Teesside University studenW Union and its Subsidiary Company Statement of Accounts for the Year Ended 31 Juty 2025 Commi￿OnerS Copf ftegsre￿ Charity No. 1136875 ANDERSON 8ARRI)WCUFF LIMITED Year Report of the Tnjstees Report of the IndependertAuditor5 8-10 Starement of Finanaal ActivÉtses Balance Sheet 12 Statement of Cash Fk)v 13 Note5 to the Accounts 14-29 Id Su The trustees present their reporr arKJ the audited consolidated fina￿al statements of the charity and its subsidiary for the year ended 31 Juty 2025. The trL￿teeS have adopted the provtsions of the Statement of Recommended Practice150RPI"Accounting and Rew>rting by Charioe< (FRS 1021 in preparing the anr+ual report and consolidated finanoal statements of the chartty. The consolidated financial statemerrts have been prepared in accordance wlth the accounting policies set oirt in notes to the accounts and with the chariws goveming document the Charities Act 201 l and Accounting and Reporttng by char￿e5.. Statement of Recommended Practice applrcable to charitses preparing thelr accounts In accordance wf(h the Finanoal Reporn"ng Standard applicable in the UK and Republic of Ireland published in Ottober2019 REFERENCE AND ADMINisfRATIVE INFORMATION Charltable Status Teesside Unive￿￿stUdent< Union is a registered charity. registration number 1193285and was regisrered on 13 June 2022. Prlnclpal Address Studentg Union Buildin& Campus Hea￿ Middlesbrwth Tees ValEey. TS1 3B Elerted to Hold office Trustee51Full Tlme Offlcers President International Ganesh Poshala (appointed 01107125) Ebubechi Azunna {appointed 01107124, resigned 30106125} Harshavardhan chika￿A (appointed 01107124, resigned 3(V06125} Ble5srng Ihuoma (appointed 01107124, resigned 301C61251 President Education Sai Dorapalty (appointed 011071251 President Wellbeing ainton A￿de￿e (appointed 01107125) polnted External Trustees External Trustee E*(ernal Trustee External Trustee External Trustee External Trustee External Trustee External TrLStee Mark Grayling Iresigned 111071251 Chris Hook Iresigned 11107125) Sue ￿ddle Charfotte Foley Mairead Sunley{appoirted 17191241 exander Lee-Hall (appointed 171011251 Salomey Bondah (appointed 14103125) ma￿ Gr¥ing (appointed 301091221 Chris Hook (appointed 131061221 Sue Jfjddle (appointed 211021231 Charlotte Foley{appointed 131171231 Appolnted Student Trustees student Trustee Joshua Williams Daniel Scrafton (appointed 04111r21 resigned 01108120241 Joshua Williams (appointed 011111231 Nixon Christian lappointed 1111123. resigned 01109120241 Student Trustee Student Trustee Corinna Russell lappointed 01111124} nglsey Omoayena lapwinted 2311 or241 Auditor5 Bankers Anderson Barrowcltff Limtced C(Foperative Bank PIC Chartered Accountants Otympic House Statutory Audttor Montford Street 3 Kingfisher Court Salford Bowesfield Park M502QP Stockton on Tees TSI 8 3EX Solldtor& Popplescon Ajlen 37 Stoney Street The Lace ma￿et Nottingha NG1 ILS Sollcltors Shakespeare Martineau LLP No. I Colmore Square "miingham Page I bsidla Tr The SttFdentg Union ernpl￿ a ChiefExecutivetowork cbsetybMth the Truxees and ensu￿ effective management of the organisation ty leading a senior management team. txjring the year the seniormanagers were as follows:. Chief ExecutNe- Kir5ty Morrson Deputy Chief Executive-Adam C¢merJll Ueft June 20251 OBJEcfivES AND ACTMTIES The studen￿ Unions chartrable Objects are the a(fvancement of educati￿ of students at Teesside UnNersty for the public benefit ty-- prornoting the interests and Welfa￿ of Students at Teesside UnI￿rSity during their course of study and representi￿ supporring and athi5ing srudents: and being the recognised repre5entatNe channel between Studerrts and T￿SIde UnNersity and any other external b)dies.' and providing social. cuttural. swirting and recreational attimoes and forums for diswssions and debate for the personal development of its studen 011 tts vision is.. We are (tynamic and ambibous in meeting the need5 of current and fv￿re students.- Its misslon statement Is: ￿nr￿hing the live5 of students atTeesside UnNer5ty.- In pursuit of these obje(t& rts miSs￿n and v75ion the Studentg Union ha5 established departments and services for use by tts members afid to support its woth with the UnNer5tyand other organi5atK)ns on behalf of students. These include the SU aiknce and representation seNics SU Actmtses, commercial space and venues along with produttThie relationships wtth local stakeholders to prornote Studen￿ interests induding Middlesbrough Council, landlords and letting agents health (are prowder5. Cleveland Police and ott*r organisations. Officers of the Studenw Union str on committees of the Univer5ty. ￿presentIng student w)ice in this space. ACHIEVEMENTS AND PERFORMANCE The Studentg Union's performance against its published obiectsves for 2024125: Ob ff¢lves b Stra listen Our elected officers Mll engage ¥vrth over 5.