2025-07-31-accounts

Charity registration number NIC107053 (Northern Ireland) Company registration number Nl646426 ULSTER UNIVERSITY STUDENTS. UNION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

ULSTER UNIVERSITY STUDENTS, UNION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms A Neill Mr D Fowler MSA Probets Mr E Millar Ms A Bradley Mr C Ta￿or Mr C Murray Ms E Roberts Ms C Heaney Mr L Doran (Appointed 1 July 20251 (Appointed 1 July 20251 Secretary Mr C Campbell Charity nurnber (Northern Ireland) NIC107053 Company number N1646426 Registarod offica Block Bc 2-24 York Street Belfast BT15 1ED Auditor GMCG BELFAST Chartered Accounlanls & Ststulory Auditor Alfred House 19 Alfred Street Belfast BT2 8EQ Bankers AIB 35 Universty Road Belfast BT71ND Soll¢ltors Shean Dickson Merrick 3842 Hill Street Belfast BT12LB

ULSTER UNIVERSITY STUDENTS, UNION CONTENTS Page Trustees. report Independent auditorfs report 7-12 statement of financial activities Balance sheet 14 Stslemenl of cash flows Notes lo the financial statements 16-29

ULSTER UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2025 The Iruslees, who are also directors for the purposes of company law, have pleasure in presenting their annual report and the financial ststemenls of Ulster University Students. Union Ilhe 'Union' or 'UUSU'I for the year ended 31 July 2025. The financial slalemenls have been prepared in accordance with the accounting policies set out In note 1 to the financial slalements and comply wth the charity's Articles ofAssocialion, the Companies Act 2006 and Accounting and Reporting by Charities". Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectlves and actlvltles The Union's objective is the advancement of the education of students at Ulster University for the public benefit by.. promoting the interests and we￿are of students al Ulster University during their course of study and representing, supporting and advising students., being the recognised represenlalive channel between students and Ulster University and any other external bodies.. and providing social, cU￿ural, sporting and recreab'onal activities and forums for discussions and debate for the personal development of its students. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ULSTER UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Achievements and performance Significant activities and achievements against objectives UUSU has continued to represent its student members through a range of services. These encompass academic representation, the provision of social opportunities through sport, societies, events and activities and the advice bureau to assist students wth individual issues they encounter during their University experience. The main campaigns In the 2024125 academic year carried on from the previous year wlh a focus still on cost of living and sustainability. UUSU lobbied local govemmenl along with other student representative bodies to ensure that sludenl maintenance loans were increased for the 2025126 academic year. This success was in addition lo preventing the proposed student fee increases proposed by the Nl Universities. UUSU worked with university departments to introduce Lifestyle hubs on each campus which offered free food and useful resources to students in need. The joint initiative with Compass catering continLJed to offer students pre-packed sandwiches with a short shelf life lo be stored in Food Bank branded fridges within the students, union. These helped students in hardship bul also assisted with food waste on campus and sustainability goals. Student and society events offered students an opportunity lo meet others wth similar interests and make friendship groups outside the classroom. The UBelong campaign held various events with 'Brew Monday" offering free lea & coffee being well used. There were 109 active societies providing a variety of opportunities for students across the three Campuses. UUSU networks were established lo ftjnction as communities which empowers students lo advocate and lobby for meaningful change. The Women's Empowerment Network and the Students with Additional Needs Nets￿Ork are student led and provide the opportunity to bring together student voices with similar interests. Other campaigns that were profiled over the year were sustainability, sexual health, sludenl safety and seachlain na gaelige. Sustainability is brought lo the fore particularfy in Green Week when the Wellbeing garden is promoted. The Sexual Health and consent campaign raised awareness to students through having local advice setvices on campus and sex loy bingo event was the most successful in the year. Student safety is always a UUSU priority and is focused on drink spiking and getting home safely. UUSU launched a Charter Tackling violen￿ against Women and Girls in March. The charter was laLJnched at an external venue and was attended by many politicians highlighting the importance of this issue in society. Seachlain na Gaeilge campaign was repealed in 2024125 and offered students the opportunity lo learn some basie Irish language skills using inilialives such a film night, café and career workshops. The Magee campus is planning a period of significant growth as a result of the Shared Island fund and North Wesl Regeneration fund. 11 plans lo grow from 5,000 to 10,000 students and this presents both opportunities and challenges for students. UUSU is represented on the Magee task force so that sludenl concerns are addressed as part of the plans going forn￿ard. This is a long-term commitment for UUSU but considered to be a very important project to be involved in. The Advi￿ Bureau dealt with 525 cases across a range of issues. Whilst the advi￿ bureau traditionally focuses on academic and housing Issues, the team have dealt with a number of concems on behalf of Intemalional students and the cost of living Is a consistent problem that student5 are struggling with. The sludenl officers were delighted to be recognised for their work in the year by winning a number of awards in the Student Achievement Awards Ireland which are organised by the Union of Students in Ireland. UUSU representatives won four awards as detailed below and were nominated for a further six awards. Irish Language campaign of the year Social Justice campaign of the year Sludenl Activist of the year Intetnalional sludenl of the year

