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← University of Strathclyde Students' Association

2025-07-31-accounts

University of Strathclyde Students’ Association

(A company limited by guarantee)

Report and financial statements for the year ended 31 July 2025

Company Number: SC568857

Charity Number: SC005914

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University of Strathclyde Students’ Association

Contents

Page
Board of Trustees and associated information 3-5
Trustees’ report 6-20
Statement of Trustees’ responsibilities 21
Independent auditor’s report 22-26
Statement of financial activities (incorporating income and expenditure account) 27
Balance sheet 28
Statement of cash flows 29
Notes to the financial statements 30-46

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University of Strathclyde Students’ Association

Board of Trustees and associated information

From 1 July 2024 to 21 June 2025
Executive Committee Trustees Eva Curran (resigned 19thJune 2025)
Charlie Wilson (resigned 19thJune 2025)
Jamie Campbell (resigned 19thJune 2025)
Ramisha Mujahid (resigned on 19thJune 2025)
Anna Edvaldsson (appointed 17thJune 2024)
Student Trustees Pratik Gupta (resigned 29thApril 2025)
Chinweuju Nzewi
Oyedotun Oyewole (resigned 21stJune 2024)
Aditya Singh
Ketong Zhang (appointed 7thJune 2024)
External Trustees Carleen MacIver (resigned 23rdJune 2025)
Mhairi Maguire (resigned 10thJune 2024)
Thomas Hall (appointed 3rdOctober 2024)
Niamh Hegarty (appointed 3rdOctober 2024)
Claire Johnson (appointed 17thDecember 2024)
From 17 June 2025 to 31 July 2025
Executive Committee Trustees Anna Edvaldsson (appointed 17thJune 2024)
Fraser Brown (appointed 19thJune 2025)
Oshione Musa (appointed 19thJune 2025)
Lucia Gil Dorta (appointed 19thJune 2025)
Nicole Steinback (appointed 19thJune 2025)
Student Trustees Chinweuju Nzewi
Aditya Singh
Ketong Zhang (resigned 26thJune 2025)
External Trustees Thomas Hall (appointed 3rdOctober 2024)
Niamh Hegarty (appointed 3rdOctober 2024)
Claire Johnson (appointed 17thDecember 2024)
Key Management Personnel (excl Executive Morna Simpkins (CEO)
Committee Trustees named above) (from 2ndSeptember 2024)

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University of Strathclyde Students’ Association

Board of Trustees and associated information (cont)

Auditor RSM UK Audit LLP
Third Floor
2 Semple Street
Edinburgh
EH3 8BL
Bankers Santander Bank
301 St Vincent Street
Glasgow, G2 5HN
National Westminster Bank
14 Blythswood Square
Glasgow
G2 4AU
Triodos Bank
50 Frederick Street
Edinburgh
EH2 1EX
Flagstone Investment Management
Clareville House
26-27 Oxendon St
London
SW1Y 4EL
Solicitors BTO Solicitors LLP
48 St Vincent Street
Glasgow
G2 5HS
Worknest
Kintyre House
205 West George Street
Glasgow
G2 2LW
Brunton Miller
Herbert House
22 Herbert Street
Glasgow
G20 6NB

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University of Strathclyde Students’ Association

Board of Trustees and associated information (cont)

Registered office 51 Richmond Street Glasgow, G1 1XU Charity number SC005914 Company number SC568857

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025

Structure, Objectives, Governance and Management

On behalf of the Board of Trustees, we have pleasure in submitting the annual report and audited financial statements for the University of Strathclyde Students’ Association for the year ended 31 July 2025. The financial statements comply with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP 2019 (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006 as (amended).

The information on pages 1 and 2 forms part of this report. This report is prepared in accordance with the Memorandum and Articles of Association of the Association and the accounting policies set out in note 2 to the financial statements.

The University of Strathclyde Students’ Association (“the Association”) is constituted under the charters of the University of Strathclyde. Under the Education Act 1994, The University of Strathclyde has a statutory duty to ensure that the Association operates in a fair and democratic manner and is held to proper account for its finances. The Association therefore works alongside the University of Strathclyde in ensuring that the affairs of the Association are properly conducted and that the educational and welfare needs of the Association’s Student Members are met.

The activities of the Association are governed by the University of Strathclyde Students’ Association Constitution and Schedules. Those elected and appointed by ordinary members to the Trustee Board, subject to the Constitution and Schedules of the Association, shall represent the Association in all matters affecting its interest and shall administer the finances of the Association.

The Board of Trustees is made up of the following persons:

All Trustees are also Company Law Members.

Further details on the appointment of trustees can be found in the Articles of Association.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Trustee Induction and Training

Trustees all receive a new board members pack including a trustee code of conduct. Trustee induction focuses on charity law, governance and the roles and responsibilities of trustees delivered by Nick Smith from Nick Smith Consulting. Additional training and orientation are offered with regards to the organisational structures, meetings with key personnel and an overview of the organisational finances. Opportunities for continual professional development are offered to trustees and trustees are encouraged to attend events, training and seminars that will be beneficial in terms of their roles. All trustees complete a declaration of interests to ensure any conflicts are appropriately managed if relevant and a Register of Interests is maintained.

The charitable objectives of the Association are the advancement of education of Students at The University of Strathclyde for the public benefit by:

This year saw the final year of Strath Union’s 3-year strategy. During the first half of 2025 we commenced the development of a new 5-year strategy which included a variety of engagement and input from key stakeholders including the Board, Student Parliament and students. The Board of Trustees signed off the new strategy at the end of August 2025 allowing the Senior Management Team to focus on the development of the Operational Plan and KPIs.

The new Strategy includes a new vision, themes, values and enablers and will be refreshed at the 3 year point.

About Us

As intimated in previous years, the organisation rebranded and whilst our legal name continues to be the University of Strathclyde Students’ Association (USSA) we are more commonly known as Strathclyde Students’ Union or Strath Union and these terms will be used throughout the report.

Strathclyde Students’ Union is the democratic and representative body for all matriculated University of Strathclyde students. We are the beating heart of democracy on our campus and exist to represent the views of all 24,000 members through our participation at all levels of University decision making from staff student liaison committees, our ten senators on University Senate to our two representatives on University Court.

As well as representing our members’ interests, we also run over 150 societies and 48 sports clubs competing at the highest levels of British Universities and Colleges Sport. We provide volunteering and employment opportunities for our members, advice and welfare services delivered via our Advice Hub as well as training and development workshops and seminars for our members. We run campaigns and organise student activity on and off the campus and host weekly events that take place in our various venues from pub quizzes and karaoke to salsa dancing and debates.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Strath Union offers every student opportunities for connection, support and development that equip and empower them to thrive at Strathclyde and beyond.

Our vision states:

“All students, staff and our community are empowered to unleash their full potential”

We are the place where lifelong friendships are formed, where our members can access unique events and opportunities unavailable elsewhere, where students can raise money for charitable and worthwhile causes and where you can gather together with your friends to socialise and discuss the big issues of the day.

In 2022 the board developed a three-year strategic plan which emphasised the purpose of the Student Union, which is to:

‘Connect students so everyone can thrive!’

We achieve this mission by living out our values, which are:

Seize the Opportunity: We intentionally experiment and try new things to be the best at what we do.

Speak Up: We confidently share our own voice and empower others to speak their truth.

Join Forces: We bring a can-do attitude and take shared responsibility to deliver greater impact together.

Back Each Other: We stand for diversity and inclusion and support each other to bring our full selves.

As mentioned above a new 5 year strategic was set in 2025 which will have be reviewed after three years in 2028.

