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← Robert Gordon University Student Association

2025-07-31-accounts

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Robert Gordon University Student Association

Financial Statements for the Year Ended 31 July 2025

Scottish Charity Number SC016639

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Contents

Page Legal and Administration Information 1 - 3 Report of the Student Association Trustee Board 4 - 9 Responsibilities of the Student Association Trustee Board Independent Auditor’s Report 11 - 14 Statement of Financial Activities Balance Sheet Cash Flow Statement Notes to the Accounts 18 - 30

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Legal and Administrative Information for the Year Ended 31 July 2025

Charity Name : Robert Gordon University Student Association

Charity Registration Number : SC016639 Principal Office : The Riverside Building Garthdee Road Aberdeen AB10 7QE Independent Auditor : Hall Morrice 6 & 7 Queens Terrace Aberdeen AB10 1XL Solicitors : Ledingham Chalmers Solicitors 52-54 Rose Street Aberdeen AB10 1HA Bankers : Virgin Money 62 Union Street Aberdeen AB10 1WD

The day-to-day management of the charity is delegated to the Student Association Chief Executive Officer, Gregor Mailer.

Members of the Student Association Trustee Board

The Trustee Board is responsible for the strategic oversight of the Student Association and is ultimately responsible for all of the affairs and property of the Association.

Members that served on the Student Association Trustee Board during the year and those serving at the time of signing the financial statements were:

Name Date of
appointment		 Date of
resignation
Sabbatical Trustees Davidson Onyeanuna 23 June 2025 Still in post
(Vice Chair)
(Elected Vice-Chair
23 June 2025)
Mohtashim Iqbal E Waris 23 June 2025 Still in post
Abhishek Kumar 8 July 2024 7 July 2025
(Vice Chair)
(Elected Vice-Chair
10 July 2024)
Bryan Uyiosi Igbinigie 8 July 2024 Still in post
Seth Odei Asare 8 July 2024 7 July 2025
External Trustees Ian Campbell (Chair, 17 August 2020 Still in post
From 13 July 2023)
Jo Hall 8 February 2021 30 April 2025
University Trustee Jo Royle 1 July 2019 Still in post
Chief Executive Officer Gregor Mailer 1 August 2020 Still in post

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Legal and Administrative Information (continued) for the Year Ended 31 July 2025

Members of the Student Association Trustee Board Finance Sub-Committee

Members that served on the Student Association Trustee Board Finance Sub-Committee during the year were:


the year were:
Date of Date of
Name appointment resignation
Sabbatical Trustees Abhishek Kumar 8 July 2024 7 July 2025
Bryan Uyiosi Igbinigie 8 July 2024 Still in post
Seth Odei Asare 8 July 2024 7 July 2025
Davidson Onyeanuna 23 June 2025 Still in post
Mohtashim Iqbal E Waris 23 June 2025 Still in post
University Trustee Jo Royle 1 July 2019 Still in post
External Trustee Ian Campbell 17 August 2020 Still in post
Chief Executive Officer Gregor Mailer 1 August 2020 Still in post

2

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Legal and Administrative Information (continued) for the Year Ended 31 July 2025

Members of the Student Association Executive Committee

Members that served on the Student Association Executive Committee during the year were:

Name Position Date of Date of
appointment resignation
Bryan Uyiosa Igbinigie President (Communication 8 July 2024 Still in post
& Democracy)
(Executive Committee
Chair)
Abhishek Kumar President (Sport & Physical 8 July 2024 7 July 2025
Activity)
Davidson Onyeanunu President (Sport & Physical 23 June 2025 Still in post
Activity)
Seth Odei Asare President (Education & 8 July 2024 7 July 2025
Welfare)
Mohtashim Iqbal E Waris President (Education & 23 June 2025 Still in post
Welfare)
Adeola Akintola Vice-President (Education) 25 November 2025 Still in post
Warren McMurray Vice-President (Sport) 25 November 2025 Still in post
Mitchel Okosa Vice-President 1 August 2024 Still in post
(Community)

3

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board for the Year Ended 31 July 2025

The Board of Trustees presents its report and audited financial statements for the year ended 31 July 2025. This report is prepared in accordance with the accounting policies set out in note 1 to the financial statements. They also comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing the financial statements in accordance with FRS102 applicable in the UK and Republic of Ireland.

Structure, Governance and Management

Legal Status

The Student Association is recognised by HM Revenue and Customs and the Office of the Scottish Charity Regulator (OSCR) as having charitable status with a charity registration number of SCO16639. Other restrictions may be applied by statute, the Education Act 1994, or by the Board of Governors of Robert Gordon University.

The objectives and organisational structure of the Student Association are set out in the Constitution, ratified at the AGM on 21 November 2013, revised April 2017.

