Company Number. 13435053 Charity Number. 1197170 Huddersfield Students, Union UNIVERSITY OF HUDDERSFIELD STUDENTS, UNION Report and Audited Financial Statements For the Year Ended 31 July 2025 Slud•TriS'
Contents Legal and Administrative Information................. Trustees, Report......................................................................................................... Structure, Governance and Management................................................................... Articles of Association.......................................................................................... Public Benefit.....,. Trustees.............-..-......................-......-..........-..................................................-.. Committees and Delegation................................................................................ Pay Policy for Key Management Personnel...................................................,..... Relationship with, and support of the University of HuddersfEId............-..... Risk Management................................................................................................ Strategic Pjan 2024-27............................................................................................... Strategy Update... Values and Enablers........................................................................................... KPIS..................................................................................................................... Financial review..... -13 Going Concern................. -13 Reserdes Policy.................................................................................................14 Affiliations.................................................................................... .14 Custodian Activities.. Clubs. and Societies. Funds and the Annual RAG............15 Board of Trustees, Responsibilities....................................................................15 Disclosure of Infomation to Auditors........................................................ .15 Audtiors.................................,,..,................ IndependentAuditors' Report...................................................................................17 consolidated Statement of Financial Activities..................................... .20 Consolidated Balance Sheets............................. Consolidated Cashflow Statement....... ......... Notes to the Financial Statements........................ .16 .21 ..22 ..23 Stud•rtht*' Unl4
Legal and Administrative Information Trustees..
Alison Jones Chris Warringion Martin Calvert Garelh Pye (Appointed Chair of Board 0110812024) Wamick Aijaz Kevin John Melissa Cheshire Bethany Mufphy Freya Askwilh-martin Irfan Rather Nosheen Dad (appointed 11103120251 Company reglstered number. 13435053 Charlty reglstered number: 1197170 Prlncipal office". Students, Union Queensgate Huddersfield HDI 3DH Senlor Leadershlp team: Lydia Blundell, Chief Executive Officer Matt Short, Deputy Chief Executive Officer & Director of Business Development (resigned 0410412025) Rae Ellis-Barron, Head of Business Development (appointed 01104120251 Danny Levick. Head of Student Experience lappoinled 0110412025) Auditor: Knox Cropper LLP 65-68 Leadenhall Street London EC3A 2AD Bankers: HSBC Bank Pl¢ 2 Cloth Hall Street Huddersfield HD1 2ES Slud•nli' Unlo
21Page Trustees, Report The Trustees present their Annual Report together with the audited financial statements of Universty of Huddersfield Students. Union for the year ended 31 July 2025. The Annual Report seNes the purpose of both a trustees, report and a directors, report under company law. The trustees have adopted the provisions of the Statement of Recommended Practi (SORP) °Accounling and Reporting by CharitEs' Ni preparing the annual reFQrt and financial Statements of the charity. The financial statements have been prepared in ac¢ordanc6 with the accountlng policies set out in notes to the accounts and compty with the charity's governing document, the Charities Acl 2011 and Accounting arKJ Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the group and the company qualify as small under section 383 of the Companies Act 2006. the group strategic report required of medium and large Mmpanies under the Companies Act 2006 Istrategic report and directors, report) Regulations 2013 has been omitted. Structure, Governance and Management Articles of Association University of Huddersfi8ld Students, Union (HSU} is constituted under the Education Act 1994 as a charity with internal regulations and Articles of Association approved by the governing body of the University of Huddersfield (the University) arbd members of HSU. As a registered charity and a company limited by guarantee. its articles have been approved by the Charity Commission. HSU charrf(able objects underthe Act are Ihe adVanrnent of educalion of sludenls at the University of Huddersfi8ld for the public benefit by..
Promoting the interests and wellare of students at Universty of Huddersffield during their course of study and representing. supporting and advising students- Being Ihe recognised representative channel between Sdents and Universtty of Huddersfield and any other extemal bodies. and Providing social, cultural, sporting and recreational activities and forums for discussions and debale for the personal development of its students. Public Benefft In planning and delivering our services and activitiès, the Trustees and management of the Union hav¢ given due regard to Ihe need to ensure that the charity provides public benefit, following the Charity Commission's guidance on these matters. Delalts on how the Union has cartied out ils activrf(ies foT the public benefit are outlined in the strategic plan section of this report. Trustees HSU is administered by its Board of Trustees made up of 4 students elected by the memLwship of HSU. 5 external Trustees and 2 appointed Student Trustees, who are regarded as the Charity Trustees for the purposes of the 2011 Charities Act. The four elected Officer Trustees are remunerated as authised by the Articles and individuals cannot serve more than years as an Officer Trustee. As the Charity Trustees, all Officer Trustees receive an induction Into thelr legal and administrative responsibilities, with an on-going training wogramme as and when needed. addressing matters arising during their term of office. UrAY¢r•rfiy DI 13DII Stsd•hti' Unlon
31Page The Exiernal Trustees and Studenl Trustees are selected and appointed lo ensure there is a balance of skills and experience within the Board. The Extemal Trustees are appoinled lo support the Students, Union to discharge strategic and governance functions. and the Student Trustees ensure thatthere is the best possible diversity of student represenlation on the Board. Student Trustees serve a 12 month temi that can be extended for a further year. Trustee search and selection is undertaken by the Appointments Committee. which includes Officer and lay Trustees., vacancies are 2dvertised, and candidates are invited to apply setting out how they meet a Trustee specification. The Univèrsity Vicè Chen¢ellor appolnts one external Trustee, bringing a University perspective to Board deliberations. Committees and Delegation The position of the Officer Trustee is at the heart of the Board of Truslees and their memtrkrship on all other key sub committees ensures that the student voice is heard throughout HSU decision making structures and that our decision makers are accountable to the student body. 8oard of Trustees Meets quarterty Responsible lor over211 strategic direclhm of HSU. Management ar)d Executive Committee Meets monthly Responsible for campaigning and representative functions of HSU as well as ensuring activity is in line wilh slralegic, 0rational and financial plans. Union Development Committeè Meels quarteity Responsible for review and development of financial procedures, budgets, stsffing policies and prctedures. Audil Committee Meels annually To consider audit qUIreMents. evaluate risk wofile and appelile, recommend appoinlmènls to Board and remuneration arrangements. student Activities Meets al least monthly To consider mallers affecting student activity groups. their funding bids and activity plans. Exe¢ub"ve The Board of Trustees and Union Development Committee consider annual budgets and accounts on quarterly basis. On a day-to-day basis perfomiance is monitored by thè management team. The four OffIr Trustees are responsible for the day to day development of representation and campaigning policy Ihal affecls students. A Student Panel, rnade up of a random, represenialive sample of 30 students, establishes Students, Union policy, and an appointed AcGounlability Panel scrulinises and supports the work ofthe OffIr Team. HSU also employs around 25 non-student staff for the sake of continuity in the management and delivery of ils many activities. A clear staff struclure Is in place and staff members are accountable to the Chief Executive for the performance of their duties. The Chief Executive is accountable to th8 Board of Trustees and is formally Ilne managed by the Chair of the Board of Trustees. Pay Policy for Key Managemenl Personnel The Board consider the Trustees and the Senior Management Team to be Ihe key management personnel of the Union in charge of directing controlling, running and operating the Union on a day to day basis. All Lay Trustees and Sludènl Trustees give of their time freely and did not receive remuneratton in the year. Officer Trustees receive an annual salary lor their worl¢ 8s Full-time Elected Officers_ This is set at a fixed scale that is the same for all the Officer Roles. Union Development Committee (see table above) regularly review remuneration arrangements and benchmark against the sector. HrslJDH Stud•At¥' Unl•
41Page The Senior Managers ar8 appraised annually by the Chief Executive and receive an increase rf they have successfully achieved their objectives forthe year. Senior Managers who have reached the top of their grade do not usually receive any further Incremental uplifts. The pay scales for SLT are considered in line with the pay scales for the whole organisation and regularty benchmarked against the sector. The Chief Executive is appraised by the Chair of the Board and the President. who will recommend an InC8$e subject to achieving the objeciives that are agreed by the Board at the start of the year. Thls recommendation is considered by Union Development Committeè and then approved by the Board of Trustees. Relationship with, and support of the Universty of Huddersfield The relationship between the University and HSU is formally established in the University Code of Practice. detailed in the HSU Articles, a joint memorandum of cfroperation, and the buifdings lease approved by both organisations. The relationship with the University Is based on partnershlp where Ihè strategy of the UnNersity and HSU are aligned and aim to make student life better. Regular meetings between Senior Universty slaff and the Officer Trustees discuss strategy and joint worklng. These and other meeknngs also provide opportunities to represenl student views and lobby Universtiy decision makers to make changes that will irnpr*Jve the student experience. HSU receive¢ a block granl from Ihe University of £1.258m in 2024125. HSU pays an annual rent of circa £204k and is responsible for utility costs and recharges rnade by the University. The University provides 8UPPOrt and other services to HSU, such as IT support, and access to facilities such as Tooms and sports facilities, which supwrt sludent aclivities. The Students, Union is able to draw on professional advice of university collèagu8s in areas such as health and safety and data protection. In addition to the University granl HSU operales a number of income generating activities: Freshers, welcome activities g8nerated circa £38.7k income. the balance of which is spent on activities for membeffs benefit.