ULSTER UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Raising of funds The Union's main source of income is by way of block grant awarded by Ulster University. Other income is generated through sponsorship, advertising and ad hoc grants. Governance Governance ol the organisalion is of vital importance and is assessed on a regular basis through the review of the Strategi¢ Plan. Risk Register and Financial Memorandum. The Students, Union Student Executive. consisting of seven full time elected Offi￿rS and relevant staff. meets every three weeks to discuss Students. Union policy and membership issues. The Senior Management Team meets every bNo to three weeks to review operational matters. The Trustee Board meetings include the review of management accounts, progress of the Strategic Operating Plan, and monitoring of the Risk Register. Financial review The Students, Union income for the eurrenl year was £2,894,144 12024 - £2,947,165) and nel income before exceptional pension movements was £484,954 12024 £171,070). After accounting for movements in the pension provision the net income for the period was £295,91012024- nel expenditure of £22,752). The nel deficit of the charity at 31 July 2025 was £2.632.10712024 - £2,928,017). The main reason for the deficit is the deficit funding commitment in relation to the Students. Union Superannuation Scheme, which amounted to £3,860,345 at 31 July 202512024- £3,780,643). At 31 July 2025, restricted funds were £166,21012024 - £168,204) and general unrestricted funds lolalled £855,48012024- £677,874). Designated funds at 31 July 2025 of £6,548 12024 - £6,548) relate lo the balance of funds held in relation to the National Lottery Community Fund Wellbeing grant and National Lottery Brèakfast grant after income and expenditure during the year. Rese￿eS policy Reserves Mrill be established to safeguard activity should funding not be available from the principal funding source. At 31 July 2025 the Union had free reserves of £817,71912025- £658.2681. PIFncipal Funding Source The principal funder is Ulster University through the allocation of block grant funding lo the Union. Major risks The Trustees have overall responsibility for ensuring that the Union has in place an appropriate system of controls, financial and otherwise, lo provide reasonable assurance that.. the Union is operating efficiently and effectively., its assets are safeguarded against unaulhorised use or disposition., proper records are maintained, and financial information used wlhin the organisalion or for publication is reliable-, it complies ￿rith relevant laws and regulations., and that the systems of financial control are designed lo provide reasonable. but not absolute assurance against material misstatement or loss. The major risks to which the Union is exposed are set out in the Risk register and systems have been established ID mitigate those risks.

ULSTER UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Plans for future periods The Core of UUSU'S current strategy is based on the principle of the ability lo be adaptive and flexible lo meet the needs of members. where, when and how they need us. The twelve overarching principles allow us lo pivot these into core operational areas of development and this philosophy will be continued into 25-26. One core focus for UUSU over the past 12 months has been integrating ourselves into the fabric around the planning for the Magee campus and its expansion. As illustrated within the section detailing achievements and performance, UUSU over this last annual period has successfully embedded ils sludenl voice across all decision- making functions. The next step Is to ensure sufficient Infrastructure is In place to support a significant influx of students which includes a largèled lobbying campaign and an increasè lo our on-campus services. The need for external services across transport, accommodation and accessibility is stsrk and much lime is therefore required lo ensure external stakeholders are aware of this. Equally, our current campus capacity both from a profile and resource perspe¢b've is not equipped lo deal with the increase in numbers and this needs to be represented to the University to ensure investment in both areas. To note, again, this is a long-term vision project so progress is likely to manifest over the next decade. As part of our Investment last year into the Sludenl Voice area of UUSU, an outworking will be the development of 'Networks'. These groups will bring together like minded individuals lo be able lo advocate for change and bring about positive change for that network and across the campuses. This year will be the last year that UUSU administers sport for the University. As such there is a body of work lo ensure that the final piece of the transition is smooth and allows for a ¢onlinuation and Continuity of experience for those involved in sport. It is anticipated that there will be a period of crossover shadowing to help support this transition. As part of this process, there will also be related representational structures embedded to ensure that sludenl voice remains al the core of club sport. We have identified opportunity to provide an additional layer of engagement for some of our m05t engaged students that we are aiming to bring to fruition this year. Sludenl Council iemains the highest democratic body in UUSU. however an additional opportunity exists to use some of this group as part of a small scrutiny body lo sense Check policy and sludenl-led decisions before these go lo Council. As Council is a busy meeting, it allows for additional student input and thought in a structured manner. Dedicated student spaces on campus, and in particular Belfast, remain a challenge and something UUSU want lo see enhanced over the next 12 months. Currently there are lots of shared Spa￿ i.e. flexible circulation space that students can use, but a lack of closed-off, dedicated spaces for events, ath"vities and the general bringing together of larger groups in a sltuclured way. Vve are aiming lo lobby the University to r&con5ider the current allocation of spaces and whether any opportunity might exist lo creste additional spaces for sludenl activity. In 2023-24 we were the founder member of the Charter Tackling Violence against Women and Girls. As part of our commitment across this ¢harter, we signed up lo a sel of principles we will embody and fulfil. There will be some work required to maintain or grow into these principles over the next year and as such this will be a priority campaign, as it is critical as the founding member we embody the ongoing aims of the Charter. We continue to try lo grow and develop our engagement strategy and having recently appointed a new Director covering Membership and Engagement, we now can address this at a greater pace. Core initial priorities and inilialives will include-. Enhancing intemal comms and collaboration to ensure a firsl-class experience for our student members. Reviewing our digital presen￿ to ensure we are where most members can access and engage with us. Redefining our engagement strategy to ensure a greater number and greater profile of opportunities to engage directly with us and get involved in our services and structures. Closing feedback loops lo ensure that student issues are addressed and then communicated back to the student body successfully.