Responsibility for the long-term strategic direction of the Association and ensuring legal compliance and financial viability and sustainability in the pursuit of these strategic aims lies with the Association’s Trustee Board, which is comprised of 11 students (6 of whom are full-time paid officers who form the Executive Committee) and up to 5 External Trustees.

Responsibility for day-to-day matters is delegated to full-time staff under the direction of the Chief Executive, who reports directly to the Trustee Board. The organisation uses the University of Strathclyde payscale for staff and the CEO and Deputy CEO monitor and review staff pay in relation to this.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

This year is the final year of the Strategic Plan and the CEO has lead the development and announced the new five year strategic plan that will run from 2025-2030.

Strath Union Strategic Plan : 2022 - 2025
All students, staff and our community are empowered to unleash their full
potential
Vision
Connect students so everyone thrives
Purpose
Seize the Opportunity Speak Up Join Forces Back Each
Other
Values
Unleashing Potential Amplifying
Community		 Empowering Everyone
Strategic
Objectives
Strath Union offers students opportunities for connection, support and
development that equip and empower them to thrive at university and beyond
Offer

Connected Bodies

The Association works in partnership with other students’ unions and the National Union of Students to promote issues important to students and the wider community. The Association is affiliated to the British Universities and Colleges Sport (BUCS) and Scottish Student Sport (SSS) – affiliation fees are paid to both.

The Association has a close working relationship with the University of Strathclyde by virtue of our shared purpose of advancement of education and representation of students at the University and because of the University’s responsibilities in relation to student union oversight as part of the 1994 Education Act. The University is the Association’s primary funder, and the Association applies to the University as part of the annual budget round for a block grant each year.

The properties used by the Association and its related clubs and societies are owned by the University of Strathclyde and are occupied under a lease agreement between the Association and the University.

Details of related party transactions are contained in note 17.

Statement from the Chair of the Trustee Board

2024/2025 was the second year serving as President and Chair of the Board and another year where the Student Union had to support students through a variety of challenges. Strath Union has enhanced the student experience in many ways; securing funding for community building initiatives, strengthening student representation at every level, and by continuing to create a vibrant and inclusive Union through our societies and sports clubs. Our Advice Hub has allowed students to access confidential support on critical issues such as housing, academic support and financial issues as the 9

University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

cost-of-living crisis continued to impact students. One of the stand out achievements was the successful launch of Jamie’s Pantry providing food and toiletries to students through weekly bookable slots.

Our new CEO, Morna Simpkins started in September 2024, with Deputy CEO Emma Barclay assuming the role of Acting CEO during the interim period.

Our students and societies continued to organise events, campaign and fundraise for a variety of humanitarian issues throughout the year including Support for Palestine, Movember, Black History Month, Gender based violence and LGBTQ+ History Month.

Following the UK Supreme Court ruling on the meaning of sex in the Equality Act, representatives from Strath Union and the University worked together on responses to the EHRC Consultation. This has led to continued engagement with Union reps and the establishment of a Trans Solidarity Staff Network and sharing of resources and best practice with other Student Unions.

Throughout the challenges faced by students and society in recent years the partnership between the Student Union and the University of Strathclyde Senior Team has proven to be vital for and is arguably sector-leading in, ensuring world class student experiences reflective of shared values.

The Student Officers continued to lead on the Strategic Framework Alliance building on previous achievements and focusing on strategic goals that are common to both organisations. The continued work between both the Union Exec Team and the University Exec team is an exemplar in the sector for partnership working and continues to deliver real and meaningful change and impact for Strathclyde students.

This year saw further progress made in a number of key areas; improving representation across all areas, skills and development days, further development of Personal Circumstances procedure and development of a new policy to allow flexibility in classes and exams for religious/cultural observance, securing Palestine Scholarships, development of a University Ethical Investment Policy, developing sports outreach and a Global Village Day. The Union established a campus living room in the Student Union providing a space for all students to relax and connect with peers during non teaching periods.

Award Winning Union

Once again, Strath Union was up for Best Students' Union at the WhatUni? Student Choice Awards. Strath Union came seventh in the UK (down from 4[th] ) but continue to be rated the top Union in Scotland for the fourth year in a row which highlights the consistency of delivery across all aspects of the Union’s activities.

Strath Union was awarded the "Best Specialist Entertainment Venue", a prestigious category within the Best Bar None (BBN) Glasgow Awards, an annual initiative run by Glasgow City Council since 2005. These awards recognize excellence in Glasgow's licensed hospitality sector, including pubs, bars, clubs, hotels, and specialist entertainment venues (often abbreviated as SEVs). The focus is on promoting best practices that enhance public safety, customer care, sustainability, and responsible operations— such as preventing crime and disorder, securing public safety, minimizing public nuisance, promoting public health, and protecting children from harm. Venues are independently assessed and can earn Bronze, Silver, Gold, or Overall, Gold awards. Overall, Gold winners advance to the national Best Bar None Scotland Awards. It highlights venues that deliver innovative, safe, and engaging experiences while contributing to Glasgow's vibrant nightlife economy.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Over the last 5 years Strathclyde have come top in the Glasgow categories beating the likes of the Hydro and other big institutions along the way.

1. Unleashing Potential

The social atmosphere at Strath Union is lively, with students engaging in a wide variety of extracurricular activities. Amazing connections and cross-cultural engagement are made through the abundance of opportunities on offer in the Union.

Societies

Societies at Strath Union provide students with an excellent opportunity to connect with classmates who share their hobbies and interests. Societies promote personal development, leadership skills, and a forum for creative expression, all of which contribute to a well-rounded university experience that extends beyond the classroom and allows students to explore their passions in a supportive and enriching environment. Over the past year the Union had 150 registered societies (152 in 2023/24) with 6,744 memberships (6,162 in 2023/24). Over £66,000 was distributed to societies via the Societies Executive, the Arts & Culture Fund and Alumni Funding throughout the course of the year.

Club & Competitive Sport

The Sports Union continued to grow in membership, with 3084 unique members in 2024-25, a 9% increase from 2023-24. 48 sports clubs affiliated with the Sports Union for the 2024-25 season, with Gaelic Football making a return and gaining reaffiliation status at the annual AGM in March 2025, and Pickleball becoming an associate club as a new sport added to the offering. The top 5 consistently popular clubs with highest membership are: Badminton, Cheerleading, Mountaineering, Netball, and Rugby.

In this seasons BUCS leagues, Strathclyde concluded the year with three team relegations, and nine team promotions. Table tennis Men’s 1s finished last on their league table and will drop from Premier North to Scottish 1A. Basketball Men’s 1s and Water Polo Women’s 1s won their league and gain promotion from Scottish 1A to Premier North.

In BUCS tournaments, Strathclyde had three teams make it into the National Trophy Final, with Water Polo Women’s 1s and Ultimate Indoor Men’s 1s winning their trophy, and Basketball Men’s 1s finishing runners up. There were four Scottish Conference Cup winners – Squash Men’s 1s, Hockey Men’s 1s, Futsal Men’s 1s, and Netball Women’s 2s.

Strathclyde entered into 46 BUCS events, winning a total of 17 medals – 3 Gold (Canoe), 6 Silver (Canoe, Athletics & Badminton), and 8 Bronze (Canoe, Pool & Snooker, Roady Cycling & Snowsports).

While our final standing in the BUCS Points Table remained the same position as 2023-24, at position 32/142, we gained a 145.5 point increase on ending with 1678.5 points.