HSU'S relail operation generated £2.2k net surplus, before marketing costs. HudLets letting agency relumed a net surplus of £32k whith will be gift aid to the SU during the year. Consequenlly. HSU generates a modest supplementary funding contributron from its prlmary purpose and ancillary trading activities, which illustrates that HSU will continue to be dependent on the University to provide finances for th8 wide range of mèmbership seNices It offérs. Therè is no reason to believe thal this support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the finanaal viability of its student rapresentative body. HSU do not engage in raising funds directly from the general public; the Union will continue to monitor its sourc88 of income and should il slart to generate signrfi¢8nt funds from fundraising activities it will infomi the fundraising regulator and take all necessary measure$ to ensure it complie$ vrith the guidance issued. OIJOH Stud•ni*' Urtlon
SIPage Risk Management The Board of Trustees has examined the major strategic, business and operational risks la by HSU. A risk register is established and is updated annually, with quarterly updates to Board of any significanl changes in the risk profile. Further to this the Union has Ltndertaken a Business Impact Analysis and established a Business Conlinuity Plan to minimise the impact of business disruption and reputallonal risk. Where appropriate, systems or procedures have been eslablished to mitigate the risks the Charity faces. Budgetary and financial risks are minimised by the implementation of procedures for Ihe authorisalion of all transactions and projects. A reserves policy is established to ensure financial viability. produreS are in place to ensure Complian and the health and safety of staff, volunteers and participants in all activities organised by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs ofthe Charity. Other key risks facing th8 organisation include= Governance Risk
Union elections are undemocratic, compromised or are void. Relevant policies and procedures are not created or kept up to dale. Extemal Risk NUS UK'S position threatens HSU'S reputation. NUS Charity is no longer financially sustainable and is unable to offer service support in areas including retail, and officerlstaff development. Government changes funding and evaluation mechanisms for Higher Education. Regulatory and Compliance Risk HSU fails lo b8 compliant with GDPR and PECR. HSU fails to comply with freedom of speech legislation. Financlal Risk University grant to HSU is reduced as University is Subject to kn'ghter public spending or student numbers drop. Pension structures deliver unmanageable Inase5 in cosls to HSU. University raises premises rent to 2n unsustainable level Critical systems failu or major disruption to operations affects the Union's ability lo trade or operate Operational Risk Crttical system failvre or major disruption to operalions affects the Union's ability to trade or operate. The Union fails to have skilled staff to meet operational and commercial requirements. Communication of activities and issues beeen staff is poor leading to failures in planning and elivery. HSU Heamh, safely and welfare is not appropriately managed. Strategic Plan 2024-27 The mission of Huddersfield Students, Union is to make studenl life better. The suctsss of delivering this is measured through three levels of engagement.. we will work logether to create personal connections, inclusive communities and meaningful change. All the departments and team8 conlTibute to engaging students, and those departments include.. Student Voice.. supporting elected representatives and academic reps lo make changes within and beyond the University. Student Advi.. providing advice, information and representation through appointments with students. thJDH
IPage
Student Activities and Events.. supporting students to participate in general and academic societies, volunteering and sports dubs and coordinating a pro9ramme of high profile welcome events. activibes and events throughoLrt the year. CommuniGations and Marketing". promoting HSU seNices through a range of media, responding to Students and undertaking market reséarch. Students, Union Shop.. a store on campus that provides relevant products for students, Finance and Administration.. providing finance and HR support to ensure HSU functions effectively. HudLets'. a student lettings agency providing a full range of affordable and qualiiy assured lettings options to Students. The above departments are directed by a small Senior Leadership Team who work closely wih tlk elected Offic8rs to ensure activitEs and team members are focused on having a positive impacl for students. The Union enters this next strategic period 2024-2027 with an eye on our cenlenary - HSU tums 100 years old in November 2027 and we a ready lo lebrate with a fantastic and impacfful three years in the lead up to this date. Strategy Update There have been many successful project$ and activities undertaken during this the fir yoar of this plan, and some of the highlights in this financial year are listed below: 2,082 students cast over 7,000 votes in our OffIr Elections. which equates to a 180% tum wl. The tumout was lower than 2023124 mainly down to the lack of NUS Delegates Election this year. This was due to an NUS decision on how the delegates are selected. Our Advice Centre supported over 7,300 students with enquiries and appointments. In addition to the regular academic. housing and finance appointments, the team have formed new relationship5 With The Royal College of Nursing (RCN) to support nursing students with complex fitness to practice cases, and Invidus Wellbeing who will be supporting students throhOUt the new academic year with their wellbeing using a social prescribing model. The advice Cent also employed a Health & Social Care degree student on a placement, with responsibility to provide a regular outreach servlce using our peer support offering. This proved successful and has given us a sustainable model to move forward with. We gave 6,187 students a fr88 membershlp to their academic society, enabling them to lake part in guest lectures, trips and activlties. Highlights include- Bioscience trips to The Deep, Huddersfield Actlng and Thealre Society {HATSoc) putting on perfomances, Pharynaoy society taking the lead on the BSPA Pennine Area Spring Conference and the Marketing Society running an alumni event where they invited back marketing alumni to talk with current students. Our Student-led trlps and events werè diverse and wide-ranglng. catering forthe needs of our 1,196 Society Members and 489 Global Society Mèmbers. From the Qawwali Night with the Pakistan Students Society, to the Grand Iftar evenl wrth Isoc. We had showcases from Musical Theatre, our Dance Swety and the Wrestling Appreciation Society. We supported the UnNersity Brass Band following the University pulling their funding, and ensured that they could continue to perfomi at Unrversity and local evenls as well as Competing in UniBrass. Our Sports Teams continued to go from strength to strength. Highlights from Ihe year include.. Basketball men winning Tier 3B with 9 wins and 1 loss all season, Football men 1$1 team finishing 2, in Tier 5B, Volleyball women tied 31d place in Tier 3B following a winles5 23124 season. As well as competilive sUe$S our clubs raised money for charity, including Rugby Union raising over £1.000 for Movember. Climbing & Mountaineering were awarded 'Sports Club of Year, with a huge membership of over 70 students and having excellent vekend trips away. OIJOM Stud•nEg' Vnl•n
71Page Finally, we continued our success in Varsity, winning again, 12-1, to keep the trophy in Huddersfield for the 3 successive year. OLFrAcademic Reps have worked hard against the backdrop of a challenging Higher Education Sector. Some changes they've successfully implemented include..
