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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
Cbirt0￿￿.4rcu￿nLTnts liev510￿￿.4￿ll0]5 I Cbirt0￿Tr￿.4￿V1￿Th I
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¢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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
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: +44 (0)28 9021 1112
.' +44 {0)28 9031 0777
Te1: +44 (0)28 9260 n5S
ax: +44 (0)28 9260 1656
Tel: +44 (0)28 3833 2801
FBX: +44 10)28 3835 0293
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-