2025-06-30-accounts

NUS Students’ 4 Unionr Charitable” Servicese

Trustees’ Report For the Year Ended 30 June 2025

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Reference and Administrative@ @ ta] Details6

of a. i : the Charity, its Trustees and Advisers

Principle staff P'Rabarstam (Charis Direauer) D Keen (Membership Director) S Harris (Deputy Director & Union ca TnGiEeed

Trustees

G Hughes (resigned 30 June 2025) ca TnGiEeed S Kerton (resigned 15 August 2025) P Chapman 4 d di M Stephen un “— sag om cai A Wilson. Dains Audit Limited' Sa , ; Statutory Auditor SIP SaRTIE Suite 2, Albion House D Owen (appointed 18 September 2024) ; es oe Ol H Innes (appointed; 1 July 2023) 2ForseEtruriaLane Office Village, N Katz (appointed 1 July 2023) 5 ‘ A Stanley (appointed, 18 September 2024) Stoke on Trent,, Q , Staffordshire. S ViswanathanHussain (appointed(appointed18 September18 September 2024) STI5ROQ “ inted 13 J 2025 ania R Evans°s! cap(appointedPain ° 29 Octoberse 2025)) The Co-operative Bank K Morrison (appointed 17 July 2025) es isis al ee! PP y Manchester Company registered number M60 4EP

aeaalials Charity registered number TAG

Finance and Business ce Counterculture Partnership LLP Unit 115 Ducie House, Duciestreet, Manchester M1 2JW

Registered office[Centre] Merseyway[Innovation] , 21-23 Merseyway Stockport. SK1 1PN

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Trustees Report

The Trustees present their report, which also complies with a Directors Report for the purposes of the Companies Act 2006, with the consolidated financial statements of the charity and its subsidiaries for the year ended 30 June 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practive applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102) (effective 1 January 2019).

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Structure, Governance and Management

NUS Students’ Union Charitable Services (NUS Charitable Services’ or ‘the Charity’) is constituted as a registered charity anda company limited by guarantee. The Charity is responsible for supporting the development of students’ unions throughout the country to ensure they adequately serve their student membership. It is governed by its Articles of Association.

The Charity has provision for up to twelve members on its Board of Trustees (‘the Board’):

NUS Students’ Union Charitable Services is a charity with the ultimate decision-making power being vested in its board of trustees during the year. In addition to the board, there are two subcommittees responsible for Finance and HR designed to support the work of the Boards through specialist advice, scrutiny and oversight. These committees are shared with NUS UK and NUS Services and comprise members of each organisations’ board as well as additional members to provide specialist advice on HR and Finance matters.

• e Four are NUS UK Member Directors appointed by the NUS UK Board

• e Four are NUS Full Time Officers who are appointed by the NUS UK Board.

• e Four are Independent Charity Directors appointed by the Trustee Board.

The above trustees also serve asthe company's directors and fulfil the statutory duties required of them under Company law.

The Charity’s Membership comprises 400 Students’ Unions and Associations (as at year end). Members can influence the strategy and direction of the Charity via the General Meeting which has been held on an annual basis, which includes inputting on the level of membership contribution required. The Charity regularly engages with its members informally throughout the year including in bi-monthly lunchtime catchups with CEOs of member organisations.

The method of recruitment and appointment of | Day-to-day management of the Charity is trustees’ is laid down in the articles and delegated to the Charity Director. The The memorandum of association. Their number shall Director provides regular reports to the not be less than three. progress against agreed objectives

delegated to the Charity Director. The The Charity Director provides regular reports to the board on progress against agreed objectives supported by the Charity senior leadership team.

The trustees have a vital role in the Charity, and we aim to attract and retain people who have commitment, experience and the necessary skills. Training for the trustees is recorded and delivered on several levels:

• e There is trustee training at the beginning of each financial year

• e New trustees receive training on induction including on statutory duties

• e This is supplemented by attendance at regional events and further external training on request for trustees

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Relationship® & with® NUS UK
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NUS Charity - to further its charitable purposes Be ae3 ste'p " AiS —\Ries, Wa
for public benefit: and predominantly, to further iu ied
the efficiency and effectiveness of students' rs Ee
unions through advice, guidance and crisis
support. Connecting members and curating
services. For members who trade, helping e Additionally, the two organisations have
students’ unions to make the most of their worked alongside each other since NUS
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• e The NUS brand is a century old and instantly recognisable.

NUS UK - campaigning nationally to improve the lives of students and delivering tangible impact for the student movement

• e We can collaborate on information gathering on our members and beneficiaries, which is more efficient

While the organisations have different focuses, the trustees consider that the arrangements for | The trustees perform an annual review of the working with NUS UK continue to be inthe best _ relationship with NUS UK in line with Charity interests of NUS Charity and its beneficiary Commission guidance for charities with a students’ unions because: connection to anon-charity. The trustees are satisfied the partnership between NUS Charity e The two two organisations have a shared shared and NUS UK remains in the the best interests of NUS membership base of Students’ Students’ Unions (‘SUs’)._ Charity, noting in particular the the benefits of Although SUs may may affiliate separately to to collaboration to allow NUS NUS Charity to to most either NUS NUS UK or NUS or NUS NUS Charity the the majority efficiently provide support to the to the the affiliated affiliate to to both. Working with Working with with the non-charity students’ unions, in furtherance of its charitable allows us to to share information and provide purposes. The The review includes a risk assessment. services to members which members which which are joined up and _ This _ This This position will be kept under under review and and is so further NUS NUS Charity’s purposes more formally reviewed annually.

• e The two two organisations have a shared shared and NUS UK remains in the the best interests membership base of Students’ Students’ Unions (‘SUs’)._ Charity, noting in particular the the benefits of Although SUs may may affiliate separately to to collaboration to allow NUS NUS Charity to to most either NUS NUS UK or NUS or NUS NUS Charity the the majority efficiently provide support to the to the the affiliated affiliate to to both. Working with Working with with the non-charity students’ unions, in furtherance of its allows us to to share information and provide purposes. The The review includes a risk services to members which members which which are joined up and _ This _ This This position will be kept under under review and and is so further NUS NUS Charity’s purposes more formally reviewed annually. efficiently.

e Ashared central service allows us to benefit NUS Charity continues to work with students’ from economies of scale and retain specialist unions and is funded by students’ unions and a staff. Operating individually the Charity would _ gift aid donation from its subsidiary company have a smaller staff team and not as much NUS Services Limited. Students’ Unions may access to specialist knowledge. become members of the Charity.

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Risk& Management

As part of the annual business planning process, The role of Head Head of Union Development is Band the major strategic and operational risks thatthe -—this salary is set based on experience for new new charity faces and the ways in which they are starters in role and then increased on an being monitored, managed and mitigated, were — incremental basis until the top of the pay band. assessed by the trustees.

The role of Head Head of Union Development is Band | -—this salary is set based on experience for new new starters in role and then increased on an

The NUS Charity CEO (band L), Deputy CEO (band J), Social Enterprise Director (band J), Operations Director (band J), Movement Development Director (band J) and Communications Director (band J) are all subject to market data. Pay reviews are undertaken ona triennial basis with one undertaken in November 2023 for all Band J and L roles. The review was conducted in accordance with agreed pay process, where pay is reviewed against benchmark data for the lower quartile and market median salaries for roles of the same size within the Charitable sector. In all instances, current pay fell within the range of the lower quartile and market median levels. HR Subcommittee approved the recommendations that none of the roles would receive a pay increase at the time = (aside from any universal Cost of Living pay increases).

The trustees have recently performed adetailed assessment of NUS Charity’s risk management framework in line with Charity Commission guidance CC26. As a result the trustees have approved a new risk management policy and reviewed the principal and emerging risks likely to impact NUS Charity.

