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← The Unite Foundation CIO

2025-09-30-accounts

The Unite Foundation

Report and financial statements

For the year ended 30 September 2025

Registered CIO in England and Wales 1198601 and Scotland SC051987

The Unite Foundation Contents Year ended 30 September 2025

Contents

Contents
Reference and Administrative Information 1
Trustees’ Annual Report 2
Objectives and activities 2
Achievements and performance 3
Goals and outcomes - 2024/25 3
Financial review for the year under review 7
Plans for the future 9
Structure, governance and management 10
Independent auditor’s report 14
Statement of financial activities 18
Balance sheet 19
Statement of cash flows 20
Notes to the financial statements 21

The Unite Foundation Reference and administrative information Year ended 30 September 2025

Reference and Administrative Information

Charity number 1198601/SC043324. Country of registration England & Wales/Scotland Registered office and operational address 1[st] Floor, The Welcome Building Avon Street BRISTOL BS2 OPS

Trustees Trustees who served during the year and up to the date of this report were as follows: Shân Wareing Chair – Resigned June 2025 John Cater Chair – Appointed June 2025 Nicholas Miller Resigned December 2024 Fiona Slaven Lloydette Bai Marrow Ian Adams Sunday Blake Vice Chair Moray Notman Nyomi Rose James Watts Lorna Cosgrave Jo Blair Sam Macrae Julie Hall Appointed June 2025 Key management personnel Fiona Ellison and Kate Brown – Co- Directors (Fiona Ellison on maternity leave January to December 2024 covered by Kate Brown) Bankers National Westminster Bank Bristol City Centre 45, 49 Broadmead, Bristol BS1 3EU Solicitors Mishcon de Reya Africa House, 70 Kingsway, London WC2B 6AH Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON - EC1Y 0TG

1

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Trustees’ Annual Report

The Trustees present their report and the financial statements for the year ended 30 September 2025.

The Charitable Incorporated Organisation (CIO) was registered on 12 April 2022 having had net assets transferred from the Unite Foundation Charitable Trust (founded 2012 with charity number: 1147344).

The charity continues to benefit from generous support from the Unite Group; the company which originally founded the Charitable Trust. This support takes the form of long-term funding pledges that are realised through significant annual grants and underwritten by an assurance of ‘tail off’ funding for named beneficiaries in the event of any shortfall.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity's Governance document and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The Unite Foundation is an independent registered charity offering a unique accommodation scholarship for care leaver/experienced and estranged young people at university. The scholarship takes care of students’ accommodation and bills, covering up to 3 full years of study. The charity worked with 38 universities across England and Scotland during 2024/25, and the team works closely with Unite Students, the charity’s accommodation partner and principal corporate donor. The charity has awarded 883 scholarships since 2012, and 449 Unite Foundation graduates are pursuing their dreams.

The charity improves the access, progression and post-graduate outcomes for care leaver and estranged students in the UK. This goal is addressed by delivering direct benefit to relevant students through a national scholarship scheme, providing an online and in person student community space, raising awareness of the experience of such students, and by supporting transformational research.

The Trustees review the aims, objectives and activities of the charity each year having regard to the Charity Commission’s guidance on public benefit and have referred to this guidance when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

2

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Grants policy

The charity addresses its charitable goal principally by the gift of scholarship grants to care leaver and estranged students. The scholarship scheme has published scheme priorities of:

195 students were on the scholarship during 2024/25 of which 151 were active in taking up a free tenancy in that year.

Achievements and performance

Charitable activities focus on care leaver/experienced and estranged undergraduate students and are undertaken to further the Unite Foundation's charitable purposes for the public benefit.

Charitable impact

Goals and outcomes - 2024/25

1. A home at university

For all estranged and care experienced students to have the choice to go to university safe in the knowledge that they will have a secure home.

Our students say that having a safe and secure home at university means they can make the most of the full university experience. Independent analysis also tells us that the provision of a home at university – the security it provides and the financial stress it alleviates – has a statistically significant impact on continuation and completion rates for this group of students.

