Docusign Envelope ID AED6B3DE-F2FD4CE&A1AF-8282B4E244E7 i) JneTtieic] Students, Union University of Sheffield Students, Union Annual Report and Accounts forthe year ending 31st July 2025 Il•NLered cknar￿ numbgr: 1199051 , Roglsterft¢f¢awany number;. -VA Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 Contents Welcome from the Deputy Chair of the Board Trustees, Reportforthe year ended 31 July 2025 About the Students, Union Our CharitabLe Purpose and Public Benefit Led By Students Our New Strategy: An Outstsnding Student Experience The Vision su University Sheffield UKHE Measuring our Impart What our Members Told us in 2024125 Achievements and Performance li Welcome 2024 li Academic Experience Academic Forums / Ask Your University Academic Reps Student Communities and Activities li 12 12 12 Societies 12 Sport Commercial Service5- Shops, Bars and Cafés Bars and Food Venues 13 13 13 Our Shop and Zero Waste Initiatives Entertainment and Events 14 14 Venues and staffi.ng Reyt Good Recs SU Officer Elections Headlines 14 15 15 Our Sheffield Student Volunteers Change Lab Programme VolLJnteering Raising and Giving, and 'Bummit' Supporting Students A Responsible Employer DeveLoping Student EmployabiLity 100-Hour Internships Awards and Recognition Structure, Governance and Management Governing Document, Organisational Structure and Decision-making Board Committees 16 16 17 17 18 19 19 20 20 22 22 23 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 SUSU Services Ltd Board of Directors 23 Tru5tees.'Appointment. Induction, Continued Development and Engagement Related Parties 23 25 Relationship with Subsidiary Companies Relationship with the University of SheffieLd Reward and Recognition - Decision making around staff pay Risk Management Factors Outside of Our Control 25 25 25 26 26 Custodian Activities 26 Serious Incidents and ReLated Policies 26 Fundraising Financial review of the year Introduction 27 27 27 Financial Performance Overview 27 Trading Performance Other Factors 27 28 Balance Sheet 28 Future OutLook 28 Conclusion 28 HMRC Catering ChalLenge Investment Powers and Policy Reserves Policy Going Concern Reference and administrative details 28 29 29 29 30 Our advisers 30 Trustees & Senior Leadership DecLaration: DiscLosure of information to the auditors 31 32 Independent Auditor's Report to the Members of The University of SheffieLd Students, Union 34 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 WeLcome from the Deputy Chair of the Board As a Sheffield graduate and someone who first found their voice through our Students, Union as a student representative, society member, and. now, as a Trustee and Deputy Chair it is a priviLege to introduce this year's report. The Students, Union has alway5 had it5 members, interests at heart, consistently being viewed as one of the best Students, Unions in the UK. That spirit continues to shine through in 2024125, a year that combined renewed strategic focus with reaL, measurable impact for our 28,000 members. This was the first fulL year of our new organisational strategy. We set out clear aims, strengthening student belonging and maximising student influence-and backed them with a focus on student insights and data on what matters in order to act quickly. The results are encouraging.. 75% of students engaged with their SU this year,. among those who engage, 68% report feeling they belong and 6386 feel connected to a community. Students also told us that SU participation improves their wellbeing and develops skills-findings reflected in the high percentage of our members who report gains in friendships, personal skills and enjoyment. We saw those outcomes at scale from the very start of the year. Our Welcome 2024 programme delivered a confident, inclusive transition for new and returning students, with thousands attending SU events and over 4,500 taking part in "Give it a Go- taster activities. Satisfaction with the welcome and transition experience reached 9396, including 95.596 among postgraduate taught students. These gains were particularly strong for disabled, mature and Black, Asian and ethnically diverse students, demonstrating the impact of our commitment to inclusion. Student leadership remained the engine of our impact. Working with the University, we supported around 700 Academic Reps, with strong evidence demonstrating that the role builds community and drives change for students. Our democratic life was vibrant.. all Officer role elections were contested, turnout reached 19.2%. and we ran 3 referenda invoLving nearly 7,000 voters. Beyond formal democracy, our Change Lab programme enhanced stLJdents' skills and deepened their connection to Sheffield,. 97% of participants reported growth in confidence and 81% a stronger sense of belonging to the city. Our communities were busy and diverse. We supported 343 active student societies with 13,150 members, approving 48 new groups, and delivering extensive training and events. In Sport, students once again wore their black and gold with pride as the University of Sheffield secured a remarkable Ilth consecutive Varsity titLe. Volunteering remained a halLmark of Sheffield student life.. 45.000+ hours were given to local projects, aLongside schooL workshops reaching 5,000+ children. Through Raising and Giving and Bummit groups. students raised over £115.000 for good causes. Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 We continued to support students when it matters most. The Student Advice Centre opened 2.323 cases for 1,887 students and helped to secure £542,224 being returned back into students, pockets, facilitating practical help that can make the difference between getting by and giving up. As an employer, we provided 350+ paid student roles and delivered 171 training sessions with 3,660 attendances, as well as 100-hour internships targeted towards those facing barriers to participation. Our social enterprises, such as our shops. cafes and venues, played a key part in supporting our community of students in providing spaces to meet, socialise and drive change,. but also in support of our organisational financial sustainability. Powered by 319 student staff, and with a strong focus on value and safety, our social enterprises are a real asset to our membership offer. Entertainment and events brought in 136,000+ attendees, underpinned by careful safeguarding and late-night