ULSTER UNIVERSITY STUDENTS, UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 structure. governance and management The charity is a company limited by guarantee and does not have a share capital. It was incorporated on 15 June 2017 and is governed by its Memorandum and Articles of Association dated 15 June 2017. The members of the charity lor the purposes of ¢ompany law are the trustees and the liability of each member is limited lo an amount not exceeding £1. Prior to 1 September 2017 the activities of the Students, Union were carried out through an unincorporated entity and were governed by the constiluts.on of the unincorporated enlily. On 1 September 2017 the assets and Iiabililies of the unincorporated entity were transferred lo the charity and il commenced ils activities on that date. The total amount Iransfetred was nel liabilities of £2,566,431. The Board of Trustees is responsible for the management and administration of the Union and may exerryse all the powers of the Union. The application to become a registered charity was approved by the Charity Commission for Northern Ireland on 12 April 2019. The charity number is NIC107053. The trustees. who are also the directors for the purpose of company law, and who setved during the year and up to the date of signature of the financial statements were.. Ms A Neill Mr D FO￿er Ms A Probets Mr E Millar Ms A Bradley Mr WAtkinson Mr E Davis Mr C Taylor Mr R Armstrong Mr C Murray Ms E Roberts Ms C Heaney Mr L Doran (Resigned 11 February 20251 (Resigned 30 June 20251 (Resigned 30 June 20251 (Appointed 1 July 20251 (Appointed 1 July 20251 Recmitment and appointment oft￿SteeS The trustees are made up of the following persons.. Four student officer trustees agreed by the Student Executive Two sludenl Iruslees appointed by application and sele¢lion process Five e*(ernal trustees appointed by application and selection process. Student Officer trustees can serve a maximum of three years in single year terms, student trustees can seNe a maximum of trmo terms, each temi lasting two years and external trustees may serve a maximum of two temis,. each temi being a maximum of four years in duration. The Chief Executive, Mr D Longstsff, carries out the day lo day management of the Union. The trustees meet six times each year. Procedures have been pul in place for the induction and training of Iruslees and the Union ensures trustees are aware of their responsibilities on Corporate Governance. Relatlonshlp wlth related partles The relationship betr￿een Ulster University and the Union is established in an Ordinance of the Universitls Governing Documents and the Union receives a block grant from the University, by agreement with the University on an annual basis. There is also non-monelary support which is intrinsic to the relationship between the University and the Union in relation to the provision of Offi￿ space. Although the Union continues lo generate supplementsry funding from various mutual trading aclivilies, il is dependent on the University's financial support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future.

ULSTER UNIVERSITY STUDENTS. UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED FOR THE YEAR ENDED 31 JULY 2025 Statement of tnJstee8' respon8ibS1iti9s The trustees. who 2re also the directc>rs ol Ulster University Students, Union for Ihe purpose ol company law, are responsible lor preparing the Trustees, Report and the financial stalernenls in accordance with applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accountin9 Practice). Company law r￿UireS thè Iruslèès to preparè finaneial statémènts lor èa¢J) finan(xal yèar which gÈve a true and fair view of the stale ol affairs of the Charty and ol the incoming resources anfl application ol resources, including Ihe income and expenditure. of the charllable company foi Ihal year. In preparing these financial slalemenls. the Iruslees are required lo.. select suitable accounting policiè5 and Ihen apply them consistently observe the methods and principles In the Chanlies SORP". rnake jvdgemenls and estimates Ihat are reasonable and prud&nl". state whether applicaNe UK Accounting Slandards have been followed, subject to any malerial departures disclosed and explained in the financial stalemenls., and prepare the finanaal statements on Ihe going concern basis unless il is inappropriate to presume that the charity will continue in operation. The Iruslees ale responsible lor keeping adequate accounting iecoid5 that disclose with reasonable aGcuiaGy al any tirnc the Iinancial posrtion of the chaiity and enable them to ensure that the financial staternenls cornply with the Companies Act 2006. They are also responsible for safeguaiding Ihe assets ol the charity and henTr for takin9 reasonable steps for the prevenlion and deteclion ol fraud and other Irregularities. Auditor In accordance with the company¥ art￿1*5, a resolution proposing that GMCG BELFAST bt reappoinlad as audrtor of the company will be pul al a General Meeting. Small ¢ompanie$ exemption In preparing this report. the directors have taken advantage of the srnall eornpanie5 exemplions provided by section 415A of the Companies Acl 2006. Dlsclosure of informatlon to audltof Each ol the Iruslees has confirmed Ihal Ihere is no inlorrnalion of which they are aware which is re￿vant lo tha audit. bul ol which Ihe auditor is unaware. They have luriher confirmed that they have taken appropriale steps its identify such relevant ￿fOrmatiOn and lo establish that the auditor is aware ol such informalion. The trustees, report was approved by the Board of Trustees. £K--4 t Ms E Roberts Trustee 27 November 2025