Goals

1 A Home at University

Outcomes:

3

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

2. Community

For all estranged and care experienced students to feel united by a sense of community.

The aim is that estranged and care experienced students feel better connected with one another, become recognised in wider society without stigma and can pull together when they want to, to effect change that will benefit all estranged and care experienced young people at university.

Goal :

Outcome:

In the year, social connection between students increased on the previous year with ten inperson meetups and four online community events, engaging 168 attendees (an increase of 17% on the previous year). ‘Meetups’ are predominantly social in purpose and respond to research findings of greater loneliness and social isolation amongst care experienced and estranged young people; these activities enable friendship groups to develop in a space of mutual understanding. As in the previous year, the locations for in-person meetups were concentrated in larger cities including Bristol, Edinburgh, London, Newcastle, Nottingham and Sheffield.

Two of the four online events in the year were focus groups looking at the contrast between male and female gender participation in student activity. This is an important area given the consistent findings in research literature on the paucity of male participation reflected across

4

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

the sector. Findings from this work were shared directly with an HE Peer Professional Network; a termly gathering of professionals keen to underpin social cohesion and sense of belonging for care experienced and estranged students. The other two events were part of an emerging ‘Wellbeing Series’; content that focusses on practical, tangible methods of self-care and worth nurturing including journaling. Key to note is that these events are fully equipped i.e. every participant is provided the resources needed to participate. This is critical for access but simultaneously directly addresses self-worth by the gifting of small, quality items at an individual level.

The work of the Community is powered by paid student workers - Community Catalysts – and is based on a continuous feedback loop from students within the community. In the 24/25 year the focus areas for the three catalysts working at any one time were:

The All of Us flag has been distributed via 3,570 physical postcards across 23 organisations including universities, charities, and local authorities seeking to raise awareness of the existence of community with their young people. This is a slight decrease on 23/24, perhaps reflecting an established baseline of awareness for existing students that just requires a refresh as new intakes start their university journey each year.

3. Removing roadblocks:

For students to drive change in higher education so that all estranged and care experienced students can secure and maintain a home throughout university and beyond. Being able to secure and maintain a home through university is challenging for students without any family support. It costs money, and aspects other students rely on their family for - e.g. providing a rent guarantor – are not straightforward.

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Goals :

Outcome:

The efforts to secure an estranged ‘flag’ on the Higher Education Statistics Agency (HESA) returns in England failed during the year. Despite such data already being collected routinely in Scotland and Wales, contact with both the Office for Students, and DfE were not fruitful.

Previous years’ success in securing relevant flags within national data sets was more positive with the Student Academic Experience Survey (SAES), and the National Student Survey (NSS) including estrangement as well as care experience in the data sets.

In relation to rent guarantor provision we ran a six series of webinars related to rent guarantors for a Higher Education audience. The series reiterated the barriers faced by care experienced and estranged students and underlined the important of clear, student-facing information on what a rent guarantor was given the inexperience of a young audience unsupported by family. The programme then went on to showcase options for removing the barrier for rent guarantor including two commercial vehicles (for which universities could cover the administrative fees), and the provision of an in-house scheme. A theme throughout these sessions was the

absence of rent defaults. This contrasts sharply with the perception in provider institutions on financial risk. In the mid-section of the series the feedback was clear that the current climate in Higher Education (shrinking budgets and staff reductions) made the introduction of completely new services unlikely. At this juncture we strengthened resolve on maintaining awareness and support for universities, alongside the next audit for information provision; a cost-free action.

The student audit in September found an increase in university websites displaying information (on what a rent guarantor was) of 60% of 158 sites effectively covering the subject (an increase from 45% in 2024, and 36% in 2022).

6

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Financial review for the year under review

The CIO received total donation income of £2,103,608 in the year under review (30 September 2024: £2,045,789) and received total investment income of £172,721 (30 September 2024: 153,776) from its units held in an endowment fund .

The CIO had net assets of £5,075,915 as at 30 September 2025 (30 September 2024: £4,838,292). Details of the financial performance are set out in the Statement of Financial Activities. The CIO continued to receive donations from the Unite Group and income from its asset of units in the USAF Fund.