In the first instance, the Executive Committee nominated members of the Trustee Board. External Members were appointed to represent the broad range of the Association’s activities. Thereafter, two Student Trustees were nominated and approved by the Trustee Board, and a further three Student Trustees were elected by means of a cross-campus election which is held annually. External Trustees are nominated and approved by the Trustee Board. University Trustees are nominated by the University’s Board of Governors from amongst the staff of the University, with any nominations subject to approval by the Trustee Board.

All members of the Executive Committee, with the exception of the Chief Executive Officer who is appointed by the University (until December 2021) or Trustee Board (from December 2021), are voted onto the Executive Committee by a cross-campus ballot which is held annually.

Induction and Training of Trustee Board and Executive Committee Members

Members of the Student Association Trustee Board and Executive Committee undergo training on their rights and responsibilities upon taking up their positions. Executive Committee members are also able to shadow the outgoing post-holders from their election up to the time before they begin their tenure in office.

Organisational Structure

The Student Association had, and continues to have, a Trustee Board with the following members:

The Student Association had, and continues to have, an Executive Committee with the following members:

4

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board (continued) for the Year Ended 31 July 2025

Structure, Governance and Management (continued)

Organisational Structure (continued)

The Student Association has standing forums which are responsible for the main areas of its activities:

Key management personnel

No members of key management are employed by the University, with all staff and management employed directly by the Student Association.

Arrangements for setting pay and remuneration of key management personnel employed by the Union is agreed by the Trustee Board on a yearly basis in line with producing the budget.

Risk Management

The Student Association Trustee Board members have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the Student Association. Major risks have been identified as the on-going pension obligations (as detailed further within notes 1 and 10 to the financial statements) and the identification of other sources of income (with the continuing reliance on the block grant from Robert Gordon University).

The Trustee Board are satisfied that systems are in place to mitigate exposure to these major risks and ensure that they are fully abreast of the pension obligations as they change.

In response to Covid-19 measures and restrictions experienced during 2020 and 2021, many core Union activities requiring altering and therefore adapted significantly to ensure the provision of welfare and representation services to our student membership continued. This process strengthened the Student Association’s operational resilience, and the charity is well prepared should a similar interruption to regular business practice occur in the future.

Related party transactions

The Association is financially and materially supported by Robert Gordon University receiving unrestricted income of £528k (2024 - £528k) and accommodation from which the Association operates.

The Association works in partnership with Robert Gordon University in the furtherance of its purpose.

Objectives and Activities

The Student Association is an unincorporated association constituted with the following objectives:

In order to achieve its stated objectives, the Student Association interacts with the student body on a daily basis through provision of social space and staging of organised events throughout the academic year. These include the annual Freshers Fayre and Graduation Ball together with sports, societies and other social activities. It provides support and advice to students pertaining to their general wellbeing and issues they encounter during their time at university.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board (continued) for the Year Ended 31 July 2025

Objectives and Activities (continued)

The Student Association is managed by the Trustee Board and Executive Committee, in conjunction with the Chief Executive Officer.

Achievements and performance

The 2024/25 academic session saw the Students' Union continue progression with a number of core projects and services, each guided by the charity's three priority areas: activities, voice and welfare. A number of external factors, including an ongoing restructuring process at the Union's parent institution and the continued impact of Government legislation changes, provided challenges for the charity and for its student membership across the University.

Major Projects

As the organisation continues to evolve and ensure relevance to the current needs and demands of an ever-changing student membership, development of two major projects spanned the academic session, with a view to rolling out fully during 2025/26.

During the 2024/25 session a review was conducted into the Union’s democratic structures. This process aimed to focus on the efficiency and effectiveness of the current Student Executive Committee, including the structuring and responsibilities of Student Presidents and Vice Presidents; core feedback-gathering mechanisms including Student Forums; plus the roles and influence of other key student representative roles. A series of consultations, surveys, and focus groups were held with feedback gathered from students alongside a number of key stakeholders from within the Union and University, plus current and former Student Presidents and Vice Presidents. Five amendments to the structuring of the Executive Committee, Student Forums, and associated representative roles have now been proposed, with the draft amended structure approved by the Union’s Student Executive Committee in February 2025, ahead of implementation in March 2026.

Secondly, a review and refresh of the Union's brand and visual identity took place throughout the 2023/24 and 2024/25 sessions. This project is the first of its kind at the Union in almost 20 years and reaches across the entire organisation, involving a significant period of research and development including focus groups and feedback gathering with students and staff members, sector-wide engagement, and attendance at national events such as the NUS-led Students' Union Marketing Conference to support and inform the process. Every area of the Union's identity and has been reviewed, including logo and visual presentation, tone of voice, print, digital, website, signage and more, with the final outcomes to be rolled out during the 2025/26 academic session.