Ran an inclusivity checklist workshop at the University Teaching and Learning Conferenc8 with university Academics. started a software review across campus, Campaigned to change the buildin9 access hours for students in Arts and Humanili8S Contnbuled to Ihe launch of a néw feedback tool. UNITU, in Computing and Engineering. The Student Llberatlon Networks are volunteer students who join communities led by Student staff to make targeted change fc Women B.A.M.E. Students Disabled Students Global Citizens The Social and Clas5 Mobilily Gommunity And LGBT+ Students Some of their key campaigns have been: B.A.M.E. Ambassadors: Delivered Black History Month, from Caribbean cuisines, drummers, dance performances to film screenings, plays and workshops. Finalised the statement for the reopening of the Ramsden building acknowledging the history of the building. Women's Nètwork: Implemented new menstruation and menopause guidance across the University, alongside an allyship guide - glving out hundreds of free period products to students who neede(J them. Campaigned for International Women's Day, supporting the Dance and Cheerleading Societies 10 raise over £200 for charity. Global Cilizen's Network: Social events bringing ihe community together. with over 200 studenls attending the inaugural Global Social. Disabled Students. Networf(: Provided individuali$ed guidance and signposting to students in need of support. Supported National awarersess days including sign language week, epilepsy. a walk for autism and Disability History Month. Ran an awareness campaign around sunflower lanyar(Is. LW L+¥¥*YoImudd•Yth DIJD Stud•nts' Vnlon co
8IPage LGBT+ Nfrtwork:
Celebrated Pride Month with events including social nights, awarenes8 Stalls and culmlnatlng in Klrklees Pride. Enabled safe community space for members through regular Nelwork meetings arvj stalls. Attended National Day of Action to enable effective campaigning following the change in the law relating to Trans definition. Class and Soclal Moblllty Network: Ran a series ofevents bringing local connections onto campus, safety. travel, child and famlly support, money saving. The elected Olficers set oblectlves in Ilne with the first year of the strategy, some of their achievements include- Running a successful Al Campaign, helFin9 Students understand how Al can safely be used to support their time at Universty. Ensuring that all intemalional students can pay their tuition fee in instalments Enabling more women in get involved in sport, destigm8tisin9 barriers and raising awareness of how to take part. Delivering a sexual violenGe awareness campaign, encouraging several hundred students to sign up to the white rlbbon allyship campaign. Putting on a Men's Mental Health Fair, with servbces around Kirklees. Gathering feedback for a designated women's gym and fitness space. as well as new women's only fitness classes. Submitting evidence to the APPG for Students, working with the national stLent movement to remove the need for student guarantors. Responding to the EHRC consultation. Meeting with local MP'S in response to the Govemment whitè paper on immigration and intemational students. Values and Enablers We will demonslrate our values by ensuring everylhing we do is inclusive. engaging, empowering and delivered with integrity. ValY•tty41Hudd*IIWd HDIJDH stUd•tI, Vnlon
91Page KPIS HSU Commun En em•nt Measure C41mfflunltkn .3125 3747 Creatlng Connections Creatin£ Connections $D Vnlon
10IPag& Strategy Therne Year 1 Measures Progress "I believe that HSU has a positive impact on the lives of Students. 1Cx)% core staff {agree or strongly agree) that HSU has a positive impact on the lives of students (Staff Survey 20251 Equity Is at the heart of everythlng we l am trealed with faimess. dignity, and respect al work (96%) 1[j% of core staff (agree or strongly agree) that l am treated with fairness, dignity and respect at work (Slaff Survey 2025} 93% of core staff {agree or strongly agree) that HSU values all staff equally (Staff Sup4ey 2025) I feel that HSU values all staff equally {92¥¥) 951 UGT and PGT transcripts. 25 PGR transcripts Quole from Student.. .1 am truly honored to reGeive the Student LeaderA ward certrficate from the Student UTrn. It means a lot to me to b8 recognized formy contributions to studenl lile, and I sinCeIY appreciate this aCknOedgment. Thank you forthe C8rtlficate-it greatly motivates me to continue making a po&"tive impact_ Additionally, l am exoited about the W0shOp opportunityyou h8ve shared. I believe rf Mll be valuable In enhancing my skills. and I would like to confinn my 8tt8ndance. Please let me know if Ihere ar8 any fvrther Steps I need to take to registerorprepare forit. 1000 sludents will receive a Volunteer Transcript. Invest in and celebrate Student Leaders. Once again, thank you forthis cOgnItIon and forpn)viding such wonderful opportunities for students. I look fOard to st8ying engaged and contributing further.. 25 Student storie5 Published. 15 stories published online, 10 people identified to be filmed by the end of the year. AQS self- evaluation complète. Provid8 responsive Irsterim self-ass85smenl completed. with 4 actions identified. FIV >.Sludwnt C¢ryti•l HtsTJtrH Stud•ntA'
11 |Page and expert advlce Inclusive and accessible demoGTacy and repre88ntstion with student leadershlp at Its core. Representation Review.. Committee structures and students role in providing feedback and creating 501ulions. Review Complete, 22 Reps took place in a facilitated workshop reviewing currenl pradiGe and reimagining slruclures. Workshop delivered at the University Teaching and Learning Conference, and at the FIIAISE conference in September. Change-makers Targèt: 5° 60 Inclusive and fun programmè of events and actlvitses for all students 3 family- friendly event5, and 3 specific PGR only events. Complete. 5 PGR only events delivered. 4 Family Friendly events delivered. Student-led opportunities for students to meet and bulld friendships. Connecllons Target: 95°/0 75010 Community Target 25% 29Q 136 Private tenants, 225 Halls Tenants = 361 Housed Support all our students to have a great accommodati on experience In Huddersfield 334 Students Housed. 10% increase lo incom6 generated. The first year as the University's Approved Accommodation Service has been positive, with HudLels reaching more students and establishin9 trusted relationships with university staff. Refreshed brand guidelines and a new CRM system & webpage will launch over the summer. YTD Sales achieved £145,327 compared lo a budgeted £99,518 {+£45.810) Actively challenge the climate crisis to create a Sustainability Action Plan (Green Impact self-evaluation Priority a8$ agreed by Stsstainabilily Committee. Stud•nt•' Unlo
121Page more Sustainable future. to delem)ine prioiity aa$) 10 students have signed up to the Sustainability Society Sustainability now referenced in everyone's new Job Profile. West Yorkshire Fair Work Charter Member West Yorkshire Fair Work Charter Certificate renewed March 2025. Ours Is a culture whore everyone Is Innovative and creative, strives to be the best and most Importantly loves what thay do. Staff will carry out 200 collective hours of volunteering Sustainable projectslchariti es 90.5 hours of staff volunteer time. New'Green Reward5' initiative launched by the university should help improve the recording of this KPI in fulur8 years. Menopause Workplace Pledge Signalories Complete. All core staff attended 'making menopause worK training in June 2025, as part of our wellbeing-themed Away Day. Demonstrate the value-added by measuring SU engagement against UOH metrl¢s {continuation, completion, attalnmenl progresslon) Inltial data provided by the university. Research underway, and project group established to plan 100 year celebrations. There is potential for National Lottery funding lo support this project. 100 Years of HSU research and identtfy key stskeholders DIJDII Stud•nty' Uhlon
131Page Huddersfield Students, Union. 2024- 20ZI Our Strategie Plan for making student life better. llll sld•.lJ b• Iby knl l•U• ildMI W.. Stvd•bl%' B¥ 202? we will achi&ve'ExcelleTht' in 215 areas of the Quality StudeTht5' Union Framewtswk: Financial review HSU has made an overall surplus of £105k this year. Total income of £2.44m with expenditure of £2.33m. HSU ha5 continued to benefit from the support of the University.. this year the annual grant was £1.26m which was the same as the previous year. The £2.33m expenditure went on a range of sludenl benefits detailed within the financial slalements. HSU aims lo work within its budget which planned a Deficit of 29.8k before reserves expenditure, a deficit budget of £92k after reserves expenditure. Under the requirements of FRS 102 the Union has recogni8ed in the accounts its share of the pension liability for the Students, Union Superannuation Scheme. The inclusion of the pension scheme liability has resulted in a negative penSn fund of £1,073.250 (£2024.. £1,166.931). The Trustees, assumption 15 that the Union will continue to make contributions lo the pension scheme such that, after 10 years, the deficit will be reimbursed,. as such the trustees ¢on5ider that this does not impact on the going concern of Ihe Union. Going Concern HSU have an excellent relationship with the University of Hudder5field, and the annual block grant helps HSU continue its activities and services for students. HSU appreciate5 this ongoing support, which is crucial for meeting ils objects. With strong cash reserves and support from the University. Trustees are reassured about HSU'S financial stability. HSU manages its finances well. and the Union Development Committee and the Board of Trustees will monitor HSU'S financial perfomiance to take necessary actions if needed. Forecasts show that HSU has enough reserves and cash lo operate for 12 months from the approval of these accounts. Therefore, the Trustees believe it is appropriate lo prepare the accounts on a going concern basis. FIfr S.Étknd•M C•npA Unlon