Reserves policy

The CIO reserves are the unrestricted funds that are freely available to spend on any of the charity’s purposes.

The reserve targets are set to meet:

  1. Charitable purpose - the ongoing charitable cost of named beneficiary scholarships to their full commitment. At 30 September 2025 this target stands at £3,519,707 (30 September 2024: £3,865,734). At 30 September 2025, £6,420,963 (30 September 2024: £6,384,137) is the value of investment units held. The Unite Foundation also benefits from a written commitment from Unite Students (12 September 2025) that, in the event of cessation of donation income, forward rental costs for all named scholarship beneficiaries will be met to the full extent of their entitlement.

  2. Cashflow and Dissolution – the liquidity required to meet flows of expenditure during normal operational business and/or the funds required to manage continuity/dissolution in the event of cessation of activity. The free reserves target is calculated as 3 and 6 months of averaged operational, non-scholarship, expenditure (2024/25) for each category respectively. The ‘run off’ funding commitment from Unite Students referenced above is also available in this regard. Plus the Board of Trustees has the potential to liquidate the USAF funds value on the elapse of the 10 year time period clause on the original 2016 gift.

As at 30 September 2025 the endowment fund totaled £6,420,963 (30 September 2024: £6,384,137) and the general fund totaled negative £1,273,913 (30 September 2024: £1,601,843 negative reserves). Negative reserves are a consequence of recognition of future grant commitment with corresponding grant income reflected as a contingent asset (as at 30 September 2025 £5.6m) until entitlement requirement is reached at the outset of each financial year.

As at 30 September 2025, the Unite Foundation is in a net assets position with closing funds of £5,075,915 (30 September 2024: £4,838,292) of which £2,174,662 (September 2024: £2,319,889) represents working capital.

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Related parties

Unite Students made a cash donation to Unite Foundation during the reporting period of £1,921,160, (30 September 2024: £1,879,470). As at the end of September 2025 the USAF units were valued at £6,420,963, (30 September 2024: £6,384,137) and distributions received were £172,721 for the year to 30 September 2025 (30 September 2024: £153,776). Nothing is due from the charity to Unite Students in respect of this asset..

In September of 2025 Unite Foundation received a grant of £772,928 from Unite Students. The grant relates to activities and expenditure planned for the 2025/26 financial year. As the conditions attaching to the grant pertain to future periods, the income has been deferred.

Three Unite Students staff members are Trustees of the Unite Foundation and subject to the standard codes of conduct and conflict of interest frameworks. Unite Students has no involvement or influence over the Trust’s activities and grant making decisions.

At 30 September 2025, £1,350 was due to Unite Students (30 September 2024: £179,452) in relation to reimbursed costs.

Trustees’ analysis of key risks

The Unite Foundation’s principal risks in 2024/25 revolved around security of income.

Key risks with the highest scores whilst still comfortably within The Board’s acceptable risk appetite were:

Going concern

The financial statements have been prepared on a going concern basis which the Trustees believe to be appropriate for the following reasons. The charity holds an investment in the Unite UK Student Accommodation Fund (USAF) and is therefore not entirely dependent upon a recurrent donation from Unite Students for its income. In addition to the distribution income from USAF, Unite Students has provided the charity with a forward year funding programme to academic year 2027/28. Unite Students has also, within current funding documentation, committed to meeting costs of all named scholarship students in the event of any cessation of support. This reflects the Unite Foundation grant policy of full recognition for full, multi-year costs at point of award. Further, the Trustees have the ability to vary their grant decisions based on investment income received in any period. The negative funds position in the 2024/25 financial statements reflects funding commitments for future scholarship payments, which will be met from future donations and income.

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

This should enable the charity (CIO) to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. The Trustees acknowledge that financial support is confirmed up to the 2027/28 financial year. Beyond this point, there can be no assurance that such funding will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so plus the Trustees benefit from corporate assurance of run off funding for existing students as described above.