(MX) srudents In a variety of attNity. We will gather student feedback into SU services induding the Student Opinion Counts survey. summarising the findings and how they wll be followed up ty the su. Theme Achlevement The breakdown for Student o￿nIon Counts survey5'. Talk to TUSU sessions- 184 TU London- 1 C SOC SLsThey-499 AGM-130 5oaeties- 5581 £iyo.' over 5.(KM) students will have their to the Studentg Union. These responses enable Officers to (firect resource vthere students need r(. aifvo Wewill representthe interests of all student& campaigns relevant to the change they want to see, maknng improvements to their academic experience, supporting cost of livtng challenges and improving th￿r general wellbeing. Through this we will also a(knse students abouttheir righ and athcate fortheffl. The Su's priorities campaigns included helping students Wtth the cost-of-lwing accommodat¥)n suppor¢academic integrty. cultural exchange. mental health strategy collaboration and wellbeing programrnes. 33.7% of students were awa￿ of the campaigns vknich were ran. and agreed they were effectNe for their needs. While lower than targeted. considerable effort focussed on changing Universwty prattice whKh was 5￿ceSSfUl. LyQbJ￿'. 50% agree in the annual SOC Survey that they awa￿ of our campaigrs and they are relevant to their needs. Page 2 Id Unlve uden ed31 ACHIEVEMENTS AND PERFORMANCE (continued) Through student groups we will support students to find their passions and collaborate to share these ￿ the wder community. We WIN provide access togrants. spaceand knovledge to produce excitlngand engabringactNiryforstudents both on campus and remotety alongside voluntary opportunities and training and developmenL The continued free society membership with more actNities le¢J to a new record of over 5581 students joining SO￿leS and engaging ¥￿th their communtties. EewobJ2Tr: Over 5.OCO students will partake in extracurricular acrwtty in a variety of WJ Ovl sfor We will offer a range of student social spaces with over 500 everbts for students to come together and celebrate their passion cuFture. and represenration of the dIVe￿e needs of Tee5side students. Our offering will also ￿5t through retail. food, and refreshmen lTrer850 evenrs were run for students at the SU and were also open for prospective students in the communty. Culturalandsooal communitygatherings were most py)ular. with 81.4% Satisfied with TUSU in NSS repo exceeds 75% rfin We wll offer dnrer5e services and opponunlEies for students whi15t remaining financialty sound. malntalning funds to meet the needs of future students. through collabordtion and development. TUSU shares financtal sustainability with TU bl- monthty via Resources Committee and has transparency through Finance and ￿sk Commfftee of monthly accounts. While cash reserves were used in 24r25 for restrurturing of the organisation, these took rese￿e$ th>wn to four months expendtture. Eeubjg￿'. ￿dEet is transparent and ￿sible while cash reserves sufficient to fijnd fve months orexpenditure. Achlevernents agalrst 2024r￿ KPI targets Elettion turnout: over 15% of current student FfE votin in the 2025 annual elections. Campaign awareness and posirive impart both over 50% in Student Opinion Counts Survey. 833% declared tumour. Survey statesthatonty33.7% students understand the campaigns and the effectAieness of these. Work continues in thi5 area. 5581 lof 29398 total students) - 7996 particlpation acros5 societies. 165 students were employed by the SU wth another 800 in volunta mles. 81 A% score for SU in National student Suryey 2025- increase from 77% in 2024. Soaeties.. over 25% of 5tud*its participating in SU societies and other student o rtunmes. Student development.. Over 1.Ckn) students invow in the SU as volunteers or em Student satisfaction.. over75% a￿SatiSfiedv￿ the SU as measured b the ma rsu Page 3 ive Su 31 Objectlves for 2025126 In the Strategic Plan, the key obiecrives wthin the Strategic Themes are as follo￿. Strate 'c Objettive We wlll advocate and represent you Unde Officers will lead cam ns that su rt students durin their time at Unive TUSU ￿11 work wtth TU to develop mechani£ms that 5UPPOrt effeaive re sentation that lead to meanin rovements the student ex erience. We wll V+Drk dosety ￿th TU to improve access to welfare and wellbeing aai and collaborate on the Mental Health Strat We wll train and support school and Course Reps to aSS￿t in making teaming riences outstandi Officer5 will seek srudeffj vtews on all aspects of unNersity lrfe to inform thelr