transport support. Financially, we end the year in a stronger position. The charity delivered a £182,285 surplus, significantly ahead of our forecast, supported by trading performance £127,000 above forecast in the final quarter and disciplined cost management during a year of organisational restructuring to support our new strategy and in Light of known future budget reductions. Our net assets stand at El.64m with £l.Olm net current assets, and cash of £2.28m lincluding custodian funds for clubs and societiesl- The Board has strengthened our approach to risk, reserves and compliance, ensuring we remain resilient in a chalLenging funding environment whiLe investing where our impact h3S the strongest potentiaL. None of this would be possible without our student leaders, stsff team. trustees, alumni and partners at the University and across Sheffield. Thank you for your energy, challenge and care. Looking ahead, we WILL continue to back student belonging with inclusive spaces and communities, and student influence with empowering representation at a University, LocaL and national Level, keeping SheffieLd Students, Union famously friendLy. incLusive and impactfuL. Roscoe Hastings. Deputy Chair of Trustee Board Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 Trustees, Report for the year ended 31 July 2025 The TrLJStees are pLeased to present their annual report together with the consoLidated financial statements of the charity and its subsidiaries for the year ending 31 JULY 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011. the Companies Act 2006, the Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice appLicabLe to charities preparing their accounts in accordance with the Financial Reporting Standards appLicabLe in the UK and Republic of Ireland IFR51021 (effective l January 20 191. About the Students. Union Founded in 1906, ShÈffieLd Students, Union has a long and proud tradition of ropreser)ting, supporting and enhancing the Lives of our members. Our services, faciLities and activities are designed to create a sense of community, ampLify the student voice and support student Leadership. We operate as a membership organisation for the 28,000 students at the University of SheffieLd, with many directly invoLved in leading the organisation and its activities. Our Charitable Purpose and Public Benefit We advance the education of students atthe University of SheffieLd for the public benefit by.. representing the students of the University LocaLly and nationaLIy organising services and activities to meet their needs, and providing opportunities for their involvement and personal deveLopment'. and taking positive measures to encourage and build a studont community which respects and ceLebrates the diversity of its membership, and seeking to cre2te an environment in which individuals and groups of students are free from discrimination, harassment and intimidation on Students, Union premises or in Èvents and activities organised by the Students, Union. In meeting the needs of all students, the Students, Union may provide services and activities for the exclusive use of specific groups. Our wide range of activities and services provides public benefit for the students at the University of Sheffield and ensures we successfully deliver our charitable purpose. Recognising that many of our beneficiaries are on a low income, we keep a keen focus on securing and offering good value for money for our members. This may be in seeking to secure improved financial support for students, offering good vaLue food and social opportunities, or our award-winning Student Advice Centre putting money back into student pockets as a result of its advice. information and advocacy work. When reviewing tho aims and objects of the Charity, and pLanning future activities, the Trustees are compliant with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 Led By Students Student leadership is at the heart of our organisation. As such we have a variety of prartices which ensure students have a strong voice in the operations and artivities of the Students, Union, University and wider community. In the year 2024125, 11 of our 14 trustees were students. with seven of them eLected by students to work fuLI time as Students, Union Officers, and a further two elected atthe same time to be StudentTrustees. Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 Our New Strategy: An Outstanding Student Experience 2024125 was a landmark year for the SU as we began working under our new'Belong and Influence, strategy, which had been signed off by ourTrustees Late in the 2023124 academic year. We're building on the strengths that Sheffi'eld Students, Union already has, and refocusing our efforts on promoting student belonging and maximising student influence, so that we can have an even more positive impact on students, Lives both in Sheffield and across the country. Our aims can be summarised as folLows'. LENS BELONG INFLUENCE We will curate. promote and facilitate We will build, connert, develop and student representation, buiLt on support the creation of foundations of student community and communities. so our members feeL agency, so our members have an the benefits of belonging. impactful influence over their student experience. The Vision Sheffield SU is a cultivator of diverse, tslented, welcoming and connected communities in which individuaLs are Student Leadership has been reimagined, built on foundations of community organising, promoting a more delegated and empowered representation system. su supported and encouraged to be themselves, explore new opportunities and gain new skills as participants and leaders. Students are empowered to connect, share. Learn and lead in their Learning Students are vaLued in shaping an communities as a cornerstone for 311 exceptionaL educationaL experience through other asperts of the student a sertor leading representation system. experience. University Students feel safe and weLcome in Sheffi"eld. ALI students are integrated and recognised as valuabLe contributors to the local economy, culture and civic communities. Students are acknowLedged as powerful members of the local electorate. Students, Sheffield needs and priorities are addressed by local policy-makers, businesses and empLoyers. Our students are Learners and leaders SheffieLd SU is increasingly influential in the national student movement. nationaLly. Our students are visibly represented on the national stage and political leaders take action to address students, priorities. UKHE Sheffield SU is proactively engaged with policy-makers and leaders within Higher Education. Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 Using a 'Theory of Change, methodoLogy we have worked backwards from the impacts described above to arrive at around 100 projects which we will deLiver over the next 3 years. At the same time we conducted a restructuring exercise to ensure that the shape and size of the organisation reflected our resources and strategic ambitions. Throughout all of this work we have been careful to reflect the Su's core values.. Famously Friendly - We're warm, generous and down to earth. embodying the famous kindness of our city. We forge connertions between students, bringing people together for fun and memorable experiences in safe, welcoming spaces and communities. Impactful - We make a difference with and for our students. ALI of our work contributes value to the lives of students. We have an industrious and coLlaborative approach to securing a positive future and a 'reyt' good time for our students. IncLusive - We are bold in ensuring every one of our members feeLs included. We spark creative. equitable solutions that overcome barriers to participation, strengthening and supporting our vibrant and thriving student communities. Measuring our Impact Over the past nine months, SheffieLd Students, Union has redeveloped its approach to Key Performance Indicators IKPlsl to improve how we measure and report strategic impact. The new KPI suite and accompanying dashboard represent a more focused, data-driven approach to tracking progress, concentrating on the Union's core strategic priorities of Belonging and Inf luence. Many of the metrics draw from annuaL surveys, suppLementod by service data and qualitative research. 75% Several of our KPIS Look at student engagement levels with the SU. 2024125 data shows that 7596 lor around 21,000 students) engaged with their SU this year. of Students Engaged with the SU in 2024125 Performance data wilL inform future interventions and be enriched with demographic anaLysis to reveaL patterns by background, study level, and identity group. What our Members Told us in 2024125 Throughout the year we ask our members to teLI us what the SU means to them and how we enhance their time at University. The results are encouraging, with students who use the SU being overwhelmingly positive aboutthe experience. 68% of students report that they feel Like they belong at the SU whilst 63% feeL "I love how inclusive and welcoming the SU is. As soon as I went there for the first time on orientation week I knew I belonged" Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 connected to a community through the SU. Furthermore, students who engage with the SU tell us that they feel better and deveLop new skiLIs. Feedback on aLI our services, facilities, and activities was also overwhelmingly positive, as we can see from the dialogue box to the right. 91% of students agree the SU building and campus feeLs safe, 90% agree the SU is inclusive, 87% agree the SU is welcoming and 79% agree the SU services, facilities, and activities meet their needs. Some more quotes from our members which reveal the importance of the SU in their lives.. .1 love how welcoming and vibrant the SU is-it feels Like the heart of campus., 'It's vibrant and has events every day. It reminds me of a second home., "Even when l am having a bad day. walking into the SU, even rf l am alone, makes me really feel tike part of University- It never fails to boost my rnood" '1 do Love the Students, Union. It is a very weLcoming and warm place and the bright colours reaLly do help to cheer me up. even when the weather is very cold and dreary., 'The Students, Union has so many facilities that meet my needs from the Shop, to the many food businesses. And I'm in the WelLbeing Cafe Committee and the SU aLlows us to make our society events happen which bring many students together in a weLcoming and fun environment. l also work in Foundry and the shop and I have never had so much fun at work Like this..), 'As someone who has just begun a postgraduate degree at Sheffield, l am really impressed by how good the union is here compared to my old university. Students who engage with the SU feeL better and deveLop new skills. 75% of students said during their time as a student they had engaged in some form of Students, Union activity. The majority of these students reported positive outcomes from doing so. The highest positive outcomes were the deveLopment of personal I interpersonal skills, making new friends, and improved wellbeing lall 8596+1. 80% of students who had participated also agreed that the SU helped them have fun. "The SU is a fantastic organisation that operates efficiently and is a core part of student identity in Sheffield." Of the IO% of students who told us they were not 'having fun during their time at university, 4296 reported never participating in Students, Union activities. This is a participation rate significantly Lower io Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 than the overaLI survey respondents124% never participatedl potentially demonstrating a reLationship between SU involvement and wellbeing. NearLy 80% of respondents agree thatthe SU represents the needs and interests of students and students commented appreciation of our work in this area. Achievements and Performance Welcome 2024 Welcome Week 2024 marked a strong start to the academic year, helping thousands of new students feel informed, welcomed and connected to their university community. Across the week, more than 5,000 students attended Students, Union events. In addition there were over 4,500 Give It a Go participants, demonstrating the continued value of community-building activities in helping students settle into Life at Sheffield. Survey feedback shows 93% of respondents were satisfied with their overalL welcome and transition experience, while 95.596 of postgraduate taught students were very or extremely satisfied- a rise of nearly 47 percentage points from 2022. Students reported stronger awareness of opportunities to make friends189.8%1, a greater sense of beLonging192.8%1, and improved understanding of how to