Fundraising

The charity did not utilise the services of professional fundraisers or commercial participators and no material expenditure was incurred in the raising of charitable funds. The majority of fundraised income year on year comes from the support of principal donor Unite Students.

Fundraised income of £2,103,608 received in the reporting period (30 September 2024: £2,045,789) This comprised £167,698 restricted income from charitable Trusts for the Home at University pilots (including donations from The Portal Trust - £32,698, The Crucible Foundation - £70,000, and The Blagrave Trust - £25,000 plus £40,000 from a donor not wishing to be named. Additionally other income of £60,130 was received from community supporters including challenge type events and individual donations.

Plans for the future

The Unite Foundation has put in place a 2025-8 strategic plan focused on three areas of activity

1. Direct student impact - More care experienced and estranged students have a free #HomeAtUniversity

2. Practice shift - Those directly involved in providing university accommodation strengthen their approach to enabling a #HomeAtUni for care experienced and estranged students

9

The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Structure, governance and management

The Trustees meet quarterly to agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, investment and risk management policies and performance. All trustees give their time voluntarily and receive no benefits from the charity. Trustee expenses were incurred and reclaimed from the charity within the reporting period relating to expenses incurred for travel to Board meetings; none were of a material value

There must be a minimum of three Charity Trustees and a maximum of twelve. On the creation of the CIO, ‘First Trustees’ were recorded with express terms of service. Apart from the first Charity Trustees, every trustee shall be appointed by a resolution passed at a properly convened meeting of the Charity Trustees and shall serve for a period of three years from the date of their appointment. On expiration of their term of office they will be eligible for reappointment for a further three-year term (up to a maximum of two consecutive terms) by majority decision of the remaining Trustees. On expiry of their term of office, and in exceptional circumstances, the Charity Trustees shall have the power by a 75 per cent majority to extend a Charity Trustee's period of office for a further three year term, or for such term the Charity Trustees in their absolute discretion decide. In selecting individuals for appointment as Charity Trustees, the Charity Trustees have regard to the skills, knowledge and experience needed for the effective administration of the Charity.

The Board has two Committees, the Governance Committee, and the Finance, Audit and Investment Committee, both of which meet at least twice annually. The Trustees’ delegate day-to-day management of the charity to the Co-Directors. A scheme of delegation sets out the relationship between Chair, Board, Director and team identifying operational and reporting responsibilities.

The charity is a Charitable Incorporated Organisation registered on 12 April 2022 in England and Wales 1198601, Scotland SC051987. It is governed by its constitution dated on registration. (The Trustees signed a Transfer Deed on 30 September 2022 to enable the assets of Unite Foundation Charitable Trust (No 1147344) to be transferred to the successor charity Unite Foundation CIO. The Transfer took place on 30 September 2022.)

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Trustee induction and training

The charity's policy on induction details that on joining the Board new trustees are supplied with documentation covering organisational structure, practice and governance including:

In addition, new trustees have introductory meetings where possible with officers, beneficiaries and partners to familiarise themselves with key aspects of the charity’s operations.

Chair Informal briefings on the role and values of the Unite Foundation, governance, strategic overview, future planning. Board Participation in a Board meeting as an observer.

Director Overview of current strategic cycle of work as well as support available

Trustees are made aware of training opportunities provided by NCVO, ACF and other agencies on a monthly basis as part of regular communication and have access to the Chair to discuss development needs. The Governance Committee has set out a programme for Board effectiveness reviews.

Related parties and relationships with other organisations

The Foundation works in partnership with Unite Students, and each of the universities in the network, to support the welfare and wellbeing of scholarship students. This extends to shared 'case working' in the event of a student experiencing difficulty navigating any aspect of their university experience.

The charity co-Chairs the Care Leavers, Experienced & Estranged Students in HE group (CLEESHE); a gathering of public, voluntary and organisational stakeholders with shared goals. No party exerts strategic control over any other within this group.

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Remuneration policy for key management personnel

The pay and remuneration for key management personnel is benchmarked to voluntary sector levels using national salary surveys. The Board determines Director level pay, with operational team members’ benefit being determined by the Director according to the scheme of delegation and within the pay and reward policy framework.