These include:

• e Financial and cash deficit owing to rising costs and lack of income growth

• e Failure to meet Social Enterprise targets

• e Inability to effectively recruit and retain talent to deliver our strategy

• e Lack of positive engagement with NUS Charity membership

• e Lack of organisational resilience to external events

• e Failure to respond appropriately to

• compliance requirements

• e Inadequate governance arrangements leading to poor decision making and lack of oversight

The trustees receive a strategic risk register on quarterly basis and time is set aside to discuss the principal and emerging risks facing the charity, and their mitigations.

Remuneration of Senciene Managers All roles are assessed against the Charity’s published Job Evaluation framework to determine the band. The size/band of the role then is reflected in the salary. Salaries for roles in bands C -| are governed by the Charity’s pay framework.

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Goal1-We build unshakeable SUs We will work with them to expand their reach, grow their income, and consolidate their position vanehaee caiaaiicinimeaeenines a ial ll uede

Purposes and A tivities Cc

The Charity has its primary purpose as supporting the development of students’ unions. Its siecle ania ania

• siecle ania ania e SU Reach KPI: Percentage growth in student +: The promptionof the efficlencyand engagement and participation for our effectiveness of charities and voluntary MieMbsts, —“—a: a e Student Satisfaction and Relevance KPI:

• organisations including students’ unions; . . oo. . se . Percentage increase in NSS students’ union

• e The promotion of good citizenship; eee e The advancement of education of students; q : e The promotion for the benefit of the public of — the conservation,' protection. and Initiatives for Goal 1: fth ;

• P quay y: As the UK regulatory environment has become

• In pursuit of these objects the charity has more complex tor students unions, NUS Charity . . has continued to provide and update expert legal

• established several services and departments for F . ; use by students’aunions. These are centred advice for members. on key issues affecting around . . engagement in SUs. In 2024/25, our legal support Union Development, Membership Pocireael ent ivs Rallsmine (20 REOSE

• Administration, Trading Support and the B Key lag nace nificeservises beiweett e the application of the new Higher Education y ‘ (Freedom of Speech) Act

• Performance and e theeatotine change enedin exerting how HMRC charges VAT on A hi t e clarifying and updating our model documents Cc levemen S for companies limited by guarantee (CLG)

• In 2024/25 NUS Charity was delivering to its and charitable incorporated organisations ; , ; (CIO), both of which have global consent from

• strategic plan which described our mission as ' a ; ‘ the Charity Commission for our members. We

• being that every post-16 student in the UK has an . . . ; _ aa . ' also have updated incorporation guidance. amazing’ students’ union. We aimed to deliver on . . se oe" e the legal status of sabbatical officers

• this mission by being students’ union focused, re . . , ae

• collective and anti-oppressive in all of our work. e Historic‘ views and conduct of election candidates

• Year 1 has been about establishing barriers to ° The Employment Rights Bill : :

• success e Decision making for trustees and baselines for our KPls. Below is the safeouardine and outdoor pursuits

• progress that we have made towards our 5 NUS é g P Charity goals in 2024/25, In addition to these to these these areas, we we updated the the

In addition to these to these these areas, we we updated the the leading 2016 Counsel's Legal Opinion on issues relating to debates, motions and speaker events in the SU sector. The resulting opinion by Edward Cumming KC and Raj Desai is thorough, tackles

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the changing and intensifying political landscape we find ourselves in and is already key in support students’ unions and their political activity now and for the next decade.

These projects would not have been possible without the support of our partners, Bates Wells, DAC Beechcroft, Howden and Organised Fun.

The Big SU Survey

The Big SU Survey is a series of surveys inviting members to contribute to movement-wide data which we then help to analyse and make available to our members. We use the answers to create a valuable set of up-to-date benchmarks for SUs across key themes. These benchmarks will help members formulating their your strategies against sector norms and good practice.

This year we published the following reports as part of the Big SU Survey.

• e We have daily drop-in sessions during elections season, various networking and development webinars for elections staff across the year, as well as a hot-line for supporting internal DROs and adjudicating on .elections appeals.

• e We create an annual research report, available for members, that outlines practice and trends that SUs use to benchmark and share ideas, as well as recommendations from the Returning Officer to improve practice sector-wide.

• e Inthe annual survey that covers this reporting period, 96% of SUs either agreed (34%) or strongly agreed (62%) that they felt supported by the elections service to run successful elections.

98% of survey respondents expressed that they were satisfied with their experience of the elections support service, with almost half (47%) describing their experience as extremely satisfied (10/10 on the satisfaction scale)

• e SU Funding: Finance, block grants and student numbers and accompanying dataset Goal 2- We will maintain and build workbook (published March 2025) new sources of income for all SUs

• ¢ People Insight Report (published June 2025) e New Income Generation KPI: Percentage of e SU Advice Service Survey (published January revenue from new income streams. 2024) e Track Students’ Digital Usage KPI: Digital

• e SU Elections survey (published August 2024) growth of students and students’ unions. e Student Engagement with Ethical Purchasing

• Elections Service KPI: Percentage increase in students purchasing ethical products.

Elections Service

Our members are inherently democratic organisations, NUS Charity supports SUs to deliver this central value through support, guidance and intervention. As well as providing general support for democratic development, NUS Charity also acts as the Returning Officer for any member of the Charity, at no additional cost.

Initiatives for Goal 2:

In 2024/2025, NUS agreed some commercial opportunities on behalf of NUS Charity members, including affiliate trading with MoneySuperMarket, and commission agreements for local sales of CitizenCard and —_ ISIC to help generate further revenue via digital media for members.

• ¢ NUS Charity acted as the Returning Officer to support over 180 (up from 150 in 2023/24) SU elections last year. We have acted as RO for thousands of elections over a decade and provide insight, support and development.

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• Goal 3: There will be no more ‘one size fits on officer roles, elections, mental health all’ approach. campaigns, and welcome week activities. Average attendance was 8.4 staff per meeting.

• ¢ Quality Students’ Unions for All KPI:Increase —_ Extensive elections support was provided, in SUs completing the QSU framework. including tailored advice, webinars, and triage

• • Customisation of Support KPI: SUs can sessions for SAs such as SRUCSA, NESCol, and access Customised support and advice. City of Glasgow College.

• e Communities of Practice KPI: Growth in staff participation across delivery areas. Development support covered support covered covered governance,

Development support covered support covered covered governance, campaigning, strategic planning, and officer training for numerous SAs, including Ayrshire, Edinburgh, NESCol, and West College Scotland. New resources were resources were were created, including reports reports on international officers, SU SU elections, legal guidance, and officer wellbeing. wellbeing. Overall, these activities strengthened SA networks, improved officer confidence, and enhanced organisational development across the college sector.

Initiatives for Goal 3:

We've continued to provide foundational support — New resources were resources were were created, including reports reports on and advice to members that enable them to grow __ international officers, SU SU elections, legal and be strong. guidance, and officer wellbeing. wellbeing. Overall, these

Our development frameworks are free to members to access and allows members to follow good practice in all areas of operation.

Significant progress was also made with our = Welsh funding—a positive and impactful relationship with Medr (HEFCW as was) has resulted in three more years of core funding totalling £120,000 across three years for activity to strengthen student and learner voice across the tertiary sector, as well as a further £38,000 for 2+1 years to deliver a student governor training programme for student members of university and college governing bodies across Wales.

Qualityhelp Students’ Unions (QSU) isa framework to students’ unions achievetheir full potential. It helps us collect and share good practice in the movement, turning this into useful advice, guidance and tools for unions to help our members be the best they can be.

NUS Charity supported Scottish college Students’ Associations (SAs) through a range of initiatives in 2024-2025, part funded by the Scottish Funding Council through spars.

This extra funding was as a direct result of a successful year supporting both university SUs and college learner voice teams. voice teams. teams.

