCSU Board. A period of unplanned absence of the UCSU CEO also highlighted risks inherent in a small-organisation structure in terms of oversight/support for senior roles, concentration of knowledge and/or relational connections between the Students’ Union and University . Absence of a key senior leader will be added to the Risk Register and careful consideration will be given to mitigating this risk going forward.
It should be noted that throughout the period that UCSU service delivery, student representation and other core activity continued unabated. Changes in available human resource in-year – be that staff or elected officer trustee – is not unexpected, resulting in a ‘adaptable mindset’ that can and does flex over a short-term to accommodate peaks in demand or drops in personnel. The Board recognises that this capacity relies on goodwill and commitment from individual staff, officers and volunteers.
Identifying and addressing structural and personnel-based issues has dominated activity of the Board and senior staff leadership from mid-period, with a series of ongoing checks and reviews which will extend forward into the next year. Ensuring that finance processes and underlying structural factors – including systems & personnel – are fit for purpose has been the primary focus. As the period ended the Board directed attention to recruiting to vacancies, strengthening governance, future planning and block-grant funding negotiations as key objectives for the 2025/26 year.
Aidan Dawson
Chair of UCSU Board
October 31st 2025
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **Achievements and performance**
## _Significant activities and achievements against objectives_
As of the end of the 2024/25 financial year the Board had ensured that appropriate provision was made in year to deliver salary costs and ensure sufficient resource was made available for campaigning, events and other student-led activity. Notable activities, achievement and performance over the period included:
- Delivery of Democratic Review with election to diversified Student Officer roles, including splitting resource previously allocated to one 1.0FTE Officer into one 0.5FTE Institute Officer and multiple Part-Time paid elected officers, each with 6-hour a week term-time only paid contracts to deliver activity and representation within their role remit.
- 0.5FTE Institute Officer and additional £10k commitment to student-recognition and reward (in the form of cash awards for tracked-participation) to co-owned Student Academic Representative system represented a material commitment to development within a collaborative partnership approach.
- Overhaul of UCSU finance systems and processes, including rebuilding of in-house accounts software on Xero, improved data accuracy and reporting.
- Investment in Union-owned equipment to enable and equip on-campus student social spaces. Student Officers’ were able to deploy resource in capacity building activity across all sites, purchasing games consoles, decorations, lighting and other activity/event orientated equipment with the aim of enabling on-site spontaneous student socialisation.
- Elected officer representations focussed on international student experience, academic representation, friendmaking/socialisation, accommodation, mental health and wellbeing, LGBTQ+ community campaigns, neuro-diverse study spaces and Cost of Living support.
- UCSU expanded resource for student events outside of the traditional Welcome period, offering free or at-cost events and activities across multiple sites.
- Maintaining support for students struggling with Cost of Living pressures, committing resource to foodbank-style operations at the North-West campuses and maintaining a food-voucher offer for London and distance-learning students.
- The Red Spots Campaign supported those affected by period poverty through distributing free female hygiene products and campaigning to influence legislation on the tax status of these essential products.
- UCSU delivered a full range of activities and events throughout the year. These included the largest resource commitment on Welcome activity in recent years; a range of activity in support of Mental Health Awareness Week; Student Awards and AGM with over 100 attendees; a range of Student Academic Representative training and development events; attendance at various graduation, degree apprentice site-day events and other university celebrations.
## **STRATEGIES FOR ACHIEVING OBJECTIVES**
2024-25 was the sixth year of UCSU’s rolling strategy, which arose out of the strategic review 2017-18. The rolling strategy focuses on four themes.
- Removing barriers to students accessing and leading the Students' Union no matter where or how they study;
- Being recognised by students as a visible and effective representative organisation;
- Delivering relevant, high-quality services, opportunities and activities that meet student need;
- Being an assertive and forward-looking partner to the University and the communities in which our members live and study.
These priorities form the primary objectives around which annual operational plans are then based.
