Charlty numbers.. 285189 & SC038300
THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
Introduction from the Chair of Trustees
Trustees. Report
Independent Auditors. Report on the Financial Statements
9-12
Statement of Financial Activities
13
Balance Sheet
14
Statement of Cash Flows
15
Notes to the Flnanclal Statements
16-24

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 JULY 2025
Trustees
M Bryan, OUSA Vice President Adminislralion {resigned 1 July 20251
S Jones, Co-opted Trustee, Chair and Immediate Past President (appointed 14
March 20251
J McDougall, Co-opted Trustee
B Pa￿y, OUSA Chief Executive
D Smith, Co-opted Trustee
S O'Kelly, OU Vice Chancellor Nominee
M Walker. VI￿ President Student Welfare (resigned 1 October 20241
K Kennedy {appoinled 1 July 20251
J Hannington (appointed 1 July 20251
L Robinson (appointed 1 August 20241
M Greenaway. Chair lappoinled 1 August 2024, resigned 1 January 2025}
Charity registered
numbers
285189 and SC038300
Principal office
PO Box 397
Walton Hall
Milton Keynes
Buckinghamshire
MK7 6BE
Independent auditors
Haysmac LLP
Slatulory Auditors
10 Queen Street Place
London
EC4R 1AG
Bankers
National Westminster Bank plc
501 Silbury Boulevard
Milton Keynes
Solicitors
Stone King LLP
Boundary House
91 CHarterhouse Street
London
EC1MHR
Page 1

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INTRODUCTION FROM THE CHAIR OF TRUSTEES
FOR THE YEAR ENDED 31 JULY 2025
The Open University Students Educational Trust {OUSET} is al an exciting point in its history. The Trust was
established in 40 years ago with the aim of supporting students who are experiencing financial hardship. The
principle of open access to lifelong learning is something that the Open University is based upon. Access lo
quality education can be life changing and should not be contingent on financial situation. Many students who
aC￿sS OUSET have no other means of funding their education, in particular for those students in financial
hardship, and this mission in just as important today as il was when the charity was established.
OUSET'S income derives from legacies, individual giving, and donations from the OU Students Union (also
known as Open SU., fomiedy known as the Open University Student Association). However, much of this has
been passive giving and unpredictable, making longer-term planning challenging. The Board are committed to
creating more sustainable and reliable income streams, to safeguard the Trust's future to continue lo support
students.
To achieve this goal, we have worked with external fundfftising consultants and employed a temporary
fLJndraiser for 18 months. Although this individual was incredibly passionate about the cause, we found that we
were not able to bring funds necessary to justify this post and so we thank her for all her hard work, but the
drawing board to Consider as a board how we can reduce our outgoing costs and diversity our income lo protect
the charity for many years to come. This said, we are comfortable with our current financial position and are
excited to welcome new board members with fresh ideas to the team.
The Board is excited to progress their plans to diversify our income. ensure our support is known across the OU
ommunity and lo promote the support we offer, and to enable more disadvantages students to continue their
studies.
S Jones
Chair of Trustees
Page 2

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 JULY 2025
The Trustees present their annual report together with the audited financial statements of The Open University
Students Educational Trust IOUSETI for the 1 st August 2024 to 31st July 2025. The Trustees confirm that the
annual report and financial statements of the Charity comply with the current statutory requirements, its
Declaration of Trust and the provisions of the Charities SORP IFRS 1021.
Objectives and activities
Objectives and aims
The Trust was established in 1982 by the Open University Students Association to advance the education of the
public.
The objective of the charity, lo advance the education of the public, is sel out in ils Declaration and Trust..
To advance the education of the public by assisting Open University students in condition of need, hardship or
distress by the provision of aids, grants, or other means that shall assist their education within the University.
b. Activities for achieving objectives
The Trust supports students who would be olheNise unable to study with the Open University, whether this is
due to being ineligible for other forms of financial assistan￿ or being unable lo secure the full amount they may
need lo fund their studies.
OUSET works closely with the University to promote the opportunity of support and lo work together lo
maximise the use of the Trust's resources lo assist successful applicants.
The Trustees and their supporting members of Open SU staff are focused on the efficient processing of grant
applications for financial assistance and the review of our funding criteria in the light of the constantly changing
environment of the Higher Education Sector.
Page 3