Recreational Sport

Intra-Mural Sport in its second year continued a football tournament with quarterly events, which brought 110 participants across 11 teams, totaling 115 football games. Ongoing development is underway to introduce more sports in the future.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Social Sport

The StrathACTIVE programme retained its bid to tackle inactivity at Strathclyde by engaging students and staff in free social sport across 8 activities, over 130 hours throughout term time and summer. The programme had 1,325 session attendees from 259 unique participants (206 students & 52 staff). The programme receives financial support from internal and external bodies, and in 2024-25 was awarded grants from both the Student Experience Committee, and the Lady Eileen Fund.

Workforce Development

Our largest volunteer group are our club committees, with a total of 476 volunteers making up these roles across our 48 sports clubs. All clubs must hold 4 core committee positions to affiliate to the Sports Union, which means 276 additional committee positions have been created by clubs to support the functionality and development of their clubs. We also support a group of 8 elected volunteers that make up our Sports Executive Committee covering workstreams including events, finance, publicity, governance, awards, inclusion and wellbeing. Other volunteer groups include those involved with our targeted programmes StrathACTIVE and Intra-Mural which had a total of 12 volunteers. In addition to volunteers, we supported 70 paid and voluntary coaches to lead sports clubs through their activity.

Volunteers

Volunteering can provide students with life-changing opportunities to learn empathy and responsibility by giving their time, skills and energy to benefit the community or a cause. Volunteering provides students with a sense of purpose, relieves stress, and promotes community while also improving academic performance by fostering critical thinking, problem solving skills, leadership and teamwork. The Union develops volunteers across our societies and sports clubs as well as a number of services such as Nightline, Freshers & Winter Welcome teams and Hear to Listen. Over the last year we trained and supported 2,715 volunteers (1,573 in 2023/24) across the Union who clocked up 15,624 hours (20,193, hours in 2023/24) and supported 67 charities (40 charities in 2023/24) throughout the year.

Student Socials

Strath Union events and socialising provide a variety of experiences that enrich University life. Outside of the classroom, these events provide a lively platform for students to engage, build connections, and make lasting memories. Students not only unwind and find respite from their studies through numerous events that include cultural festivities, workshops, performances, and recreational activities, this dynamic social atmosphere also promotes personal development, cultural awareness and a sense of belonging, all of which contribute to a holistic university journey that includes both education and the development of well-rounded individuals.

Teaching Excellence Awards

The Teaching Excellence Awards (TEAs) are held to celebrate the work of teachers across the University. Providing students with the opportunity to celebrate Strathclyde’s teaching staff, the awards show how staff have gone the extra mile in delivering learning and teaching across the University. We received 576 (23/24 714) nominations across 319 individuals this year.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Strategic Objectives

The table below highlights the measures currently used to track progress against the strategic objectives.

Tracking the strategic objectives Tracking the strategic objectives
Strategic Measure Progress
Year on year increase in % of students
participating in clubs, societies and student groups		 This year has seen an increase in society membership
and a very small decrease in the number of societies
that registered with the Union.
Membership numbers have increased to 6,744 (6,162
in 2023/24) and the number of societies fell slightly
to 150 (152 in 2023/24).
Year on year increase in student satisfaction with,
and awareness of, Union services		 In Democracy Review which commenced this year
55% of our students said that they felt adequately
represented
within
the
Unions
Democratic
Structures. A student who attended democratic
meetings said “Everyone was super nice and open
and made me feel like I could ask any question”.
94% of students had awareness following Freshers
Week that the Union had societies and sports clubs.
92% had awareness of bars and food outlets.
Students are able to easily demonstrate their
involvement and qualifications gained during their
time with the Union		 The number of volunteer hours has decreased slightly
to 15,624 (15,988 in 2022/23)
At least three new income streams that are either
breaking even or returning a surplus		 The Union has continued to grow sales from both the
Merchandise and Content Freelancers and is
continuing to generate income from outside
commercial bookings. There is still further work to be
done in this area.
Year on year growth in real terms from
commercial sales		 Commercial sales decreased by 17% however a
surplus of £20k was achieved against a deficit of £14k
in 23/24.

2. Amplifying Community

Strathclyde Students’ Union exists to represent all students at the University of Strathclyde and ensure that their voice is heard – this is central to the work that we do. Elected and selected representatives work hard to ensure that all University of Strathclyde students’ voices are heard. We make certain that our members opinions are captured, valued and acted upon.

Every year, we elect up to six Sabbatical Officers to form our Student Executive and focus on representing our members to the University. In 2024/25 we elected five officers and have commenced a governance review. The Officers organise and run campaigns on behalf of our membership and hold

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

the University to account at various committees on decisions which may impact our members and their experience whilst at University.

Campaigns

Our campaigns have a significant influence on students because they work as a dynamic catalyst for change, increasing awareness, advocacy, and empowerment. These initiatives enhance education, diversity, and community development by providing opportunities for students to participate meaningfully with key problems facing students. Students learn skills such as effective communication and leadership through campaigns and preparing them for active citizenship. Campaigns impact University policy by amplifying student voices, ensuring students' concerns are not only acknowledged but also factored into decision-making. Our campaigns encourage students to contribute to a more informed, democratic and lively campus environment, providing a legacy of reform for good.

Over the past year there were a number of focussed campaigns driven by the key issues to students – including mental health and wellbeing, the cost of living and Liberation, Equality, Diversity and Inclusion. The campaigns that ran over the past year were Strath Rise Campaigns Week, Palestine Solidarity Society Campaigns, Black History Month, EHRC guidance, Quiet Hour, Fight for the Night and 16 Days of Action.

Elections

The Union runs elections annually in February to elect our full time and voluntary officer roles, and this year we had 45 candidates across all available roles (2024: 51). 3,498 students voted (2024: 2,622) resulting in a turnout of 16.4% an increase from the previous year. (2024: 12%).

In the Autumn postgraduate representative role elections are run. This year we had 26 positions available, 236 students voted resulting in a turnout of 13.7%

The Union also works with our Faculty Reps and over 700 Programme Reps (740 in 2023/24) to develop, organise and deliver on education related campaigns and events. One of our Reps commented, Everyone was super nice and open and made me feel like I could ask any question”.

National Student Survey

In this year’s National Student Survey, the Union score increased significantly with the percentage of students affirming that “the student union effectively represents students’ academic interests”, increasing to 81.3% in 2025, a continuation of annual increases against a benchmark of 73.8%. Strath Union remains amongst the top student unions in the UK in terms of effective representation of our membership.

Student Parliament

Democracy is one of the core activities the Union promotes – Strath Union is run by students for students. Through the course of the year there were five meetings of Student Parliament, one student members meetings and one policy passed.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Student Support

The Advice Hub provides a safe and confidential space for students to seek support with academic, funding and housing issues. By offering clear, practical advice and advocacy, the Advice Hub plays a key role in enabling students to resolve complex challenges and remain engaged in their studies.

Throughout 2024/25, the Advice Hub supported 1,304 students (1,884 in 2023/24), across 1,553 cases (2,265 in 2023/24). Thirty-two students were supported by the Participation Fund, receiving a total of £5,752.85, while eighteen students were supported by the Emergency Fund, receiving £7,248.81 in total. The Advice Hub also returned £45,429.15 to students through successful outcomes such as deposit dispute wins, Discretionary Fund applications and tuition fee assessment corrections.

As student residency backgrounds become more varied, these fee-related cases have grown in number and complexity. In addition, £2,000 worth of Aldi vouchers were distributed to 40 students in urgent need of food support, helping to alleviate immediate financial hardship while supporting students to find longer-term solutions and remain focused on their studies.