141Page Reserves Policy The Trustees have reviewed HSU'S reserves requiremènts and s8t a res8rv8 and budgeting policy summarised below. Budgeting and Reserve8 Policy Obj8CtNes:
HSU viill hdd fijnds In reserve that are sulficient to cover the organisation's immediate CC>sts in the event of a sudden reduction in income. These are operating reserves and would only be accessed in an event a$ described above. HSU detem)ines thal this level of funds is wilhin the range £280,000 - £420,0()J. HSU will never hold reserves lower than the baseline in this range. Each finanrial year, Truslees will consider the tolal ol reserves held by HSU and detemine whether any surplus funds generated during the year should be allocated to a deslgnated fund andl or retained in the reserve fund. Surplus generated during any financial year shall be allocated to a designated fund and oxpendtture planned,. unless such surplus is needèd to retain the above level of reserves funds. £420.CrfJO Operating Reserves: HSU will hold funds within the range of £280.000420,000 to cover the organisation's immediate costs in the event of a sudden reduction in income. £47,317 Capital Fund - Fixed Assets: £47,316 is to be released over a period of up to 3 years for the retail outlel after the current infrastructure, fixtures and fittin s Whe u ated. Capital Refvrbishment Reserve: £150,000 over the course of the strategic period, wrth a view to s ndin the remainin amount on refurbishmentworks in the 2027128 financial ear. £50,¢1 £20,000 Strategic Planning: £50,000 over the course of the strategic period. on projects approved b Board. £20,000 remainin Commercial Projects Fund: £10,000 over the course of the remaining strategic period to 'seed-fund' or otherwise investi ate new commercial o ortunities for income eneration. £10,OOQ £10.000 IT Equlpment replacement: £10.000 to be invested in updating future IT equipment over th exi ear. The free reserves for the Group at 31 July 2025 were £281,82312024.' £211,839 restated). Free reserves are unrestricted funds not lied up in fixed assets and which have not already been designated for a particular purposè. This assumes an additional £420k of reserves are available for HSU. The trustees will review the slrategic plan aTrd allocate these funds by designating them for strategi¢ proje$ in 2025126. Net current assets are £803.115 indicating we are operating in line with our established policies. This level falls within our minimum requirement of having three months, activity costs In hand to cope with any unexpected downturn in funding or addilional calls on our resources without immediately curtailing aGtivities. Their aim is to finish 2025126 on breakeven or a small deficit before designated funds expenditure. AffiliatTrons HSU has hvo corporate affiliations.. these include the National Union of Students £26,324 {2024'. £29,477) and the British Universities and Colleges Sports £5.28212024'. £5,350). Individual clubs and societies affiliate to their national governing body or membership organisation. Thesè are reviewed and approved by the Sludent Activities Committee. No donations were made during the year to any extemal instilutions. q¢rJ.Siudni¢ntpl Stud•ttt' Urllon
151Page Custodian Activities. Clubs, and Societies, Funds and the Annual RAG HSU acts as custodian for funds raised by Ihe student dubs and societies. individual ¢lubs and soc¢ety fund's balances are carried forward into the next financial year. At 31 July 2025 £21.6k12024'. £23.4k) was cartied forward on behalf of sports dubs and £33.6k12024.' £21.9k) was carried fotward on behalf of societies. HSU is custodian ofthe annual RAG proceeds from fuThYraising events. These are organised by the students under HSU'5 auspices for distribution to the intended charities. Funds raised by this yeals FIAG amounted to £7.97612024. £8.908> out ofwhiGh was distributed to the major charity nominated by the RAG Committee, leaving a balance of £3,146.37 (2024.. £7221 in hand for next year's RAG activities. Board of Trustees. Responsibilities The Trustees (who are also directors of Ihe company for the purposes cf Company law) are respoll5ible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial slalements for each financial year. Under company law the Iruslees must not approve the financial statement unless they are satisfied that they give a true and fair view of the slale of affairs of the Union and of the incoming resources and application of resources of the Union 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 in the Charities SORP IFRS 102)., Make judgements and accounting estirnates that are reasonable and prudent- Stale whether applicable UK Accounting Standards (FR 1021 have been followed., Prepare the finanGial statements on the going concern basis unless it is inappropriate to presume that the Union will continue in operation. The Trustees a responsible for keeping adequate a¢counting reGords that disclose with reasonable ac¢ura¢y at any time the financial position of the Union and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the Union and hence for taking reasonable steps lor the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Union and financial information included on the Union's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of Information to Auditors In so far as the Trustees are aware.. There is no relevanl audil information of which the charttable group's auditor 15 unaware- and The Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infomiation. HDI JO 51ud•nt•'
161Page Auditors The auditor. Knox Cropper, has irKJicated thelr willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of thg Twstees. This report was approved by the Trustees on arKI signed on their behalf by= ÉL, Freya Askwtlh-martin President 2-11,,I£Brs Ir of Board of T stees &71 [LolS If S1ud•nts UnlDn
171Page Independent Auditors, Report to the Members and Trustees of University of Huddersfield Students, Union Opinion We have audited the financial slalemenls of University of Huddersfield Students, Union {Ihe 'charitable company,) and its subsidiary {'Ihe group,) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities (including the Income and Expenditure Account). the Consolidgted and Parent Charity Balance Sheets. Consolidated Statement of Cash Flows and the notes to the financial slatements, including a summary of significant accounting policies. The financial reporting frameworf( that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally A¢¢epted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements-. give a true and falr view of th6 State of the group's the tharitable company's affairs as at 31 July 2Q25 and ofthe group's income and expenditure, for the year then ended.. have been properly prepared in accordan¢e with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing {UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for Ihe audil of the financial slatement5 section of our report. We are independent of the group in accordance with the elhical requirements Ihal 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 eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going cOnM 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 slalements 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 signrficant doubt on the group and charitable company's ability to continue as a going concem for a period of at leasl twelve months from when the financial stalemenls are authorised for issue. Our responsibilities and the responsibilitiés of the Tru$leg$ with respect to going concern are described in the relevant sections of this report. Other information The other inform81ion comprises the information included in the Trustees, Report, other than the financial statements and our auditor's report Ihereon. The Trustees are responsible for the other information. Our opinion on the financial slalemenls does not cover the other information and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance onclusion thereon. T.T.T- Dij 5tud•nt*' Un+on