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2025
Objectives and activities (continued)
Grant Making Policy
11 is the policy of OUSET lo consider applications from those who can demonstrate a serious intention to
succeed in their studies with the University and who can also demonstrate that their need for financial support is
genuine.
The Charity monitors the education and financial sectors and adjusts its criteria and guidan￿ to applicants
ensuring these are well adapted lo the changing student demographic and their needs.
Grants are only considered toward the cost of study and other closely related study requirements - for example,
fees, travel to tutorials or residential schools, childcare costs, sel books, IT equipment. Grants are not made for
general cost of living expenses.
Trustees give priority to those who have embarked on a qualification but where a change in financial
circumstan￿S means that they would be unable lo continue with their studies wilhoul assistance from OUSET.
We continue to monitor the impact of the financial criteria changes we implemented in October 2021. We
intrOdU￿d limits lup to 180 credits for undergraduates and up lo 60 credits for poslgradualesl to help lo ensure
funding is distributed as widely as possible. As part of our monitoring strategy, we record all incoming
applications including referral details li.e. how did you hear about OUSETI. We also work with other
departments of the University to remain up lo date with any changes lo the wider funding structure within the
higher education sector.
Our funding criteria is published on 'hllps'.Ilwww.oustudenls.comlsupport-and-advicelouseV"
d. Volunteers
With the exception of the Open University Vice-chancellor's nominee and the Open University Students Union
Chief Executive, all other Trustees are volunteers and only receive reimbursement of out of pocket expenses
incurred and directly related lo OUSET business.
Achievements and performance
Trustees are proud of the contribution they make lo improving the life chances of the grant recipients and as a
result, bringing wider benefits to society al large.
In the past year we have been able to launch our new website and testimonial hub. linked up with Charity Link
to make the charity savings and reviewed our fundraising pilot, making the decision lo not employ staff at this
point in time. The board are still keen to explore fundraising and other opportunities for diversity, but they are
confident that the pilot showed us some areas that could work in the future and some which are not right for
OUSET and our situation.
The board have been able to share some incredible projects with students, hosting a hike over Yorkshire peaks
and raising money by involving students in this wonderful opportunity. We are also able lo link up with some of
the Ou's societies lo raise funds and see this as a potential avenue for the future.
In 2024125, OUSET supported 54 students 12023124.. 561 who met the funding criteria. granting a total of
£102,651.72 in awards12023124.. £157,715.75).
Page 4

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2025
a. Income and expenditure
Income in the year exceeded expenditure by £114,058.65.
The Charity relies on legacies and donations lo fund ils artivilies and these are unpredictable. Whilst Trustees
are always saddened to hear of the passing of a member of the Open University sludenl or alumni community,
we are grateful that the valuable work of OUSET is often remembered in wills. In 2024125, income from
bequests and legacies amounted 10 £36,67212023124 £422kl.
The Student Union encourages customers of the "https.'Ilwww.ousludentsshop.¢oml" OU Students Sho
where
students can download past exam papers, free of charge, lo donate to the work of OUSET. To maximise the
amount it receives from donations, the Trust is registered for Gift Aid and this is reclaimed quarterly from
HMRC.
Other than expenditure on grants, the Trust's largest area of expenditure is the management fee payable lo the
Association based on a percentage of staff time allocated to the financial support provided lo the Trust and the
fee payable lo Charity Link. The basis of the management fee is reviewed annually and agreed be￿een
Trustees of the Sludenl Union and Trustees of the Educational Trust. This represents value for money for the
Trust, providing a wide range of expertise and time input from a variety of Association staff members.
OUSET has systems in place lo provide the appropriate financial information lo Trustees and managers lo
make sound financial decisions and to fulfil Charity Commission requirements. Management and Trustees
re￿1ve regular financial statements lo enable them to monitor the Trust's financial position to help ensure future
financial suslainabilily. The Charity reported no funds in deficit during the year.
b. Reserves
The Charity brought fonNard total free reseNes of £1,569,075. There were no restricted funds brought fomard.
The Trust carries forward to 2025126 a total of £1,445,018 in unrestricted funds.
Whilst Trustees do not set a minimum or maximum level of reseNes, they are mindful of balancing support for
applicants in the current year with safeguarding funding lo support applicants in future years.
The current Higher Education sector financial picture remains uncertain and everchanging and therefore the
context that we operate in is a challenging environment where the Trustees have lo apply financial prudence to
their decision making to ensure OUSETS financial suslainabilily.
Nonetheless it is OLJr desire lo attract hard to reach students and raise awareness about the Charity's work. This
work will continue, ensuring the work of our Trust is publicised,. that we monitor the effectiveness of the Charity's
funding criteria, the new guidelines notes, and funding application forms, in delivering on the Trust's strategic
aims.
Page 5