campaign& We will ensure studen opinions and needs are at the heart of our actfvty. We w511 Ilsten to you We wlll create an InclusDie environment where all students feel represented and can engage meaningfvlty th the SU and each other. We wlll upllft extra- cUr￿¢￿lar a(tlvityfor you Our democratic a(tswty through elections and student forums wlll be open to all students to engage in. School and course reps empowered to w0rkv￿th academic Staff on teaching and learning imwovemen Our student communtDes wll be wbrant and welcomin& and youll always be able to find a place to belong. Support student development through activities. personal growth opportuntfies and volunteering attThi We wlll create safe and incluslve spaces for you Student groups wtll provide space to develop leadership sktlLs. relationship building and develop expenise. We will recru¢ train and employstudents to delwer services forfellow sruden providingvaluable skills and knovAedge and real-WOTld experien￿5. Our soaal spaces will be a place foryou to come together th fellow students and Interatt outs*Je of yourstudie& Ensuring that students have access to welcoming and comfortsble spacesto socialise ￿th er5. We wlll manage our finan¢lal stability for you We will run an events (alendar throughout the academic year that Mll provide range of 3ctNilles and excursions that you can take part in which encourage a heafthy balance of work and leisure. Through development of a People Strategrf ￿UrTusU sraff will be knowledgeable. rOachal￿e and su rtive. TUSU ffinances will be managed responsibtyand serve student need. maintained transparenty and showng howfijnds support student 5eMces and our Char￿able ob ective& Our commercial actNltywll complement student need altowing for a wider range of student led acmytotake KAace. Ensuringwe sustain long-term operarior for the benefft of students. Page 4 den eTr FINANCIAL REVIEW A summary of the results forthe period is grven on page 11 of the finar￿la1 statements. The 5tuden(¥ Unlon saw a deficit on unrestricted funds of £131.911 12024- surplus of £16.4941. There was an overall defr(wt of £227,274. The Studentg Unlon continued to benefit frorn the recognition and support of the Universty, the grant funding received was £1.236352 finchJding £351,527 for leased fadllries). There is a deficit on restrKted fiJnd balances of £1.966,671 as a resutt of the Mult1￿mployer pension fijnd liability of £1.981.502. This is explained in note 22. The long-term repayment scheme for the 5tuden& Unlon Superannuation Scheme defiat and the latesr Actuarial Report have been approved by the Pension5 Regulator. The Trustees recognlse the importance of meeting knure payments to fijnd the defic￿ and expect these will be drawn from Universtty grar)ts and other income of the 5tudentg Union. A£530.040 lump sum payment wa5 made In November 2023. this was covered by agrantfor thts amount recewed in period ended 31 JU￿2023 forthree yearg contributions. The TnJstee5 have examined the requirementforfree reserves, vthich are the unre5triaed fvnds of £375.659 less £97.559 invested in fixed assets designated for specrfic purposes or otherwise committed. At the perfod end this amounted to £278.IQM). Nornialty the Trustees consider that they require ffve months of Charitable expenditure based on the block grant which equates to approximatety £330.0((J. Future ftsndin8 The Trustees confirm that the Union has sufficient funds to meet all its obligations. The BI¢Kk Grant for the year 2025126 has been confirmed at a m3￿MuM of £786.819 and the commeraal actMtye5 for students have been exambned to ensure these seNÉces can be maintained wrthin aval￿ble SU funds. These ￿sourceS will be applied in seTrice provision to delNer public benefftto students wa the charrtyobjects. Tees S U Llmlted Tees S U Llmited is a IO0% subsidiaryof the charity which was inCor￿rated on 23 5eptember2010 and stsrted to trade In that year. The subsidiaws attivities provide income for the benefft of the st￿￿ents but cannot be directly attribLrtable to the Studentg Union's primary or analLarypurposes. The trustees are satisfied with the results of the subsidiaryand the profrt generated of £124,540 of whlch £124,540 has been gift aided to the Studentg Union. PLANS FOR FulliRE PERIODS The Studentg Union was operaring within its Strategic Plan for 2021- 2025 which was imparted by recoveryfrom the pandemic condttions. The annual objertNes and fO￿(astsfor 2024125continued to delTveron the new mission and ￿510n. while ensuring financial stabil￿. TUSU'S strategic Mew for 25r26 bwll include the mission. vision, values and strateglc themes wtth goals to ensure it continues to deliver public t)enefit by meeting the