Liberation, Equality, Diversity and Inclusivity (LEDI)

The VP Inclusion plays a pivotal role within the student Union, advocating for marginalised communities, cultivating a diverse campus climate, and executing projects that encourage crosscultural communication and awareness. Our LEDI work strengthens our members educational experience by developing cultural understanding, breaking down barriers, and preparing students for a globally interconnected world through workshops, events and collaborations. The CEO and VP Inclusion attend and participate in the University Equality Diversity, Inclusion Committee.

STAR Awards

The STAR Awards ceremony is one of the biggest events within the Union’s calendar and recognises the amazing work of our student volunteers in areas including sport, education, societies, and in the wider community. We received over 392 nominations this year and increase from 170 nominations in the previous year.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

Strategic Objectives

The table below highlights the measures currently used to track progress against the strategic objectives.

Tracking the strategic objectives Tracking the strategic objectives
Strategic Measure Progress
Three Union-wide campaigns that positively and
tangibly impact student lives		 Black History Month
Fight for the Night
EHRC Consultation response and set up of Trans
Solidarity Staff Network
Annual improvement in NSS Score Increase from 80.2% in 2024 to 81.3% in 2025
Diversity of students engaged in Sports Clubs and
societies is more representative of the diversity of
the university population		 There has been a year on year increase in the diversity
of those participating in Sports Clubs and Societies
which is becoming more representative of the wider
university population.
•
Male 49% (up 9% from 2023-24)
•
Female 46% (up 8% from 2023-24)
•
Undergraduate 87% (up 16% from 2023-24)
•
1stYear Student engagement up 37% (up 8%
from 2023-24)
•
Faculty of Engineering 35% (up 5% from 2023-
24)
•
Faculty of Humanities and Social Sciences 25%
(up 7% from 2023-24)
•
‘Home’ students 80% (up 17.5% from 2023-24)
All relevant policies updated and staff fully trained
on sustainability		 Work is underway to access training for all staff to be
trained on sustainability
Year on year reduction in CO2 from 2022 baseline Achieved Responsible Futures Accreditation in July
2023(valid for 2years)

3. Empowering Everyone

Our new strategic plan was informed by the cultural framework that the Union developed and much of this work was informed and influenced by our staff engagement survey (2021/22). In 2022/23 we had a significant increase in staff satisfaction across the entire organisation (2022/23) it was decided that the staff survey would be conducted every 2 years to allow time to continue to make improvements and to develop initiatives that would have time to be developed, deployed and mainstreamed across the organisation.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

The focus this year has been on the new People Strategy which was launched at the start of the new academic year (2024/25). Due to cost pressures and staff changes the survey was not carried out in 2024. We aim to complete this in 2026.

Strategic Objectives

The table below highlights the measures currently used to track progress against the strategic objectives.

Tracking the strategic objectives Tracking the strategic objectives
Strategic Measure Progress
Year on year increase in staff satisfaction,
belonging and connection		 Due to cost pressures and staff changes the survey
was not carried out in 2025. We aim to complete
this in 2026.
External recognition for inclusivity as an
organisation and being known as a great
employer		 In the Whatuni Student Choice Awares (WUSCA)
2025, Strath Union is rated top Students' Union in
Scotland and 4thin UK
Best UK Students' Union for 3 consecutive years now
Best Bar None “Best Specialist Entertainment
Venue”
New People Strategy places increased emphasis
on trust, transparency and openness between
Senior Management and the wider staff team.
Throughout the year we have held regular staff
meetings and established regular meetings
between the Senior Management Team and
Managers which has increased joint working and
led to a number of developments to improve
organisational efficiency.		 New People Strategy places increased emphasis on
trust, transparency and openness between Senior
Management and the wider staff team. Throughout
the year we have held regular staff meetings and
established regular meetings between the Senior
Management Team and Managers which has
increased joint working and led to a number of
developments to improve organisational efficiency.
All Career staff have a personal empowerment
plan		 All staff have these plans and we will continue to
invest in them and develop the plans. With the
development of the new Strategy for 2025-2030 and
an organisational wide plan with KPIs this process
will be revised to include a six month and year end
review for all staff.
20% improvement in staff survey metric on
coaching and mentoring		 Due to cost pressures this has not been developed.
This year we pooled all staff development and
training funding centrally to improve equity and to
ensure feedback on learning was embedded in the
organisation.

Financial Performance

2024/25 resulted in a surplus of £39k (2023/24 surplus of £437k) for the Association. £361k of the surplus in 23/24 was due to the movement in the USS pension from a deficit position of £361k at the end of previous financial year to a surplus position at the end of the current financial year, reducing the provision on the balance sheet to nil.

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University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

The Association’s main source of funding, the Block Grant received from the University based on a fixed percentage of the teaching grant paid to the University by the Scottish Funding Council, remained the same in 2024/25 at £2,943k. This has meant a cut in real terms and due to increasing costs across all areas and the increase in National Insurance contributions Strath Union had to take action to ensure the organisation was viable and not operating with a deficit.

Overall commercial trading income within the Association decreased by 17% to £1.5m (2024: £1.8m) and the net position was an overall surplus of £20k (2024: deficit of £14k).

The main outgoing for the Association continued to be that of staff costs, which accounted for £2,222k (2023/24: £2,234k).

During the year Strath Union became the recognised employer in the LGPS pension scheme which had previously been the University. The actuarial gains of the scheme for the year were included in the SOFA however following the changes to the Local Government Pension Schemes (Scotland) Regulations 2018 on 29 June 2024 that removed the unconditional right to an exit credit, the net pension income and therefore asset shown on the balance sheet at 31 July 2025 is restricted to £nil based on a right to reduced contributions.

A reconciliation and details of the amounts recognised in the Statement of Financial Activities (SoFA) can be found in note 11 to the financial statements.

Going concern

The accounts have been prepared on a going concern basis. Cash reserves continue to be healthy with cash levels at £1.5m at the end of the financial year (2024: £1.4m), however, the balance sheet remains adversely affected due to the SUSS pension scheme liabilities. The going concern basis is appropriate with the support of continued funding from the University of Strathclyde, which has been agreed until at least December 2026, covering both the 25/26 and 26/27 block grants.

Budgetary information for 12 months following approval of these financial statements has been prepared. The forecast assumes that the block grant will remain at the same level as 2024/25 and that the commercial income will grow and sensitivity analysis has been carried out on both of these assumptions. On the basis of this information the Trustees believe that the organisation remains in a position to continue operating and to meet all liabilities as they fall due.

Reserves policy

The Association has a range of restricted and unrestricted reserves. The restricted reserves relate to funds awarded to the Association to be applied for the specific purposes as set out in Note 15 to the financial statements. The unrestricted reserves less tangible assets represent the free reserves of the Association.

The reserves policy states that the Association must maintain between 1-3 months of operating costs in free reserves. Based on the most recent calculations total target reserves would be in the region of £300k-325k. (2024: £300k-£325k). Based on current projections there is still a shortfall in terms of the target reserves, however, the Board continue to monitor this and are working towards increasing the reserves level.

The free reserves (defined as unrestricted funds less fixed assets) excluding the pension reserve were £688k (2024: £658k), a 5% increase on the previous year. The free reserves including the pension 18

University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

provision at 31 July 2025 were £195k (2024: £170k) which is below the target reserves level but an increase on last year.

Risk management

The Union views risk management as integral to the successful execution of its Strategic Plan. The CEO and Senior Management Team regularly discuss risks and update the Board and FARC Committee regularly. This year the Union has worked closely with the University on a number of areas including the establishment of a quarterly meeting to review issues pertinent to the Union and the University, this has improved joint working, the refinement of policies and development of Standard Operating Procedures in key areas. Given the change in CEO and the development of the new organisation strategy, the CEO is currently updating the Risk Register which will be taken to the December 2025 Board Meeting for approval.