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2025
. Investment policy and performance
Trustees prioritise liquidity over financial returns and accept that this is likely to mean that the real value of the
asset will depreciate over time.
Surplus funds are currenuy invested in tranches of between £200k and £300k in fixed temi Treasury Deposits
with Natwesl for up to 6 months. The balan￿, to meet day-to-day operational costs, is held in an instant access
deposit account with Natwesl.
As of 31 July 2025, we held £1,000,000 in treasury deposits.
Trustees periodically review their investment policy and liaise with the Student Union regarding the
management ofOUSET's funds.
d. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate
reSoUr￿S to continue in operational existence for the foreseeable future.
Al current levels of expenditure, the Charity's reseNes would fund several years of charitable activity.
The Charity has few overheads and is therefore protected from the impact of the cost of living crisis.
For this reason, they continue lo adopt the going concern basis in preparing the financial slalemenls. Further
details regarding the adoption concern basis can be found in the Accounting Policies.
a. Govemlng document
The Open University Students Educational Trust is a registered charity. number 285189, and is constituted
under a Trust deed.
b. Method of appointment or election of trustees
As per the governing document, the maximum number of Trustees is eight.
Three of the Trustee positions are appointed by virtue of their position within the Open University Student Union
(Open SUI- These are the Vice President responsible for Administration, the Vice President responsible for
Student Support and the Association's Chief Executive.
One further Trustee is nominated by the Vice Chancellor of the Open University.
The Trust may elect up to six Trustees to serve for a period of two years, unless otherwise determined by the
Trustees in exceptional circumstances.
c. Policies adopted for the induction and training of new trustees
On appointment, Trustees are briefed on the role and provided with training on our methods and principles.
Page 6

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2025
{¢ontinued)
d. Pay policyfor senior stsff
OUSET does not employ any staff. Instead, OUSET pays a management charge to the Open University Student
Union for the staffing support that it re￿IveS.
Grant management is handled by Charity Link, this includes the Company Secretary role.
Organisational structure and decision making
The Trustees primarily operate online via a suite of secure forums hosted by Charity Link.
These forums provide the opportunity for Trustees to consider applications, meet virtually, discuss the business
of the Trust and engage with Charity Link.
In addition, Board of Trustee meetings are held quarterly these have been held online and going fo￿ard, il is
envisaged that meetings will either continue to be held online going foNard. The board utilise a slack space for
less formal conversations and to share training and ideas with one another.
f. Related party relationships
The Open University Sludenl Union was instrumental in establishing OUSET and supports the charity in its
fundraising endeavours.
In 2024125, £25,000 has been donated by the Student Union to support delivery of OUSET'S work lo support
students.
Through the OU Students Shop, the Student Union has continued to invite customers lo make a voluntary
donation lo support the activities of OUSET. In 2024125, donations from this soune lotaled £3.213.
Page 7