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Oplnlon We have audited the financial statements of Ulster University Students. Union (the 'charity'l for the year ended 31 July 2025 which comprise the statement of financial activf(ies, the balance sheet, the slalement of cash flows and notes to the financial stslemenls, Induding significant accounting policies. The financial reporting framework that has beèn applied in their preparation is applicablè 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 A¢￿UntIng Practice). In our opinion, the financial slatemenls.. give a true and fair view of the state of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wlh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorts responsibilrties 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 UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Con¢lusions 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 perfomied, we have not identified any material uncertainties relating to events or conditions that, Individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of at least twelve months from when the financial slalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Other Infomiatlon The other information comprises the information included in the annual report other than the financial statements and our auditorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl wth the financial slalements or our knowledge obtsined in the course of the audit, or otherwise appears to be materially misstated. If we identify su¢h material in¢onsislencies or apparent material misstslemenls, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing lo report In this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trLJStees' report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included wthin the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2008 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been re￿iVed from branches not visited by us", or the financial statements are not in agreement with the accounting records and returns., or rtain disclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled lo prepare the financial slalements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Responslbllltles of trustees As explained more fully in the slalement of Iruslees. responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Iruslees determine is necessary lo enable the preparation of financial slalèments that are free from material misslalement, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related lo going Concern and using the going concern basis of accounting unless the Iruslees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assuiance is a high level of assurance bul Is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstslemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slatemenls. The extent lo which our procedures are capable of detecting irregularities, including fraud, is detailed below. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Extent to whl¢h the audlt was consldered capable of detectlng Irregularltles, Includlng fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appiopriale lo provide a basis for our opinion. In identifying and assessing potential risks of material misslatemenl in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the follo￿ring.. The nature of the industry and sector, control environment and business performance, including the company's remuneration policies for directors, bonus levels and perfornian￿ targets, if any,. Results of our enquiries of management about their own identification and assessment of the risks of irregularities-, Any matters we identified having obtained and reviewed the company's documentslion of their policies and procedures relating to.. Identifying, evaluating and cornplying wth laws and regulations and whether they were aware of any instance of non-compliance., Delecling and responding lo the risks of fraud and whether they have kno¥Medge of any actual, suspected or alleged fraud,. and The internal ￿ntrOl8 established to mitigate risks of fraud or non<0mplian￿ with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial slalements and potential indicators of fraud. As a result of these procedures, we Considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In Common with all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the delerminalion of material amounts and disclosures in the financial stalemenls. The key laws and regulations we considered in this context Induded thè Companies Act 2006. and local tsx legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be ftjndamental to the company's ability to operate or to avoid a material penalty. 10- A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

¢HARTERED A¢¢OUNTAXT$ ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Audlt response to rlsks Identlfled Our procedures to respond to the risks identified induded the following.. Reviewng the financial statement disclosures and testing to supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a d1￿cl effect on the financial slatemenls., Enquiring of management con￿MIng actual and potential litigation and claims., Performing analytical prO￿ureS lo identify any unusual or unexpected relationships that may indicate risks of material misslalement due to fraud., Reading minutes of meetings of those charged with governance and reviewing correspondence with tsx aulhorilies., and In addressing the risk of fraLJd through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert lo any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing lo the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial slatemenls, even though we have properly planned and performed our audit in accordance with audf(ing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, Intentional omissions, misrèpresèntations, or the override of internal Controls. We are not responsible for preventing non-compliance and cannot be expected to detect non- compliance with all laws and regulations. A further description of our rèsponsibilities is available on the Financial Reporting Council's website al". https".11 www.frc.org.U￿8udlt0rsreSponsibIlitie$. This description forms part of our auditor's report. A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