181Page Our responsibility is to read the other infomiation and, in doing 50, consider whether the other infonnation is materially inconsistent with the financial statements. or our knoedge obtained in the aLKlit or otherwise apFe8rs to be materially mk8stated. If we identify such material inconsistencies or apparenl material misstatements. we are required to detemiine whether there is a material misstatemenl in the financial statements or a material misstatement of the other infomiation. If, based on Ihe work we have perforned, we conclude that there is a material misststement of this other inf¢)miation, we are required to report that fact. We have nothing to report in this regard. Opinion on other ntter5 prescribed by the Companies Act 2006 In our opinlon, based on the work undertaken in the course of the audit: the infom)ation given in the Trustaes. Report, which iludeS the directors, report prepared for the purposès of company law. for the finanal yearfor which the financial statements are prepar8d is consistent with the financial stalements. and the directors, report, included within the Trustees. Report. has been prepared in a¢cordance with applicable legal requirements. Matters on which we are Required to Report by Exception In the light of the knowledge and understanding of the group and tha charitable company and tts environment obtained in the course of the audit, we have not identified material misstatements in the Trustèes, Report. We have nothing to report in respect of the following matters in relation to whlch the Companies Act 2006 requires us to report to you rf, in our opinion: PrOr and adequate accounting record$ have nol been kept, or returns adequate for ovr audit have not been reGeived from branches not V161ted by us,. or The financial statements are not in agreement with the accounting records and returns., or Certain disclosures of Trustees, remuneration specified by law are not made., or We have not received all the infomiation and explanations we require for our audit: or The Trustees were not enlitled to prepare the financial slatements in accordan with the small companies regime and tske advantage of the small companies, exemptions in preparing the Truslee5' Report and from requirement to wepare 8 strategic report. Responsibilities of Trustees As explained more fully in the Stalemenl of Trustees, Responslbllilies, the Truslees (who are also the directors of the tharitable 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 detemiine is necessary to enable the preparation of financial slatement5 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 charitable company's abiltty to continue as a going concern. disdosing, as applicable. matters related to going concern and using the going concem basis of aCuntIng unless the Tnjslees either intend to liquidate the group or parent charity or to cease OFerations, or have no realistic allemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whethér the financial statemants as whole are free from material misstatement, whether due to fraud or error. and lo issue an audilorfs report that includes our opinion. Reasonable assurance 18 a high level of assurance HDist44 Un5
191Page but is not a guarantee that an audit conducled in accordance wilh ISA5 (UK) will always detect a material misstalemenl when it exlsts. Misstatements can arise from fraud or erfor 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 basls of these financial statements. lffegularilie5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our re5ponsibililies, outlined above, to detect material misstatements in re$ped of irregularilie$, including fraud. The extent to which our procedures are capable of detecting irregularities, inoluding fraud is detailed below: The group is required to comply with charity law and, based on our knowledge of their activities, we identified that the legal requirement to acGuralely aGGount for restricted fund8 was of key significan. We gained an understanding of how the group complied wrth their legal and regulatory framework. including the requir8ménl to properly account for restricted funds, through discussions with management and 8 review of the docum6nted pollcies. procedures and controls. The audit team, which is experienced in Ihe audit of charities, considered the group's susceplibilty to material misstatement and how fraud may c¢¢ur. Our considerations included the risk of management override. Our approach wa$ to Check that all restricted income was properly identified and separately axounted for and to ensure that only valid and appropriate expenditure was charged lo restricted funds. This included reviewing joumal adjustmenls and unusual transactions. A further description of our responsibilitie5 for the audit of the financial statements is located at the Financial Reporting Council's ('FRC's°) website at-. https'.lkn.frc.org.uklaudilorsresponsibilities. This description fomis part of our auditor's report. Use of our report Thi5 report is made solely to the charitable company's members, as a body, in accordance with Chapler 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state lo 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 exlent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Anderson (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP {Statulory Auditor} 65 Leadenhall Street London EC3A 2AD Date.. li O+(e•nWf 202 TrIDiJL Stud•nti' Unlon
20IPage University of Huddersfield Students, Union Consolidated Statement of Financial Activities (Including the Income and Expenditure Accounl) For the year ended 31 July 2025 Total Funds 2024 RESTATED Totsl Funds 2025 Note Unrestricted Funds Restrictèd Funds INCOME AND EXPENDITURE Income trom: Donations and grants Charitable activities Other trading activities Investment income 1,053.480 921,001 145,328 45,432 204.176 88,380 1.257,636 989,381 145,328 45,432 1,373,020 1.077,189 97,557 47,787 Total Income 2,165,221 272,556 2.437.777 2.595.553 Expenditure upon: Raising funds Charitable activities 113,566 1,956,656 113,566 2,219,248 88,420 2.619,086 262,592 Total Expendllure 2,070.222 262.592 2 332,814 2 707,506 Taxation (2,460) Net Incomel(Expendlture) Transfers between funds 20 Nel Movement In funds for the year 94,999 9,964 104.963 (114,413) 94.999 9.964 104,963 (114,413) Reconclllation of funds As previously reported Pnor year adjustment (281.7951 (281,795) 25 As restated Net funds at 31 July 2025 281795 186 796 45.329 236.466 131503 122.050 236 463 The notes on pages 23 to 41 fom part of these financial statefflents. All activities derived from continuing operalions in each of the above financial periods. Al recognised gains or losses are included in the above Statement of Financial Activities. stud•nt•' Unlon
211Page University of Huddersfield Students, Union Consolidated Balance Sheets For the year ended 31 July 2025 2025 GROUP 2024 GROUP RESTATED 2025 CHARITY 2024 CHARITY RESTATED Note8 Non-current A$8ets Fixed assels Investments 14 15 47,317 81,650 47,317 loo 47.417 81,650 100 81,750 47,317 81,650 Current Assets Stock Debtors Cash at bank and in hand 16 17 37,112 29,138 1,284,617 1.330.867 40.773 25,691 1,173,273 1.239.737 37,112 77,494 1,147.551 1,262.157 40,773 73,276 1.098,688 1.212,737 Creditors: amounts falling due within one year 18 1527,7571 (429,470) 1502,949) (414,6111 Net current assets 803,110 810.267 759,208 798,126 Net assets less current Ilabllltles 850 427 891,917 805 625 879,876 Creditors: amounts falling due In more than one year 19 {981.930) (1.128.380) 1980.930) {1,128,380) Net assets 131,503 236,463 175,305 248 504 Charity funds Restricted funds Designated funds Unrestricted lunds 20 20 20 55,293 (515,933> 329,137 131,503 45.329 <575,281 > 293,489 236 463 55.293 {515,9331 285,335 175305 45,329 1575,281) 281448 248,504 The notes on pages 23 to 41 form part of thèse financial sl8tementg. The financial statements were approved by the Board and aulhorised for issue on and signed on its behalf by: 2025 Company Number: 13435053 Charity Numbor: 1197170 Studw)ls' Lsnknh
221Page University of Huddersfield Students, Union Consolidated Cashflow Statement For the year ended 31 July 2025 Year Ended 31 July 2025 Year Ended 31 July 2024 Nole$ Cashllows {used Invprovlded by oporating acliviti•s Net cash (used inyprovided by op@rating activities 47,995 65.767 Cashflows (used invprovidad by investlng a¢tlvltlÈs Investment income Acquisition of tangible fixed assets Net cash (used inyprovided by investirKJ activthes 45,432 2.083 43.349 47,787 1.125 46 662 14 Net change in cash and cash equivalents in the period 91,344 19,105 Reconciliatlon of net cash fl¢)w to movement In net cash Movemenl in net ¢ash in the period 91,344 (19.105) Nel cash and cash equivalents brought fomard 1.173.273 1.192,378 Net ¢ash and cash equivalents carried fomard 1.264.617 1,173,273 Cash and ¢ash equlvalents at the end of the year ¢omprise". Cash at bank and in hand 1,264,617 1,264.617 1,173,273 1.173.273 The charity has not provided an analysis of changes in net debt as it does not have any long-term financing arrangements. Reconclllatlon of net expenditure to net cash Ilow from operatlng activities 2025 2024 Net incomelqexpgnditure) a¥ pèr statemont of financial activlties Adjustments for. Depreciation charge Investment income Ilncrease)Idecrease in stocks Ilncrease)Ideciease in debtors Increaselldecrease) in creditors Increaselldecrease) in pension provision Net cash used in operaling a¢livities 104,963 (114.413) 36.417 (45.432) 3,661 (3,4471 {93,6811 45.514 47,995 39,924 (47.787) 314 584 (59.951) 115,562 65.767 stUdt*.