It should be noted that the Board are aware that the existing strategy is due to be revised and plans are underway to establish medium-term operational development plans. These will be part of a wider discussion of the strategy of the Union and how that links to the University of Cumbria Towards 2030 plans mediated through Memorandum of Understanding established Partnership Group meetings.
During the year the CIO did not undertake any significant fundraising activities.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **Financial review**
## **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES**
The net movement of funds for 2024-25 of +£3,007 represents the continued strict management of expenditure and unplanned salary savings from staffing changes in-year offsetting higher than anticipated support-costs.
UCSU were informed by the University that block grant funding from August 2025 would be frozen for one year, enabling the University to complete a review of its own Towards 2030 strategy and the subsequent negotiation of a medium-term funding agreement. Careful planning of expenditure against budget has enabled UCSU to maintain existing staffing and servicedelivery levels within that static funding envelope for the current year.
As far as possible in-year costs were carefully managed to maximise resource. Expenditure on core activities had been rebalanced in line with UCSU and University priorities, including travel to all sites, expenditure on physical events, student volunteer development activity and high-profile engagement-driving campaigning.
In-year challenges summarised in the Chairs’ Opening Remarks prompted Trustee Board to focus on ensuring core finance functions and processes were accurate and fit for purpose. Significant resource has been dedicated to interrogating data and ensuring that newly implemented systems and processes are robust, transparent and meet the expectations and/or requirements of critical stakeholders. Reporting and governance capacity around finance procedures have been improved, with a plan for iterative improvements as functionality expands in terms of depth of data and analytical capacity.
As the period progressed Board also modelled the medium-long term financial stability of UCSU, seeking to understand the circumstances that would support a further three-year funding commitment between the University and Students’ Union.
## _Reserves policy_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. At the year end total funds of the charity were £237,271 with £32,388 being restricted and £33,872 being designated. £12,065 can only be realised by disposing of fixed assets, leaving free reserves at the year end of £158,946.
After reviewing operational costs, and in particular the redundancy costs if the Union were to close, the Trustees maintained the reserves target of £130,000. This decision will be reviewed on an annual basis given the operational environment.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **Plans for future periods FUTURE DEVELOPMENTS**
UCSU intends to undertake a range of ambitious activity over the next twelve months. This includes:
- Expand the range and depth of UCSU/University student feedback opportunities through the work of the Institute Officer, enhanced Academic Representation processes and collaborative Partnership activity.
- Continuing review and systematic improvement of UCSU finance processes including automation of budget monitoring, iterative analysis of income and expenditure performance to seek efficiencies and implementation of audit recommendations.
- Trustee recruitment and review of governance procedures.
- Embed and expand the range of collaborative work undertaken with key stakeholders, as typified by the UoC/UCSU Partnership Group, including with The International College, Pears Cumbria School of Medicine, BAE Systems Apprentices Council etc.
- Activity to rebase UCSU’s strategy and purpose considering current membership and the University of Cumbria’s Towards 2030 Strategy Refresh.
- Negotiation of future funding in line with membership values and partnership ambitions.
- Increase resource allocation for in-term time localised activities and events delivered on-site as part of a student social-life campaign, including lobbying for enhanced social space-offers at sites where the existing provision is limited.
- Collaborative review with the University of key areas of Partnership, including further iterative improvements to the Academic Representation system, Student Charter and Student Identity/Belonging.
- Seek enhanced targeting of comms via already-held data (such as focussed email to Masters’ students highlighting the opportunities for full-time officer positions) alongside advanced discussions with the University around data usage, access and sharing to enable more efficiency.
Looking ahead to the next financial period Board will continue to exercise oversight over core functions, ensuring that key staff are supported and appropriately challenged to deliver effective and appropriate member-benefits in a sustainable and responsive manner. UCSU maintains a sound financial basis and leadership continues to work to improve oversight mechanisms that provides accurate information in a timely manner to enable Board discussion and decision.