CHARTBRED ACCQU14TANT3 ULSTER UNIVERsiff STUDENTS, UNION INDEPENDENT AUDITOR'S REPORT {CONTINUED> TO THE MEMBERS OF ULSTER UNIVERSITY STUDENTS. UNION Use of our report This report is made Solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members those mallers we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the ¢harilablè company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mr Nigel Moore FCA Isenior Statutory Auditor) forand on behalf of GMCG BELFAST 27 November2025 Chartered Accountants Statutory Audltor Chartered Accountsnts & Slalutory Auditor Alfred House 19 AKred Street Belfast BT2 8EQ 12- A]fred House 19AJfred Street BELI,"AST BI'2 8EQ DX3910 NR BLlfa* 50 Century 40 cr￿ceTrt Busine55 Park LISBURN BT28 2GN 17MandLTrilleStreet PORTAI)OWN Craigavon T62 3PB Tel: [phone] .' +44 {0)28 9031 0777 Te1: [phone] n5S ax: [phone] Tel: [phone] FBX: [phone] Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I AMethrorTL4¢-AWorkl￿Mll￿n¢e￿r1ndt￿ThlenIkn￿￿￿￿n8Flrn

ULSTER UNIVERSITY STUDENTS, UNION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 202S Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Ineome and endowments from- Donations and legacies Charitable activities Clubs and societies fundraising other income 2.141,199 2,141.199 2,039.004 2,039,004 7,500 7,500 13,579 11,666 727,700 741,279 11,666 22,750 236 877,675 900,425 236 Totsl Income 2.166,444 727,700 2.894.144 2.061.990 885,175 2,947.165 Expendlture on: Charitable activities Ex￿pIlOn8l pension costs 1,679,496 729,694 2,409,190 1,798,303 977,792 2,776,095 12 189,044 189,044 193,822 193,822 Total expenditure 1,868,540 729,694 2,598,234 1,992,125 977,792 2,969,917 Net incomellexpenditurel and movement in funds 297,904 11,9941 295,910 69,865 192,6171 122,7521 Reconciliation of funds: Fund balances al 1 August 2024 13,096,221) 168,204 12,928,017> 13,166,086> 260,821 {2,905,2651 Fund balance5 at 31 July 2025 12,798,317) 166,210 12,632,1071 13,096,221) 168,204 {2,928,0171 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from ¢onlinuing activities. 13-

ULSTER UNIVERSITY STUDENTS, UNION BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Nots$ FSxèd a98è18 Tangible assets 14 37,751 18.606 Current assets Debtor5 Cash al bank and in hand 16 191,279 950.004 16,893 928,211 1.141.283 945.104 Creditors.. amounts falllny due wlthin one year 10 1150.7961 1111,0841 Net current as8ets 99Q.487 834.020 Total assets less current liabilities 1,028,238 B52.626 Provlsion$ for Ilabiliti•s Defined benefil pension liabtlily 17 3,660.345 3.780.643 13.660.345) 13,780,643) Net as8et8 excluding pension liability 12,632,1071 12,928,017) Not liabilits.ès 12.632.1071 12.928.017) The funds ofth8 charity Reslricted Incorne funds Unie511icled lullds Pension reserve 18 19 19 166,210 862,028 13.660,3451 168.2Q4 684.422 13.780.643} 12,632, 1071 {2,928,017} These financial statements have been prepared in a¢¢ordance with the provisions appli¢at>le lo Companies subject lo the small companies regime. The financial stat8tn8nts were approvèd by thè trust8es on 27 November 2025 Ms E Roberts Trustee Company regislration number N1646426 (Northern Ireland} 14-