access help and support195.7961. Gains were most notable among disabled, mature and BAME students, with sense-of-belonging scores up by more than 20 percentage points for these groups. These insights are shaping a renewed strategic focus on inclusion and representation. The Union is working to diversify event formats, timings, and communications,. co-design activities with underrepresented groups,. and strengthen coLlaboration with academic departments and the University's support teams. This work sits within the Union's wider Theory of Change. which prioritises long-term community deveLopment over short-term participation metrics. While WeLcome Week demonstrated excellent delivery and positive student sentiment, it aLso underlined the need for developmental change. The Union remains committed to ensuring every student- regardless of background - can access the full benefits of university Life, feeL they beLong. and see themselves represented in its communities and Leadership. Academic Experience During 2024125 our Education Officer focused on implementing the following changes to improve students, academic experience.. Accessible Learning for All.. Our Officers have beÈn taking part in the conversations around the Master PLan for C2mpus for the next 15 years and trying to ensure that it is 3 disabiLity centric li Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 design. We have made progress in terms of securing a commitment from the University thatthey will re-evaluate the accessibility of lecture theatres. Engaged and Diverse Assessment.. Employability in the Curriculum Baseline is now being implemented for curriculum development. Know Your Rights- You can now fully check the A to Z of Student Rights now on the website. Centralising Timetabling: Helping the University Working Group on centraLising the timetable for a better student experience. Where is my money going?: Creating pamphlets to make it easier for students to understand where their money is going at the University. Academic Tutoring Report.. CoLlating all of the feedback on Academic Tutoring to present to the Task & Finish Group and Senate Education Committee. Academic Forums l Ask Your University Academic Forums are going strong, with over 100 students attending our launch event for the Academic Year. We've also been able to bespoke the space based on student interest, delivering targeted sessions for Returning Academic Reps that focus on fostering our most engaged volunteers. '1 reaLLy enjoy being a student at Sheffield. It's a good baLance of work and fun - it's a great environment to be Learning in, This work has aLso been dovetaiLed by our-Ask Your University" events, co-delivered with key University staff. These events give students direct access to those responsible for their education, providing them with input into topics such as the new schools restructure, programme simplification, and changes to wellbeing services. Academic Reps Across 2024125 the SU recruited lin partnership with the University), trained and provided ongoing supportfor a network of around 700 Academic Reps. Being an Academic Rep is a perfect way for students to get more involved in making change. whetherthat's in their Department, through the Union, or in the wider world. Together with student Leaders and support from their Department, they take on a roLe where they can find their passion and reimagine what education Looks like at SheffieLd. Research from our Academic Rep community reported 78Wo of Atademic Reps agreed that being a rep had helped them feel part of a community and that the same percentage agreed thatthey feLt like they had made an impact. Student Communities and Activities Societies This year, our student community was home to 343 active societies, representing a vibrant and diverse range of interests. Membership reached 13,150 students, with 48 new societies approved for 2024-25, demonstrating the continued growth and diversity of student-Led activity. 12 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 More than 1,900 students took part in Society and Committee Training, whiLe over 100 society trips took place across the UK and abroad, including day, weekend, camping and walking excursions. Our FILM Unit student cinema hosted 76 screenings with 1,528 totsl attendances, and Technical Services Committee delivered an impressive 287 events, including 105 club nights, 54 live gigs, and over 12,000 crew hours, supported by 237 hours of dedicated training. Sport The 2024125 academic year saw outstanding success for Sheffield's student sport community, with students representing the black and gold with pride and dedication. In Varsity 2025, the University of SheffieLd retained the title of Varsity Champions for the I Ith consecutive year, with over 2,000 competitors, 15,000 spectators, and 87 fixtures across a wide range of sports. Commercial Services- Shops. Bars and Cafes One of the many ways in which the SU improves student's lives is through empLoying them to work in our various services. In 24125 we paid student staff more than £1.3m. and this has been important in heLping our members navigate their time at university during a cost of living crisis. Furthermore. the experience and skills gained whilst working at the SU has a huge impact on their self-confidence, skiLLs and future employability. The Students, Union's commercial outlets continued to play a vital role in supporting the student experience and generating income to fund key services. Across 2024125, our shops, cafes and venues welcomed thousands of students each week, offering value, quality and su5tainabLe choices - aLI powered by a dedicated team of 319 student staff members. Bars and Food Venues At Coffee RevoLution, students purchased 18,256 lattes. making it the top drink of the year. The shift towards sustainability was evident, with 10,666 customers using reusabLe cups, collectiveLy saving £2,133.20. PLant-based options continued to grow, with 15,921 oat-based drinks sold alongside 55,573 dairy-based drinks. Bar One remained a student favourite throughoutthe year. The most popular drink was Vodka, with 64,161 measures sold, closely followed by Amstel, with 27,293 orders-the equivalent of over 80 full bathtubsl 13 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 The Southern Fried Chicken Burger proved the top food choice12.22 1 sold). while the Raspberry Mojito led cocktsiL sales1819 orders). New Leaf served 6,325 salads and 6,949 wraps, while Baked sold a remarkable 7,412 feet of sausage rolls, including 5.037 vegan options, reflecting increasing demand for plant-based alternatives. Our Shop and Zero Waste Initiatives Our retail spaces continued to baL?nce convenience, value and sustainability. Our Shop sold 57,240 sandwiches and wraps. 