Identified Risk **Risk Addressed through **
Block grant insufficient to meet the core
expenditure of the Student Union due to
rising costs and extra demand on services due
to rising student numbers		 Regular meetings with University Chief Financial Officer,
Principal and senior University management regularly, to
ensure positive communications, to address potential
challenges and demonstrate the impact that Strath Union
provides.
Work to secure three years of funding for greater certainty
Ensure that Strath Union is operating within budget with
adequate management controls and that the Senior
Management Team take ownership of their budgets and
reporting of variances.
Apply for external funding to fund in budget and new
work, diversify income streams and ensure commercial
income is maximised.
Changes in leadership and key personnel
could have an adverse impact on the
organisation
in
terms
of
institutional
memory, stakeholder engagement and key
skills and competencies that could be lost		 Development of a succession plan and approach to
retaining institutional memory through well-developed
handover documents, archiving of key information and
stakeholder management prior to the departure of key
personnel
Reputational risk due to staff, trustee or
student
member
in
comments
in
media/online		 Media training refresher for key personnel alongside clear
operating procedures.
Enforce media protocol and crisis comms planning before
any press work is undertaken or statements released
Fall in profitability due to rising supply costs
resulting in commercial services no longer
being viable for the Union and placing a drain
on resources		 Regular financial reporting to Finance, Audit and Risk
Committee, Trustee Board and Senior Management Team
Develop a commercial strategy and diversify income
streams beyond food and beverage
Research long term trends in the sector and plan resources
accordingly

19

University of Strathclyde Students’ Association

Report of the Trustees for the year ended 31 July 2025 (cont)

The trustees can confirm that these, and other major risks to which the charity is exposed, have been reviewed and systems and procedures have been established to manage these risks.

Provisions of information to auditor

So far as the Trustees are aware, there is no relevant audit information of which the Association’s auditor is unaware and we have taken all the necessary steps that we ought to have taken as Trustees in order to make ourselves aware of all the relevant audit information and to establish that the Association’s auditor is aware of that information.

Auditor

After a competitive tender process RSM UK Audit LLP were appointed as auditor in June 2019 for an initial period of 2 years and reappointed by the Board for a further 3 years. A resolution proposing their reappointment for the 2025/26 audit was presented to and approved by the Board of Trustees.

The report was approved by the Board of Trustees and authorised for issue and signed on their behalf by:

Fraser Brown

USSA President and Chair of Trustee Board 2024-25

15 December 2025

Education Act 1994 Reporting Requirement

Strathclyde Students’ Union made no donations to external organisations during the year (2023/24: £nil).

The major external organisation to which Strathclyde Students’ Union is affiliated is the National Union of Students. The subscription paid for the 2024/25 year (September 2024 – August 2025) was £37,500 (2024: £37,500).

Strathclyde Students’ Union is also affiliated to the British Universities and Colleges Sport (BUCS) and Scottish Student Sport (SSS). The subscription paid to BUCS in the 2024/25 year was £16,845 (2024: £15,486) and to SSS was £11,034 (2024: £10,713).

20

University of Strathclyde Students’ Association

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare financial statements which give a true and fair view of the state of affairs of the charity for each financial year, and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the parent charity and enable them to ensure that the financial statements comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

21

University of Strathclyde Students’ Association

Independent auditors’ report to the trustees and members of University of Strathclyde Students’ Association

Opinion

We have audited the financial statements of University of Strathclyde Students’ Association (the ‘charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report to you in accordance with regulations made under those Acts.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue

22

University of Strathclyde Students’ Association

Independent auditors’ report to the Trustees of University of Strathclyde Students’ Association (cont)

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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 to 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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report, included within the trustees’ annual report[.]

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 21, the trustees (who are also the directors of the charitable company for the purposes 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 internal control as the trustees determine is necessary to enable the

23

University of Strathclyde Students’ Association

Independent auditors’ report to the Trustees of University of Strathclyde Students’ Association (cont)

preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

24

Independent auditors’ report to the Trustees of University of Strathclyde Students’ Association (cont)

University of Strathclyde Students’ Association

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing document, and inspecting minutes of Board meetings.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation The Licensing (Scotland) Act 2005 and pensions legislation. We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed, in relation to management override of controls, included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business. Audit procedures performed, in relation to revenue recognition included but were not limited to testing a sample of income to source documentation and receipt.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

25

University of Strathclyde Students’ Association

Independent auditors’ report to the Trustees of University of Strathclyde Students’ Association (cont)

Use of our report

This report is made exclusively to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charity’s trustees, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the members and the charity’s trustees those matters we are required to state to 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 charity, its members as a body, and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Sliman CA (Senior Statutory Auditor) For and on behalf of RSM UK Audit LLP, Statutory Auditor Chartered Accountants Third Floor 2 Semple Street EH3 8BL

Date: 15/12/25

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

26

University of Strathclyde Students’ Association

Statement of Financial Activities (incorporating income and expenditure account) for the year ended 31 July 2025

Note
Income from:
Donations and Legacies
Grants
4
Other trading activities:
Commercial and other services
5
Association general and marketing
5
Other income
6
Charitable activities:
Sports Union and Clubs
5
Association General
5
Total Income
Expenditure on:
Raising funds:
Commercial trading costs
Costs of generating other income
Charitable activities:
Membership and welfare services
Executive
Sports Union and Clubs
Association General
Total Expenditure
7
Net income/(expenditure)
Other recognised gains/losses:
Actuarial gains on defined benefit
pension scheme
11
Asset ceiling adjustment
11
Net movement in funds
Funds brought forward at
1 August 2024
Funds carried forward at
31 July 2025
17		 Unrestricted
funds
£
2,950,680
1,524,329
63,421
82,327
154,361
12,123
4,787,241
1,655,176
182,281
708,016
222,245
570,793
1,422,964
4,761,475
25,766
212,000
(212,000)
25,766
170,072
195,838		 Restricted
funds
£
200,021
-
-
-
-
-
200,021
-
-
88,738
-
97,618
-
186,356
13,665
-
-
13,665
76,874
90,539		 2025
Total
funds
£
3,150,701
1,524,329
63,421
82,327
154,361
12,123
4,987,262
1,655,176
182,281
796,754
222,245
668,411
1,422,964
4,947,831
39,341
212,000
(212,000)
39,341
246,946
286,377		 2024
Total
funds
£
3,158,854
1,830,821
35,621
45,902
139,479
12,758
5,223,435
1,928,157
168,137
794,439
226,895
576,056
1,092,989
4,786,673
436,762
-
-
436,762
(189,816)
246,946

27

University of Strathclyde Students’ Association

Balance Sheet at 31 July 2025

Note
Fixed assets
Tangible fixed assets
12
Current assets
Stock
13
Debtors
14
Cash in hand
Creditors: amounts falling due
within one year
15
Net current assets
Provisions
10
Defined Benefit Pension Asset
11
Net assets
Funds
Unrestricted funds:
General
16
Provisions
10
Defined Benefit Pension Asset
11
Restricted funds
16
Total funds
17		 2025
£
(916,764)
688,572
(492,734)
-		 £
43,003
64,429
71,937
1,516,506
1,652,872
736,108
(492,734)
-
286,377
195,838
90,539
286,377		 2024
£
(962,166)
658,498
(488,426)
-		 £
93,613
71,583
137,734
1,394,608
1,603,925
641,759
(488,426)
-
246,946
170,072
76,874
246,946

The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2025 and signed on their behalf by:

Fraser Brown

USSA President and Chair of Trustee Board 2024-25

The notes on pages 30 to 48 form part of these financial statements.