Key activities included Student Board Member and college learner voice teams. voice teams. teams. Training in September, delivered with partners to empower student representatives on boards, Four main objectives guided the work with focusing on roles, relationships, and effective colleges: supporting student governors, participation. College Lead & Change 2025, held enhancing course representative systems, in July, brought together officers and staff from enabling colleges to self-assess against the multiple college SAs for networking, practical Learner Voice Framework (LVF), and piloting a learning, and equality, diversity, and inclusion sector-wide network. training. Feedback was overwhelmingly positive, with 100% of officers and staffrecommending the —_ Key activities included creating practical guides event. for staff supporting student governors staff supporting student governors supporting student governors student governors governors and

for staff supporting student governors staff supporting student governors supporting student governors student governors governors and course reps, delivering a tailored “Train the Trainer” programme, and hosting a networking and training day for staff.

A College SA Staff Community of Practice was launched meeting five times to share strategies

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Development support covered governance, Impact was was significant: staff reported reported increased campaigning, strategic planning, and officer confidence and skills in supporting student student training for numerous SAs, including Ayrshire, governors and reps, with 100% with 100% 100% of training training Edinburgh, NESCol, and West College Scotland. participants agreeing content was content was was relevant and and New resources were created, including reports on _ actionable. actionable. Colleges valued LVF assessments for assessments for for international officers, SU elections, legal strategic planning, with with examples including new new guidance, and officer wellbeing. Overall, these partnership agreements agreements and improved election activities strengthened SA networks, improved processes. Feedback highlighted reduced officer confidence, and enhanced organisational isolation among among staff, stronger collaboration, and development across the college sector. appetite for continued for continued continued support. The The project

Impact was was significant: staff reported reported increased confidence and skills in supporting student student governors and reps, with 100% with 100% 100% of training training participants agreeing content was content was was relevant and and _ actionable. actionable. Colleges valued LVF assessments for assessments for for strategic planning, with with examples including new new partnership agreements agreements and improved election processes. Feedback highlighted reduced isolation among among staff, stronger collaboration, and appetite for continued for continued continued support. The The project fostered a connected community and provided tools for sustainable for sustainable sustainable learner voice development across Wales.

Significant progress was also made with our tools for sustainable for sustainable sustainable learner voice development Welsh funding — a positive and impactful across Wales. relationship with Medr (HEFCW as was) has resulted in three more years of core funding Within university SUs, SUs, the Welsh Welsh Student Voice totalling £120,000 across three years for activity Project strengthened strengthened student representation to strengthen student and learner voice across across Higher Education and regulated the tertiary sector, as well as a further £38,000 for + Education in Wales. Wales. Key activities activities included 2+1 years to deliver a student governor training hosting monthly officer networking sessions officer networking sessions networking sessions sessions programme for student members of university skills workshops, workshops, and supporting SUs with SUs with with and college governing bodies across Wales. capacity through through tailored Development

Within university SUs, SUs, the Welsh Welsh Student Voice Project strengthened strengthened student representation across Higher Education and regulated Further Education in Wales. Wales. Key activities activities included hosting monthly officer networking sessions officer networking sessions networking sessions sessions and skills workshops, workshops, and supporting SUs with SUs with with less capacity through through tailored Development Plans and resources. The project also advanced sector-wide initiatives such as updated guidance on Annual Quality Reports (AQRs), Student Charters, and Course Representative systems, alongside creating new digital hubs and video resources. Strategic support was provided to Wrexham SU to enhance its role as a critical friend to its institution.

This extra funding was as a direct result of a successful year supporting both university SUs and college learner voice teams.

Four main objectives guided the work with colleges: supporting student governors, enhancing course representative systems, enabling colleges to self-assess against the Learner Voice Framework (LVF), and piloting a sector-wide network.

• The impact has been significant: ¢ Officers reported increased confidence in championing student voice, citing networking and skills workshops as crucial for peer learning and problem-solving.

• e Smaller SUs improved democratic processes and student engagement, evidenced by broader election participation and updated charters.

Key activities included creating practical guides for staff supporting student governors and course reps, delivering a tailored “Train the Trainer” programme, and hosting a networking and training day for staff. Two bilingual resources on evaluation and impact reporting were developed alongside a webinar. Nine colleges completed LVF self-assessments and bespoke development plans—exceeding the 60% target. A new learner voice network launched with three meetings and a Teams site, engaging all 13 FEls at least once.

• e Bespoke engagement ensured SUs felt supported, with feedback noting reassurance and visibility.

• e Strategic consultancy enabled Wrexham SU to influence institutional quality processes and secure representation on key committees.

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Goal 4 - We will rebuild a culture of collectivism fit for the future

• ¢ Collaboration Culture KPI: Increase in SUs collaborating.

• e Alignment and Feedback KPI: Feedback on leadership in fostering collectivism.

• e Collective Decision-Making KPI: Members engaged in shaping future direction.

Initiatives for Goal 4:

Communities of Practice

Through our Communities of Practice we have seen the growth of SUs collaborating on key issues — our most impactful piece of work over the last year was supporting a group of SUs to work together to develop new guidance on outdoor pursuits.

In October 2024 we put renewed capacity and effort towards our communities of practice and started to monitor attendance and meeting numbers.

There were 504 attendees at 32 CoP meetings between October 2024 and end of June 2025. There were 16 active staff CoPs and NUS Charity have supported most of these in some form. We have directly facilitated 29 meetings within this period.

All NUS Charity members are automatically members of NCVO and their sister organisations in the nations, with exclusive member discounts on training and events and access to all of their charity organisational resources.

In 2024/25 we also secured new partnerships across the global student movement, providing free membership of the ACUI.

Goal 5- We will grow and develop a specialist workforce

• Talent Diversity KPI: Increase indemographic diversity of leadership candidates.

• e Leadership Effectiveness KPI: Leaders reporting improved skills.

• ¢ Creative Solutions KPI: Unions with strong and specialist workforce.

• a

• Initiatives and for Goal 5: Talent and and Recruitment NUS Charity runs SU.Careers, the SU sector's

• own jobsite which offers advertising and posting across socials, including exclusive member pricing.

Talent and and Recruitment

SU Careers achieved significant—— progress during the 2024-25 cycle, strengthening its role as the preferred recruitment platform for Students’ Unions. A major highlight was the successful

Implementation of a LinkedIn growth strategy, which increased followers from 665 to 1,279 and boosted post impressions from 3,228 to 14,522. This enhanced visibility helped attract talent across all seniority levels and positioned SU Careers as a trusted brand in the sector.

"he candidate pool saw exceptional growth, with 538 new registrations, a 188% increase compared to the previous cycle, bringing the total to 3,523. Importantly, 74% of applications came from outside the SU sector, demonstrating success in diversifying talent.

Recruitment activity remained strong, with 494 vacancies advertised, generating nearly 75,000 views and over 7,000 candidate responses. Roles offering remote or hybrid flexibility dominated engagement, accounting for 82% of views and responses, while London-based roles attracted the highest interest.

Financially, the project generated £58,336, supported by seasonal bundles that drove ‘evenue spikes during key months, though overall income was slightly below last year’s total.

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Membership engagement exceeded targets, with 78% of university SUs registered and 81% actively using the service.

• ¢ Specific CEO recruitment guidance for staff and boards, developed in collaboration with the Women CEO and Senior Leaders Community of Practice

The 2024/25 Employee Engagement Survey (EES) achieved significant milestones and impact. Participation reached a record high with 42 SUs signing up, matching the highest number to date. This generated strong engagement across the sector and included several SUs returning after years of absence, plus new participants such as Bath Spa and Leeds University Unions.