231Page University of Huddersfield Students, Union Notes to the Financial Statements For the year ended 31 July 2025 1 Accounting Policies Ba3is of A¢¢ounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice ap1¢able to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102 second edition - effective from January 2019) and the Companies Act 2006. The financial statements a rounded to the nearest £. University of Huddersfield Students, Union meets the definition of a Public Benefit Entity under FRS102. A$set$ and liabilities are initially recognised at historical costs or transaction value unless otherwise staled in the relevant accounting policy. There were no significant estimates or judgements made by management in preparing these financial statements. Consolldatlon These financial stalements consolidate the results. assets and liabilities of Unlversity of Huddersfield Students, Union and ils wholly owned trading subsidiary Huddersfield Student5, Union Lettings Ltd (HudLets) on a line-by-line basis. No separate Statement of Financial Activilies or Income & Expenditure Account is presented for the Charity because it has taken advantage of the exemption allowed under section 408 of the Companies Act 2006. Going Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions thal might cast signffjicant doubl on the ability of the company to continue as a going Goncern. In particular the Trustees have considered the companls foracast and projections and have taken into account the current economi¢ climale on all of ils aclivilies and investment income. The Trustees believe the company has adequale resources to continue in operation for at least twelve months from the approval of the financial statements. The company therefore continues to adopt the going concern basis in preparing ils financial statements. Income All income is recognised once the group has entitlement to the income, it is probable that the income will be reived, and the amount of income receivable can be measured reliably. Expendlture 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 8mounl 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 supporl costs involved in undertaking e8ch aclivily. Shared costs which contribute to more than one aclivity and support costs which are not attributable to a single aclivily are apportioned belween those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. Ufilo
241Page Intanglble Fixed A55ets and Amortlsation Inlangible assets costing £1,000 or more are capitalised and recognised when future economic tenefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised al cost and are subsequently rneasured at cost net of amortisation a1 any provision for impaiment. Current amortisation rates are as fcAIows.' Website Developmgnt 20% straight line Tanglblè Flxed A880ts and depreciation All assets costing more than £1,000 are capitalised. Tangible fixed assets are carried at cost or valuation. not of depreciation and any provision for impairment. Depreciation is provided at rate$ calculated to write off the cost or valuation of fixed a$sets, less their estimated residual value, over their expected useful lives on the following bases.. Fumilure and Fittings Office equlpment 20% straight line 33% straight line Investments Investments in subsidiaries are valued at cost less provision for impaiment. Stocks Stocks are valued al the lower of cost and net realisable value after makin9 due allowance for obsolet8 and slow-moving stocks. Cost includes all direct costs and an appropriate portion of fixed and variable ovetheads. Debtors Trade and olher debtor6 are recognised al the settlement amount after any tradè discount offered. Prepayments are valued at the amounl prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand includes cash and short lemi highly liquid investments with a short maturity of three months or less from the date of acquisition cr opening of the depcsil or similar account. Liabllltles and provlslons Liabilities are recognised when there is an obligation at Ihe Balance Sheet date as a resu of a past event, It Is probable that a transfer of economic benefft will be required in a settlement and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amounl that the Group anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or setvices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. INhe the effect of the time value of money is material, the provision is bgsed on the present value ofthose amounts, discounted at the pre-tax discount rate thal reflects the risks specifiG to the liability. The unwinding of the discount is recognised wrthin interest payable and similar charges. Operating leases Rentals under operating leases are charged to the Statement of Financial Activities incorporating Income and Expenditure Account on a straighl line basis over the lease term. Pensions The Union participates in the Students, Unign Superannuation Scheme, a defined benefft scheme which is externally funded and contracted out of the Stale Second Pension. The fund is valued al least every three years by a professionally qualrfied independent actuary with the rat85 of contribution payable being determined by the trustees on the advice of the actuary. The scheme operates as a pooted arrangement, I?0*¢ Siud•ftti' UThlr•n
251Page with contributions paid at a centrally agreed rate. As a consequence, no Share of the underfying assets and liabilities can be directly attributed lo the Union. Under the tem5 of FRS102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. The present value of the Union's deficit contribution ig recc¥Jnised as a liability In accordance with the SORP (FRS102). The Union also operates a defined Contribution scheme lor the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable. Fund accounting General funds are unreslricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unreslricted funds that have been set aside by the Trustees for particular PUTpo$es. The aim and use of each designated fvnd is set out in the notes lo the financial statements. Restricted funds are funds which a 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 slalements. Criti¢g1 a¢¢ountlng estimates and areas of judgement Estimates and judgements are continually evalu8ted and are based on historical experience and other factors, including expectalions of future events Ihat are believed to be reasonable under the circumstances. The Group makes estimales and assumptions conceming the fuluie. The resulting accounting eslimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below. Pension deficit contributSon The charity has entered into a commitment to provide deficit funding to the Students, Union Superannuation Pension Scheme, of which it is a contributing employer. Under FRS102, the present value of the commitment is reGognised. The calculation of the present value of Ihe commitment is subject to an assumption of the discount rate. The discount rate is determined by reference to market yields at the reporting date on hlgh quality corporate bonds. stdentI Unlo