Student Welfare

The Union’s Student Advice Service provides hybrid support to students through the delivery of advisory meetings on campus and online via Microsoft Teams. While most meetings are booked in advance, a drop-in service also operates at defined points throughout the week. During the 2024/25 academic session around 300 students utilised the service, which is delivered by the Union’s full-time Advice & Representation Co-ordinator and supported by the Student President (Education & Welfare). While some cases may close following a single meeting it is common for many, depending on their complexity, to require two, three, or more meetings with a member of the Union team, covering issues such as academic misconduct, appeals, extensions/deferral, and signposting to support services offered by the University's Student Life Department.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board (continued) for the Year Ended 31 July 2025

Achievements and performance (continued)

Cost-of-living services such as Breakfast Club, Supper Club and Emergency Food Parcel scheme continue to provide much needed support to the student community, with over 5000 free breakfasts and hot meals being served during the 2024/25 academic session, in partnership with the University's catering provided by Aramark, and around 300 student bookings for the emergency food parcel service. These projects, and their positive impact, were recognised in September 2024 at the national Alliance Awards, where the Students' Union won the 'STAR Award' for their development, delivery and continued success.

Student Activities

The Union supports and funds around 40 student-led societies, 30 sports clubs, plus a range of student groups and networks each focused on a key area of student life. Total membership for 2024/25 across all student-led activity groups reached over 2700 students, with approximately 1600 registered with societies, groups and networks, and just over 1100 involved with a sports club. This is in line with recent years, and moving forward the Union aims to utilise data more effectively to identify under-represented groups within student activity memberships and proactively seek to increase engagement from those students.

The delivery and support of events continues to be a priority for the Union, with a number of social activities organised and promoted within the Students' Union spaces on campus, and support provided by the Union staff and Executive teams to societies, groups, networks and clubs when organising their own activities across the campus. In total the Union team supported over 330 student events in 2024/25, reinforcing the charity's commitment to building strong and engaging student communities and providing fun engagement opportunities for new and existing students on and off campus.

Student Voice

The student voice continues to drive all Union projects and initiatives, and 2024/25 saw the Union continue to build and strengthen its students voice networks across the campus and in each academic school.

Around 400 Student Representatives were recruited during the academic year, with each playing a key role in gathering and reporting student feedback to the Union through liaison meetings, engagement with senior representatives, and via Student Voice forums and meetings. Each school contains at least one Student School Officer (SSO), who act as 'lead rep' to support and advise the representatives under them. Recent amendments to the SSO structuring have aimed to ensure feedback is gathered from all student groups, and to aid with this each school will now be assigned an Undergraduate SSO and also a Postgraduate SSO, who work together to deliver this.

The Union's annual Student Elections took place in March, with a turnout of 1650 casting votes as part of the process. A total of 30 candidate nominations were submitted, with 17 progressing to the ballot.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board (continued) for the Year Ended 31 July 2025

Financial review

The total income generated by the Union for the year was £795k (2024 - £793k) which includes £528k of a grant from the University (2024 - £528k).

Income generation increased slightly despite a freeze in the university grant donation. Fundraising improved by £2k following better trade sales from the online shop, whilst other trading activities, namely the Sports Club memberships increased by £18k. However because of poor interest in Graduation Ball tickets there was sadly no such event this year (2024-£17k).

Closer inspection with fundraising showed the rowing activity drop by £1k, whilst another year passed with nothing from the lottery fund as opposed to £10k during 22/23. Additionally, the new online shop and print-on-demand merchandise procedure launched during 2022, only generated £1k more than 23/24, but £3k less than budgeted. Pop-up shops at the Graduation campaign in December and July did not perform as well as hoped, but the introduction of Shopify, superseding Square is hoped to make online purchasing more cost effective, easier, quicker and more fruitful going forward.

Other trading activities fared slightly better with a £1k uplift on the previous 12 months. Included herein addition to aforementioned comments on Sports Membership and Graduation Ball were the Sports Blues Sponsorship (down £4k) Student Achievement Awards remained static at £3k. Club fundraising dropped again by a further £6k, similar to 23/24, yet as usual the annual Blues Ball sold out immediately, with a further £2k yield following a small ticket price increase.

The Scottish Funding Council, in recognition of the challenges contributed a grant of £18k during 20/21 and this is expected to continue to be utilised in the following academic year for wellbeing and welfare projects. The Board, Union and management will continue to look for additional sources of revenue to support the objectives of the Association.

The total expenditure of £830k rose £49k from 23/24 (£781k).