University of Strathclyde Students’ Association is a charity (SC005914) and a company limited by guarantee (SC568857).

28

University of Strathclyde Students’ Association

Statement of cash flows for the year ended 31 July 2025

Cash flows from operating activities
Net income
Interest receivable
Depreciation
Decrease/(increase) in stock
Decrease in debtors
(Decrease)/increase in creditors
Increase/(decrease) in provisions
Net cash provided by operations
Cash flows from investing activities
Payment for tangible fixed assets
Interest received
Net cash used in investing activities
Increase in cash and cash equivalents in year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
39,431
(82,327)
55,735
7,154
65,797
(45,402)
4,308
44,696
(5,125)
82,327
77,202
121,898
1,394,608
1,516,506		 2024
£
436,762
(45,902)
63,846
(13,482)
29,567
22,392
(369,019)
124,164
(9,005)
45,902
36,897
161,061
1,233,547
1,394,608

29

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025

1 General information

University of Strathclyde Students’ Association is an incorporated charity, limited by guarantee, registered in Scotland (the address of the registered office is given on the information on page 2). The nature of the charity’s operations and its principal activities are set out in the Trustees Report.

2 Accounting policies

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgements in applying the charity’s accounting policies. Details of these have been provided at note 3.

University of Strathclyde Students’ Association meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in Sterling, which is the functional currency of the Association. Monetary amounts in the financial statements are rounded to the nearest £.

The following principal accounting policies have been applied.

Going concern

The financial statements have been prepared on a going concern basis. The going concern basis is appropriate with the support of continued funding from the University of Strathclyde, which has been agreed covering both the 25/26 and 26/27 block grants. The Trustees have prepared budgetary information for the following year from approval of these financial statements. Based on this information the Trustees believe that the organisation remains in a position to continue operating and to meet all liabilities as they fall due for the foreseeable future, which is defined as 12 months from the date of signing these financial statements.

Budgetary information for 12 months following approval of these financial statements has been prepared. The forecast assumes that the block grant will remain at the same level as 2024/25 and that trading will increase in line with growth expectations and sensitivity analysis has been carried out on both these assumptions. On the basis of this information the Trustees believe that the organisation remains in a position to continue operating and to meet all liabilities as they fall due.

30

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

2 Accounting policies (continued)

Income

Commercial trading activities

Income from commercial trading and other fundraising activities is included in the period in which the goods or services are supplied.

Grants

Grant income consists of core funding received from the University of Strathclyde and other similar awards. It is included in income when there is entitlement, it can be measured reliably, and it is probable the Association will receive the income.

Investment income

Investment income, including bank interest is included when receivable, and is stated gross of taxation recoverable.

Other income

Donated services and facilities are included as income at the value to the charity where this can be quantified. The value of services provided by volunteers have not been included in these accounts.

Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis.

Expenditure directly attributable to specific activities is allocated to those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities.

Redundancy, ex-gratia and honorarium payments are recognised in the year to which they relate.

Governance costs are attributable to compliance with the Association's constitutional and statutory requirements.

31

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

2 Accounting policies (continued)

Tangible fixed assets

All expenditure of a capital nature is capitalised under one of the categories below. Tangible fixed assets are stated at cost less accumulated depreciation, with depreciation calculated over the assets' estimated useful lives as follows:

Equipment, furniture & fittings - between 25% and 50% straight line Building improvements - 25% straight line

Intangible fixed assets

Intangible assets are stated at their historical cost and amortised on a straight-line basis over their expected useful lives of two years.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Cash and cash equivalents

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from date of acquisition or opening of the deposit or similar accounts.

Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Recognition and measurement of financial instruments

Financial assets and financial liabilities are recognised when the charitable company becomes a party to the contractual provisions of the instrument.

Classification of financial instruments

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidence a residual interest in the assets of the charitable company after deducting all of its liabilities.

32

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

2 Accounting policies (continued)

Financial assets and liabilities at amortised cost

Trade and other debtors

Trade and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a debtor constitutes a financing transaction, the debtor is initially measured at amortised cost using the effective interest method. The effective interest rate is the market rate used to determine initial measurement adjusted to amortise directly attributable transaction costs.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit and loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Trade and other creditors

Trade and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Where the arrangement with the creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability.

33

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

2 Accounting policies (continued)

Pension costs

The Association participates in a range of defined benefit schemes which are externally funded and contracted out of the State Second Pension. These schemes operate as pooled arrangements, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Association. 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.

During the year Strath Union became the recognised employer in the LGPS scheme where it had previously been the University. As a result, Strath Union is required to meet the additional costs of benefits beyond the normal pension scheme benefits in respect of employees who retire early. Strath Union provides in full for these costs when the early retirement has been agreed. Pension related provisions are discounted where appropriate, using the discount rate as advised by external experts. Where discounting is used, the carrying amount of a provision increases in each year to reflect the passage of time. This change is recognised as an expense and included in the Statement of Financial Activities.

For the Students’ Union Superannuation Scheme (SUSS), where there is a deficit recovery plan in place, the charity accounts for amounts that it has agreed to pay towards the scheme deficit in accordance with paragraph 28.11A of FRS102. The present value of this liability has been recognised on the balance sheet. There are no contributions to this scheme in the year as there are no current members.

The Union participates in the Universities Superannuation Scheme (USS). The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis.

As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the statement of financial activities account represents the contributions payable to the scheme. Since the charitable company has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the charitable company recognises a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) with related expenses being recognised through the statement of financial activities.

Taxation

No provision is made in these accounts for corporation tax, as the Association is exempt from such taxes as its activities are recognised as charitable.

34

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

2 Accounting policies (continued)

Funds

Unrestricted funds comprise grants and other income received or generated for general charitable purposes. They are available for use at the discretion of the Executive Committee in furtherance of the charity's charitable objectives.

The Association’s general fund represents the free reserves of the charity, which are not designated for particular purposes.

The Association has three restricted funds at the year-end relating to the Sports Union, Clubs & Societies and the Climate Change Fund. These funds comprise of specific grants, awards, membership fees and event income received by the Association for the purposes of undertaking these activities, net of direct costs and an appropriate share of the Association's central support costs.

Designated funds relate to funding granted to specific student groups/activity by the University's Alumni Fund. This fund is allocated via an application process, and funds must be utilised within a specific timeframe. Further information in respect of funds of the Association is given in note 15.

Operating leases

For operating leases, the annual rentals are charged to expenditure on a straight line basis over the lease term .

3 Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Association’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 future periods where the revision affects both current and future periods.

The critical assumptions underlying the pension liabilities recorded on the balance sheet, including discount rates. These are as disclosed in note 10 to these financial statements. Following the changes to the Local Government Pension Schemes (Scotland) Regulations 2018 on 29 June 2024 that removed the unconditional right to an exit credit, the net pension asset is restricted on the basis of a right to reduced contributions.

35

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

4
Grant income
University of Strathclyde grant
Alumni funding
Other grants		 Unrestricted
funds
£
2,943,180
-
7,500
2,950,680		 Restricted
funds
£
-
164,081
35,940
200,021		 Total
2025
£
2,943,180
164,081
43,440
3,150,701		 Total
2024
£
2,943,180
130,817
84,857
3,158,854

In 2023/24 £265,174 of the £3,158,854 was restricted income.