261Page 2 INCOME FROM DONATIONS AND GRANTS Unrostrl¢ted Funds Restricted Funds Total 2025 Totsl 2024 Grants University block grant University grant for rent University support and recharges Tolal Income from Donations and Grants 1,053,460 1,053,480 204.176 1,126,565 204,176 42,279 1.373 020 204,176 1,053 460 204,176 1,257.636 Incixne from donations and grants 2024 1,168.844 204,176 1.373,020 3 INCOME FROM CHARrrABLE ACTIVITIES Unrestrlcted Fund5 Restrlctsd Fund5 Total 2026 Total 2024 Fresher's week and refreshers NUS Totum Relail op&ralion5 Sports and Societies Other trading operations Total Income from charftable actlvllle$ 38.711 38,711 32,365 1,579 874,452 155,350 753,969 g6.634 31,687 921,001 753,969 165,014 31,687 989,381 68,380 68,380 1077 189 Income from charitable activities 2024 1,6,551 70,638 1.077,189 4 OTHER TRADING ACTIVITIES Unrestricted Funds Restricted Funds Totsl 2025 Total 2024 HudLets 145 328 145,328 97,557 Other Irdding activities 2024 97,557 5 INVESTMENT INCOME Unrestricted Funds Re5tsicled Funds Total 2025 Total 2024 Investsnenl In¢ome 45,432 45,432 Investment income 2024 47,787 47.787 Students. Vnlon
271Page 6 EXPENDITURE ON RAISING FUNDS: 2026 2024 Staff costs Other direct Costs Support costs (Note 8) 80.246 1,795 31.525 113,566 69,747 18,673 88,420 These costs ielate to HudLets for the year ended July 2025. 7 EXPENDITURE ON CHARITABLE ACTIVITIES: Staff costs other dlroct costs Support costs (Note 8 Total 2025 Totsl 2024 Advice Centre Student Communications Entertainment Student Representations Student Acllvllies Shop Total Expenditure 103,840 133.589 35.797 218.174 133.175 131 513 756,088 2,262 15,715 14.564 41,692 288,371 535,447 898,051 113,022 56,511 84,766 113.022 113,022 84,766 565,109 219.124 205.815 135.127 372,888 534,568 751,726 2.219,248 359,766 209,034 136,220 371,759 568,750 973,557 2 619,086 Comparative Resources Expended Slaff costs Other direct costs Support costs (Nole 81 Total 2024 Advice Centre Student Communications Entertainment Studertrl Representations Student Activities Shop Total Expenditure 98,845 126.604 35,824 139.656 123.848 133 026 657.804 134,222 12,042 8,891 70,210 268,931 126,699 70.388 91,505 161,893 175,971 359,766 209.034 136,220 371,759 568,750 g73,557 2.619 086 1.257.398 703.884 5tud*ttii' Vnlon
r4 ¢71 IY orf)rirJ¢o foio fD¢j0)uJr0 00)1r>) )¢0 LYJLY•C)rQ (yQa>( a)0 -ry(NOo)m r4r¢tr- 4T 00 (OIOrOthr ¢i¥ ¢jU) coff)mm rN(NO(FJn (naLL)? 115 a) O gQLLrn<(J
291Page 9 NET MOVEMENT IN FUNDS This is stated after chargiry- 2025 2024 Depreciation of fixed assets Auditors, remuneration.. Audit other 3etvices 36,417 39,924 13.000 2,500 15,525 1,575 10 STAFF COSTS AND NUMBERS Staff costs were as follows.. Group 2025 Group 2024 Charity 2025 Charity 2024 Salaries and Wages Social Security Costs Pension Costs 972,268 76,899 35,892 1085,059 1,011,009 82,602 43,177 1136788 892,021 76,899 35,893 1,004,813 941,262 82,602 43,177 1067 041 Employees whose emoluments exceeded £60,000 per annum". 2025 2024 £70,0- £79,999 The key management personnel of the charitable company comprise the Truste8s, including the sabbatical officers who are remunerated, and the Senior Management. The total employee benefits of the Group's key management personnel were £217,701 12024.. £268,859). The Trustees were not remunerated during the year or the prior period. 2025 55 2024 65 Average staff during the year 11 TRUSTEE REMUNERATION AND EXPENSES During the year, expenses of £1,665 {2024'. £2721 were reimbursed to Trustees for governance costs. The four sabbatical roles each incurred a salary charge as authorised in the Sludents, Union governing document, for the representation, campaigning and support work they undertake as dislincl from their trustee responsibilities. The work includes voicing student opinlon within the University and local community, defending and extending the rights of students through petitions, discussions wth MPS and also organising and supporting student volunteers and Service provision for them. Details of the sabbatical officers are available on Page 1 of the financial statements. Remuneration is paid lo each sabbatical officer for an annual lem which runs to 30 June. Should an officer leave part way through the year, the remuneration is paid on a pro rala basis. New sabbatical officers also receive an additional 2 weeks pay lor training. For the yeaf lo 30 June 2025 and 20 June 2024 each officer re¢eived annual remuneration of £23,764. The aggregate amount payable under such contracts in the year ended 31 July 2025 is £97.44412024'. £100,302). io Stud•nis
30IP8ge 12 PENSIONS The Union participated in th8 Students, Union Superannuation Scheme, vthich is a defined benefit sGheme whose membership consists of employees of sludenls. unions and related bodies throughout the country. Benefrts in respect of seNice up to 30th September 2003 are acmied on a nal salary. basis, with benefrts in respect of servlce from 1st October2003 accruing on a Career Averag8 Revalued Earnings (CARE) basis. With effect from 30th September 2011 the scheme closed to future accrual. The mosl recent valuation ofthe scheme wag carried out as at 30th June 2022, with the report published In mid-2023 showed that Ihe market value of the scheme's assets was £106.7m. These assets represented 44% ofthe value of benefrts that had aGcrued to members after allowing forexpected future increases in eamings. The defi¢tt on an ongoing funding basis amounted to £136.6m. The 2022 valuation recommended a contribution requirement by each Union expressed in monetsry tenns intended to dear the onoing funding deficit over a period of 13 years from October 2023 (to May 2037) and will Increase by 5% each year. These conlributions also include an allowance for cost of the on-going admini$tralive and operational expenses of running the scheme. These rates applied with effect from 1 October 2023. In accordance with FRS 102 provision has been made for the discounled value of contributions payable. Surpluses and deficits which arise at futu valuations will also impact on the Unions future contribution commitment. In addition to the above contributions, the Union also pays its share of the schemes levy to the Penslon PrOtectn Fund, as per Note 8. The discount rate applied was 5.49A (2024.. 4.5%). The net present value of the contributions that University of Huddersfield Students, Union have agreed to pay over the next 12 years represents a liability at the year-end of £1,073,250 {2024'. £1.166,931). The decrease in liability is due to the monthly paymenls made towards the funding deficit being more than the unwinding of the discount for the last year. The total ¢onlributions paid into the scheme in respect oflhe funding defiGit forthe period ended 31st July 2024 amounted to £91,66812024.' £87,303). The Union now participates in the NUSPS Pension Scheme, a defined contribution scheme. The lotal contributicns paid into this scheme by the Union in respect of eligible employees for the year endad 31 st Ju5y 2025 amounled to £35,892 (2024: £43.177); see note 9. 13 INTANGIBLE FIXED ASSETS- GROUP AND CHARITY Website Dev•loprnent Cosl At 1 August 2024 At 31 July 2025 6,600 6,600 Amortisation At 1 August 2024 Al 31 July 2025 6.600 Net Book Value Al 31 July 2025 Al 31 July 2024 StsJd•Trl•' u1