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR ENDED 31 JULY 2025
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Praclicel.
The law applicable lo Charities in England & Wales and Scotland requires the Trustees to prepare financial
statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its
incoming resources and application of resources, including ils income and expenditure, for that period. In
preparing these financial statements, the Trustees are required to..
select suitable accounting policies and then apply them consislenlly.,
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgements and accounting estimates that are reasonable and prudent.,
slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any
material departures disclosed and explained in the financial statements-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity
and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008, the Charities and Trustee Investment (Scollandl Act 2005, the
Charities Accounts (Scollandl Regulations 2006 las amended) and the provisions of the Trust deed. They are
also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by..
SJones
Chair and I
Date..
me
iat
President
Page 8

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OPEN UNIVERSITY STUDENTS
EDUCATIONAL TRUST
Opinion
We have audited the financial slalements of The Open University Students Educational Trust Ilhe 'Charity'l for
the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The
financial reporting framework that h8s been applied in their preparation is applicable law and United Kingdom
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
The financial statements have been p￿pared in accordance with Accounting and Reporting by Charities
preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and
Republic of Ireland (FRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of
Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been
withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally
Accepted Accounting Practice effective for reporb'ng periods beginning on or after 1 January 2015.
In our opinion the financial statements=
give a true and fair view of the slate of the Charivs affairs as at 31 July 2025 and of ils incoming
resources and application of resources for the year then ended.,
have been properly prepared in accordan￿ with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011, the Charities and
Trustee Investment {Scoll8ndl Act 2005 and regulation 8 of the Charities Accounts Iscotlandl
Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the charity in accordance with the
ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may ¢asl significant doubt on the Charity's ability lo ¢onlinue as a
going COn￿M for a period of al least twelve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the
relevant secb'ons of this report.
Page 9

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OPEN UNIVERSITY STUDENTS
EDUCATIONAL TRUST (CONTINUED)
Other information
The other infomialion comprises the information included in the Annual Report other than the financial
statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained
within the Annual Report. Our opinion on the financial statements does not cover the other infomalion and,
except to the extent otherwise explicitly slated in our report, we do not express any form of assuran
conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the
other information is materially inconsistent with the financial statements or our knowledge obtained in the course
of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misslatemenls, we are required to determine whether this gives rise lo a material
misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities {Accounts and Reports)
Regulations 2008 and the Charities Accounts (Scotlandl Regulations 2006 (as amended) requires us to report
to you if, in our opinion..
the information given in the Trustees. Report is inconsistent in any material respect with the financial
slatemenls. or
sufficient and proper accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns,. or
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees. Responsibilities Statement, the Trustees are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the Trustees determine is ne￿SSary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial slatemenls, the Trustees are responsible for assessing the Chariys ability to continue
as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern
basis of accounting unless the Trustees either intend to liquidate the charity or to ￿aSe operations, or have no
realistic altemative but to do so.
Page 10

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OPEN UNIVERSITY STUDENTS
EDUCATIONAL TRUST (CONTINUED)
Auditors. responsibilities for the audit of the financial statements
We have been appointed as auditor under section 145 of the Charities Act 2011 and section 44111{cl of the
Charities and Trustee Investment (Scotlandl Act 2005 and report in accordance with the Act and relevant
regulations made or having effect thereunder.
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and lo issue an Auditors, Report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always delect a material misslatemenl when it exists. Misstatements can arise
from ffftud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is
detailed below=
Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud.
Based on our understanding of the Charity and industry, we identified that the principal risks of noncompliance
with laws and regulations related to regulatory requirements for the investment advisory business and trade
regulations, and we considered the extent to which non-compliance might have a material effert on the financial
slatemenls. We also considered those laws and regulations that have a direct impact on the preparation of the
financial statements such as the Companies Act 2006 and income tax.
We evalLJated managemenys in￿ntiVeS and opportunities lor fraudulent manipulation of the financial statements
(including the risk of override of controls) and determined that the principal risks were related to posting
inappropriate journal entries lo revenue and management bias in accounting estimates. Audit procedures
performed by the engagement team included..
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misslatemenl in the financial slalements or non-complian￿ with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial stslements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website al.. www.frc.o
.uklaudilorsres
onsibililies. This description forms part of our
Auditors, Report.
Page11