ULSTER UNIVERSITY STUDENTS, UNION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash generated fromllabsorbed by) operations 24 53,008 1143,5161 Inv&stlng actlvltl&s Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets {31,2151 115,7731 400 Net cash used in investing activities 131,2151 115,3731 Net cash generated from financing activities Net increaselldecreasel in cash and cash equivalents 21,793 1158,8891 Cash and cash equivalents at beginning of year 928,211 1,087,100 Cash and cash gquivalents at end of year 950,004 928,211 15-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 Accounting policies Charity inforniation Ulster University Students, Union is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Block Bc, 2-24 York Street, Belfast, BT15 1 ED. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Articles of Asso¢ialion, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in slerting, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern These financial stslemenls have been prepared on a going concern basis, notwilhslanding the fact that the charity had a nel deficit of £2,632,107 al the balance sheet dale. Before accounting for movements in the pension provision the charity realised a surplus of £484.954 in the year, and the deficit on the balance sheet is due to the pension deficit liability in relation lo the Students, Union Superannuation Scheme. The liability in relation lo the pension scheme at 31 July 2025 was £3.660.345. Further details of the scheme are given in note 17. The Union continues lo operate within its financing facilrfcies and continues to have the support of Ulster University. On this basis the trustees have a reasonable expectation that the Union has adequate resources lo continue in opèrational existence for thè foreseeable futurè. Accordingly, the Iruslees conbnue to adopt thè going concern basis of accounting in preparing the financial stslemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated ftjnds are set out in the notes to the financial slalements. Reslricled funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial slalements. 1.4 Income Income is recognised when the charity is legally entitled to il after any performance Conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income lax recoverable in ￿latiOn lo Investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which f( is receivable and to the exlenl the goods have been provided or on completion of the service. Trading income represents net sales lo customers and excludes Value Added Tax. Trading income is recognised upon delivery of the goods and services lo the customer. 16-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Accountlng pollcles Icontlnuedl 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared Costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not allributable 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 are allocated on the portion of the asset's use. Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be reqUI￿d in settlement and the amount of the obligation can be measured reliably. Expenditure is classifièd by 8¢tivty. The Costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs atlribulable lo a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single a¢livity are apportioned between those activities on a basis consistent with the use of resour￿$. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the Portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating Information in support of the charitable activities. Governance costs are those incurred in connection wth administration of the Company and compliancè wth constilulional and stslulory rèquirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the company's educational operations, induding Support costs and costs relating to the governance of the company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any Impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures, fittings and equipment Computers 20% per annum slraighl line 200h per annum slraighl line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activib'es. 1.7 Impairment of fixed assets Al each reporting end date, the charity reviews the carrying amounts of ils tsngible assets to detemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount ol the asset is estimated in order to determine the extent of the impaimient loss lif any). 17-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Accountlng pollcles Icontlnuedl 1.8 Cash and cash equlvalents Cash and cash equivalents indude cash in hand, deposits held at call wth banks, other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowngs in current Iiabililies. 1.9 Financial instruments The charty has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial Inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to sellle on a nel basis or lo realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amorbsed cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discoLJnted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 8osiT¢ financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing transaction, where the debt Instrument is measured al the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable wthin one year are not amortised. Debt instruments are subsequenuy carried al amortised cost. using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction pricè and subsequenuy measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts The cost of any unused holiday enliuement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to piovide lerminalion benefits. 18-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Accountlng pollcles Icontlnuedl 1.11 Retlrement beneflts The Union participates in the Students, Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the Slate Second Pension. The fund is valued al least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid al a ￿￿t[allY agreed rate. As a consequence, no Share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS 102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year. Contributions are recognised in profit or loss in the period to which they relate as there is insufficient information available to use defined benefit accounting. A liability is recognised for contributions arising from an agreement wf(h the mults"_employer plan that determines how the Union wll fund a delicil. Contributions are discounted when they are not expected lo be sellled wholly within 12 months of the period end. Further information is given In note 17. Contributions are also made lo two defined contribution schemes being NUSPS and NEST. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Iruslees are required to make iudgemenls, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods where the revision affects both current and future periods. Key sources of estimation uncertainty Flxgd A$$91$ The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The Iruslees regulaily review these asset lives and change thèm as necessary lo reflect Current thinking on remaining lives in light of prospective economic ulilisalion and physical condition of the assets COn￿med. Changes in asset lives can have a significant impact on depreciation and amortisalion charges for the period. Detail of the useful lives is included in the accounting policies. Defined Beneflt Penslon Scheme Llablllty The pension scheme liability is in relation to the contributions payable that have arisen from an agreement with a mulli-employer plan to fund a deficit and is based on ￿rtain assumptions as detailed in note 17. In¢omg from donatlons and 19gac19$ Unrestrlcted Unre$trlcted funds funds 2025 2024 Grants 2,141,199 2,039,004 19-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Income from charitable activities Restrlcted funds 2025 Restrlcted funds 2024 student activities Performance related grants 7,500 Perfomiance related grants analysis Student activities 2024 Hardship fund Other 7,500 In¢omg from clubs and $o¢letle$ fundralslng Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Totsl 2025 2024 Fundraising events 13,579 727,700 741.279 22,750 877,675 900,425 Other income Unrgstricted Unr9Stricted funds funds 2025 2024 Net loss on disposal of tangible fixed assets Other income 11801 416 11,666 11,666 416 -20-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Expenditure on charitable activities Union activities 2025 Union activities 2024 Direct costs Staff Costs Depreciation and impaimienl NUS and USI Fees Membership services Sports Union Societies Repairs, renewals and cleaning Insurance Postage, printing, stationery and telephone Legal and consuf(ancy Motor and Iravelling expenses Bank charges Staff training and recruitment Marketing expense Miscellaneous costs 1,150,511 12,070 39,864 105,405 839,968 122,187 10,264 10,419 12,477 4,911 18,745 4,745 25,465 41,512 654 1,277,623 6,798 40,627 103.461 952,055 169,475 17,729 9,962 12.459 104,177 18,434 4,751 10,258 40,439 347 2,399,197 2,768,595 Shar9 of $upport and govgrnance ¢o$ts1$90 notg 8 Governance 9,993 7,500 2,409,190 2,776,095 Analysls by fund Unrestricted funds Restricted funds 1,679,49e 729,694 1,798,303 977,792 2,409,190 2,776,095 Support costs allocated to activities 2025 2024 Governance costs 9,993 7,500 Analysod bglween: Union activities 9,993 7,500 21