311Page 14 TANGIBLE FIXED ASSETS GROUP Fixtures and Fittlngs Offl¢e Equipment Totsl Cost Al 1 August 2024 Additions At 31 July 2025 130,756 2,083 132.839 116.548 247,304 2,083 249.387 116.548 Depreclation At 1 August 2024 Charge forthe year At 31 July 2025 86.798 19.S46 106 343 78.856 16,871 165,654 36.417 202,070 Net Book Value At 31 July 2025 At 31 July 2024 47,317 81,650 37.692 CHARITY Flxturès and Fittings Office Equipment Totsl Cost At 1 August 2024 Additions At 31 July 2025 120,010 2,083 122 093 112,986 232.996 2.083 235 079 112.986 Deprecialion Al 1 August 2024 Charge for the year At 31 July 2025 76,052 75.294 16.871 151,346 36,417 187,763 95,598 Net Book Value At 31 July 2025 At 31 July 2024 47317 81650 43,958 Unl•
321Page 15 FIXED ASSET INVESTIIETrirs GROUP CHARITY 2025 2024 2025 2024 Imiestment in HudLel$ 100 100 100 1¢X) The wholly owed trading subsidiary, Huddersfield Students, Union Lettings Limited, is incorporated in England and Wales with Company Number 091D8828. HudLets provides support and advice to students on lettings. The charfty owns the entire issued share capital of100 ordinary shares of £1 eaGh. A summary of the trading resuts for the year ended 31 July 2025 is shown below. Year ending Year 31 July 2025 ending Juty 31 2024 INCOME STATEMENT Turnover Expenditure Profit on ordlnary activili•s 145,328 113,566 99 972 98.010 1,962 BALANCE SHEET Current assets Creditors.. amounts due within one year Total assets less current Ilabllltles 118.710 74,808 43.902 77,000 64.859 12,141 Capftal and Reserves Called up share capital Retained profit and loss a¢¢ount Shareholders, funds 100 43,802 43.902 100 12,041 12,141 16 STOCKS GROUP CHARITY 2024 2025 2024 2025 Finished goods and goods for resale 37,112 37,112 40,773 40,773 37,112 37.112 40.773 40,773 17 DEBTORS GROUP CHARITY 2025 2025 2024 2024 Trade debtors Amount8 owed by group undertakings Other debtors Prepayments and accrued income 9.780 2.560 9.780 50.000 4,466 13.248 77,494 50.000 5.582 16.030 73.276 4,466 14,892 29,138 5,682 17.449 25,691 5tud•nt%' Unft
331Page 18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR GROUP CHARITY 2025 2024 2025 2024 Trade creditors SUSS defined benefil scheme Ilability Other taxation and social security Olhgr creditors Accruals and deferred income 62,382 91,320 27,030 25,285 321.740 527 757 76,606 38,551 20.835 23.801 269 677 429,470 61,263 91.320 26.157 13,511 310.698 502 949 76,441 38,551 19,501 20,439 259,679 414,611 DEFERRED INCQME Deferred income at 1 August 2024 ReSoUrS deferred during the year Amounts released from prior periods Deferred income at 31 July 2025 234,542 279.661 234,542 279 661 298.297 234,542 298,297 234.542 224,544 268,620 224,544)_ 268,620 286,841 224,544 286,841 224.544 19 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR GROUP CHARITY 2025 2024 2025 2024 SUSS defined benefit scheme liability 981 930 981.930 1.128380 1 128,380 981,930 981,930 1,128 380 1,128,380
c0000 OtrOOO omooo a0000 QYOOOO (ry O (U E J ¢Pfn (u ffj o oOu(JL)F1nuJ
4iic 40)¢n4nnnou 4nxx 2 In Ooi oofrJo L)OwOOthO -(no)) ooooao )OOOOa)O
oinoooolo otsoooo oooooo 00000- orDoooom OVOOOQ £NcoinrrP4U) (! OJ E 41
OrOOOO 000%0M oNooOoo 00 (v E i w(n_ 6) a> CL"fL E o) ffj V) a> o Q0UL>L)PG0(n ?I
391Page 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Designated Restricted Fund$ Funds Fund8 T¢)tal 2025 Non-Gurrent assets Net current assets Creditors.. due in moro than one year 47,317 418.680 981.9301 515 933 47,317 803,110 981,930 131 503 329,137 55.293 329.137 55,293 ANALYSIS OF NET ASSETS BETWEEN FUNDS COMPARATIVE Unrestrlcted Designated Funds Funds Restrlcted Funds Totsl 2025 Non-current assets Net current assets Creditors: duè in more Ihan one year 81.650 471,449 J1.128.380 575.281 81.650 810.267 1,128,380 236,463 293.489 45,329 293,489 45,329 22 SURPLUS FOR THE FINANCIAL YEAR As pemitted by section 408 Companies Act 2006. University of Huddersfield Students, Union's individual Statement of Financial Activities has not been Included in these financial statements. The surplus for the year is made up as follows.. 2025 2024 Univelsity of Huddersfield Students, Union's individual surplus for the financial year 73,201 (116,375) 23 OPERATING LEASE COMMITtIlENTS Al 31 July 2025, the Group and the Union had no future minimum commitments under non-cancellable operating leases (2024: nil). The rental lease with the University expired on 31 July 2024 and now operates on a rolling basis. The following lease payments have been recognised as an expense in the Statement of Financial Aclivities.. GROUP CHARITY 2025 2024 2025 2024 Operating lease rentals 204 176 204,176 204,176 IID? Siud•Trli'
40IPage 24 RELATED PARTIES The Union is in receipt of a recurring grant from the University of Huddersfield of £1,257,836 (2024.. £1.373,020). The Union paid the Universrty £204,176 for rent (2024.. £204,176 for rent and £42,279 in IT and other support Charges). At the year end, Ihe Union owed the Universty £30,791 (2024.. £40,585). Included in deferred income is a balance of £268,620 (2024-. £221,211) which relates to the block grant received in advance from the University. Hudder5field StLKlents' Union Lettings Limited {HudLets) is a wholly owned subsidiary of Universily of Huddersfield Students, Union. During the year. the Union recharged costs amounting to £2,892 (2024.. £11.8741 to HudLet5. At the BaFance Sheet date, £50,000 (2024: £50.000) was owed to the Union. The sabbalical officers are trustees of the Union, but also employed and in receipt of a monthly salary. Details of this and olher tnjstee expenses and remuneration are included in Note 11. 25 PRIOR YEAR ADJUSTMENT The Union has a number of Clubs and Societies which raise money from its members to undertake their activities. The money raised is banked in the Union's bank accounts along with other monies it receives. Hislori¢ally, any unspenl money raised by Clubs and Socielies at the year-end was Ireated as a credrtor in the Union's accounts. However, after undertaking a review this year it has been determined that these balan$ should be treated a5 part of the Union's funds and not as a creditor. Consequently. the prior year's numbers have been reslated to show the income and expenditure incurred on the Clubs and Societies as part of the Statement of Financial Aclivities. Additionally. the Clubs and Societies balances are now being disclosed as part of the restricted funds of the Union. SOFA Balance Sheet Total Restatement of openlng rèseNes at 1 August 2023 for ¢lubs and socièties restricted fund balances Clubs and Societies restricted Income Clubs and Societigs restricted expenditure Effect on prlor year (56,94n (70,638) (56,947) 70.638 82,256 11,618 sDH
411Page 26 Comparatlvo Fund and SOFA Balances RESTATED Total Funds Year Ended 2024 Unrestricted Funds Restricted Funds INCOME AND EXPENDITURE Income from: Donations and grants Charitable aclivilies Other trading activities Investment income 1,168,844 1,006,551 97,557 47,787 204,176 70,638 1,373,020 1,077,189 97,557 Total Income 2,320,739 274 814 2,595.553 Expenditure upon: Raising funds Charitable activi118S 88,420 2 332,654 88.420 2 619.086 286,432 Total Expendlture 2,421,074 286,432 2 707,5 Taxation {2,460> (2,460) Net Incomel{Expenditure Transfer5 between funds Net Movement in funds for the year 1102,795) {11,618) {114,413) 1102,7951 (11,6181 (114,413> Net lunds at 1 August 2023 RESTATED Net funds at 31 July 2024 178,997L 281,795 5S,947 J122.050 45,329 236,463 Hrh5L Stvd•DII'