The main cost increase within charitable activities refers to salaries, namely the part-time recruitment of an administration role in lieu of maternity, coupled with maintaining the annual real living wage rises as an accredited employer. Other significant increases included student travel, and sports competitions fees. The most conspicuous savings were made on mobiles, training, stationery, computer consumables and premises. Sports Expenditure during the year was similar to last year in totality, with facility hire growth being offset by lower than expected travel costs.

Other expenditure differentials from previous year on cost of raising funds include Events, Student Groups and the Student Voice. Freshers costs increased by £2k exceeding the budgetary expectation of £9k, Student Achievements Awards costs were slightly overbudget due to venue hire and associated banqueting and the developmental costs of Societies were within £3k of budget of anticipated Student Group expenditure for the year. Total Student Voice costs recorded were £20k against a budget of £18k, the majority of the additions being spent on visa costs for the Sabbatical Presidents, with a small saving on elections and campaigning.

The net deficit of £34k will be integrated into the existing available funds to create more projects for student welfare.

Continuing the adoption of accounting legislation (FRS 102) the Union is required to project the pension deficit and account for it on the balance sheet as a long-term liability. Nevertheless, the overall governance and aim of the Trustees is to uphold and sustain the smooth flow of the operation and to create more favourable projects for the University’s students. Note 10 demonstrates our continued payments to SUSS under this scheme. The current deficit will be evaluated again when the next actuarial valuation takes place on 30 June 2025. The recovery plan is anticipated to end in May 2037.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Report of the Student Association Trustee Board (continued) for the Year Ended 31 July 2025

Reserves policy

The reserves at the year end are in deficit by £409k (2024 - £374k). This is after the inclusion of the pension liability of £590k (2024 - £605k). Were this excluded, the reserves would be £180k (2024 - £231k).

The Board review the reserves exclusive of the pension commitment when assessing the financial position of the Association and aim to hold at least £100k of unrestricted funds.

The reserves at the year end are in excess of this because the Union has been in a position to accumulate substantial reserves, in recent years. The rationale behind this has been the ability to source external income, predominantly from partnerships with local businesses. We must recognise though that this was unbudgeted income, and hence not sustainable, particularly as we have witnessed fluctuations in the local economy. It is therefore imperative that spending and investment decision making processes are informed and vigilant, with particular regard to ongoing pension commitments. The pension deficit is expected to cost the Association approximately £50k pa (increasing annually by 5% thereafter) and this cost is currently being met out of unrestricted funds.

Future Plans & Developments

Looking ahead, the Union's student-facing plan of action for the 2025/26 academic session includes a focus on ensuring the voices of all students can be heard effectively; embracing and educating on AI usage in academic and professional settings; boosting under-represented membership demographics within societies, sports clubs, groups and networks, whilst aiming to bring the Union closer to any of these groups who feel disconnected from the organisation; increasing the number of social events organised by the Union by involving more students in the planning and delivery process; and better understanding the current financial pressures being faced by the student body and ensuring the charity's cost-of-living support projects are effectively serving those who need them most.

Internally, the Union will see the launch and roll-out of the newly developed brand identity; development of a new long-term strategic plan will be completed; preparation work undertaken for roll out of the new democratic structure; and efforts will be made financially to boost income generated and diversify revenue sources.

Provision of information to auditor

So far as the Trustees are aware, there is no relevant audit information of which the Association’s auditors 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.

Independent Auditor

The auditor, Hall Morrice, is appointed by the Board of Trustees of Robert Gordon University Student Association until after the year ending 31 July 2025.

By order of the Board of Trustees on 26 February 2026

Ian Campbell Abhishek Kumar Chair Vice Chair

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Statement of Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements

Under charity law, the Trustees are responsible for preparing the Annual Report and 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 for each year which give a true and fair view of the state of the affairs of the Association and of the incoming resources and application of resources of the Association for that period. In preparing these financial statements, the Trustees are required to:

The trustees are required to act in accordance with the trust deed and the rules of the charity, within the framework of trust law. They are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under the Charities and Trustee Investment (Scotland) Act 2005, those statements of accounts comply with the requirements of regulations under that Act. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Independent auditor’s report to the Trustees of Robert Gordon University Student Association

Opinion

We have audited the financial statements of Robert Gordon University Student Association (the 'charity') for the year ended 31 July 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of 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 of opinion

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 charity 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 charity’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.

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 Report of the Trustees, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Independent auditor’s report to the Trustees of Robert Gordon University Student Association (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities and Trustee Investment (Scotland) Act 2005 and the Charity 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 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the 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 charity’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 cease operations or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Independent auditor’s report to the Trustees of Robert Gordon University Student Association (continued)

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, the potential for management bias and the override of controls we have:

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Independent auditor’s report to the Trustees of Robert Gordon University Student Association (continued)

Use of our report

This report is made solely to the 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 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 and its trustees as a body for our audit work, for this report, or for the opinions we have formed.