Operational improvements were notable: the introduction of Microsoft Forms and Power Automate streamlined sign-up and fact-finding processes, reducing manual email traffic and improving data accuracy. The survey was also offered in Welsh at no extra cost, enhancing inclusivity. Collaboration with Agenda Consulting and Atkinson HR Consulting strengthened delivery, with positive feedback on the new ‘reflections’ dashboard and the Action Planning Module, adding value for participating SUs. Financially, the project met its profit target of £14,000, and early feedback from SUs praised the customer-focused service and insightful webinars. Overall, EES 2025 reinforced sector benchmarking, improved processes, and provided actionable insights to help SUs create more fulfilling work environments.

In addition, an annual report of all results was pulled together in collaboration with Atkinson HR, highlighting sector trends, analysing sector-wide results with accompanying recommendations and webinars to support understanding and subsequent action planning for SUs.

• Other talent management support we have provided included: ¢ HR Hub on NUS Connect. e Access to the Employer Brand toolkit, employment guidance and model policies and contracts by DAC Beachcroft.

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Future Develo ments |

(2024: surplus of £4.2m) having made a consolidated surplus of £640k (20214 surplus of £471k).

As we head into 2025/26, NUS Charity is renewing and reviewing its relationship with NUS UK, The Charity itself ended the year with surplus introducing better cross-organisational working funds of £568k (2024: £324k) having made a practices and supporting better resource sharing surplus of £244k. through shared project management. As part of this, the NUS Charity strategy has been e ° incorporated into an overarching joint strategy Pension Deficit witachievingupdates SY ETaEIe MPLS focus on The consolidated charity balance sheet provides growth, excellence and reputation. It recognises the pension deficit carried by the Charity a coherent link between the work of the Charity's subsidiary company. NUS Services and theiey partner NUS LK Uhisatrabeey Limited offered membership of SUSS, a defined is eurrantiy'in develnpinent and we hope to be benefit pension scheme, to all employees until able toneport against tins. a-themext acho! 30 September 2011, at which point the scheme BeCOUITts. closed to future accrual.

Uwe Key prejeets EISncs a= ea The scheme is subject to a revaluation every attategie plan foryear] Include thedevelepment three years with the last valuation being held in ata eeSE sament June 2022. The 2022 valuation recommended a speciiically ur ; Sip Eneae . monthly contribution requirement by each approach. This work will enable the Charity to armlower exerassed Initia Ghar WetHG better describe its relationship with members as aka de om scarnr ame deficit both an infrastructure and political organisation. core meiadels aga exe Lyrae . The least 5% each year. This showed a funding secur key prec richie ie . deficit of around £133m shared between 68 development of our digital infrastructure, enabling araslovers, Thisrscrasanied adacreave ofa better information and insight collection across ee «he deficit . compartsan to the 5019. the organisations. This will both support internal valuation indicating that the scheme recovery festooned jee uevese nee enaur plan is on track. These contributions also omer : include an allowance for cost of the ongoing The trustees are confident that these new ways SE oreueeiaes Smenges of working and link between strategy is in the best g : interest of the charity and will allow it to better The contribution rates applied with effect from advanue ite ebjects: 1 October 2020 and will be formally reviewed ‘ e . following completion of the next valuation due Financial Review with an effective date of 30 June 2022. oo, Surpluses or deficits which arise at future A summary of the results for the year is given In valuations will also impact on the company's the consolidated statement of financial activities. 4476 contribution commitment. NUS Services is required to make deficit contributions until The charity group ended the year with May 2037 consolidated surplus funds of £4.9m Page15

Whilst the closure of the scheme to future accrual goes some way to mitigate the risk it does not eliminate it entirely. ln November 2023, the Company took advantage of an opportunity discountedoffered by the lumpscheme sum paymenttrustees coveringto make thea deficit contributions due up to October 2032. As a result, the Company has not had to make anyin year deficit contributions to the scheme during 2024/25, and will recommence contributions in November 2032.

The Charity itself held a total reserve balance at 30 June 2025 of £568,313 (2024 - £324,166). Of this £8,981 (2024 - £8,981) were restricted funds.

Future fundinge The trustees confirm that the charity has _ sufficient funds to meet all its obligations. The Charity receives funding direct from students’ unions as well as being supported by NUS Services as the trading subsidiary of the charity.

NUS Services recognises the net present value Membership of its future deficit recovery contributions as a provision on the balance sheet. At the end of the Membership 2024/25 financial year this represents a liability of | are as follows: £841,360. This is subject to fluctuations in fund performance, changes in apportionment e The methodology, the life expectancy of the of block individuals within the scheme, and the results of institution the ongoing cycle of triennial valuations. NUS

Membership Contribution

Membership contribution levels for NUS Charity

• e The headline membership contribution is 1% of block grant/financial contribution from institution where the member is affiliated to NUS Charity only. The minimum is £100 and the maximum £15,000

In addition to the above contributions, NUS Services also pays its share of the scheme’s levy to the Pension Protection Fund.

• e This is reduced to 0.5% of block grant/financial contribution from institution where the member is also a member of NUS UK, discounted to reflect the shared service savings. Minimum £50, maximum £7,500.

Reserves Policy

During the 2023/24 year, the Board reviewed its reserves policy for the consolidated Charity. Having previously had a target of working towards holding £1.75m of free unrestricted reserves, the policy was revised to target the consolidated Charity with holding six month's operating costs in unrestricted reserves.

If an organisation is amember of NUS Charity and a participant in the NUS Services purchasing consortium but not a member of NUS UK, the board may take the value of their purchasing into account and reduce the contribution accordingly. But not below that which would be paid were they a member of both, £7.5K. If you choose to affiliate to just NUS Charity, payments are subject to VAT at the prevailing rate.

The total reserves balance in the Charity group as__—_— at 30 June 2025 was £4.87m (2024 - £4.23m). Of this £8,981 (2024 - £8,981) were restricted funds. The level of unrestricted funds in that total sat at £4.54m (2024 - £3.94m), comfortably in excess of the updated reserves policy of 6 months operating costs. However, this is the consolidated reserves position, with the majority being held by the subsidiary company.

In 2024/25 the Charity received a total contribution of £458,372.

Going forwards the charity continues to explore a number of funding streams including:

• e Seeking funding from public and private funders to undertake projects that will advance the objects

Page16

ee GrantsFees from from traininga number and conferences.of bodies; and Toraisingthis fundsend, the directlyorganisation from thedoes generalnot public engage orin indirectly through a fundraising agent. As such, there is no expenditure from the charity's resources on raising funds directly from the public.

Going concern The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of any bank facilities. In addition, the Board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2025, the Board considered a long range financial forecast for both the Charity and the wider group. Specifically for the Charity, the model identified that there were two significant risks — Unions’ ability to pay their membership contributions, and the level of revenue able to be generated through member Unions participating in the purchasing consortium to deliver on-campus trade.

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The financial model took a prudent view on how those incomes could grow over the next three to five years, and the consequent ability of the Company to make gift aid contributions up to the parent Charity. Taking that into account, the Board maintains regular financial monitoring of the Charity's projected financial performance in order to ensure it is able to take appropriate mitigating action should circumstances and projections change.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Page17

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Statement of Trustees’ ? ResponsibilitiesCS) eye, © The Trustees (who Trustees (who (who are also the directors of the the Charity and and hence for taking reasonable taking reasonable reasonable steps for Charity for the for the the purposes of company company law) are the prevention and detection of fraud fraud and other responsible for preparing the Trustees’ the Trustees’ Trustees’ Report irregularities.

The Trustees (who Trustees (who (who are also the directors of the the Charity and and hence for taking reasonable taking reasonable reasonable Charity for the for the the purposes of company company law) are the prevention and detection of fraud fraud responsible for preparing the Trustees’ the Trustees’ Trustees’ Report irregularities. and the financial statements in accordance with applicable law and United Kingdom Accounting Approved by order of the of the the members of the Standards (United Kingdom Generally Accepted _ of Trustees and Trustees and and signed on on its behalf by: Accounting Practice).