needs of Teesside Students now and In the future. The Trustees have monttoreddevelopnentsin HigherEducarion and engaged with the Universlty in rts recrultment and student experience planning. The Studentg Union has reviewed its student opportunities. support. represenL3tion. and Social provision based on student feedback tt will deliver these serwces to a wider student demographic Èn the coming year usingvirtual delNeryto align YdFth the h￿id teaching model vthere prattical. The Board Mll continue to morsitor developments arKI will ￿ to ensure that the Charity continues to deliver public benefit prowsion of Servic￿ and acrmtses in accordance its tharty objec Page 5 rsl Id STRUaURE. GOVERNANCEAND MANAGEMENT The Student< Unlon is constitLrted under the Education Act and the Regulations of Teesside University Higher EduG3tion CorKK>iation. The Studentg Union is responsible for grving representation and support to the students ofTeesside University and ts governed by its Con5titukn and supportirE Bye-Law& The studen￿ Union has provislon for thirteen members on irs Board of Trustees. six are Extemal Trnstee5 and four are Student Trustees. all appointed by the Appoinrments Committee of the Board of Trustees. The three Officer Trustees laiso known as Student Officerfj are srtjdents electe(I lry cross The Studentg Union receives a Block Grant from the UnIVe￿tyand part-occupies a buildingowned bythe UnWers￿Y.A new lease was put ift place from 24 March 2023 with the resulting chargefor ren¢ maintenance. utilitie% caretaking and deaningstaff being induded in the perfod end accounts. Although the Student¥ Union succe5shJlty runs various mutualtradingactNities and exEernal trading with the public through a subsidvdry company it will a￿45￿s be dependent on the support of the Unwersty. There is no reason to believe that thi5 SUPfM)rt %MII not contrnue for the foreseeable future as the Union is an integral part of the Unnierstty offer. Fundralslng The Union does not cary out any signtfvantfundraising thitses. Pay Pollcy for Senlor Staff The Trustees consider the senior staff to be the three Officer Trustee5 and Senior Managers of the Studen Union and set the remuneration of these posts in ￿CordanCe with irs Job Grading Policy. The Remuneration and HR Committee of the Board of Trustees considers the grading of new tx1￿￿)n5 and regrading applications for existing roles wth changed responsibilitie5. The remuneratiorn expenses and ary related party transactions of the five senior staff are shown in note 10. Page 6 idla En Risk Management The Trustees have examined the major strategic business and operational risks which the Studentg Union faces and confirm that systems have been established to enable regular ￿pOrts to be produced so that the necessary steps can be taken to lessen these rlsks. A strateglc risk register is maintained and major risks Identified include wtential reduction in stllde￿t numbers. strength of relationship with University. and the potential impact of the SU building redevelopment. Trustee responslbllltles The trustees are responsiblefor preparingthe TrusteegAnnual Reportand the finanoal statements in accordance th applicable law and United lfjngdom Accoun(Ing Standards (United ￿ngdoM Generally A(￿pted Accounting Practice). The law applicable to charities in England & Wales requires the tnJ￿ee5 (o prepare financial sratements for each flnanoalyearwhlch grive a true and fair view of the stateof affai￿ of the Union and of the incoming resources and application of ￿soUrceS of the Union for that period. In p￿paring these financial statements, the trustees are required to.. selett suitable ￿CoUnting polioes and then appty them consistsnty. observe the methods and prinaples in the Chaiirles SORP 2019 (FRS 702k make judgefftents and estimates that are reasonable and prudent stste whether applicable accounting srandards have been foll0v￿d. subjett to any material departures disclosed and explained in the )Inancial statements.- prepare the financial sratements on a going concem basis unless rt is inappropriate to presume that the Union will continue In busines& The trustees are ￿SPOnSible for keeping properaccounting records that disdose wl¢h reasonable accuracy atany time the financial position of the charity and enable them to ensure that the financial ststements complywith the Chartbes Act 2011. the Charitywccounts and Reports) Regulallons 2(KJ8 and the provision5 of the trust deed. They are also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detectyon of fraud and other irregularrries. The trustees are responsible for the maintenance and integrity of the charity and financial inforrnation included on the charws website. Le￿statIOn