Given the challenges of delivering benefit to a geographically diverse membership, many of whom are on placement or workplace learners, it is vital that UCSU continues to champion partnership working as an approach. Deriving and delivering additional objectives within a small team with limited resource without impacting on the day-to-day delivery of a range of services, opportunities, and activities across multiple site locations and online is challenging within existing funding. Demand on some of these services remain extremely high and the Students’ Union has to remain agile enough to support an in-year campaign agenda set by student leaders and respond to as-yet-unknown emergent issues, whilst at the same time driving forward organisational change.
The UCSU Board, with its collective perspective including elected Student Officer Trustees, current Student Trustees and External Trustees with a range of professional expertise, remains confident that through valuing learning and partnership the University of Cumbria Students’ Union is well situated to meet the future . The Chair and Trustee Board would like to thank all those who have supported the University of Cumbria Students’ Union through voluntary contributions over this period and the University for their ongoing support and partnership.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **Structure, governance and management**
The trustees who served during the year and up to the date of signature of the financial statements were:
Mrs S Parry (Resigned 1 November 2024) Mr T McCarthy Miss A Robinson (Resigned 1 November 2024) Mr Andrew Squire Miss Tean Hewson (Resigned 30 June 2025) Miss Alice Hutchinson (Resigned 30 June 2025) Ms Sima Fatemipour (Resigned 30 June 2025) Mr Mahar Sagheer (Appointed 1 July 2025) Mr Aidan Dawson (Appointed 1 July 2025) Miss K Ashurst (Appointed 1 July 2025)
## _Recruitment and appointment of trustees_
Three Officer Trustees are elected annually and may serve a maximum of two years. Three Student Trustees are elected annually and may serve additional years for the duration of their membership of UCSU. Three External Trustees are appointed to a three year term with the option to serve two terms. Trustees are supported by an annual training programme and with resources and networks provided by NUS and local voluntary support organisations.
## _Organisational structure_
UCSU operates within the framework provided by the constitution (governing document), which took effect as of the 1st November 2020 having been approved by the University of Cumbria Board of Directors. The Board of Trustees are responsible for the management and administration of UCSU and may exercise all of the powers of the charity subject to relevant laws and regulations. The Trustee Board meets regularly during the year to consider UCSU strategy, budgets, policies, plans and performance.
The Board delegates certain powers and responsibilities to the Appointments Committee, and to the Resources, Risk and Compliance Committee, as well as to the Chief Executive, Daniel Prescott, who in turn have powers to delegate further as they see fit.
## **Statement of trustees' responsibilities**
The trustees 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).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
.............................. Mr T McCarthy **Trustee** Date: .............................................
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **Opinion**
We have audited the financial statements of University of Cumbria Students' Union (the ‘charity’) for the year ended 31 October 2025 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 October 2025 and of its incoming resources and application of resources, 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 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 _Auditor's_ responsibilities for the audit of the _financial statements_ section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees 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 charity’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 cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 145 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## **The extent to which the audit was considered capable of detecting irregularities including fraud**
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the charity through discussions with the CEO and other management;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF UNIVERSITY OF CUMBRIA STUDENTS' UNION**
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the charity's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matters**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
## **Use of our report**
This report is made solely to the charity’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 charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF UNIVERSITY OF CUMBRIA STUDENTS' UNION**
Saint & Co. Chartered Accountants & Statutory Auditor Sterling House Wavell Drive Rosehill Carlisle CA1 2SA Date: .........................