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Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to: e select suitable accounting policies and then apply them consistently; e observe the methods and principles of the Charities SORP (FRS 102);

• e make judgments and accounting estimates that are reasonable and prudent;

• e state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the

Page19

Page 20

NUS Students’ Union Charitable Services

Independent Auditors' Report to the Members of NUS Students’ Union Charitable Services

a

Opinion

We have audited the financial statements of NUS Students’ Union Charitable Services (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 30 June 2025, which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 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:

• e give a true and fair view of the state of the Group's and the parent charitable company's affairs as at 30 June 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent 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.

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

a

—

NUS Students’ Union Charitable Services

Independent Auditors' Report to the Members of NUS Students’ Union Charitable Services (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors’ 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• e the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• e the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of directors' remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit.

ee

NUS Students' Union Charitable Services

Independent Auditors' Report to the Members of NUS Students’ Union Charitable Services (continued)

a—————<~— —m—

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, 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 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 Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors’ 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• e the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• e we identified the laws and regulations applicable to the charitable company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

• e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation;

• e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

a

)

NUS Students' Union Charitable Services

Independent Auditors’ Report to the Members of NUS Students’ Union Charitable Services (continued)

We assessed the susceptibility of the group and charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• e performed analytical procedures to identify any unusual or unexpected relationships; e — tested journal entries to identify unusual transactions; e assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and

• e investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• e agreeing financial statement disclosures to underlying supporting documentation; e reading the minutes of meetings of those charged with governance; e — enquiring of management as to actual and potential litigation and claims; and ¢ reviewing correspondence with HMRC, relevant regulators and the group and charitable company’s legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

aON

NUS Students’ Union Charitable Services

Independent Auditors’ Report to the Members of NUS Students’ Union Charitable Services (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitble company's members those matters we are required to state to them in an Auditors' 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 Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

J ine Audit ltd Simon Hawkins (Senior Statutory Auditor)

For and on behalf of Dains Audit Limited

Statutory Auditor Chartered Accountants

Suite 2, Albion House

2 Etruria Office Village Forge Lane Stoke on Trent Staffordshire ST1 5RQ

Date: [4-3 2b

i

NUS Students’ Union Charitable Services

(A Company Limited by Guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 30 June 2025

		Unrestricted		Total	Total
		funds	Restricted funds	funds	funds
		2025	2025	2025	2024
	Note	£	5a	£	£
Income from:
Donations and legacies	4	-	163,772	163,772	206,330
Charitable activities	5	288,702	-	288,702	303,238
Othertrading activities	6	2,640,274	-	2,640,274	2,593,451
Other income	7	827,600	-	827,600	827,376
Total income		3,756,576	163,772	3,920,348	3,930,395
Expenditure on:
Raisingfunds		1,680,825	-	1,680,825	1,271,583
Charitable activities		1,367,636	163,772	1,531,408	2,162,336
Total expenditure		3,048,461	163,772	3,212,233	3,433,919
Net income before net losses on investments		708,115	-	708,115	496,476
Net losseson investments		(14,440)	-	(14,440)	-
Net income before taxation		693,675	-	693,675	496,476
Taxation	12	-	-	-	50,164
Net movement in funds before other		Ss
recognised gains/(losses)		693,675	-	693,675	546,640
Other recognised gains/(losses):
Actuarial (loss)/gains on defined benefit
pension schemes		(53,690)	-	(53,690)	(75,404)
Net movement in funds		639,985	-	639,985	471,236
Reconciliation offunds:
Total funds brought forward		4,224,877	8,981	4,233,858	3,762,622
Net movement in funds		639,985	-	639,985	471,236
Total funds carried forward		4,864,862	8,981	4,873,843	4,233,858
ser 82G

NUS Students’ Union Charitable Services

Consolidated Statement of financial activities (incorporating income and expenditure account) (continued) For the Year Ended 30 June 2025

NN

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 33 to 60 form part of these financial statements.

—_———vOCT

Page 27

NUS Students’ Union Charitable Services Registered number: 07509468

Consolidated Balance Sheet As at 30 June 2025

			2025		2024
	Note		£		£
Fixed assets
Intangible assets	13		300,733		327,206
Tangible assets	14		17,757		6,687
Investments	i		7,470		20
			325,960		333,913
Current assets
Stocks		-		707
Debtors	16	948,444		1,395,504
Cash at bank and in hand		5,378,638		5,531,953
		6,327,082		6,928,164
Current liabilities
Creditors: amounts fallingdue within one year	17	(937,839)		(2,289,223)
Net current assets			5,389,243		4,638,941
Total assets less current liabilities			5,715,203		4,972,854
Creditors: amounts falling due after more than one
year	18		(841,360)		(738,996)
Total net assets			—__4,873,843		4,233,858
Charity funds
Restricted funds	19		8,981		8,981
Unrestricted funds	19		4,538,173		3,945,772
Total funds attributable tothe parent charity			4,547,154		3,954,753
Non-controlling interests			326,689		279,105
Totalfunds			4,873,843		4,233,858

Page28

NUS Students’ Union Charitable Services Registered number: 07509468

Consolidated Balance Sheet (continued)

As at 30 June 2025

ee

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Delo Owen __

D Owen Chair of the Board of Trustees Date: 19/03/2026

The notes on pages 33 to 60 form part of these financial statements.

PEID es

NUS Students’ Union Charitable Services

Registered number: 07509468

Charity Statement of financial position As at 30 June 2025

			2025		2024
	Note		£		£
Fixed assets
Intangible assets	13		13,434		6,436
Tangible assets	14		17,757		6,687
Investments	15		277,460		277,460
			308,651		290,583
Current assets
Debtors	16	282,800		223,016
Cash at bank and in hand		1,247,646		2,101,788
		1,530,446		2,324,804
Current liabilities
Creditors: amounts fallingdue within one year	17	(1,270,784)		(2,291,221)
Net current assets			259,662		33,583
Total assets less current liabilities			568,313		324,166
Total net assets			568,313.		——_324,166
Charity funds
Unrestricted Reserves	19		559,332		315,185
Restricted funds	19		8,981		8,981
Totalfunds			568,313		324,166

ee

NUS Students’ Union Charitable Services Registered number: 07509468

aEEE

Charity Statement of financial position (continued)

As at 30 June 2025

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Delo Owen

D Owen Chair of the Board of Trustees Date:are 49/03/2026

The notes on pages 33 to 60 form part of these financial statements.

es.)

NUS Students' Union Charitable Services

Consolidated Statement of Cash Flows For the Year Ended 30 June 2025

==> picture [473 x 165] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows from|operating|activities| |Net|cash|used|in|operating|activities|(124,851)|(1,419,674)| |Cash|flows from|investing|activities| |Purchase|of|intangible|assets|(12,863)|(334,717)| |Purchase|of tangible|fixed|assets|(15,601)|(9,259)| |Net|cash|used|in|investing|activities|(28,464)|(343,976)|

----- End of picture text -----

Cash flows from financing activities

==> picture [473 x 90] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Net|cash|provided|by|financing|activities|-|-| |Change|in|cash|and|cash|equivalents|in|the year|(153,315)|(1,763,650)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|5,531,953|7,295,603| |Cash|and|cash|equivalents|at|the|end|of the|year|5,378,638|5,531,953|

----- End of picture text -----

prssBS

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

• a iGeneral information

The Charity is a company limited by guarantee incorporated and registered in England and Wales. The registered office of the Charity is Merseyway Innovation Centre, 21-23 Merseyway, Stockport, SK1 1PN.

In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity,

The sole corporate member of the charitable company is the National Union of Students (United Kingdom) and the results of NUS Students! Union Charitable Services are included in the consolidated financial statements of National Union of Students (United Kingdom) and are publicly available from Companies House, Crown Way, Cardiff, CF14 3UZ.