in the United ￿ngdoM goveming the preparation and dissemination of finanoal statements may differ from legislation in other juri5dittiofts. Trustee statement In setting our objectNes and planning our act￿leS the Trustees have given G)reful corsideration to the Charity Commission's guidance on public benefit Ganesh P05hala President Internatlonal and Cfychalr ofthe Trustees Date=... | 61.1.2 Page 7 eun Id theT uden itssu Oplnlon We have audlted the financial s¢atements of Teesside Uni¥erstyStudent¥ Union Chartty Ithe'pa￿nt charttyj and its subsldrary Ithe'group)forthe Year Ended 31 Juty 2025 which comprise Group 5tstement of Financial ActDif(ies. the Group and the pa￿nt Balance Sheet, and the Group and Parent Ch317ty Cash Row SLltement and notes to the financial ststements. including a summary of significant accounting policie5. The financial reporting framework that has been applied in their preparation is appI￿a￿e lrn and United Kingdom Accounting Standards. including Financial Reporting Standard 102-The ￿nan￿al Reporring Standard applicable in the UK and Republic of Ireland" (United ￿ngdoM GeneraltyAccepted Accounting Praaice) In our opinion the finanoal statements:_ gNe a true and fair wew of the state of the group and parent (haritYs affairs as at 31 Juty 2025. and of the group's incoming resources and application of resources. for theyear then ended,- have been property prepared in accordance th United ￿ngdoM Generalty A(￿pted Accounting Prartlce.. and have been prepared in accordance sMth the requirements of the Charities Act 2011. Basls for opinion We conducted our audrt in accordance th Irrternational Standards on Auditing (UK) OSAS IUK)l and applicable law. Our responsibiltries underthose standards are further descrlbed in the Auditorf5 responsibiltties for the audit of the financial statements settion of our report. We are independent of the Group and Parent Charity i accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRCS Ethlcal Standard. and we have fulfilled our other ethical responsibilitFes In accordance w￿h these requirements. We bdieve thatthe audit ewdencewe have obtsined Is sufficientand appropriateto provide a basis for our opinion. Concluslons relatlng to going concern In auditing the financial statements, we have conduded that the tnstee5' use of the going concem basis of accounting in the preparation of the finanual scatements is appropriate. Based on the work we have performed. we have not identified any material uncettaintie5 relatlng to events or condttions that. individualty or collertively, may cast signrficant doubt on group's or parent chartys ability to continue as a goiTTrg concem for a period of at least Th¥e￿e months from vthen the financial statements are authorised for ￿SUe. Our responsibilities and the responsibilities of the trustees With re5pea to going cOn￿M are described in the relevant settion5 of this reporL Other I￿OrMatIon Thetnjstees are responSi￿e forthe other information.The other infonnation comprisesthe information included in the Report of the Trustee& other than the finanoal Statements and our audrtofs report thereon. Our opinion on the financial statements does not cover the other infomiation and. exopt to the extent othewse explicitty stated in our report we do r￿t express ary form of assurance condusion thereon. Our resportsibility is to read the other infomiation and. in doing so. consider whether the other information is materially inconsistent wtrh the finanaal statements or our knowledge obtained in the audrt or otherwise appears to be materialty mrsstated. If we identify such matwial inconystencies or apparent material mi5Staternents. we are required to deterniine whether this gwes rise to a material misstatement in the finan(ial statements themselves. If, based on the work we have performed. we condude that there 15 a Fnaterial misstAt￿nt of this other irrforrnation. are required to report that fa(L We have nothingto ￿￿)rt in this regard. Page 8 uden andi Su ia matte￿ on which are required to report by exceptlon We have nothing to report in respe(t of the following matter5 in relats.on to which the Chaiities (Accounts and Reports) Regulations 21))8 requires us to reFxJrtto rf. in our opinion: the information gNen In the finanoal statements is inconsistent Th) any material respect with the trustee repory or suffioent accountlng ￿OrdS have not been kep¢. or the parent chatitys financk31 sratements are not in agreement the accounting records.. or we have not recewed all the InfO￿atIOn and explanatiors we requKeforouraudit Responsibllltles of tTUStees As explalned more fvlty in the trusteeg reswnsibilib£% statement set out on page 7. the trustees are responsible