135,268 soft drinks, and 1.1 tonne5 of tater tots. The Chicken and Bacon Caesar sandwich fiILing was the most popular choice, while the Zero Waste Shop sold 903 kg of vegan pick 'n' mix and 1.6 tonnes of buLk wholefoods, highlighting student appetite for Low-waste. ethical products. Entertainment and Events The Union's venues hosted a packed calendar of activity, with 105 club nights attracting 113,959 attendees and 54 Live shows drawing 19,773 audience members. In total, 136,781 attendees enjoyed Su-organised events, including 188 student-led performances. Popular acts included The Wombats, Everything Everything, Razorlight, and Pale Waves. Student safety and welfare remained a core priority.. 233 events were supported by the SU security team, 1,083 students used the Free Safety Bus, and 71 student society members received Emergency First Aid at Work training. Venues and Staffing We are a licensed premises and across aLL venues, student staff deLivered 9,893 hours of work in our night time venues. We hear consistentLy f rom OLJr members that nightLife and experience at our venues. whether at dedicated cLub nights, gigs or special events, is part of what makes their student experience so speciaL. 14 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 The ever-popular VK range led sales, with 96,732 Orange VKS sold- equivaLent to one medium-sized swimming pool- aLongside 20,600 Blue, 12,120 Yellow, and 10,622 Red bottles. Other best-sellers included 39,977 Jung Bombs, 19,195 Passion Bombs, and 7,082 Baby Guinness shots. Reyt Good Recs Throughoutthe year. we've used our'Reyt Good Recs, marketing campaign to encourage students to share their own favourite places, and to help each other to find new places to visit in the city. We've had hundreds of suggestions from students, especially from students in their final year hoping to pass on their local knowledge to those just starting their University journey in Sheffield. SU Officer Elections HeadLines This year demonstrated the power of student voice and democratic engagement at Sheffield Students. Union. A total of 5,728 students voted in the annual SU Officer Elections, with 47 candidates standing and the Walking Society achieving the highest Society vote contribution with 699 voters. Further showcasing the strong connertions between our Belonging and Influence opportunities, a majority of our Officer ELection candidates heLd society memberships. LGBTQl+ Society provided the most candidates with 6, whiLst society Presidents are the most common committee position to run, with 10 of our pool hoLding that role. A healthy number of candidates from past eLections returned. suggesting that their experience historicalLy has been a positive one. Our training programme for candidates returned, with 72% of candidates agreeing that the training helped them become more confident and 60% saying they'd recommend the overall experience to future candidates. 19.2% Turnout- 5,278 Voters 47 candidates an increase of 13 {for equivalent FTO role51 ALI roles contested 15 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 To ceLebrate the end of the election cycLe, and the new Officer Team, we once again deLivered ELection Results Night in Foundry - a brilliant coLlaboration between Student Influence. Events and our student media groups at Forge. Around 200 students attended, creating a real sense of belonging and celebration with candidates and attendees agreeing it was great and particuLarly enjoying the hosting from Forge. Across the year, 14 Officer campaigns were delivered, 3 referenda were held attracting nearly 7,000 voters, and 15 student-led policies were passed by SU Council. More than 700 academic representatives supported students across departments. contributing over 3,000 hours of paid Leadership work. whiLe 300+ students participated in SU forums. These achievements highLight the Su's commitment to meaningful student representation and co-Leadership. Our Sheffield Student Volunteers Change Lab Programme It's been a fantastic year for Change Lab.. we welcomed our incredible student-staff team, engaged more students and partners than ever before and continued to build our Local 'This project has helped me clarify which direction I hope my career goes down in the future and showed me how possible it actually is!1> community influence. Change Lab continues to have a profound impact on our student volunteers, developing their sense of confidence and their connection to the city of Sheffi'eld. As 16 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 well as enabling them to build hands-on skiLls and experience that will stay with them Long after graduation. 97% of participants said their skills and confidence in changemaking had grown. 9596 felt more engaged ar)d passionate about social action and community organising. 81% reported a stror)ger sense of belongffng to Sheffield. Students said Change Lab made them feel part of the city beyond the "student bubbLe- and more like Sheffield residents. A total of 45,685 hours were contributed to the Local community by our student voLunteers between 1st July 2024 to 30th June 2025. Volunteering Our volunteering programmes made a significant contribution to the local community. Students delivered over 230 workshops in primary schools, reaching more than 5.000 children. A further 85 students led community voLunteering projects and coLlaborated with over 300 LocaL charities. In addition, 83 volunteering Give it a Go se55i0ns were held in partnership with local organisations. The wider Give it a Go programme continued to provide accessible opportunities for students to try something new, with 536 events attracting 10,875 attendances. Ticketed activitios raised £19,202.25 in support of sports cLubs and societies. /lllll Ii!PL, Students have volunteered more than 45,685 hours in total. Students who gave back their time fed back that they felt they'd gained many valuable skiLls including coLlaboration. communication, time-management. as well as feeling that their confidence had improved. From running sports days and workshops in LocaL schools. to getting invoLved with local conservation efforts. students voLunteered with over hundreds of Local charities. Raising and Giving, and 'Bummit' Through our Raising and Giving IRAGI and 'Bummit' groups, students demonstrated their generosity and commitment to good causes, raising over £120,000, including £40,000 from the Bummitto Bratislava hitchhike. There were 273 Adopt-a-charity student group fundraisers and 150 participants in this year's Bummit challenge. 