Saint & Co. is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(INCLUDING INCOME AND EXPENDITURE ACCOUNT)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
495,284
-
Charitable activities
**4**
-
14,864
Other trading activities
**5**
10,695
-
Investments
**6**
5,689
-
**Total income**
511,668
14,864
**Expenditure on:**
Raising funds
**7**
20,832
-
Charitable activities
**8**
473,355
29,338
**Total expenditure**
494,187
29,338
**Net income/(expenditure)**
17,481
(14,474)
Transfers between funds
(15,906)
15,906
**Net movement in funds**
**10**
1,575
1,432
**Reconciliation of funds:**
Fund balances at 1 November
2024
203,308
30,956
**Fund balances at 31 October 2025**
204,883
32,388|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
495,284
480,960
-
14,864
-
20,456
10,695
18,076
-
5,689
1,866
-
526,532
500,902
20,456
20,832
5,304
-
502,693
469,935
41,303
523,525
475,239
41,303
3,007
25,663
(20,847)
-
(17,052)
17,052
3,007
8,611
(3,795)
234,264
194,697
34,751
237,271
203,308
30,956|**Total**
**2024**
**£**
480,960
20,456
18,076
1,866|
|---|---|---|
|||521,358|
|||5,304
511,238|
|||516,542|
|||4,816
-|
|||4,816
229,448|
|||234,264|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 27 form part of these financial statements.
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **STATEMENT OF FINANCIAL POSITION**
## _**AS AT 31 OCTOBER 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**14**
**Current assets**
Stocks
**15**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**17**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Restricted income funds
**19**
Unrestricted funds
**20**|**2025**
**£**
12,497
27,887
248,550
288,934
(63,728)|**£**
12,065
225,206
237,271
32,388
204,883
237,271|**2024**
**£**
12,261
11,512
217,984
241,757
(15,806)|**£**
8,313
225,951|
|---|---|---|---|---|
|||||234,264|
|||||30,956
203,308|
|||||234,264|
The notes on pages 14 to 27 form part of these financial statements.
The financial statements were approved by the trustees on .........................
..............................
Mr T McCarthy
**Trustee**
- 12 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by) operations
**23**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash (used in)/generated from investing activities**
**Net cash generated from financing activities**
**Net increase/(decrease) in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2025**
**£**
(8,207)
5,689|**£**
33,084
(2,518)
-
30,566
217,984
248,550|**2024**
**£**
(933)
1,866|**£**
(20,860)
933
-
(19,927)
237,911
217,984|
|---|---|---|---|---|
The notes on pages 14 to 27 form part of these financial statements.
- 13 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
## **Charity information**
University of Cumbria Students' Union is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is The Gateway Building, Bowerham Road, Lancaster, LA1 3JD.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The relationship between the University of Cumbria and the University of Cumbria Students' Union is established in the Regulations of the University and detailed in the University of Cumbria Students' Union's Articles approved by both organisations. The University of Cumbria Students' Union received a Block Grant from the University and part-occupies a number of buildings. The University pays for utilities, portering, and some cleaning staff. This non-monetary support is intrinsic to the relationship between the University and the Students' Union.
Although the University of Cumbria Students' Union continues to generate supplementary funding from various primary purpose trading activities, it will always be dependent on the University's support.
There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure financial viability of its student representative body. The financial statements have therefore been prepared on the going concern basis.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
- 14 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 20%-33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
- 15 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.9 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.10 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 16 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||University of Cumbria Block Grant|495,284|480,960|
|**4**|**Income from charitable activities**|||
|||**Restricted**|**Restricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||**Charitable activities**|||
||Clubs and societies|14,149|19,978|
||Student group fund|715|478|
|||14,864|20,456|
|**5**|**Income from other trading activities**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Non-charitable trading activities|10,695|18,076|
- 17 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **6 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Interest receivable|5,689|1,866|