2s Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

NUS Students' Union Charitable Services meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Financial Statements are prepared in sterling, which is the financial currency of the Charity. Monetary amounts in these Financial Statements are rounded to the nearest £1.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. During the year, the Charity has made a surplus of £244,147 (2023 - deficit of £459,503).

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

2s Accounting policies (continued)

2.2. Going concern

The directors prepare annual budgets and forecasts in order to ensure that they have sufficient facilities in place and that they comply with the terms and conditions of any bank facilities. In addition, the Board in formulating its plan and strategy for the future development of the business has considered a period beyond that for which formal budgets and forecasts are prepared. At its meeting in Spring 2025, the Board considered a long range financial forecast for both the Charity and the wider group. Specifically for the Charity, the model identified that there were two significant risks — Unions’ ability to pay their membership contributions, and the level of revenue able to be generated through member Unions participating in the purchasing consortium to deliver on-campus trade.

The financial model took a prudent view on how those incomes could grow over the next three to five years, and the consequent ability of the Company to make gift aid contributions up to the parent Charity. Taking that into account, the Board maintains regular financial monitoring of the Charity’s projected financial performance in order to ensure it is able to take appropriate mitigating action should circumstances and projections change.

Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Income

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

Income from Government and other grants is recognised when the charity has entitlement to teh funds, any performance conditions have been met, it is probable that the income will be recieved and the amount can be measured reliably and not deferred.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

The Charity also benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with Charities SORP, the economic contribution of general volunteers is not recognised in the financial statements.

eee2

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

Se

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Pensions

The charity operates a defined contribution scheme for the employees of the Group. Contributions are charged as an expense to the Statement of Financial Activities in the period in which they fall due.

NUS Services operates a multi-employer defined benefit scheme. The scheme is now closed to new admissions. The costs of providing benefits under defined benefit palns is determined seperately for each plan using the projected unit credit method, and is based on acturarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit charges, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to Income Statement in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

zs Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Website development

• 20 % straight line

2.7. Tangible fixed assets and depreciation

Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Leasehold improvements - 20% straight line Fixtures and fittings - 20% straight line Computer equipment - 33% straight line

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

Investments in associates are stated at the amount of the Group's share of net assets. The Consolidated Statement of Financial Activities includes the Group's share of the associated companies’ net income or expenditure using the equity accounting basis. As the associate is a charity, the investment is presented within restricted funds.

aPage 3G

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

a

2. Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and 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.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

2. Accounting policies (continued)

2.14 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the 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.

3. Critical accounting estimates and areas of judgment

In the application of the group'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 assumptions that havea significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements and key sources of estimation uncertainity

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Multi-employer defined benefit pension scheme

The Group participated in the Student Union Superannuation Scheme, a mutli-employer defined benefit pension scheme with other Student Union organisations. In the judgement of the directors, the Group does not have sufficient information on the plan assets and liabilities to be able to reliably account for its share of the defined benefit obligation and plan assets. Therefore the scheme is accounted for as a defined contribution scheme, in line with the deficit reduction plan. See note 24 for further details.

Key sources of estimation uncertainity

The Company makes estimates and assumptions concerning the future. The resulting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that havea significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Measurement of multi-employer pension liability

The company must measure its defined benefit obligation on a discounted present value basis. The Company must determine the rate used to discount the future payments by reference to market yields at the reporting date on high quality corporate bonds. The currency and term of the corporate bonds or government bonds shall be consistent with the current and estimated period of the future payments.

aPage 38

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

a 4. Income from grants, donations and legacies

Restricted	Total
funds	funds
2025	2025
£	£
_—____163,772.	163,772

Grantsand	and	donations
Grants	and	donations

			Restricted	Total
			funds	funds
			2024	2024
			£	£
Grants	and	donations	206,330 _—s——206,330
Income	Income from charitable activities
			Unrestricted	Total
			funds	funds
			2025	2025
			£	£
Events	and	conferences	230,500	230,500
HRsupport		unit	58,202	58,202
			___288,702,	288,702
			Unrestricted	Total
			funds	funds
			2024	2024
			£	£
Events	and	conferences	232,409	232,409
HR support		unit	70,829	70,829
			__303,238___303,238

5. Income from charitable activities

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

1. Income from other trading activities Income from non charitable trading activities

		Unrestricted	Total
		funds	funds
		2025	2025
		£	£
	Trading support	2,640,274	2,640,274
		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
	Trading support	2,593,451	2,593,451
Te	Other incoming resources
		Unrestricted	Total
		funds	funds
		2025	2025
		£	£
	Membership	716,588	716,588
	Surveys	51,745	51,745
	Other	58,367	58,367
	QSU	900	900
		827,600	827,600

ee2.

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

oa

a. Other incoming resources (continued)

		Unrestricted	Total
		funds	funds
		2024	2024
		£	£
	Membership	713,181	713,181
	Surveys	52,433	52,433
	Other	24,810	24,810
	QsuU	7,200	7,200
	Solar panel	29,752	29,752
		see ee RBIS___..	___.. 82 376,
8.	Analysis ofexpenditure by activities
			Total
			funds
		2025	2025
		£	£
	Events	40,208	40,208
	Other	1,144,994	1,144,994
	Support	346,206	346,206
		1,531,408	1,531,408
			Total
			funds
		2024	2024
		£	£
	Events	13,116	13,116
	Other	963,599	963,599
	Support	1,185,621	1,185,621
		__2,162,336	___2,162,336

i IT

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

				Total
	Events	Other	Support	funds
	2025	2025	2025	2025
	£	£	£	£
Staff costs	-	850,354	186,994	1,037,348
Depreciation	-	2,167	8,228	10,395
Recharges	40,208	(898,105)	-	(857,897)
Legal and Professional	-	555,877	42,037	597,914
IT costs	-	150,041	16,197	166,238
Subscriptions	-	49,760	13,895	63,655
Marketing	-	5,783	-	5,783
Recruitment and training	-	94,688	28,756	123,444
Venue and building costs	-	215,377	47,465	262,842
Printing and stationery	-	192	1,494	1,686
Travel and subsistence	-	45,005	402	45,407
Sundry	-	62,075	738	62,813
Bad debt write off	-	11,780	-	11,780
	—___40,208	__1,144,994	__346,206	___1,531,408

—$—Pt

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

nat

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

==> picture [448 x 366] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Total| |Events|Other|Support|funds| |2024|2024|2024|2024| |£|£|£|£| |Staff costs|-|624,311|440,331|1,064,642| |Depreciation|-|(652)|62,666|62,014| |Recharges|-|(703,808)|-|(703,808)| |Legal|and|Professional|.|474,146|64,338|538,484| |IT costs|-|(52,068)|319,587|267,519| |Subscriptions|1,439|45,571|11,164|58,174| |Marketing|-|4,732|30,683|35,415| |Recruitment|and|training|-|79,662|44,324|123,986| |Venue|and|building|costs|10,454|139,356|145,992|295,802| |Printing and|stationery|4|759|1,401|2,164| |Travel|and|subsistence|1,219|63,548|719|65,486| |Sundry|-|288,042|2,398|290,440| |Amortisation|-|-|62,018|62,018| |13,116|_—*963,599|i1,.185,621|__2,162,336|

----- End of picture text -----

1. Auditors' remuneration

==> picture [445 x 44] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Fees|payable to the|Charity's|auditor for the|audit|of the|Charity's|annual|accounts|14,425|13,750|

----- End of picture text -----

The Charity has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Pag49

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

10. Staff costs

==> picture [446 x 130] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |2025|2024|2025|2024| |£|£|£|£| |Wages|and|salaries|1,342,018|1,471,618|830,385|922,445| |Social|security|costs|147,967|140,936|90,379|88,174| |Contribution|to|defined|contribution|pension|schemes|175,747|84,201|116,584|54,023| |1,665,732|1,696,755|1,037,348|1,064,642|

----- End of picture text -----

During the year the Charity made 2 staff redundant. The liabilities for this totalled £68,519.