17 Docusign Envelope ID AEDG83DE-F2FD4CE￿AlAF-B26284E244E7 ..being a part of RAG Committee has made uni feel like a more 5UPPOrtive and accessible environment. Being involvedal50 helpeddevelop my own career plans ift my want to getinto fundraising full time. The empha515 on developing organisational skills and student advice ha5 shaped me to be in the be5tPO55ible p051tion leaving university." "RAG ha5 been the most influential thing on my life at uni. When struggling through some seriou5 Issue5 a￿1 starting to fall out of love with my degree, I found RAG. Little did I know I would fall in love with fundraising and the charity sertor. Out of nowhere I began volunteering. exploring initiatives and helping other charitable groups outside of the SU find their way through fundraising. I have developed so many skills and acquired so much knowledge" t￿￿T**£**|
**Staff Costs**
**£**|**Depreciation**
**/amortisation**
**£**|**Governance**
**and Support**
**Costs**
**£**|**Total**
**£**| |---|---|---|---|---|---|---|---|---| |||||99,415|485,830|-|134,808|720,053| |Sponsorship and||||||||| |Advertising||||28,639|75,668|-|14,979|119,286| |Bars and Catering||||598,998|779,444|71,183|359,488|1,809,113| |Venues and||||||||| |Entertainment||||958,687|739,387|48,334|134,808|1,881,216| |Retail||||901,408|266,784|10,534|74,893|1,253,619| |Member Services||||475,528|1,467,507|100,626|299,573|2,343,234| |Membership||||||||| |Engagement||||356,998|1,111,772|10,885|479,317|1,958,972| |Rental||||180,131|-|-|-|180,131| |||||3,599,804|4,926,392|241,562|1,497,866|10,265,624| ## **Prior Year** ||||**Direct Costs **
**£**|**Staff Costs**
**£**|**Depreciation**
**/amortisation**
**£**|**Governance**
**and Support**
**Costs**
**£**|**Total**
**£**| |---|---|---|---|---|---|---|---| ||||114,534|489,265|-|134,859|738,658| |Sponsorship and|||||||| |Advertising|||23,736|51,164|-|14,985|89,885| |Bars and Catering
708,769||||903,842|91,811|359,624|2,064,046| |Venues and|||||||| |Entertainment|||839,170|717,838|22,006|134,859|1,713,873| |Retail|||979,011|254,450|13,698|74,922|1,322,081| |Member Services
525,390||||1,412,774|94,996|299,687|2,332,847| |Membership|||||||| |Engagement|||415,322|1,213,151|8,661|479,498|2,116,632| |Rental|||180,131|-|-|-|180,131| ||||3,786,063|5,042,484|231,172|1,498,434|10,558,153| The support costs and governance costs are allocated to activity based on the proportion of that 38 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **Governance & Support costs** ## **Current Year** |||||||**Operating**||| |---|---|---|---|---|---|---|---|---| |||||**Use**|**Staff Costs**|**Costs**|**Marketing**|**Total**| |||||**%**|**£**|**£**|**£**|**£**| |||||9|143,341|11,287|1,564|156,192| |Sponsorship & Advertising||||1|15,927|1,254|174|17,355| |Bars & Catering||||24|315,170|30,098|4,170|349,438| |Venues & Entertainment||||9|118,181|11,287|1,564|131,032| |Retail||||5|79,634|6,270|869|86,773| |Member Services||||20|
262,625|25,082|3,476|291,183| |MembershipEngagement||||32|420,200|40,131|5,562|465,893| ||||||1,355,078|125,409|17,379|1,497,866| ## **Prior Year** |||||||**Operating**||| |---|---|---|---|---|---|---|---|---| |||||**Use**|**Staff Costs**|**Costs**|**Marketing**|**Total**| |||||**%**|**£**|**£**|**£**|**£**| |||||9|125,170|6,408|3,281|134,859| |Sponsorship & Advertising||||1|13,908|712|365|14,985| |Bars & Catering||||24|333,787|17,089|8,748|359,624| |Venues & Entertainment||||9|125,170|6,408|3,281|134,859| |Retail||||5|69,539|3,560|1,823|74,922| |Member Services||||20|
278,156|14,241|7,290|299,687| |MembershipEngagement||||32|445,048|22,786|11,664|479,498| ||||||1,390,778|71,204|36,452|1,498,434| ## **8. Net income / (expenditure) is stated after charging:** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |**Auditor**
**s remuneration:**||| |Audit fees|27,100|25,150| |Accountancy fees|5,860|5,460| |Operating lease rentals|180,131|183,712| |Depreciation and amortisation|241,562|231,172| 39 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **9. Information regarding trustees and employees** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |**Staff costs comprise:**||| |Wages and salaries|5,355,630|5,581,488| |Social security costs|442,100|382,083| |Redundancy costs|127,644|20,347| |Pensions|356,096|449,344| |Total|6,281,470|6,433,262| The average monthly head count during the year was as follows: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Core staff (Permanent contracts)|180|176| |Student and casual staff (Flex contracts)|397|583| ||577|759| The number of employees who received employee benefits during the year in excess of £60,000, classified within bands of £10,000 is: |||**2025**|**2024**| |---|---|---|---| |||**£**|**£**| |£60,000|- £70,000|-|-| |£70,001|- £80,000|2|2| |£80,001|- £90,000|-|-| |£90,001|- £100,000|1|1| The Trustee Board is made up of the 7 Students Union Officers, 5 external trustees and 5 student trustees elected by the whole student population, who work full time are y listen to how Students want things to be done and work with the relevant people to make it happen. They represent student views to the University and local and national decision makers. Each of the 12 Student Officers were paid a salary during the year with a total cost of £166,617 (2024- £170,722) including social security and pensions. The level of salary is determined by the Students is set out in the contract of employments. No Trustees (2024 no trustees) were reimbursed a total of £nil (2024 - £nil) for personal travel and subsistence expenses in performing their role as a trustee. The key management personnel of the Charity comprise the senior leadership team as disclosed in the Charity Information on Page 3. The total employee benefits of the key management personnel of the Charity were £551,046 (2024 - £448,180). 