|**Expenditure on raising funds**|||
||**Unrestricted**|**Unrestricted**|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|**Trading costs**|||
|Other trading activities|14,512|5,304|
|Staff costs|6,320|-|
||20,832|5,304|
## **7 Expenditure on raising funds**
- 18 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **8 Expenditure on charitable activities**
|**Expenditure on charitable activities**|||
|---|---|---|
|**Advice and**
**advocacy**
**Clubs and**
**societies**
**Representation**
**2025**
**2025**
**2025**
**£**
**£**
**£**
**Direct costs**
Staff costs
36,125
11,620
119,474
Advertising and marketing
-
-
53,872
Travel and hospitality
-
-
1,169
Training
-
-
-
Student group support
-
2,870
-
Other
-
-
5,993
Clubs and societies
-
23,525
-
Affiliations and Licenses
-
-
11,170
Project expenditure
-
-
945
36,125
38,015
192,623
**Share of support and governance costs (see note 9)**
Support
44,774
33,556
145,506
Governance
2,419
1,814
7,861
83,318
73,385
345,990
**Analysis by fund**
Unrestricted funds
83,318
46,990
343,047
Restricted funds
-
26,395
2,943
83,318
73,385
345,990|**Total**
**Advice and**
**advocacy**
**Clubs and**
**societies**
**Representatio**
**n**
**2025**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
167,219
35,421
35,596
172,541
53,872
-
-
29,765
1,169
-
-
1,470
-
-
-
79
2,870
-
2,163
-
5,993
-
-
5,951
23,525
-
36,142
-
11,170
-
-
24,416
945
-
-
1,387
266,763
35,421
73,901
235,609
223,836
31,192
23,394
101,373
12,094
2,070
1,552
6,726
502,693
68,683
98,847
343,708
473,355
68,683
60,542
340,710
29,338
-
38,305
2,998
502,693
68,683
98,847
343,708|**Total**
**2024**
**£**
243,558
29,765
1,470
79
2,163
5,951
36,142
24,416
1,387|
|||344,931
155,959
10,348|
|||511,238|
|||469,935
41,303|
|||511,238|
- 19 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **9 Support costs allocated to activities**
|**Advice and**
**advocacy**
**2025**
**£**
Staff costs
172,301
Affiliations/NUS membership
4,500
IT and website
4,283
Training and development
12,441
Insurance
10,655
Travel and hospitality
12,721
Other costs
6,936
Governance
12,094
235,931
**10**
**Net movement in funds**
**2025**
**£**
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit of the charity's financial statements
4,650
- for other financial services
2,929
Depreciation of owned tangible fixed assets
4,454|**Total**
**2024**
**£**
115,608
2,491
6,904
4,833
9,650
9,831
6,642
10,347|
|---|---|
||166,306|
||**2024**
**£**
4,152
2,506
3,629|
- 20 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **11 Trustees**
The sabbatical officers of the Union Council receive remuneration for their services as provided for within the Constitution. Six Trustees were employed under such contracts during the period and received remuneration as follows:
Mr A Dawson £7,492 Mr M Sagheer £7,492 Ms A Hutchinson £10,581 (2024: £7,280) Ms S Fatemipour £15,045 (2024: £9,048) Ms T Hewson £10,973 (2024: £7,280) Ms K Ashurst £3,950 (2024: £15,502) Ms P Nwachukwu (2024: £14,956) Mr R Simmons (2024: £15,376)
The amount of employer's pension contributions paid on behalf of these employees in the period was: Mr A Dawson £599 Mr M Sagheer £149 Ms A Hutchinson £197 (2024: £582) Ms S Fatemipour £1,204 (2024: £724) Ms T Hewson £878 (2024: £582) Ms K Ashurst £316 (2024: £1,254) Ms P Nwachukwu (2024: £1,254) Mr R Simmons (2024: £1,254)
The legal authority under which the trustees can be paid is that they are employed by the Charity or enter into a contract for the supply of goods or services to the Charity, other than for acting as a Trustee.
During the period travel & subsistence expenses amounting to £nil (2024: £260) were reimbursed to 0 trustee (2024: 1 trustees) in their capacity as trustees. During the period expenses amounting to £1,760 (2024: £1,434) were reimbursed to 6 trustees (2024: 3) in relation to expenses incurred in their employed role with the charity.
Additionally payments in support of an international student trustee for healthcare and visa expenses were made totalling £2,726 (2024: £nil).
## **12 Employees**
The average monthly number of employees during the year was: 13
||**2025**|**2024**|
|---|---|---|
||**Number**|**Number**|
|Student services - permanent|9|9|
|Trading operations - permanent|1|1|
|Sabbatical officers|3|3|
|Total|13|13|
- 21 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**12**
**Employees**
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**(Continued)**
**2025**
**2024**
**£**
**£**
290,634
300,737
18,964
20,607
36,242
37,822
345,840
359,166|**(Continued)**
**2025**
**2024**
**£**
**£**
290,634
300,737
18,964
20,607
36,242
37,822
345,840
359,166|
|---|---|---|
|||359,166|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £171,254 (2024: £144,881).