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Net movement in funds 2025 2024 The net movement in funds is slated after chargingllcreditingl.. Fees payable for the audit of the charity's financial statements Depreaation of owned tangible fixed assets Loss on disposal of tangible fixed assets 7,800 12,070 7,500 6,798 180 10 Employees The average monthly number of employees during the year was.. 202S Number 2024 Number 37 84 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 996.451 95,738 58,322 1.123.264 85,468 68,891 1,150,511 1,277,623 Remuneration lo sludenl officers who were also Iruslees was £100,429 12024 £96,718). This remuneration was payable in respect of their role as sludenl officers, which are ele¢led positions, and was paid in accordance with the charitable company's articles of association. None of the trustees are paid for serving on the board. The number of employees whose annual remuneration was more than £60,000 is as follows.. 2025 Number 2024 Number In the band £70,001- £80,000 Remuneratlon of key management personnel The remuneration of key management personnel was as follows.. 202S 2024 Aggregate compensation 194,351 262,446 -22-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 11 Trustees None of the Iruslees lor any persons connected with them) re￿iVed any rernuneration for their role as a trustee from the charity during the year. See note 10 for details of remuneration payable lo sludenl officers who were also trustees. No trustees received reimbursement of expenses during the year12023 - £nill. 12 Exceptional pension costs Unrestricted Unrestricted funds funds 2025 2024 Unwinding of the discount factor linterest expense) 189,044 193,822 See note 17 for further information in relation lo retirement benefit schemes. 13 Taxallon The charity is exempt from laxalion on its activities because all its income is applied for charitable purposes. 14 Tanglble flxed assets Fixtures, ttlngs and equlpmènt Computers Total Cost Al 1 August 2024 Additions Disposals 3,957 17.930 29,918 13,285 113,7361 33,875 31,215 113,7361 At 31 July 2025 21,887 29,487 51,354 Depreclatlon and Impalrment At 1 August 2024 Depreciation charged in the year Eliminated in respect of disposals 792 4,377 14,477 7,893 113,7361 15,269 12,070 113,7361 Al 31 July 2025 5,169 8,434 13,603 Carrying amount Al 31 July 2025 16.718 21,033 37,751 Al 31 July 2024 3,165 15,441 18,606 -23-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 15 Debtors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 11,800 10,755 1,101 5,037 179,479 191,279 16,893 16 Credltors: amounts falllng due wlthln one year 2025 2024 Other taxation and social security Trade creditors Other creditors Acctuals and deferred Income 26,369 13,563 20,491 90,373 9,259 17,404 7,512 76,909 150,796 111,084 17 Retirement benefit schemes Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charty in an independently administered fund. -24-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 17 Retlrement beneflt schemes Icontlnuedl Defined beneflt schemes The Union participates in the Students. Union Superannuab'on Scheme, which is a defined benefit scheme whose membership consists of employees of students. unions and related bodies Ihroughoul the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings ICAREI basis. With effect from 30 September 2011 the Scheme closed to future accrual. The most recent valuation of the Scheme available was carried out as al 30 June 2022 and showed that the market value of the Scheme's assets was £106,700,000 with these assets representing 440k of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The defiat on an ongoing funding basis amounted to £136,600,000. The assumptions which have the most significant effect upon the results of the valuation are those relating lo the rale of return on investments and the rates of increase in salaries and pensions. The followng assumptions applied at 30 June 2022.. The investment return would be expected lo oulperfomi UK government bonds by 1.50k per annum, linearly changing over a term of 13 years to 0.25Q/o. Pensions accruing would revalue al a maximum of 50A per annum. Present and future pensions would increase al rates specified by Scheme rules wth appropriate assumptions ¥Nhere these are dependent on inflation. The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period until May 2037 (previously August 20351 and will increase by at least 5% each year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. Surpluses or deficits which arise al future valuations will also impact on the Union's future contribution commitment. In calculating the present value of defined benefit obligations the charity has applied a discount rate of 5%. In addition lo the above contributions, the Union also pays ils share of the Scheme's levy lo the Pension Protection Fund. Amounts recognised in the statement of financial aclivilies.. 2025 2024 Nel interest on defined benefit liability 189,044 193,822 The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows.. 2025 2024 Present value of defined benefit obligations 3,660,345 3,780,643 Deficit in scheme 3,660,345 3,780,643 -25-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 17 Retlrement beneflt schemes Icontlnuedl Movements in the present value of defined benefit obligations.. 