Statement of responsibilities of the Trustees

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

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

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011/Charities and Trustee Investment (Scotland) Act 2005, the Charities (Accounts and Reports) Regulations 2008 / Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

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The Unite Foundation Trustees’ Annual Report Year ended 30 September 2025

Auditor

Sayer Vincent LLP was appointed as the charity's auditor during the year and has expressed its willingness to continue in that capacity.

The Trustees’ annual report for the Unite Foundation CIO has been approved by the Trustees on 11 March 2026 and signed on their behalf by

Dr John Cater Chair

13

Independent auditor’s report To the trustees of The Unite Foundation

Opinion

We have audited the financial statements of The Unite Foundation (the ‘charity’) for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Unite Foundation’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.

14

Independent auditor’s report To the trustees of The Unite Foundation

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

15

Independent auditor’s report To the trustees of The Unite Foundation

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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

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

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

16

Independent auditor’s report To the trustees of The Unite Foundation

tested significant transactions that are unusual or those outside the normal course of business.

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005, section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

20 March 2026 Fleur Holden

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

17

The Unite Foundation

Statement of financial activities

For the year ended 30 September 2025

Unrestricted
£
1,872,750
172,721
14,366		 Restricted
£
230,858
-
-		 Endowment
£
-
-
-		 2025
Total
£
2,103,608
172,721
14,366		 Unrestricted
£
1,819,299
153,776
-		 Restricted
£
226,490
-		 Endowment
£
-
-
-		 2024
Total
£
2,045,789
153,776
-
2,059,837 230,858 - 2,290,695 1,973,075 226,490 - 2,199,565
1,731,906 357,992 - 2,089,898 2,356,743 184,695 - 2,541,438
1,731,906 357,992 - 2,089,898 2,356,743 184,695 - 2,541,438
-
327,931		 -
(127,134)		 36,826
-		 36,826
200,797		 -
(383,668)		 41,795
-		 539,577
-		 539,577
(341,873)
327,931
-		 (127,134)
-		 36,826
-		 237,623
-		 (383,668)
(3,031)		 41,795
3,031		 539,577
-		 197,704
-
327,931
(1,601,844)		 (127,134)
55,999		 36,826
6,384,137		 237,623
4,838,292		 (386,699)
(1,215,145)		 44,826
11,173		 539,577
5,844,560		 197,704
4,640,588

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14 to the financial statements.

18

The Unite Foundation

Company no. 1198601

Balance sheet

As at 30 September 2025

Note
Fixed assets:
10
Current assets:
11
Liabilities:
12
13
14
15
General funds
Endowment fund
Net current assets
Total net assets
Restricted funds
Total charity funds
Creditors: amounts falling due within one year
Investments
Cash at bank and in hand
Debtors
Deferred Income
Creditors: amounts falling after one year
The funds of the charity:		 £
450,616
2,884,514		 2025
£
6,420,963		 £
198,625
2,519,084		 2024
£
6,384,137
6,420,963
483,570
(1,828,618)		 6,384,137
648,607
(2,194,452)
3,335,130
(2,078,632)
(772,928)		 2,717,709
(2,069,102)
-
5,075,915 4,838,292
(71,135)
(1,273,913)
6,420,963		 55,999
(1,601,844)
6,384,137
5,075,915 4,838,292

Approved by the trustees on 11 March 2026 and signed on their behalf by

Dr John Cater Chair

19

The Unite Foundation

Statement of cash flows

For the year ended 30 September 2025

Cash flows from operating activities
Net income/(expenditure) for the reporting period
(as per the statement of financial activities)
Dividends from investments
Increase in debtors
Increase in creditors
Net cash provided by operating activities
Cash and cash equivalents at the end of the period
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the
period
Net cash provided by investing activities
Cash flows from investing activities:
Dividends from investments		 £
£
200,797
(172,721)
(251,991)
416,624
192,709
172,721
172,721
365,430
2,519,084
2,884,514
2025		 £
£
200,797
(172,721)
(251,991)
416,624
192,709
172,721
172,721
365,430
2,519,084
2,884,514
2025		 £
£
(341,873)
(153,776)
(83,759)
879,365
299,957
153,776
153,776
453,733
2,065,351
2,519,084
2024		 £
£
(341,873)
(153,776)
(83,759)
879,365
299,957
153,776
153,776
453,733
2,065,351
2,519,084
2024
192,709
172,721		 299,957
153,776
365,430
2,519,084		 453,733
2,065,351
2,884,514 2,519,084