40 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** **10. Intangible Fixed Assets - Group** |**10. Intangible Fixed Assets - Group**|||| |---|---|---|---| ||**Goodwill**|
**Software**|**Total**| |||**Development**|| ||**£**|**£**|**£**| |**Cost**|||| |At 31 July 2024|20,000|347,042|367,042| |Additions|-|-|-| |31 July 2025|20,000|347,042|367,042| |**Amortisation**|||| |At 31 July 2024|20,000|204,248|224,248| |Charge for the year|-|60,394|60,394| |At 31 July 2025|20,000|264,642|284,642| |**Net book value**|||| |At 31 July 2025|-|82,400|82,400| |At 31 July 2024|-|142,794|142,794| |Goodwill relates to the acquisition of trade relating to Proper Pasty||on 3 August 2015.|| |**Intangible Fixed Assets - Charity**|||| |**Intangible Fixed Assets - Charity**|||| |---|---|---|---| ||**Goodwill**|**Software**|**Total**| |||**Development**|| ||**£**|**£**|**£**| |**Cost**|||| |At 31 July 2024|145,000|347,042|492,042| |Additions|-|-|-| |31 July 2025|145,000|347,042|492,042| |**Amortisation**|||| |At 31 July 2024|85,625|204,248|289,873| |Charge for the year|6,250|60,394|66,644| |At 31 July 2025|91,875|264,642|356,517| |**Net book value**|||| |At 31 July 2025|53,125|82,400|135,525| |At 31 July 2024|59,375|142,794|202,169| Goodwill in the Charity relates to the hive up of the trade and certain assets of Union Leisure Limited on 26 January 2014 and the acquisition of trade relating to Proper Pasty on 3 August 2015. 41 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **11. Tangible fixed assets Group** **----- Start of picture text -----**
Improvements Fixtures, Total
to Leasehold Equipment
Buildings & Vehicles
£ £
£
Cost
At 31 July 2024 1,940,159 2,850,799 4,790,958
Additions 138,852 126,131 264,983
At 31 July 2025 2,079,010 2,976,930 5,055,940
Depreciation
At 31 July 2024 1,762,812 2,556,930 4,319,742
Charge for the year 49,469 131,699 181,168
At 31 July 2025 1,812,281 2,688,629 4,500,910
Net book value
At 31 July 2025 266,729 288,301 555,030
At 31 July 2024 177,346 293,869 471,215
Charity
Improvements Fixtures, Total
to Leasehold Equipment
Buildings & Vehicles
£ £
£
Cost
At 31 July 2024 1,823,944 2,775,421 4,599,365
Additions 138,852 126,131 264,983
At 31 July 2025 1,962,796 2,901,552 4,864,348
Depreciation
At 31 July 2024 1,646,598 2,481,552 4,128,150
Charge for the year 49,469 131,699 181,168
At 31 July 2025 1,696,067 2,613,251 4,309,318
Net book value
At 31 July 2025 266,729 288,301 555,030
At 31 July 2024 177,346 293,869 471,215
**----- End of picture text -----**
42 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **12. Fixed asset investments** ## **Charity** **Shares in subsidiary undertaking £** ## **Cost** At 31 July 2024 and 31 July 2025 25,000 |**Subsidiary**|**Principal activity**|**Country of registration**|**Percentage of**| |---|---|---|---| |**undertakings**|||**ordinary shares**| ||||**held**| |**SUSU Services Ltd**|Provision of nursery|England and Wales|100 (Direct)| ||and advertising||| ||opportunities||| The financial results of the subsidiaries were: ## **2025** |**Name**|**Income**|**Expenditure**|**Expenditure**|**Profit/(Loss)**|**Profit/(Loss)**|**Net Assets/**| |---|---|---|---|---|---|---| ||**£**||**£**||**£**|**(Liabilities)**| |||||||**£**| |SUSU Services Limited|1,069,583|(1,004,637)|||64,946|178,948| |**2024**||||||| |**Name**|**Income**|**Expenditure**||**Profit/(Loss)**||**Net Assets/**| ||**£**||**£**||**£**|**(Liabilities)**| |||||||**£**| |SUSU Services Limited|993,590|(1,055,265)|||(61,675)|114,002| |Union Leisure Limited|-||-||-|-| |**13. Debtors**||||||| |||**Group**|||**Charity**|| ||**2025**||**2024**||**2025**|**2024**| |||**£**||**£**|**£**|**£**| |Trade debtors|47,604||17,756||47,102|14,375| |Intercompany balances||-||-|184,275|118,559| |Amounts receivable from University of|23,970||47,667||23,970|47,667| |Sheffield||||||| |Other Debtors|134,432||23,450||31,499|23,450| |Prepayments and accrued income|68,173||161,477||68,173|100,770| ||274,179||250,350||355,019|304,821| 43 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **14. Creditors: amounts falling due within one year** |||**Group**||**Charity**|| |---|---|---|---|---|---| |||**2025**|**2024**|**2025**|**2024**| |||**£**|**£**|**£**|**£**| |Trade creditors||158,031|166,077|156,634|145,328| |Intercompany balances||-|-|-|186,155| |Other taxation and social|security|102,981|74,014|83,121|67,198| |Amounts owed to University of Sheffield||48,548|76,901|48,548|76,901| |Other creditors||147,010|118,062|131,985|90,682| |Accruals and deferred income||587,389|616,603|574,985|616,603| |Funds held as custodian|clubs & societies|671,098|668,924|671,098|668,924| |||1,715,057|1,720,581|1,666,371|1,851,791| -led groups. The total amount held for these activities at the year end was £671,098 (2024: £668,924). ## **15. Pension Schemes** ## **Defined contribution scheme** University of Sheffield Pension Scheme (USPS) and The Universities Superannuation Scheme (USS), the assets of which are held in separate trusteea defined contribution scheme managed by B&CE. The assets of the USPS and USS schemes are not separable and therefore the proportion of any surplus for the schemes as if there were defined contribution schemes. Employer contributions to these schemes are charged to the Income and Expenditure accounts in the year in which they are paid and are includes within the disclosure of individual activities within these accounts. Contributions amounted to £351,022 (2024 - £449,344). ## Details of the defined benefit schemes are as follows: The University of Sheffield Pension Scheme (USPS) is a cash balance defined benefit pension scheme. The scheme is externally funded but is no longer contracted out of the state second-tier pension provision. Accrual up to 30 November 2011 was on a final salary basis and certain members retain a final salary link. the tiered contribution structure that had been effective from 1 December 2011. The most recent actuarial valuation of the scheme was undertaken as at 1 April 2023: ||||||||||**Final Salary**|**Cash balance**| |---|---|---|---|---|---|---|---|---|---|---| ||||||||||**Section**|**Section**| ||||||||||**£m**|**£m**| ||||||||||(184.0)|(40.3)| |funding basis:||||||||||| |||were valued|||||at:||185.4|39.2| |The balance (shortfall) (on an ongoing funding basis)|||||||||1.4|(1.1)| |Funding level|||||||||100.8%|97.2%| 44 