Hall Morrice LLP Chartered Accountants Statutory Auditors 6 & 7 Queens Terrace Aberdeen AB10 1XL

05 March 2026

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Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the

Robert Gordon University Student Association

Year Ended 31 July 2025

Statement of Financial Activities for the Year Ended 31 July 2025

for the Year Ended 31 July 2025

Note
Income from:
Donations and legacies
2
Income from fundraising activities
2
Other trading activities
2
Total
2
Expenditure on:
Charitable activities
3
Raising funds
3
Total
3
Net income/(expenditure) before
transfers
Transfers
Net movement in funds
Reconciliation of funds:
Total (deficit)/surplus brought forward
9
Total (deficit)/surplus carried
forward
9		 2025
Unrestricted
Funds
2025
Designated
Funds
2025
Total
Funds
2024
Unrestricted
Funds
2024
Designated
Funds
2024
Total
Funds
£
£
£
£
£
£
528,000
-
528,000
528,000
-
528,000
16,233
-
16,233
14,732
-
14,732
250,376
-
250,376
249,942
-
249,942
794,609
-
794,609
792,674
-
792,674
(759,180)
(6,840)
(766,020)
(703,362)
(5,706)
(709,068)
(64,059)
-
(64,059)
(72,075)
-
(72,075)
(823,239) (6,840)
(830,079)
(775,437)
(5,706)
(781,143)
(28,630)
(6,840) (35,470)
17,237
(5,706)
11,531
-
-
-
-
-
-
(28,630)
(6,840)
(35,470)
17,237
(5,706)
11,531
(383,473)
9,546
(373,927)
(400,710)
15,252
(385,458)
(412,103)
2,706
(409,397)
(383,473)
9,546
(373,927)

The statement of financial activities includes all gains and losses in the year.

Expenditure on charitable activities of £766,020 includes a credit of £15,589 (2024: credit of £31,580) for provision of pension deficit obligations. Further details are included in note 10 to the financial statements. All activities relate to continuing operations.

15

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Balance Sheet at 31 July 2025

Balance Sheet
at 31 July 2025
Notes Year Year
ended ended
31 July 31 July
2025 2024
£ £ £ £
Fixed assets
Tangible assets 6 20,947 29,654
Current assets
Stock 1,449 1,355
Debtors 7 22,920 33,686
Cash held on behalf of clubs
and societies 86,640 67,019
Cash at bank and in hand 215,261 251,584
Total current assets 326,270 353,644
Creditors – amounts
falling due within one
year 8 (166,921) (151,943)
Net current assets 159,349 201,701
Total assets less current 180,296 231,355
liabilities
Provisions: pension
liability 10 (589,693) (605,282)
Net liabilities (409,397) (373,927)
The deficit of the charity
Unrestricted funds 9
General funds 177,590 221,809
Pension reserve (589,693) (605,282)
(412,103) (383,473)
Designated funds 2,706 9,546
(409,397) (373,927)
Total charity deficit (409,397) (373,927)

The financial statements were approved by the Board of Trustees on 26 February 2026 and signed on its behalf by:

Ian Campbell Abhishek Kumar Chair Vice Chair

The notes on pages 18 to 30 form part of the financial statements.

16

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Cash flow statement
for Year Ended 31 July 2025
Cash flows from operating activities
Surplus for the year
Adjustments for:
Depreciation for the year
Increase in stocks
Decrease in debtors
Increase in cash held on trust
Increase in trade and other creditors
Decrease in pension provision
Net cash from operating activities
Cash flows used by investing activities
Acquisition of tangible assets
Disposal of tangible assets
Net cash used by investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 August 2024
Cash and cash equivalents at 31 July 2025		 2025
£
(35,470)

8,707
(94)
10,766
(19,621)
14,978
(15,589)
(36,323)
-
-
-
(36,323)
251,584
215,261		 2024
£
11,531
9,157
(1,355)
716
(1,842)
23,698
(31,580)
10,325
(3,440)
-
(3,440)
6,885
244,699
251,584

17

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025

1. Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Robert Gordon University Student 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.

b) Preparation of the accounts on a going concern basis

The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.

Based on these assessments and having regard to the resources available to the Association, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The Student Association has significant long term pension deficit contributions to settle for its employees’ participation in the Students’ Union Superannuation Scheme, as well as current service payments. The present value of the deficit payments is recognised as a provision in the balance sheet in these financial statements of £589,693 (2024: £605,282). The full liability is long term, payable over a period of 12 years and is taken into account by the Trustees when budgeting annual income and expenditure. The Student Association continues to make adequate cash provision for its annual cash pension contributions. Cash contributions in the year ended 31 July 2025 are £52,254.