for the preparation of the financial stateM￿ts and for being s3tisfted that they gwe a true and fair view. and for such intemal control as the trustees detemiine is necessaryto enable the preparation of financial statements that are free from material misstatemen¢ ¥¥hether due to fraud or error. In preparing the financial statements the tr￿eeS are responsible for assessingthe GrcHJp's and Parenvs Charty abilty to c(Mtinue as a going COn￿rn. ds(losin& as applicable. matters ￿lated to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the group orthe parent chariry or to cease operations. or have no realistic alternatwe but to th) so. Auditorfs responsibilitles for the audlt of the flnandal statements We have been appointed as audwtor under settion 151 of the Charities Art 2011 alld report in accordance with regulations made under secrlon l 54 of that ACL Our objectNes are to obtain reasonable assuran￿ aly)ut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 15 a high level of assurance txjt is not a guarantee that an audit condutted in accordance with 15As (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud orerrorand are considered material rf. indivtdualtyor tn the aggregate, theycould reasonably be expected to influence the economic deasions of users taken on the bass of these financial statements. Irregulartties. including fraud, are insrances of rton-compliance with laws and regulari¢Ms. We design procedu￿5 in line wwth our responsibilrties. oudined atove. to detect material misstatements in respect of irregularrtie5, including fraud. The extent to byhich our procedures a￿ capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the d￿rIty. we have con9dered applicable laws and ￿gUlationS which may be fundamental to the charity's èbilty to operate or to avoid a material pthalty. and we considered the extent to which non-cornpliance might have a material effett on the financkil sratements. We considered management's incentives and opportUnTties forfvaL￿Ulent manipularion of the financial 5tstements lincluding the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial perfom)anc< management bia5 in significant accounting estimates ènd any signlficant on&off or unusual transattions. We discussed among the audtt engagement team the opportuntties and incertNes that may exist within the organi5ation for fraud and how and where fraud mightoccur in the finanoal staternents. Page 9 ide andl rsl den nl Unlve dits Stud idia Auditors. responslblllties for the audlt of the Ilnandal statements lcortinuedl Audff procedures performed bythe engagement team induded: Enquiry of management arvj those charged with governance around acvJal and tX)tential litiga￿On and claims. Enqulry of enttysraff to identify ary instances of nortiompliaTKe with tavo and regulatiors. ReweTrMng minutes of meetings of those charged wrth govemance. Rememring finanoal statement di5dosures and testingto supponingdocumentationto asse55 compliance ith applicabje law5 and regulations. Auditing the rlsk of management override of control% indudingthrough te5ringjoumal entries and other adjustments for appropriateness. and evaluatingthe buslness rationale of 5ignificanttransacttons outside the noml course of business. Challenging estimates and judgernents made by management in their significant accounting estimates. Revenue recognition: agreeing a simple of revenue transactions to gain assurance overthe occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period. Because of the inherent limitatFons of an audr¢ there is a risk that we will nor detett all irregularities, including those leading to a matertal misstatement in the financial sratemerts or non ud Su coun INCOMEIEXPENDITURE FOR THE PERIOD Net incomelexpenditure is srated after charging. Operating leases Depreaa¢ion Audtrorfs remuneration: Audtt fees Accountancy fee5 1.500 20,820 17250 10.000 850 9.150 850 10 TRUSTEEF AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The full time Isabbatical} Officer Trustees as noted on page I were the onty members of the Board of Trustees to receive any ￿MuneratiOn a5 pemirtted tythe con>itution. The salary costs were as follows.'