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OPEN UNIVERSITY STUDENTS
EDUCATIONAL TRUST (CONTINUED)
Use of our report
This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities
(Accounts and Reports) Regulations 2008 and regulation 10 of the Charities Accounts (Scollandl Regulations
2006. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those matters we are
required to slate to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted by law,
we do not accept or assume responsibility lo anyone other than the charity and its members, as a body, for our
audit work. for this report, or for the opinions we have formed.
Rlchard Weaver
Haysmac LLP
Slatulory Auditors
10 Queen Street Place
London
EC4R 1AG
Date..
Haysmac LLP are eligible to act as auditors in lemis of section 1212 of the Companies Act 2006.
Page 12

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 JULY 2025
Unrestricted
funds
2025
Total
funds
2025
Total
funds
2024
Note
Income from..
Donations and legacies
Other trading activities
Investments
67.917
6.360
40,026
67,917
6,360
40,026
140,794
57,975
Total income
114.303
114,303
198,769
Expendlture on:
Charitable activities
258,954
258,954
296,250
Total expenditure
258.954
258,954
296,250
Net movement in funds
(144,6511
{144,651}
{97,4811
Reconciliation of funds-
Total funds brought forward
1.569.075
1,569,075
1,666,556
Total funds carrled fovNard
1.424.424
1,424,424
1,569,075
The notes on pages 16 to 24 form part of these financial statements.
Page 13

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
BALANCE SHEET
AS AT 31 JULY 2025
2025
2024
Note
Current assets
Debtors
Cash at bank and in hand
10
130,831
1,354,174
142,848
1,506,482
1,485,005
1.649.330
Creditors.. amounts falling due within one
year
11
(60,581)
180,2551
Net current assets
1,424.424
1,569,075
Totsl assets less current liabilities
1,424.424
1,569,075
Total net assets
1.424.424
1,569,075
Charityfunds
Unrestricted funds
12
1.424.424
1,569,075
Total funds
1.424.424
1,569,075
The financial stslements were approved and
aulhorised for issue by the Trustees
and signed on their behalf by..
on
D Smith
ITrusle81
The notes on pages 16 to 24 form part of these financial statements.
Page 14

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
2025
2024
Cash flows from operating activities
Net cash used in operating activities
1152.3081
266,355
Change In cash and cash equlvalents In the year
Cash and cash equivalents al the beginning of the year
1152.3081
1.506,482
266,355
1,240,127
Cash and cash equivalents at the end of the year
1.354.174
1,506,482
The notes on pages 16 to 24 form part of these financial statements
Page 15

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
General information
The Open University Students Educational Trust is an unincorporated charitable Irusl. 11 is registered in
England and Vvales with charity registered number 285189 and in Scotland with charity registered
number SC038300.
The principal activity of the trust is the provision of aids, grants, loans or other means to assist with the
education of students within the Open University.
Accountlng pollcles
2.1 Basls of preparatlon of flnanclal statements
The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021.
The financial statements have been prepared lo give a 'lrue and fair, view and have departed from
the Charities {Accounls 8nd Reports) Regulations 2008 only to the extent required lo provide a 'lrue
and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in
October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended
Practice effective from 1 April 2005 which has since been withdrawn.
The Open University Students Educational Trust meets the definition of a public benefit entity under
FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless
otherwise slated in the relevant accounting policy.
2.2 Going concern
After making appropriate enquires, the Trustees have a reasonable expectation that the charity has
adequate resources to continue in operational existence for the foreseeable future.
There has been a sustained increase in legacy income in the recent years. while applications for the
grant funding have remained low. At current levels of expenditure, the Charity's free reserves
together with the predicted income from legacies are sufficient lo fLJnd several years of charitable
activity. The charity has very few fixed cost and the Trustee regularly review funds to ensure that
grant commitments and related costs are monitored and remain within available resource.
The Trustees also invest a portion of reserves in higher-inleresl bonds, generating returns above
those available from a standard current account and further supporting financial resilience.
The Trustees are mindful that the Charity is expected lo transition to a Charitable Incorporated
Organisation ICIOI during 2025-26, after which the current charity will be wrapped up and its
activities transferred to the new enlily.
For these reasons, the Trustees continue to adopt the going concern basis in preparing these
rinancial statements.
Page 16