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **15. Pension Schemes (continued)** The Universities Superannuation Scheme (USS) is contracted out of the State Second Pension. (S2P). specified percentage of payroll costs to the pension ployees. This is currently set at 21.6%. The latest available full actuarial valuation of the scheme was at December 2023 which was carried out using the projected unit method. At the valuation date, the value of the assets of the schemes was £73.1 billion 65.7 billion indicating a surplus of £7.4 billion. The assets are therefore sufficient to cover all of the benefits which has accrued to members after allowing for expected future increased in earnings. At the year-end unpaid pension obligations of £3,716 (2024: £2,387) were included in other creditors. ## **16. Commitments** As at 31 July 2025 the charity had total commitments under non-cancellable operating leases as follows: ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Expiry date:||| |Within one year|-|39,564| |Between one and five years|-|-| ||-|39,564| ## **17. Statement of funds** **Statement of funds - current year (Group)** ||**Balance**|**Income**|
**Expenditure**|**Transfers**|**Balance at**| |---|---|---|---|---|---| ||**at 31 July**|**£**|**£**|**between**|**31 July**| ||**2024 **|||**funds £**|**2025 **| ||**£**||||**£**| |**Unrestricted funds:**|||||| |**Designated funds**|||||| |Fixed Asset Fund|614,009|-|(241,562)|264,983|637,430| |**General funds**|||||| |General funds
all|733,683|10,345,758|(9,684,815)|(448,478)|946,148| |funds|||||| |**Total Unrestricted**|1,347,692|10,345,758|(9,926,377)|(183,495)|1,583,578| |**funds**|||||| |**Restricted funds:**|||||| |Volunteering Fund|42,392|-|(225,887)|183,495|-| |Rackham|9,899|-|(7,091)|-|2,808| |Alumni Grant Funding|8,859|50,200|(50,199)|-|8,860| |Residence Life Fund|21,940|50,951|(46,339)|-|26,552| |Community Fridge|2,679|1,000|(210)|-|3,469| |Change Lab|28,681|-|(9,521)|-|19,160| |**Total Restricted**|114,450|102,151|(339,247)|183,495|60,849| |**funds**|||||| |**Total funds**|1,462,142|10,447,909|(10,265,624)|-|1,644,427| 45 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** ## **17. Statement of funds (continued)** **Statement of funds - prior year (Group)** |**(Group)**|||||| |---|---|---|---|---|---| ||**Balance**|**Income**|
**Expenditure**|**Transfers**|**Balance at**| ||**at 31 July**|**£**|**£**|**between**|**31 July**| ||**2023 **|||**funds £**|**2024 **| ||**£**||||**£**| |**Unrestricted funds:**|||||| |**Designated funds**|||||| |Fixed Asset Fund|534,685|-|(231,172)|310,496|614,009| |**General funds**|||||| |General funds
all|994,550|9,909,217|(9,855,649)|(314,435)|733,683| |funds|||||| |**Total Unrestricted**|1,529,235|9,909,217|(10,086,821)|(3,939)|1,347,692| |**funds**|||||| |**Restricted funds:**|||||| |Volunteering Fund|66,783|296,354|(310,846)|(9,899)|42,392| |Rackham|-|-|-|9,899|9,899| |Alumni Grant Funding|18,234|40,625|(50,000)|-|8,859| |Residence Life Fund|31,940|66,612|(77,872)|1,260|21,940| |Community Fridge|-|-|-|2,679|2,679| |Change Lab|22,940|38,355|(32,614)|-|28,681| |**Total Restricted**|139,897|441,946|(471,332)|3,939|114,450| |**funds**|||||| |**Total funds**|1,669,132|10,351,163|(10,558,153)|-|1,462,142| The transfer from restricted to unrestricted funds in the year is to show the Rackham fund, previously included within Volunteering Fund, separately to allow greater transparency of fund movements. The transfer between restricted to unrestricted funds in the prior year related to an agreed contribution from Residence Life towards the cost of staff (mainly) who run the programme. ## **Designated fund:** **Fixed Asset Fund:** Is the net book value of fixed assets purchases with unrestricted funds. These assets are considered essential to the implementation of operational strategy and their disposal would ## **Restricted Funds:** **Volunteering Fund:** the purpose of this fund is to enable Volunteering activities and opportunities for University of Sheffield Students. **Rackham:** F , enabling a small group with third sector partners. **Alumni Grant Fund** The purpose of this fund is to enable extracurricular activities and projects that directly benefit students. **Residence Life Fund:** The purpose is to enable activities and opportunities for University of Sheffield students living in University of Sheffield owned and managed residences. 46 ## **The** ## **Notes to the Financial Statements for the year ended 31 July 2025 (continued)** **Community Fridge:** Funding for a fridge to be used in the community to reduce food waste and tackle food insecurity. **Change Lab:** The purpose of this fund is to support student-led social change programmes in collaboration with the wider Sheffield community. ## **18. Analysis of net assets between funds (group)** ## **Current period** |**Current period**||||| |---|---|---|---|---| ||**General**|||| ||**unrestricted**|**Designated**||**Total**| ||**Funds**|**Funds**|**Restricted**|**Funds**| ||**2025 **|**2025 **|**2025 **|**2025 **| ||**£**|**£**|**£**|**£**| |Intangible fixed assets|-|82,400|-|82,400| |Tangible fixed assets|-|555,030|-|555,030| |Net current assets|946,148|-|60,849|1,006,997| |**Total **|946,148|637,430|60,849|1,644,427| |**Prior period**||||| ||**General**|||| ||**unrestricted**|**Designated**||**Total**| ||**Funds**|**Funds**|**Restricted**|**Funds**| ||**2024 **|**2024 **|**2024 **|**2024 **| ||**£**|**£**|**£**|**£**| |Intangible fixed assets|-|142,794|-|142,794| |Tangible fixed assets|-|471,215|-|471,215| |Net current assets|733,683|-|114,450|848,133| |**Total **|733,683|614,009|114,450|1,462,142| ## **19. Related Party Transactions** The following have been identified as related party transactions per the requirements of FRS 102. grants of £4,041,396 (2024 - £3,743,004) from the University of Sheffield; there was £543,043 (2024 - £530,359) of sales recharges and £1,291,780 (2024: £1,215,069) of purchases from the University. At the year end the owed the University of Sheffield £48,548 (2024 - £76,901) and University of Sheffield owed the Union £23,970 (2024: £47,667). - There were no other Trustee transactions other than as detailed per Note 9. SUSU Services Limited accrued for a gift aid donation of £134,953 (2024 - £195,822) to the 18,053 (2024: £35,055) The At the year end, SUSU Services Limited owed the Union £184,275 (2024: £118,599). 47