20

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

1 Accounting policies

a) Statutory information

The Unite Foundation is an incorporated charity registered With the Charity Commission for England and Wales, registration number 1147344.

The registered office address is 1st Floor, Welcome Building Avon Street Bristol BS2 0PS

The Unite Foundation Charitable Trust ceased to exist on 30 September 2022 and a new entity ‘The Unite Foundation CIO became operationally active on 1 October 2022 and registered in England and Wales 1198601, Scotland SC051987.

b) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The CIO holds an investment in the Unite UK Student Accommodation Fund (USAF) and is therefore not entirely dependent upon a recurrent donation from Unite for its income. In addition to the distribution income from USAF, Unite has provided the CIO with an indication of funding programme for the 2025/26 and the 2026/27 academic year. Further, the Trustees have the ability to vary their grant decisions based on investment income received in any period. Unite Students has also, within current funding documentation, committed to meeting costs of all named scholarship students in the event of any cessation of support. This reflects the Unite Foundation grant policy of full recognition for full, multi-year costs at point of award.

This should enable the CIO to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. The Trustees acknowledge that there can be no certainty that the financial support will continue beyond the current undertaking, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

21

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income received in advance of the provision is deferred until the criteria for income recognition are met.

f) Donations of services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102).

On receipt, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income from investments is received on investment units held in USAF. Income is recognised at the earlier of when the dividend is committed and when it is received.

h) Fund accounting

Restricted funds are donations and other incoming resources received but are to be used for specific purposes as laid down by the donors. Expenditure which meets these criteria is charged to the fund.

General funds are donations and other incoming resources received or generated for charitable purposes.

Endowment funds are units held with USAF which were donated with the condition that they are not able to be disposed of without the consent of the original donor. Investment income relating to this endowment fund is unrestricted and can be used in the furtherance of the charitable objectives.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

22

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

Grants are offered subject to specific conditions being met by the recipient. Grant expenditure is recognised as these conditions are met for the full term of the commitment (up to 3 years) as it is at this point it is considered probable that economic benefit will transfer. Grant commitments are reviewed for conditions continuing to be met during the period of the scholarship. When there are changes to previously recognised commitments due to conditions no longer being met, a release of the balance sheet commitment to grant expenditure is made. Grants are approved on an annual basis by the Trustees.

k) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

l) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

m) Debtors

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

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

o) Creditors and provisions

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

p) Financial instruments

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

q) Judgements in applying accounting policies and key sources of estimation uncertainty

The trustees of the CIO make estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the CIO’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

23

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

In preparing these financial statements, the Trustees have delegated authority to management to make the following judgements:

Inflationary Adjustment: Actual inflation may vary significantly across individual cases. For example, some room-by-room costs and locations within the city may experience inflation rates exceeding the 3% benchmark. However, overall inflationary impact is annually mitigated by students who will no longer be eligible for future funding as noted below (e.g. individual who age out of the program, withdraw, or otherwise lose eligibility).

Scholarship years awarded: Scholarship recipients are typically awarded support for a maximum period of three years. However, the duration of the scholarship commitment may change due to various factors, such as students voluntarily withdrawing from the program, failing to meet ongoing eligibility requirements, or reaching an age limit that disqualifies them from further support. These changes can result in a reduction in the number of scholarship students over the course of the program, leading to adjustments in the overall financial commitment.

The Trustees are satisfied that the assumptions and estimates used are reasonable and that the financial statements present a true and fair view of the charity’s financial position. However, as with any estimates, actual results may differ due to inherent uncertainties, and adjustments may be required in future periods.