## **13 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **14 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
||**Fixtures and**|
||**fittings**|
||**£**|
|**Cost**||
|At 1 November 2024|43,307|
|Additions|8,207|
|Disposals|(3,545)|
|At 31 October 2025|47,969|
|**Depreciation and impairment**||
|At 1 November 2024|34,995|
|Depreciation charged in the year|4,454|
|Eliminated in respect of disposals|(3,545)|
|At 31 October 2025|35,904|
|**Carrying amount**||
|At 31 October 2025|12,065|
|At 31 October 2024|8,313|
- 22 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **15 Stocks**
|**15**
**Stocks**|||
|---|---|---|
|Raw materials and consumables
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income
**18**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2025**
**£**
12,497
**2025**
**£**
363
1,070
26,454
27,887
**2025**
**£**
53,423
10,305
63,728
**2025**
**£**
36,242|**2024**
**£**
12,261|
|||**2024**
**£**
5,821
1,070
4,621|
|||11,512|
|||**2024**
**£**
7,968
7,838|
|||15,806|
|||**2024**
**£**
37,822|
The Union, through the University, participates in both a Local Government Pension Scheme (LGPS) and a defined contribution pension scheme, making payments for eligible members of staff. The LGPS scheme is a multi employer scheme and as a consequence, no share of the underlying assets and liabilities can be directly attributable to the charity on a reasonable and consistent basis. In these circumstances, contributions are accounted for as if the scheme were a defined contribution scheme, based on the contributions paid through the period. Contributions payable to the LGPS totalled £25,575 (2024: £26,311) and £10,665 (2024: £11,511) was paid into other defined contribution schemes.
LGPS is valued every three years by professionally qualified independent actuaries, using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuaries. In the intervening years, the LGPS actuary reviews the progress of the LGPS scheme. The next valuation of the pension fund will be as at 31 March 2028, and will determine employer contribution rates from 1 April 2029.
For LGPS, the actuary has indicated that the resources of the scheme are likely, in the normal course of events, to meet the liabilities as they fall due, at the level specified by LGPS regulations. The contribution payable to Lancashire Pension Services by the employer has fallen to 0% from April 2026.
- 23 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **19 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1 November**|**Incoming**|**Resources**|**Transfers**|**At 31 October**|
|---|---|---|---|---|---|
||**2024**|**resources**|**expended**||**2025**|
||**£**|**£**|**£**|**£**|**£**|
|Clubs and societies|20,769|14,149|(23,525)|14,493|25,886|
|Student Group Development Fund|9,279|715|(2,870)|(737)|6,387|
|Foodbank|99|-|(1,998)|2,000|101|
|Cost of Living Project|809|-|(945)|150|14|
||30,956|14,864|(29,338)|15,906|32,388|
|**Previous year:**|**At 1 November**|**Incoming**|**Resources**|**Transfers**|**At 31 October**|
||**2023**|**resources**|**expended**||**2024**|
||**£**|**£**|**£**|**£**|**£**|
|Clubs and societies|24,334|19,978|(36,142)|12,599|20,769|
|Student Group Development Fund|11,511|478|(2,163)|(547)|9,279|
|Foodbank|(3,290)|-|(1,611)|5,000|99|
|Cost of Living Project|2,196|-|(1,387)|-|809|
||34,751|20,456|(41,303)|17,052|30,956|
## **Clubs and societies**
Funds are received from membership subscriptions to individual clubs and societies that are used to support activities and events hosted by those clubs and societies. Any amounts unspent at the year end are carried forward to the subsequent year for spending by each club or society. £15,460 was received from general funds and the student group development fund in the year (2024: £12,599) in accordance with the Charity's objectives to support the members in their club activities.