The average number of persons employed by the Charity during the year was as follows:

==> picture [447 x 102] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Group|Group|Charity|Charity| |2025|2024|2025|2024| |Management|3|4|3|4| |Administrative|35|37|22|23| ||:|5 Oe1. Yd|

----- End of picture text -----

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

==> picture [446 x 95] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Group| |2025|2024| |In|the|band|£60,001|-|£70,000|1|1| |In|the|band|£100,001|-|£110,000|-|a| |In|the|band|£120,001|-|£130,000|1|-|

----- End of picture text -----

The key management of the Charity comprise the senior management team as disclosed in the charity information on Page 1. The total employee benefits of the key management personnel of the Charity, which encompasses 4 individuals were £260,998 (2024: £248,251).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL-).

During the year ended 30 June 2025, no Trustee expenses have been incurred (2024 - £NIL).

Page44

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

a 12. Taxation

==> picture [445 x 88] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |£|£| |Corporation|tax| |Adjustments|in|respect|of previous|periods|-|(50,164)| |Taxation|on|net income|:|(50,164)|

----- End of picture text -----

The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

==> picture [445 x 155] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net income|before|tax|_____—«693,675|496,476| |Net income|multiplied|by the|standard|rate|of corporation|tax|in the|UK|of 25%| |(2024|- 25%).|173,419|124,119| |Effects|of:| |Other adjustments|(173,419)|(174,283)| |Total tax charge for the year|-|(50,164)|

----- End of picture text -----

Page 45

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

13.	Intangible assets
	Group
		Website
		development
		£
	Cost
	At 1July 2024	589,701
	Additions	15,601
	Disposals	(241,622)
	At 30June 2025	350,318
	Amortisation
	At 1 July 2024	262,496
	Charge forthe year	35,638
	On disposals	(241,622)
	At 30 June 2025	49,585
	Net book value
	At30 June 2025	___300,733
	At30June2024	327,205

aPage 4G

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

For the Yearthe YearYear Ended 30 JuneJune 2025	For the Yearthe YearYear Ended 30 JuneJune 2025	For the Yearthe YearYear Ended 30 JuneJune 2025
a —
13.	Intangible assets (continued)
	Charity
		Website
		development
		£
	Cost
	At 1July2024	254,984
	Additions	15,601
	Disposals	(241,622)
	At30June 2025	15,601
	Amortisation
	At 1July2024	248,549
	Chargefortheyear	2,167
	On disposals	(241,622)
	At 30June 2025	2,167
	Net book value
	At30June 2025	13,434
	At30June2024	6,435

rn

NUS Students’ Union Charitable Services

Notes to the Financial Statements
For the Year Ended 30 June 2025
14. Tangible fixed assets
Groupand Charity
	Computer
	equipment
	£
Cost or valuation
At 1 July 2024	9,259
Additions	12,863
Transfers between classes	13,362
At 30June 2025	35,484
Depreciation
At 1 July 2024	2,572
Charge forthe year	8,228
Transfers between classes	6,927
At 30June 2025	17,727
Net book value
At 30June 2025	17,757
At30June2024	6,687

aPage 48

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

ns	ns	ns	ns	ns	ns	ns
ae	Fixed asset investments
		Investments	in
		associate		Investments	in
		companies		associates		Total
	Group		£		£	£
	Cost or valuation
	At1July2024		20	-		20
	Transfers intra group	-		7,450		7,450
	At 30 June 2025	——ee
		ee:			eee 2
	Net book value
	At30June 2025		20	7,450		7,470
	At30June 2024		20	-		20
						Investments in
						subsidiary
						companies
	Charity					£
	Cost or valuation
	At 1July2024					277,460
	At30June 2025					a
						——__277,460
	Net book value
	At30June 2025					277,460
	At30June2024					—__-277,460

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

15. Fixed asset investments (continued)

Principal subsidiaries and associates

The following were subsidiary undertakings of the Charity:

==> picture [453 x 266] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Names|Company|Principal|activity|Class|of shares|Holding| |number| |NUS Services|Limited|01639519|Wholesale|Ordinary A and|B|shares|97%| |NUS|Holdings|Limited||01158893|Dormant|company|Ordinary|shares|(held|97%| |indirectly)| |The|financial|results|of the the|subsidiaries|for the the|year were: were:| |Names|Income|Expenditure|Profit/(Loss)/|Net assets| |£|£|Surplus/|£| |(Deficit)|for|the| |year| |£| |NUS|Services|Limited|2,671,461|1,560,353|1,111,116|4,607,068| |NUS|Holdings|Limited||-|.|-|}| |The|following|was|an|associate|of the|Charity:| |Name|Class|of|Holding| |shares| |Student|Discount Cards|Limited|Ordinary|50%|

----- End of picture text -----

The financial results of the the subsidiaries for the the year were: were:

NUS Holdings Limited was dissolved on 23 December 2025.

Page 50

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

nn —<—$—————_—

16. Debtors

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£	£	£	£
Duewithin oneyear
Trade debtors	686,172	1,046,907	115,410	13,699
Amounts owed bygroup undertakings	1	62,981	-	62,801
Otherdebtors	21,593	38,315	21,593	1,844
Prepayments and accrued income	240,678	247,301	145,797	144,672
	948,444	__1,395,504	___282,800	___223,016

ee

—

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

17; Creditors: Amounts falling due within one year

	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£	£	£	£
Payments received on account	38,055	839,114	-	-
Trade creditors	180,447	292,402	43,934	87,160
Amounts owed to group undertakings	18,699	100,542	1,036,524	1,894,365
Other taxation and social security	157,357	147,842	9,218	33,222
Other creditors	173,216	108,308	49,725	25,576
Accruals and deferred income	370,065	801,015	131,383	250,898
	937,839	2,289,223	1,270,784	2,291,227
	Group	Group	Charity	Charity
	2025	2024	2025	2024
	£	£	£	£
Deferred income at 1 July 2024	101,508	62,801	101,508	62,801
Resources deferred during the year	65,563	101,508	37,851	101,508
Amountsreleasedfrompreviousperiods	(101,508)	(62,801)	(101,508)	(62,801)

—— 65,563 101,508 37,851 101,508

1. Creditors: Amounts falling due after more than one year

SUSS Pension Scheme

Group Group 2025 2024 £ £ — 841,360 _ 738,996

Page 52

NUS Students' Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

a 19. Statement of funds

Statement offunds - current year
	Balance at	1			Gains/ _Balance at 30
	July2024		Income	Expenditure	(Losses)	June2025
		£	£	£	£	£
Unrestricted funds
Tradingfunds	4,224,877		3,756,576	(3,048,461)	(68,130)	4,864,862
Restricted funds
Spirit ofAMSU	8,981		-	-	-	8,981
Scottish Funding Council	-		29,000	(29,000)	.	-
Think positive	-		97,722	(97,722)	-	-
Wales FE Learner	-		37,050	(37,050)	-	-
	8,981		163,772	(163,772)	-	8,981

Total of funds

4,233,858 3,920,348 (3,212,233) (68,130) 4,873,843

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

19.	Statement offunds(continued)	Statement offunds(continued)
	Statement offunds - prioryear
		Balance		at				Gains/	Balance	at
		1July	2023		Income	Expenditure	Taxation	(Losses)	30June 2024
				£	£	£	£	£		£
	Unrestricted funds
	Tradingfunds	3,753,641			3,724,065	(3,227,589)	50,164	(75,404)	4,224,877
	Restricted funds
	Spirit ofAMSU		8,981		-	3	-	-	8,981
	Scottish Funding
	Council		-		42,913	(42,913)	-	-	-
	Think positive		-		162,870	(162,870)	-	-	-
	See me		-		547	(547)	-	-	-
			8,981		206,330	(206,330)	.	-	8,981

Total of funds

==> picture [371 x 10] intentionally omitted <==

----- Start of picture text -----
3,762,622 __3,930,395 (3.433,919) 50,164 (75,404) 4,233,858
----- End of picture text -----

Spirit of AMSU (Association for Managers in Students' Union) - The residual funds of AMSU left over when it merged with NUS Charity. The fund exists to support initiatives developed by and for staff members in Students’ Unions.