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Accounting policies Icontinuedl
2.3 Income
All income is recognised once the Charity has entitlement to the income. it is probable that the
income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing enlitlemenl, the probability of
receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of
enlillemenl lo a legacy exists when the Charity has sufficient evidence that a gift has been left to
them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the
executor is satisfied that the property in question will not be required to satisfy claims in the estate.
Receipt of a legacy must be recognised when it is probable that it will be received and the fair value
of the amount receivable, which will generally be the expected cash amount to be distributed to the
Charity, can be reliably measured.
Ineome tax recoverable in relation to investment income is recognised al the time the investment
income is receivable.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic
benefit to a third party, it is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified by
activity. The costs of each artivily are made up of the total of direct costs and shared costs, including
support costs involved in undertaking each activity. Direct costs attributable to a single artivily are
allocated directly lo that activity. Shared costs which contribute lo more than one activity and support
costs which are not allribulable lo a single activity are apportioned between those activities on a
basis consistent with the use of resources. Central staff Costs are allocated on the basis of time
spent, and depreciation Charges allocated on the portion of the asset's use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the
Charity's objectives, as well as any associated support costs.
Grants payable are Charged in the year when the offer is made except in those cases where the
offer is conditional, such grants being recognised as expenditure when the conditions allaching are
fulfilled. Grants offered subject lo conditions which have not been mel at the year end are noted as a
commitment, bul not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured
reliably by the Charity., this is normally upon nolificalion of the interest paid or payable by the
institution with whom the funds are deposited.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 17

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Accounting policies Icontinuedl
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-tem) highly liquid investments with a short
malurily of three months or less from the date of acquisition or opening of the deposit or similar
account.
2.8 Llabllltles and provlslons
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, il is pmbable that a transfer of economic benefit will be required in settlement, and the amount
of the settlement can be eslimaled reliably.
Liabilities are recognised at the amount that the Charity anlicipales il will pay lo settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rale that reflects the risks specific lo the liability. The
unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value with the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
2.10 Fund a¢counting
General funds are unreslricled funds which are available for use al the discretion of the Trustees in
furtheran￿ of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income, gains and losses are allocated lo the appropriate fund.
Page 18

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Income from donations and legacies
Unrestricte
d funds
2025
Total
funds
2025
Total
funds
2024
Donations
Legacies
31,245
36,672
31.245
36,672
31,772
109,022
67,917
67.917
140,794
Income from other trading activities
Income from fundraising events
Unrestricte
d funds
2025
Total
funds
2025
Total
funds
2024
Campaigns
Other
6,110
250
6.110
250
6,360
6.360
Investment income
Unrestriete
d funds
2025
Total
funds
2025
Total
funds
2024
Bank interest re￿iVed
40,026
40,026
57,975
Page 19

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Analysis of expenditure by activities
Activities
undertaken
directly
2025
Grant
funding of
activities
2025
Support
costs
2025
Total
funds
2025
Total
funds
2024
Direct costs
Grants
Govemance costs
117,986
117,986
125,262
15.706
109,603
171,343
15,304
125,262
15,706
Totsl 2025
117,986
125,262
15,706
258.954
296,250
Total 2024
109,603
171,343
15,304
296.250
Analysis of direct costs
Total
funds
2025
Total
funds
2024
Management charyes
Fundraising costs
Staff costs (see note 9}
Card transaction charges
Data protection
Bank charges
Postage
Miscellaneous costs
59.832
1,855
47.904
61
59,832
439
46,248
62
35
174
35
53
20
2,914
{61
8.131
Totsl 2025
117,986
109,603
Analysis of support costs
Total
funds
2025
Total
funds
2024
Govemance costs
15,706
15,304
Page 20