- Total employment beneffts &IA75 80.385 Members of the Board of Tntstees and Officer Trustees are reimbursed for their travel cosrs and any other expenses incurred in the course oltheir duties. Total Trustee expenses for the year amounted to £19612024.. £9011. The number of Trusrees reimbursed for expenses in the year was 3. The total amourrt of employee beneffts received ty key managernent personnel is £246,39412024 - £246.0661. The Trust considers its key management personnd comprise the President Intemational, President Educauon. Pr￿ident Wellbeins Chief ExecurNe and Deputy Chief Executive. There are 7 key managefflent personnel accnjing pension arrangements. Page 21 eun andl studen￿ Union Com an idia e5totheA 11 STAFF COSTS AND EMPLOYEE BENEFITS Staff cost5 were as follows=. Wages & salaries Social security Pension costs 1.371,068 109.891 84.938 1,268.236 84,223 81,466 1.565.897 1.433,925 Total redundancy and termination payments in the year amounted to £97.245 12024 - £75.8181 and related to negotiated redundancy and termination pa￿nents. In the prior year an additK>nal grant was received from Teesside Unwersty to coverthe temiination payments. The average monthty number of employees and full time equivalent during the year was as follov45: 2025 Number 2025 2024 Number 2024 Raising funds Charf(able acrivifies Governance 51 154 11 47 180 32 228 42 The number of employees whose empfoyee benefits lexcluding employer pension costs) exceeded £60.OW was: £60,(K>l - £70,tKIO £80,W1 - £9),0)o £91,001- £100.O¢J) Page 22 LI den bsldla Com 12 TANG18LE FLXED ￿SEr5 Group and Company otal Income and endowments from: Cost At l August 2024 Addttions Disposals 134850 20372 138.850 203n At 31 July 2025 159222 159,222 Depreciation At l August 2024 Charge for the year Disposals 44.413 17.250 44.413 17250 At 31 Juty2025 61.663 61.663 Net Book Values At 31 Juty2025 97.￿9 97.559 At 31 Juty 2024 94.437 94,437 The net book value of fLxed assets rep￿sents._ Gro Assets used for direct charttable purposes Other purpose5 96,910 96,910 649 97559 97.559 13 FIXED ASSET INVESTMENTS Investments held bythe Charity indude5 3 £1 investment in the subsHliaryvdhich represents 100% of the issued share capttal of Tees S. U. Limited (registered number.. 073859821. The nature of business was that of letting of the Studentg Unfon Fdcilrries. Furtherdetsi15 are given in note 25. DEBTORS- GROUP AND COMPANY 14 Trade debtors Other debtors Prepayments & accrued income 77.748 50.393 3,824 388,596 373.640 455.212 442,813 Page 23 tud tru k•n tes the un 15 CREDITORS: AMOUfrITS FALLING DUE W￿H1N ONE YEAR- GROUPAND COMPANY Trade credttors Social security & other taxes Other creditors Accrua15 Deferred income 58.365 48339 22,247 397,439 17.193 24,670 418.139 26.123 603.488 543.583 Deferred income comprises anytickei sale5 and events income relating to future periods. OPERATING LEASE COMMITMEp¥rs 16 Total future minimum lease payments under ￿n{anCelIable operating leases areas follows:. Plant and Machlnery Less than one year More than one year and nor laterthan fve year5 1.5LXJ 3.375 1.875 Land and Bulldings Less than one year 125.000 T25,000 128375 729,875 17 UNRESTRicfED FUNDS Balance at 1 August 2024 Balance at 31 Juty 2025 Income Expenditure Unrestricted 507.570 1540.689 16ll6 375.659 507.570 1540.689 16T2.$97 375.659 18 ENDOWMENT FUNDS- CAPITAL GRANT FUND Receptlon 12013) 11t Floor 12014) 2TrJ Floor (2017) Total 2025 Total 2024 At l August 2024 Released to SOFA 967 19671 At 31 Juty2025 This represents monies promded ty the un1verstryforvario￿ re￿￿lShMentS. Page 24 JI an 31 ANALYSIS OF N￿A$sEr5 BEfwEEN FUNDS-GROUP und Fixed assets Current a￿ets Creditors Penslon scheme liabilty 97￿59 881,588 I6￿488) 97.S59 896.419 {603,4881 11.981,502) 14.831 (1.981.502) Balance at 31 Juty 2025 375.659 {1.966.6711 (1.591.012) 21 RELATED PARTY TRANSACTIONS The Union was in receipt of grarrts from Teesside UnNeT5ty forthe year amounting to£l.236,3521202Ék' £1,389.6761 The 5tudentg Union occupied its buildingunder a lease wthTeesside Un￿ers￿Y. thevalue of the rent and serwces amounted to £350.755 12024.. £360,648) which was invoiced to the Students. Union and an additional grant of £351.52712024'. £361,C(M)I was made ty the Unwersity to coverthis expense. The Officer Trustees on the Trustee board receive ￿mUneratiOn fortheir seNices as promded for withln the Constitution. The agg￿gate arr#)unt payBble under such contracts in the period was £80,47512024: £803851. Page 26 evn dltss PENSION COSTS Teesside Unwer5ity studen￿ Union (rusui partiapates in the Student< Union Superannuation Scheme, Ithich is a defined benefit scheme wthose membership consists of employees of student< unions and related bodies througk¥)utthe country. Beneffts in re5pettof service up to 30September2003 areaccrued on a ￿nal Sala￿ basis. bersefits in respect of Se￿(e from l October 2(K)3 accruing on a Career Average Revalued Earnings ICAREI basTS. Wrth effect from30 September2011 the schemedosed to future accrual. The most recent valuation ofthe scheme byds carried out as at 30June 2022 and showed that the market value of the scheme's assetswas£1 (6.697.o￿Wrth theseassets representing44% of thevalue of benefits that had accrued to member5 after allowing for expected future increases in eamings. The deficit on an ongoing funding basis amounted to £136,64S.O￿J. In light of the resutts of this valuation. the Stheme's Trustees have agreed with the Principal Employer that'.