Grant funding from RGU has been confirmed for 2025-26 as a 5% decrease from 2024-25.

c) Income

All income is recognised once the Student Association has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Student Association; this is normally upon notification of the interest paid or payable by the Bank.

18

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

1. Accounting Policies (continued)

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the Students Association.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds are unrestricted funds that have been set aside by the Trustees for particular purposes.

f) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (h) below.

Irrecoverable VAT is charged as a cost against the related activity expenditure. The total cost of this for the year is £929 (2024 - £4).

g) Taxation

The Students Association is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Students Association is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. There is no similar exemption for VAT.

h) Allocation of support and governance costs

Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. These costs have been allocated between expenditure on raising funds and expenditure on charitable activities. Costs which can be apportioned on a usage basis are apportioned as shown in note 3. Payroll related costs are apportioned pro rata to staff costs.

The allocation of support and governance costs is analysed in note 3.

i) Costs of raising funds

The costs of generating funds consist of purchases for resale and entertainments.

19

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

1. Accounting Policies (continued)

j) Charitable activities

Costs of charitable activities include the provision of student services, governance costs and an apportionment of support costs as shown in note 3.

k) Tangible fixed assets

Individual fixed assets costing £500 or more are capitalised and valued at historical cost. Depreciation is charged on fixtures, fittings and equipment on a straight line basis over the estimated useful life of five years from the date of acquisition or at 25% reducing balance.

l) Stock

Stock is included at the lower of cost or net realisable value and is accounted for on a first in first out basis. Obsolete and slow moving stock is written down to a nil value.

m) Debtors

The Student Association is predominately a cash business and as such debtors, other than funds due from Robert Gordon University are minimal, any debts over three months are classed as overdue and subject to normal recovery procedures.

n) Cash at bank and in hand

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

o) Cash held on behalf of societies

Student clubs and societies raise funds in their own right and the Student Association provides a banking facility. Transactions are not reflected in the SOFA and a creditor is held in the balance equivalent to the value of the cash funds.

p) Creditors

Creditors and provisions are recognised where the Students Association has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

q) Pensions

The Robert Gordon Student Association participates in the Students’ Union Superannuation Scheme (SUSS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate.

No share of the underlying assets and liabilities can be directly attributed to The Robert Gordon Student Association. Under the terms of FRS102, in these circumstances contributions are accounted for as if the Scheme was a defined contribution scheme based on actual contributions paid through the year. A liability is recorded within provisions for any contractual commitment to fund past deficits within the SUSS scheme.

20

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

1. Accounting Policies (continued)

The Robert Gordon University Students’ Association also participates in a separate defined contribution scheme. A defined contribution scheme is a pension scheme under which fixed contributions are paid into a separate entity, and the amount charged to the statement of financial activities represents the contributions payable to the scheme in respect of the accounting period.

r) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

s)

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

t)

Judgements in applying accounting policies and key sources of estimation

In the application of the charity’s accounting policies, the trustees 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.

In preparing these financial statements, the Trustees have made the following judgements:

There are no material sources of estimation within the charity.

2. Analysis of Income

Donations and legacies
Donations from the Robert Gordon
University
Income from fundraising activities
Fundraising activities
Other trading activities
Events and other student services
Total		 Total
2025
£
528,000
16,233
250,376
794,609		 Total
2024
£
528,000
14,732
249,942
792,674

21

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

3. Analysis of Expenditure

3a. Analysis of charitable expenditure

Student services
Student services		 Direct
expenditure
£
Support and
governance
costs
£
Total
2025
£
710,677
55,343
766,020
Direct
expenditure
£
Support and
governance
costs
£
Total 2024
£
654,910
54,158
709,068

3b. Analysis of expenditure on raising funds

Support and
Direct governance Total
expenditure costs 2025
£ £ £
Expenditure on raising funds 47,140 16,919 64,059
Support and
Direct governance Total
expenditure costs 2024
£ £ £
Expenditure on raising funds 56,321 15,754 72,075

22

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

3. Analysis of Expenditure

3c. Support and governance costs

The breakdown of support and governance costs and how these were allocated between expenditure on raising funds and expenditure on charitable activities is as follows:

Cost type
Basis of
apportionment
£
Support costs
Staff related expenses
Staff Cost
Travel and subsistence
Staff Cost
NUS fees
Staff Cost
Insurances
75%/25%
Cleaning and hygiene
Staff Cost
Computer expenses
Staff Cost
Advertising and
promotion
75%/25%
Postage
Staff Cost
Telephones
Staff Cost
Stationery
Staff Cost
Training
Staff Cost
Credit card charges
Staff Cost
Health and safety
Staff Cost