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
Analysis of grants
Grants to
Individuals
2025
Total
funds
2025
Total
funds
2024
Grants
125,262
125,262
171,343
Total 2024
171,343
171,343
Net incomel{expenditurel
This is ststed after charging..
2025
2024
Auditor's remuneration - audit
Auditor's remuneration - accounts preparation
5,800
1.100
5,300
1,000
Staff costs
2025
2024
Wages and salaries
Social security costs
Contribution lo defined contribution pension schemes
39,965
3,247
4.692
36,501
3,399
6,348
47,904
46,248
The above employee cost represent recharges by Open SU for an employee who is full time employed
by Open SU. Some of the employee's time is spent on OUSET to perfomi financial and administrative
a¢livilies for the charity which gels recharged as an expenditure in OUSET.
The Charity has no employees other than the Trustees, who did not receive any remuneration {2024
£NILI. No employees eamed over £60k during the year12024.' 01.
Page 21

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
10. Debtors
2025
2024
Trade debtors
Prepayments and accrued income
2,319
140,529
130,831
130,831
142,848
11. Credltors.. Amounts falllng due wlthln one year
2025
2024
Trade creditors
Accruals and deferred income
21.522
39,059
80,255
60,581
80,255
12. Statement of funds
Statement of funds - current year
Balance at 1
August
2024
Balance at
Income Expendlture 31 July 2025
Unrestricted funds
Reserves
1,569,075
114,303
1258,9541 1,424,424
Statement of funds - prior year
Balance al
1 August
2023
Balance at
Income Expenditure 31 July 2024
Unrestricted funds
General Funds
1,666,556
198,769
1296.2501
1,569,075
Page 22

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricte
d funds
2025
Total
funds
2025
Current assets
Creditors due within one year
1,485,005
160.5811
1,485,005
{60,581)
Total
1,424,424
1.424,424
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
Total
funds
2024
Current assets
Creditors due within one year
1,649,330
180,2551
1,649,330
{80,2551
Total
1,569,075
1,569,075
14.
Reconciliation of net movement in funds to net cash flow from operating activities
2025
2024
Net expenditLJre for the year {as per Statement of Financial Activities)
1144,6511
{97,4811
Adjustments for:
Decrease in debtors
12,017
119,6741
307,836
56,000
Increaselldecreasel in creditors
Net cash provided byl(used inl operating activities
1152.3081
266,355
Page 23

THE OPEN UNIVERSITY STUDENTS EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
15. Analysis of cash and cash equivalents
2025
2024
Cash in hand
Fixed term deposit
354,174
1.000.000
356,482
1,150,000
Total cash and cash equlvalents
1.354.174
1,506,482
16.
Analysis of changes in net debt
At 1 August
2024 Cash flows
At 31 July
2025
Cash at bank and in hand
1,506.482
1152,3081 1,354,174
1,506,482
11 $2.3081 1,354,174
17.
Related party transactions
As described in the Trustees, Report, the majority of TrLJStees of the Open University Students
Educational Trust IOUSETI are appointed by virtue of their position within The Open University Student
Union (Open SUI and one nomination by the Vice chan￿lIor of The Open University IOU).
During the year administrative services were charged by Open SU, see below for details..
Charges from Open SU
Management charge
Recharges
2025
2024
£ 49,860 £ 59,832
£ 39,921 £ 2,722
During the year donations were collected by Open SU, see below for details..
Funds from Open SU
Webslore donations
OUSA Donations
2025
2024
£ 3,213 £ 3,101
£ 25,000 £ 25,000
Al the year end a balance of £24 (2024.. £5.0041 was receivable from Open SU.
18. Controlling party
The Trustees consider that there is no ultimate controlling party.
Page 24