## **Student Group Development fund**
Dormant groups have residual monies frozen, to be reclaimed should future members wish to restart that group within a 24 month timeframe. After 24 months, monies are made available for the development of active groups, for example for training, health and safety, and equipment purchases.
## **Foodbank**
Supermarket vouchers are provided via the "keep me going" campaign which all students can apply for. Pantry items are also available. £2,000 (2024: £5,000) was transferred from the General fund to Foodbank in the year.
## **Cost of Living project**
During the year £150 (2024: £0) was transferred from the General Fund to the Cost of Living Project which aims to help students who are struggling with the cost of living.
- 24 -
Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **20 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At 1 November**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**£**
**£**
**£**
**£**
Project development fund
27,957
-
-
-
Trustee board project fund
6,650
-
(735)
-
General funds
168,701
511,668
(493,452)
(15,906)
203,308
511,668
(494,187)
(15,906)
**Previous year:**
**At 1 November**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**£**
**£**
**£**
**£**
Project development fund
27,957
-
-
-
Trustee board project fund
6,650
-
-
-
General funds
160,090
500,902
(475,239)
(17,052)
194,697
500,902
(475,239)
(17,052)|**October**
**2025**
**£**
27,957
5,915
171,011|
|---|---|
||204,883|
||**October**
**2024**
**£**
27,957
6,650
168,701|
||203,308|
## **Trustee Board Project Fund**
In the year ended 31 October 2023 £10,000 was transferred from the General Fund to the Trustee Board Project Fund which is a designated fund with monies held for dissemination to projects. An application was made in the year ended 31 October 2030 for a Cost of Living Project and £3,350 was transferred from the Trustee Board Project Fund to the restricted Cost of Living Project. In the current year £735 was spent from the Trustee Board Project Fund on trustee recruitment.
## **Project Development Fund**
£25,000 was transferred from the General fund to the Strategic development fund in the year ended 31 October 2023.
## **21 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 31 October 2025:**
Tangible assets
12,065
-
Current assets/(liabilities)
192,818
32,388
204,883
32,388|**Total**
**2025**
**£**
12,065
225,206|
|---|---|
||237,271|
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
|**21**|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2024**|**2024**|**2024**|
|||**£**|**£**|**£**|
||**At 31 October 2024:**||||
||Tangible assets|8,313|-|8,313|
||Current assets/(liabilities)|194,995|30,956|225,951|
|||203,308|30,956|234,264|
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Document ID: 384c843e-e729-411b-8f1b-496211dc3b8e
## **UNIVERSITY OF CUMBRIA STUDENTS' UNION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 OCTOBER 2025**_
## **22 Related party transactions**
## **Transactions with related parties**
During the year the charity entered into the following transactions with related parties:
The Union is in receipt of a recurrent grant from the University of Cumbria which this period totalled £495,284 (2024: £480,960). In addition, the Union occupies its building on a rent free basis under an informal licence, subject to the Union maintaining the building in a good state of repair. The value of this facility has not been recognised in the SOFA as it cannot be reasonably measured.
The sovereign body of the Union is the General Meeting. The sabbatical officers of the Union Council receive remuneration for their services as provided for within the Constitution.
During the year the board approved paying for the CEO to attend a course at Kendal College - Diploma in Counselling Skills, costing £1,500.
|**23**|**Cash generated from/(absorbed by) operations**|**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
||Surplus for the year|3,007|4,816|
||**Adjustments for:**|||
||Investment income recognised in statement of financial activities|(5,689)|(1,866)|
||Depreciation and impairment of tangible fixed assets|4,454|3,629|
||**Movements in working capital:**|||
||(Increase) in stocks|(236)|(7,914)|
||(Increase) in debtors|(16,375)|(2,793)|
||Increase/(decrease) in creditors|47,923|(16,732)|
||**Cash generated from/(absorbed by) operations**|33,084|(20,860)|
## **24 Analysis of changes in net funds**
The charity had no material debt during the year.
- 27 -