Governance costs
Direct to
expenditure
on charitable
activities

Expenditure
on raising
funds
Expenditure
on charitable
activities:
student services
2025
Total

£
£
£

87
1,163
1,250

109
1,446
1,555

928
12,335
13,263

12,680
4,226
16,906

-
-
-

747
9,936
10,683

1,704
568
2,272

148
1,972
2,120

57
755
812

167
2,228
2,395

200
2,648
2,848

75
992
1,067

17
223
240
16,919
38,492
55,411




-
16,851
**16,851 **
16,919
55,343
72,262

23

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

3. Analysis of Expenditure (continued)

Cost type
Basis of
apportionment
£
Support costs
Staff related expenses
Staff Cost
Travel and subsistence
Staff Cost
NUS fees
Staff Cost
Insurances
75%/25%
Cleaning and hygiene
Staff Cost
Computer expenses
Staff Cost
Advertising and
promotion
75%/25%
Postage
Staff Cost
Telephones
Staff Cost
Stationery
Staff Cost
Training
Staff Cost
Credit card charges
Staff Cost
Health and safety
Staff Cost

Governance costs
Direct to
expenditure on
charitable
activities

Governance costs
Audit fee
Legal and professional charges
Audit and non-audit remuneration
Audit remuneration
Non-audit remuneration

Expenditure
on raising
funds
Expenditure on
charitable
activities:
student services
2024
Total

£
£
£

88
1,162
1,250

5
65
70

889
11,811
12,700

11,979
3,992
15,971

9
119
128

840
11,161
12,001

1,264
421
1,685

62
829
891

124
1,641
1,765

197
2,629
2,826

277
3,688
3,965

3
36
39

17
223
240
15,754
37,777
53,531
-
16,381
16,381
15,754
54,158
69,912
2025
£
2024
£
10,000
9,600
6,851
6,781
16,851
16,381
2025
£
2024
£
10,000
9,600
-
-
10,000
9,600

Expenditure
on raising
funds
Expenditure on
charitable
activities:
student services
2024
Total

£
£
£

88
1,162
1,250

5
65
70

889
11,811
12,700

11,979
3,992
15,971

9
119
128

840
11,161
12,001

1,264
421
1,685

62
829
891

124
1,641
1,765

197
2,629
2,826

277
3,688
3,965

3
36
39

17
223
240
15,754
37,777
53,531
-
16,381
16,381
15,754
54,158
69,912
2025
£
2024
£
10,000
9,600
6,851
6,781
16,851
16,381
2025
£
2024
£
10,000
9,600
-
-
10,000
9,600
15,754
-
15,754
16,851
16,381
2025
£
2024
£
10,000
9,600
-
-
10,000
9,600

24

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

4. Employee Information

Employee Information
Staff costs:
Wages and salaries
Social Security costs
SUSS Scheme pension provision change (note 10)
Other pension costs
Redundancy payments made or committed		 Year ended
Year ended
31 July
2025
31 July
2024
£
£
369,917
359,155

38,549
31,622
(15,589)
(31,580)
71,143
68,243
464,020
427,440
-
-

The average number of employees during the year, based on headcount, was 15 (2024: 15).

The Trust considers its key management personnel comprise Trustees and the Chief Executive Officer. The total employment benefits including employer pension contributions of the key management personnel were £150,958 (2024: £145,525). 1 employee had employee benefits in excess of £60,000 (2024: 1).

5. Executive Committee Members’ Remuneration

During the year the following members of the Student Association Executive Board received payment for the performances of their roles. The salary costs for each were as follows:

Year ended Year ended
31 July 31 July
2025 2024
£ £
Davidson Onyeanuna (Sport & Physical Activity) 3,161 -
Bryan Igbinigie (Communication & Democracy) 28,424 2,839
Mohatashim Iqbal (Education & Welfare) 3,170 -
Abhishek Kumar (Sport & Physical Activity) 26,022 2,944
Seth Asare (Education & Welfare) 26,298 2,839
Phoebe Moncur (Sport & Physical Democracy)
-		 26,140
Patricia Innocent (Communication & Democracy)
-		 24,613
Olawayotin Bolajoko (Education & Welfare) - 24,641

During the year no members of the Student Association Executive Board received reimbursement of expenses (2024 - nil).