5
Other trading activities
Commercial and other services
Bar
Food
Games
Entertainment
Other
Crested Goods
Association General and Marketing
Sports Union and Clubs
Association General		 Unrestricted
funds
£
766,562
497,415
83,021
25,166
60,975
91,190
63,421
1,587,750
154,361
12,123		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-		 Total
2025
£
766,562
497,415
83,021
25,166
60,975
91,190
63,421
1,587,750
154,361
12,123		 Total
2024
£
903,473
572,895
88,258
31,160
136,747
98,288
35,621
1,866,442
139,479
12,758

In 2023/24 all of the other trading activities income was unrestricted.

6 Other income Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Bank interest received 82,327 - 82,327 45,902

In 2023/24 all of the other income was unrestricted.

36

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

7 Expenditure
Basis of
Allocation
Costs directly allocated to activities
Cost of sales
Actual basis
Staff related costs
Actual basis
General admin & building
costs
Actual basis
Student related costs
Actual basis
Commercial and society
related
Actual basis
Support costs allocated to activities
Central services
Actual basis		 Commercial
trading
£
455,550
755,809
109,327
400
177,158
1,498,245
156,932
1,655,177		 Association
general
£
-
284,793
1,045,566
290
13,849
1,344,498
78,466
1,422,964		 Executive
£
-
163,897
24,612
7,024
556
196,089
26,156
222,245		 Other
trading
£
-
100,825
18,611
-
10,534
129,970
52,311
182,281		 Membership
& welfare
services
£
-
559,424
13,387
56,143
10,868
639,822
156,932
796,754		 Sports
union
£
-
144,854
8,391
329,429
5,150
487,824
26,155
513,979		 Clubs
£
-
-
-
128,277
-
128,277
26,155
154,432		 Total
2025
£
455,550
2,009,602
1,219,894
521,563
218,115
4,424,724
523,107
4,947,831		 Total
2024
£
558,412
1,663,586
1,283,027
487,758
246,998
4,239,781
546,892
4,786,673

Support costs are based on management's best estimate of how central resources are utilised within the Association.

37

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

8
Net expenditure
This is arrived at after charging:
Depreciation of tangible fixed assets
Auditor’s remuneration - audit services
9
Employees
Wages and salaries
Social security costs
Pension costs
The average monthly number of persons employed in the year was as
follows:		 2025
£
55,735
16,850
2025
£
1,925,769
166,404
129,474
2,221,647
120		 2024
£
63,846
16,250
2024
£
1,925,339
146,643
162,405
2,234,387
123

Full time equivalent employee numbers in the year were 62 (2024: 70). No members of staff earned emoluments between £60,000 and £69,000 (2024: one) and three employees earned emoluments between £70,000 and £79,000 (2024: one)

Key management personnel include the Chief Executive and the Sabbatical Officer Trustees who have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to the key management personnel for services provided to the charity was £249,570 (2024: £280,916).

Redundancy payments of £13,930 (2024: £nil) were made during the year. Ex-gratia payments were made during the year of £24,002 (2023: £3,708). Honorarium payments of £15,600 were made during the year (2024: £17,700). These payments were made to part-time elected officers in recognition of their role in furthering the charity’s purposes.

Certain trustees serve as full time sabbatical members of the Executive Committee and as permitted by the Association's constitution, these individuals are remunerated for their roles. Amounts paid to Trustees in respect of services to the Association totalled £156,148 (2024: £174,078) during the year and are analysed as follows:

Position 2024/25 member £ Position 2025/26 member £
President Eva Curran 31,274 President Fraser Brown 4,684
VP Inclusion Ramisha Mujahid 28,527 VP Inclusion Oshione Musa 4,784
VP Education Charlie Wilson 28,207 VP Education Lucia Gil Dorta 4,665
VP Sports Anna Edvaldsson 26,089 VP Sports Anna Edvaldsson 4,815
VP Community Jamie Campbell
 27,556 VP Community Nikkie Steinback 4,702

Expenses were reimbursed to 9 out of the 21 trustees (2024: 9 out of 21). The aggregate amount of expenses reimbursed during the year was £9,078 (2024: £5,054).

38

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

10 Provisions

Students' Union Superannuation Scheme (SUSS)

For a number of years, USSA participated in the Students’ Union Superannuation Scheme (SUSS), which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout 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 (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.

The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £140.9m.

The assumptions which have the most significant effect upon the results of the Valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.

The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the on-going funding deficit over an expected period of 16 years. These contributions also include an allowance for the cost of the on-going administrative and operational expenses of running the Scheme. The rates were reviewed in May 2020 and increased by 5% from 1[st] October 2020 and by a further 8% from 1[st] October 2021, followed by 5% in each subsequent year. Surpluses or deficits which arise at future valuations will also impact on USSA’s future contribution commitment. In addition to the above contributions, USSA also pays its share of the Scheme’s levy to the Pension Protection Fund.

The recovery plan contributions are allocated to each participating employer in line with their estimated share of scheme liabilities.

Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

The liability figures were produced using the following assumptions:

2025 2024
Discount rate 4.5% 5.25%

University Superannuation Scheme (USS)

A number of USSA staff are currently members of the University Superannuation Scheme (USS) defined benefit scheme which is in a surplus position at the end of the financial year. The impact on the SOFA in the financial year was nil (2024: release of £349k).

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions.

39

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

10 Provisions (cont)

At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below.

CPI assumption Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1% p.a. to 2030, reducing to 0.1% p.a. from 2030 Pension increases Benefits with no cap: (subject to a floor of 0%) • CPI assumption plus 3bps

Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum increase of 10%): • CPI assumption minus 3bps Discount rate Fixed interest gilt yield curve plus: (forward rates) Pre-retirement 2.5% p.a. Post-retirement 0.9% p.a.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

The current life expectancies on retirement at age 65 are:

2023 valuation

Mortality base table

Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5, an initial addition

of 0.4%p.a. and a long term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

2023 2020
valuation valuation
Males currently aged 65 (years) 23.7 23.9
Females currently aged 65 (years) 25.6 25.5
Males currently aged 45 (years) 25.4 25.9
Females currently aged 45 (years) 27.2 27.3

40

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

10 Provisions (cont)

Reconciliation of opening and closing
provisions
USS Pension
Provision at the start of the period
Unwinding of the discount factor
Deficit contributions paid
Change in expected contributions
Provision at the end of the period
SUSS Pension
Provision at the start of the period
Unwinding of the discount factor
Deficit contributions paid
Change in expected contributions
Provision at the end of the period

Reconciliation of opening and closing provisions
Total Pension
Provision at the start of the period
Unwinding of the discount factor
Deficit contributions paid
Change in expected contributions
Provision at the end of the period
Interest expense
Change in expected contributions
(charged to staff costs)		 Total
2025
£
-
-
-
-
-
488,426
25,642
(39,771)
18,437
492,734
Total
2025
£
488,426
25,642
(39,771)
18,437
492,734
25,642
18,437
44,079		 Total
2024
£
361,093
7,147
(18,339)
(349,901)
-
496,352
27,399
(37,884)
2,559
488,426
Total
2024
£
857,445
34,546
(56,223)
(347,342)
488,426
34,546
(347,341)
(312,795)

41

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

11 Defined benefit pension asset

Local Government Pension Scheme

A number of USSA staff are currently members of the Local Government Pension Scheme (LGPS) administered by Glasgow City Council, a defined benefit scheme, which is in a surplus position at the end of the financial year. During the year Strath Union became the recognised employer of the USSA staff that participate in the scheme which had been the University of Strathclyde in previous years. The scheme is a multi-employer scheme. Annual contributions to the scheme are based on the recommendation of the scheme actuary. Current and past service costs are charged to the SOFA so as to spread the expected cost of providing pensions over the employees’ period of service with Strath Union. Employees contribute between 5.5% and 6.6% of their salary. Employers’ contributions were 6.5% for 24/25 (23/24: 25.8%).