Scottish Funding Council- A fund to support a programme of development for students’ association across Scottish colleges.

Student Mental Health- A fund to develop mental health support for students across Scottish further and higher education institutions.

NUS Wales Effective SUS- A fund to enable NUS to build and support strong and effective students’ unions across Welsh higher education institutions.

Nene een

a ree

2 i:

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

ne

20. Analysis of net assets between funds

Analysis of net assets between funds - current year

==> picture [447 x 222] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2025|2025|2025| |£|£|£| |Tangible|fixed|assets|17,757|.|17,757| |Intangible|fixed|assets|300,733|-|300,733| |Fixed|asset|investments|7,470|-|7,470| |Current|assets|6,318,101|8,981|6,327,082| |Creditors due within|one year|(937,839)|-|(937,839)| |Creditors|due|in|more than|one|year|(841,360)|-|(841,360)| |Total| | 4,864,862 8,981, 4,873,843|

----- End of picture text -----

Analysis of net assets between funds - prior year

==> picture [445 x 210] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|funds| |2024|2024|2024| |£|£|£| |Tangible|fixed|assets|6,687|-|6,687| |Intangible|fixed|assets|327,206|-|327,206| |Fixed|asset|investments|20|-|20| |Current|assets|6,919,183|8,981|6,928,164| |Creditors due within|one|year|(2,289,223)|-|(2,289,223)| |Creditors|due|in|more than|one|year|(738,996)|-|(738,996)| |Total|——| |__ 4,224,877|8,981|4,233,858|

----- End of picture text -----

ee

NUS Students’ Union Charitable Services

Notes to the Financial Statements For the Year Ended 30 June 2025

21; Reconciliation of net movement in funds to net cash flow from operating activities

			Group		Group
			2025		2024
			£		£
	Net income forthe year (as perStatement of Financial Activities)
				6		5
	Adjustments for:
	Depreciation and amortisation charges		43,866		75,960
	Losses on investments		14,440		-
	Loss on the sale offixed assets		38,131		60,379
	Decrease in stocks		707		421
	Decrease in debtors		447,062		216,922
	Decrease in creditors		(1,362,732)		(2,272,930)
	Tax rebate		-		(47,066)
	Net cash used in operating activities		(124,851)		(1,419,674)
22.	Analysis ofcash and cash equivalents
			Group		Group
			2025		2024
			£		£
	Cash in hand		5,378,638		5,531,953
	Total cash and cash equivalents		5,378,638		5,531,953
23.	Analysis ofchanges in netdebt
					At 30 June
		At 1 July 2024	Cash flows		2025
			£		£
		£
	Cash at bank and in hand	5,531,953	(153,315)		5,378,638
		5,531,953	(153,315)		5,378,638

oeeeSe

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

ee

24. Pension commitments

Defined Contribution scheme The Company participates in a defined contribution pension scheme where the company contributes either 3% or 6% of salary depending upon each member's level of contribution.

The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contribution payable by the Company to the fund and amounted to £116,584 (2024 - £54,023). Contributions totalling fnil (2024 - £nil) were payable to the fund at the balance sheet date.

Multi-employer pension scheme

NUS Services Limited offered membership of Students' Union Superannuation Scheme ("SUSS"), a defined benefit pension scheme, to all employees until 30 September 2011, at which point 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 £119,000,000 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 £136,000,000.

The 2022 valuation recommended a monthly contribution requirement by each participating employer expressed in monetary terms to clear the ongoing funding deficit over a period of 14 years and will increase at 5% per year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the scheme. These rates applied from 1 October 2023 and will be formally reviewed following the completion of the next valuation due with an effective date of 30 June 2025. Surpluses and deficits which arise with future valuations will also impact on the Union's future contribution commitment. See Note 17 and 18 for the liability recognised under the currently agreed deficit funding plan expiring September 2037. Liabilities are shown on a discounted present value basis. In addition to the above contributions, the Union pays its share of the scheme's levy to the Pension Protection Fund.

Under FRS 102, the Multi-employer pension liability has been calculated based on the assumptions of the above expected deficit payments using a discount rate of 5.6% (2024 - 5.2%).

2025 2024 £ £

Present value of provision

Students’ Union Supperannuation Scheme

______—«841, 360 738,996

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2

NUS Students' Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

	2025	2024
	£	£
Creditors: amounts falling due within one year	-	-
Creditors: amounts falling due between 2 and 5 years	-	-
Creditors: amounts falling due after 5 years	841,360	738,996
	841,360	738,996
	2025	2024
	£	£
Provision at start of period	738,996	2,426,675
Unwinding ofdiscount factor	48,674	91,524
Deficit contributions paid	-	(1,854,607)
Movement in net present value calculation	53,690	75,404
	841,360	738,996

Page 58

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

Se The following schedule details the deficit contributions agreed between the company and the scheme to settle the company share of the deficit:

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||||||| |---|---|---|---|---|---| |Start|End|Year|Annual|; Annual|Monthly| |Increase|contributions|Payment| |Jul-24|Oct-24|2024|5%|-|-| |Nov-24|Oct-25|2025|5%|*|=| |Nov-25|Oct-26|2026|5%|=|=| |Nov-26|Oct-27|2027|5%|z|=| |Nov-27|Oct-28|2028|5%|Es|=| |Nov-28|Oct-29|2029|5%|=|a| |Nov-29|Oct-30|2030|5%|-|#| |Nov-30|Oct-31|2031|5%|=|-| |Nov-31|Oct-32|2032|5%|=|3| |Nov-32|Oct-33|2033|5%|252,390|25,239| |Nov-33|Oct-34|2034|5%|318,012|26,501| |Nov-34|Oct-35|2035|5%|333,912|27,826| |Nov-35|Oct-36|2036|5%|350,616|29,218| |Nov-36|May-37|2037|5%|214,753|30,679| |Assumptions| |2025|2024|2023| |%|%| |%| |Rate|of discount|5.60|5.20|5.20|

----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

25. Operating lease commitments

At 30 June 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

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----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Group|Group|Charity|Charity| |2025|2024|2025|2024| |£|£|£|£| |Not|later than|1|year|6,656|19,106|5,056|9,706| |Later than|1|year and|not|later than|5 years|3,200|7,406|-|5,056| |9,856|26,512|5,056|14,762|

----- End of picture text -----

NUS Students’ Union Charitable Services

Notes to the Financial Statements

For the Year Ended 30 June 2025

26. Related party transactions

OneVoice Digital Limited

NUS Services owns 20% of the share capital of OneVoice Digital Limited.

In 2018, NUS Services entered into a £2m Loan Facility agreement to OneVoice. As at June 2019 it was assessed by management that the Loan Facility agreement was irrecoverable and a full impairment of £2m was recognised in the year to 30 June 2019. This is still the case in the year ended 30 June 2025.

During the year, the group made sales of £nil (2024 - £172,498) and had purchases of £nil (2024 - Enil) from OneVoice Digital Limited. As at the year end £nil (2024 - £nil) was owed by OneVoice Digital Limited to the group.

27: Controlling party

National Union of Students (United Kingdom) is the effective parent undertaking due to its control over the Board of Trustees of the Charity.

National Union of Students (United Kingdom) is the largest organisation producing consolidated financial accounts including the financial statements of the Company. These consolidated financial statements are publicly available from Companies House (registration number 08015198).

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