2025 Benefits paid Interest cost 1309,3421 189,044 At 31 July 2025 3,660,345 The total contributions paid into the Scheme by the Union in respect of eligible employees for the period ended 31 July 2025 amounted lo £309,342 12024 - £294.6151 but this includes an additional proportion of nlributions in respect of future accrual as well as deficit Conlribulions. There was also £51,078 paid into defined contribution schemes12024 - £57.4791. 18 R&strlcted funds The restricted funds of the charity Comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 August 2024 Incoming Resources resources expended At31 July 2026 Sports Union Fundraising Societies Fundraising Hardship Fund student Mental Health Fund 103,848 53,885 8,379 2,092 603,425 124,275 1616,8881 1110,2951 12,5001 90,385 67,865 5,879 2,081 168,204 727,700 1729,6941 166,210 Previous year: At 1 August 2023 Incoming resources Resources expended At31 July 2024 Sports Union Fundraising Societies Fundraising Hardship Fund Student Mentsl Health Fund 191,072 53,815 10,459 5,475 741,449 136.226 7,500 1828,6731 1136.1561 19,5801 13,3831 103,848 53.885 8,379 2,092 260,821 885,175 1977,7921 168,204 -26-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 August 2024 Incoming resources Resources expended Transfers At31 July 2025 The National Lottery Communty Fund- Wellbeing grant National Lottery Breakfast Fund General funds 5.765 783 677,874 5,765 783 855,480 2,166,444 11,679,496) 1309,3421 684,422 13,780.6431 2,166,444 11,879,496) 1189,0441 1309,3421 309,342 862,028 {3,660,3451 Pension fund 13,096,221) 2,168,444 11,868,540) {2,798,3171 Prevlous year: At 1 August 2023 Incomlng resources Resources expended Transfers At31 July 2024 The National Lottery Communty Fund- Wellbeing grant National Lottery Breakfast Fund General funds 5,765 9.600 699,985 5,765 783 677,874 18,8171 11,789,486) 2,061,990 1294,6151 715.350 13,881,436) 2,061,990 11,798,303) 1193,8221 1294,6151 294,615 684,422 {3,780,6431 Pension fvnd 13,166,086) 2,061,990 11,992,125) {3,096,2211 Transfers of £309,342 from the general fund lo the pension reserve represents contributions lo the defined benefit pension scheme for the year ended 31 July 2025. -27-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 20 Explanatory notes to the funds Unrestricted funds General funds This fund Is expendable al the discretion of the trustees for the general purposes of the charity. Pension reserve The pension reserve represents contributions payable under an agreement ¥Mth the Students, Union Superannuation Scheme to fund prior year deficits. National Lotte funds Surplus funds from The National Lottery grants have been set aside as designated funds. Restricted funds S orts Unions and Societies Fundraisin These funds relate lo income generated through the ftjndraising activities of Sports Unions and Societies and can only be used by the Sports Union or Society that raised the relevant funds. Sports Union funding related to 70 clubs across 3 campuses and Societies funding related to 90 societies across 4 campuses. Hardshi Fund These funds are available to support students in financial hardship. Sludenl Mental Health Fund These funds are available to support student mentsl health initiatives. 21 Analysls of net assets between funds Unrestricted funds 2025 Restricted funds 2026 Total 2026 At 31 July 2025: Tangible assets Current assetsllliabililiesl Provisions and pensions 37,751 824,277 13,660,345) 37.751 990,487 {3,660,3451 166,210 12,798,317) 166,210 {2,632,1071 Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 July 2024: Tangible assets Current assetsllliabililiesl Provisions and pensions 18,806 665,816 13,780,843) 18,606 834,020 13,780,643) 168,204 13,096,221) 168,204 {2,928,0171 -28-

ULSTER UNIVERSITY STUDENTS, UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 22 Members. liability Each rnember of the charitable company undertakes lo contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ￿aSeS lo be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before helshe ceases lo be a member. 23 Related party transactions The Union is financially dependent on Ulster University for funding and it is therefore regarded as a related paty. The Union re￿iVed £2,141,19912024 - £2,039,004) as a block grant in the year. At the year end the Union had a trade debtor balance of £nil 12024 - £6,054) owed by Ulster University and a trade creditor balance of £2,96212024- £2,736) owed to Ulster University. 24 Cash ggngrat9d fromllabsorb9d by) op9ratlon$ 202S 2024 Surpluslldeficitl for the year 295,910 122,7521 Adjustments for: IGainllloss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Difference between pension charge and cash contributions 180 6,798 1100,7931 12,070 1120,2981 Movements In working capitsl.. Ilncreaselldecrease in debtors Increaselldecreasel in creditors 1174,3861 39,712 15,498 142,4471 Cash generated fromllabsorbed by) operations 53,008 1143,5161 27 Anatysis of changes in net funds The charity had no material debt during the year. -29-