Unfunded early retirement pension enhancements for which Strath Union is liable are provided for in full when employees retire and are charged against the provision at this point. A formal valuation of the LGPS was carried put as at 31 March 2023 by a qualified independent actuary, Hymans Robertson LLP. In order to assess the actuarial value of the SPF’s assets/liabilities as at 31 March 2025, the Scheme’s actuaries have rolled forward the actuarial value allowing for changes in financial assumptions as prescribed under FRS 102, the Financial Reporting Standard applicable in the UK and Ireland.

Following the changes to the Local Government Pension Schemes (Scotland) Regulations 2018 on 29 June 2024 that removed the unconditional right to an exit credit, the net pension asset is restricted on the basis of a right to reduced contributions.

The principal assumptions used as at 31 July 2025 were as follows:

2025
% per annum
Inflation/Pension increase rate 2.75%
Salary increases 3.45%
Discount rate 5.85%

Assumptions relating to longevity underlying retirement benefit obligations at the Balance Sheet date are based on a bespoke set of mortality rates, specifically tailored to fit the membership profile of the Fund. The mortality assumptions used to value the Obligations in the Employer’s Closing Position are different to those used to value the Obligations in the Employer’s Opening Position. A commutation allowance is included for future retirements to elect to take 75% of the maximum additional tax-free cash up to HMRC limits. All other demographic assumptions are consistent with those used for the formal funding valuation as at March 2023.

The assumed life expectations from age 65 are: Years
Current pensioners Males 19.9
Females 22.5
Future pensioners Males 20.7
Females 24.2

The assets in the scheme and expected rates of return of the LGPS investments as at 31 July were as follows:

Split of assets
2025 2024
Equities 61% 58%
Bonds 22% 25%
Property 9% 9%
Cash 8% 8%

42

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

11 Defined benefit pension asset (cont)


The amounts recognised in the SOFA are as follow:
Current service costs
Employers’ contributions
Interest on obligation
Expected return on plan assets
Net expense
The amounts recognised in the Balance Sheet are as follows:
Fair value of plan assets
Present value of funded obligations
Effect of the asset ceiling
Present value of unfunded obligations
Net asset		 Total
2025
£
(37,000)
(22,000)
(49,000)
49,000
(59,000)
1,073,000
(862,000)
(211,000)
-
44,952
12
Tangible fixed assets
Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
13
Stock
Bar
Catering
Merchandise		 Equipment
£
114,470
-
114,470
75,581
24,361
99,942
14,528
38,889		 Furniture &
fittings
£
134,531
5,125
139,656
79,807
31,374
111,181
28,475
54,724
2025
£
26,816
4,525
33,087
64,429		 Total
£
249,001
5,125
254,126
155,388
55,735
211,123
43,003
93,613
2024
£
35,728
6,078
29,777
71,583

The cost of stock recognised as an expense during the year was £472,130 (2024: £588,146).

43

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

14 Debtors 2025 2024
£ £
Trade debtors 18,864 83,772
Prepayments 13,979 10,243
Accrued Income 996 996
Other debtors 38,098 22,903
University of Strathclyde debtor - 19,820
71,937 137,734
15 Creditors: amounts falling due within one year 2025 2024
£ £
Trade creditors 58,636 49,212
University of Strathclyde creditor 56,791 173,868
Club savings 689,100 618,956
Taxation and social security 30,960 30,299
Accruals and deferred income 58,673 70,880
Other creditors 22,604 18,951
916,764 962,166
£
Deferred income
At 1 August 2024 8,382
Released during the year (8,382)
Deferred during the year -
At 31 July 2025 -
The balance of deferred income ordinarily relates to Freshers, sponsorship and rental income received in
advance.
16 Funds
Unrestricted funds Balance at Balance at
1st August 31st July
2024 Income Expenditure 2025
£ £ £ £
Association general 658,498 4,747,470 (4,716,524) 688,572
Pension fund (488,426) 39,771 (44,952) (492,734)
170,072 4,787,241 (4,761,476) 195,837

44

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

16
Funds (cont)
Restricted funds
Alumni funding
University grants
Other grants		 Balance at
31st July
2024
£
24,365
40,411
12,097
76,873		 164,081
35,940
-
200,021		 (164,081)
(22,275)
-
(186,356)		 Balance at
31st July
2025
£
24,365
54,076
12,097
90,538

Unrestricted funds represent the free reserves of the Association. These are available for use at the discretion of the Executive Committee in furtherance of the Association's charitable objectives.

At the end of the financial year the Association had three restricted funds relating to Alumni Funding, University Grants and Other Grants. These funds comprise of specific grants, awards and membership fees received by the Association for the purposes of undertaking these activities, net of direct costs.

The pension funds represents the pension repayments due based on the existing repayment plans and duration in place in respect of Association’s pension deficits.

17 Analysis of net assets between funds

As at 31 July 2025
Fixed assets
Current assets
Current liabilities
Non-current liabilities
As at 31 July 2024
Fixed assets
Current assets
Current liabilities
Non-current liabilities		 Unrestricted
funds
£
43,003
1,562,334
(916,764)
(492,734)
195,839
93,613
1,527,051
(962,166)
(488,426)
170,072		 Restricted
funds
£
-
90,538
-
-
90,538
-
76,874
-
-
76,874		 Total
£
43,003
1,652,872
(916,781)
(492,734)
286,360
93,613
1,603,925
(962,166)
(488,426)
246,946

45

University of Strathclyde Students’ Association

Notes to the financial statements for the year ended 31 July 2025 (cont)

18 Related party disclosures

Controlling parties

The Association is controlled by the Executive Committee which is subject to democratic election by the voting membership of the Association. The ultimate control of the Association is vested under the constitution in the membership in General meeting. As such, no single person or entity controls the Association as defined by FRS 102.

Related party transactions and balances

The University of Strathclyde is considered to be a related party as the Association is chartered under the charter of University of Strathclyde. The Association is in receipt of a recurrent grant from University of Strathclyde of £2,943,180 (2024: £2,943,180). The Association also received other grants of £43,440 (2024: £18,256) The Association received an award totalling £164,081 (2024: £130,817) from the Alumni Board.

Other sales of £57,608 (2024: £21,470) were made to the University of Strathclyde and purchases of £1,032,713 (2024: £1,299,888) were made from the University of Strathclyde and this included rent of £836,000 (2024: £836,000) and pension contribution of £129,429 (2024: £206,582).

As at 31 July 2025, a balance of £56,791 was owed to the University of Strathclyde (2024: £189,323). This is included in note 15.

In addition the Association occupied a building owned by the University of Strathclyde under an arm’s length lease with an annual rental of £836,000.

The trustees of the Association include the members of the Executive Committee. The sabbatical members of the Executive Committee receive remuneration for their services as provided for within the Constitution. The aggregate amount payable under such contracts in the year was £156,148 (2024: £174,078). Full analysis is given in Note 10. No other Trustees are remunerated for their position on the Board with the exception of the Chief Executive.

Where a trustee is also a member of a club or society within the organisation no favourable terms are provided to that club or society.

19 Commitments under operating leases

The total future minimum lease payments under non-cancellable operating leases for the building are:

Amounts due:
Within one year
Between one and five years		 2025
£
836,000
-
836,000		 2024
£
836,000
836,000
1,672,000

46