- From 1 October 2023 paruopating unions will make deficit contributions of £745,671 per month, Increasing by 5% each subsequent l October to address the defictt revealed bythe valuation. These contribution5 include an altowaKe of £536,038 per annum in respea of the ongoing expenses of running the S(heme and are expected to efirninate che deficit by l May 2037. Deficit contributions have been apPo￿oned between partiapating unions in line with the split of liabiliDes accrued. apportioned by seNice with each union. Participating unions have also been given the option of pawng discounted lump sum instead of their monthty contributions between 1 October 2023 and either September2026. 5eptember2029 orseptember 2031 The PPF levy and related expenses will be paid by the partiapating union in addition to these contributions as and when rt falls due. The levywrll be app)nioned beTr4een participating unior based on each unlon's share of the liabiltbe5 accrued ar¥J their D&B PPF score. The assumptions which have the m05tsignificant effertupon the resultsofthevaluationarethose relating to the rate of retum on investments and the rates of increase In 5aL3ries arKI pension Principal Actuarlal AssumptAons Rate of increase in pensions post 1997 Rate of increase in pensions wst 20Tr) Discount rate 3%-5% Maximum of 5% Gilts curve + 1.5% pa. lineartychanging over a temi of 13 years to gilts curve + 01596 pa RPI inflation le55 0.7% pa (pre 20301 RPI inflation less 0.196 pa Iposr 20301 Merrtll Lynth swap4mpfied inflation curve Infiation assumption (CP Inflation assumption IRPII The 2022 valuation recommended a monthty contribution requirement by each Union expressed In monetsry tems intended to clear the ongoing fijnding deficit by May 2037. For Teesside Untversty Students Union. the annual contributions from Ocrober 2013 are as follows-_ £178,236 (2024125 increase by 5%). £187.15212025126 increase by S￿) ar)d £196,59212026127 In(￿aSe by 5%). This was paid at a discount by an approved lump sum of £530,040 in the year 23124. Page 27 Id an Stud ia to PENSION COSTS (contlnued) Under FRS102 the Mult￿emploYer pension liabilty has been cakulated based on the assumptions of the above expected deficit payments... Multi-employer pension liability at 1 August 2024 Movement on net present value (aloJlation Payments made in the year 1,887.145 357 Multkmployer pension Ilabifity at31 July20Z5 1.981.502 The Unwersrry paid a £530.040 grant in Juty 2023 for the lump sum payment to 5USS in November 2023. Otherwise. no amount is indLFded in the finanaal 5¢atements for future grants from the Unrver5ity in respecr of the SUSS pension defio afthough past pr&tice of earmarked grant funding 15 expected to continue in the fijture. Contributions paid into the NUSP5 5theme for the pertod amounted to £84.938. This scheme is money purchase. not defined benefft and so cannot build up a defici onty money paid into thi5 Scheme is at the contribution rates set by the employer and employees. CAPITAL COMMITMENTS At the period end. the Student¥ Union had (apTtal CommitTr￿ltsof £Nil12024- Nil). AFFILIATIONS t*Jring the year the Studenw Union paid the follo￿A8 affiliations-.- National Union of Students INUSI NUS Charty 19.630 16,606 4151 20,757 Page 28 L4 Id an to oun SUBSIDIARY COMPANY The charrty owns the whole of the issued ordinary share (apttal of Tees S U Limr(ed. a company registered in England. The subsidiary was incorporated on 13 september 2010. It is used for noTrprimary purpose trading attmties. AJI a(tMties have been corwlidated on a linW4ine basts in the SOFA A summary of the results of the subsidiary is sho%w below.- Turnover Cost of sales 787.6(K) 254.185 727.374 26&434 Gross Profrt Administrative expenses 533.415 460.940 329,837 Net Profit 124.540 131,103 The aggregate of assets. Ikabililies and funds wa 24 Assets Liabillties Share capital (representing 1 ordinaryshare £1 each) Prof￿ & Loss Account RESULTS OF PAREP Total incoming resources Net movement in funds 1,757.089 1227.274) ZOOi.994 [214,3311 The subsidiarygift aided £124.54012024: £131.1031 to the parent cornpany in the period. RECONCILIATION OF INCOMEI(EXPENDITURE) TO NEf CASH FLOW FROM OPERATING AcnviTIES 024 Net lexpenditure)fincome for year Interest receivable Depreciation of tangible fixed assets Ilncreasel in stock Ilncrea5elldecrease in debtors IncreaseJldecrease} in credrtor5 113191n (7.335) 17,250 (3.647) (11399) 59.905 38,719 I9.(￿9) 20.820 14,6081 70,927 (47,273} 179.143) 69,516 Page 29