25

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

6.
Tangible Fixed Assets
Cost:
At 1 August 2024
Additions in the year
At 31 July 2025
Accumulated Depreciation:
At 1 August 2024
Charge for year
At 31 July 2025
Net book value:
At 31 July 2025
At 31 July 2024
7.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income		 Year ended
31 July
2025
£
15,143
-
7,777		 Fixtures,
Fittings &
Equipment
£
105,988
-
105,988
76,334
8,707
85,041
20,947
29,654
Year ended
31 July
2024
£
11,165
6,197
16,324
22,920 33,686

8. Creditors: Amounts Falling Due Within One Year

Trade creditors
Creditors & accruals		 Year ended
Year ended
31 July
2025
31 July
2024
£
£
46,748
40,731
120,173
111,212
166,921
151,943

26

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

9. Statement of funds

As at Income Expenditure Transfers As at
01 August 31 July 2025
2024
£ £ £ £ £
Unrestricted funds
General funds 221,809 794,609 (838,828) 177,590
Pension reserve (605,282) - 15,589 - (589,693)
(383,473) 794,609 (823,239) - (412,103)
Designated
Scottish Funding
Council reserve		 9,546 - (6,840) - 2,706
9,546 - (6,840) - 2,706
Total reserves (373,927) 794,609 (830,079) - (409,397)
As at Income Expenditure Transfers As at
01 August 31 July 2024
2023
£ £ £ £ £
Unrestricted funds
General funds 236,152 792,674 (807,017) - 221,809
Pension reserve (636,862) - 31,580 - (605,282)
(400,710) 792,674 (775,437) - (383,473)
Designated
Scottish Funding
Council reserve		 15,252 - (5,706) - 9,546
15,252 - (5,706) - 9,546
Total reserves (385,458) 792,674 (781,143) - (373,927)

Unrestricted funds

The unrestricted funds are available to be spent for any of the purposes of the charity.

Designated funds

Scottish Funding Council reserve – During 20/21, £18,000 was received for the purpose of a Welfare Project.

27

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

10. Pension Schemes

The Student Association participates in the Students’ Union Superannuation Scheme, 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 £136.6m.

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 contribution requirement by each Union expressed in monetary terms intended to clear the on-going funding deficit over a period of 14 years and will increase by at least 5% each year. These contributions also include an allowance for cost of the on-going administrative and operational expenses of running the scheme. These rates applied with effect from 1 October 2023.

In accordance with FRS 102 provision has been made for the discounted value of contributions payable. The discount rate applied was 4.74%. Surpluses and deficits which arise at future valuations will also impact on the Unions future contribution commitment. In addition to the above contributions, the Union also pays its share of the schemes levy to the Pension Protection Fund.

The present value of the deficit payments is recognised as a provision in the balance sheets in these financial statements as set out below. The full liability is long term, payable over a period of 13 years to June 2037:

Pension provision
£
Balance brought forward at 1 August 2023 (636,862)
Discount rate change and accretion 31,580
Balance carried forward 1 August 2024 (605,282)
15,589
Discount rate change and accretion
Balance carried forward at 31 July 2025 589,693

The credit to profit and loss in the year principally represents the unwinding of the discount rate over future cashflows.

Cash contributions for the year ended 31 July 2025 are £52,254.

28

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

11. Operating lease commitments

Lessee

At the reporting end date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 Year ended
Year ended
31 July
2025
31 July
2024
£
£
1,718
1,718
3,742
3,742
5,460
5,442

The operating lease represents a lease of a photocopier from a third party. The lease term is over 4 years and rentals are fixed for the full term of the lease. Expenditure for the year in respect of this lease amounts to £1,718 (2024: £1,718).

12. Related party transactions

The Union is in receipt of a recurrent grant from the Robert Gordon University of £528,000 (2024: £528,000). At the year end £35,549 was due to Robert Gordon University (2024: £32,893).

In addition, the Union is provided with administrative accommodation within the campus of the Robert Gordon University. The trustees cannot put a value on this service.

Executive Committee Members remuneration is disclosed in note 5.

13. Analysis of funds

Analysis of funds
Tangible fixed assets
Net current assets
Pension liability
Tangible fixed assets
Net current assets
Pension liability		 Unrestricted funds
Funds at
Designated
funds
General
Funds
31 July
2025
£
£
£
-
20,947
20,947
2,706
156,643
159,349
-
(589,693)
(589,693)
2,706
(412,103)
(409,397)
Unrestricted funds
Funds at
Designated
Funds
General
Funds
31 July
2024
£
£
£
-
29,654
29,654
9,546
192,155
201,701
-
(605,282)
(605,282)
9,546
(383,473)
(373,927)

29

Docusign Envelope ID: 8ED8D0CE-9BAC-4A20-87B7-83CCFAD765C3

Financial Statements for the Year Ended 31 July 2025

Robert Gordon University Student Association

Notes to the Financial Statements for the Year Ended 31 July 2025 (continued)

14. Control

The Association is controlled by the Trustees on behalf of the members.

30