2 Income from donations

Income from donations
Grants & donations Unrestricted
£
1,872,750		 £
230,858
Restricted		 2025
Total
£
2,103,608		 Unrestricted
£
1,819,299		 £
226,490
Restricted		 2024
Total
£
2,045,789
1,872,750 230,858 2,103,608 1,819,299 226,490 2,045,789

The Trust received total grant income of £2,103,608 in the reporting period (30 September 2024: £2,045,789). This increase is a result of a commitment for 2024/25 grant funding being received during the reporting period and restricted donations received for the Homes at University Pilot Scheme totalling £167,698 (2024: £166,320), which includes donations from The Crucible Foundation - £70,000, The Portal Trust - £32,698, The Blagrave Trust - £25,000, and from an anonymous donor - £40,000, plus a 10 year anniversary grant of £60,130 (2024: £60,170).

3 Income from investments

Dividend income
24		 Unrestricted
£
172,721		 £
-
Restricted		 2025
Total
£
172,721		 Unrestricted
£
153,776		 £
-
Restricted		 2024
Total
£
153,776
172,721 - 172,721 153,776 - 153,776

24

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

4a Analysis of expenditure 2025

Analysis of expenditure 2025
Staff costs recharge (Note 7)
Communications
Student rental payments
Homes at Uni Pilot Scheme Payments
10 year anniversary rental payments
Research
Other
Auditor’s remuneration – audit
Other governance expenses
Support costs
Governance costs
Total expenditure 2025
Staff costs recharge (Note 7)
Communications
Student rental payments
Homes at Uni Pilot Scheme Payments
10 year anniversary rental payments
Research
Other
Auditor’s remuneration – audit
Other governance expenses
Support costs
Governance costs
Total expenditure 2025
Analysis of expenditure 2024		 Charitable
activity
Grant
making
£
-
-
1,287,482
294,832
63,160
8,376
16,815
-
-
1,670,665
379,214
40,019
2,089,898
Charitable
activity
Grant
making
£
-
-
1,916,060
113,352
71,343
-
35,344
-
-
2,136,099
379,483
25,855
2,541,437		 Governance
costs
£
-
-
-
-
-
-
-
12,960
27,059
40,019
-
(40,019)
-
Governance
costs
£
-
-
-
-
-
7,465
-
12,363
6,027
25,855
-
(25,855)
-		 Support
costs
£
304,912
35,467
-
-
-
-
38,835
-
-
379,214
(379,214)
-
-
Support
costs
£
311,607
27,285
-
-
-
-
40,592
-
-
379,483
(379,483)
-		 2025
Total
£
304,912
35,467
1,287,482
294,832
63,160
8,376
55,650
12,960
27,059
2,089,898
-
-
2,089,898
2024
Total
£
311,607
27,285
1,916,060
113,352
71,343
7,465
75,936
12,363
6,027
2,541,437
-
-
2,541,437

4b Analysis of expenditure 2024

25

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

Grant making
Cost
Student rental payments
10 year anniversary rental payments
At the end of the reporting period		 Grants to
individuals
£
1,582,314
63,160		 2025
£
1,582,314
63,160		 Grants to
individuals
£
2,029,411
71,343		 2024
£
2,029,411
71,343
1,645,474 1,645,474 2,100,754 2,100,754

The Unite Foundation Scholarship Scheme provides three separate years of purpose built student accommodation support for young people from a care or estranged background. In 2024/25 the scheme worked in partnership with a network of 38 universities; awarding candidates and collaborating on the pastoral support of scholarship students.

6 Net income / (expenditure) for the reporting period

This is stated after charging:

2025 2024
£ £
Auditor's remuneration (excluding VAT):
Audit fees 10,800 10,300

The charity does not legally employ any staff; Unite Students doing so on its behalf. A recharge relating to the costs for staff working solely for the charity is received from Unite Student.

Staff costs recharges were as follows:

Social security costs
Other pension costs
Salaries and wages		 2025
£
255,726
25,688
23,498		 2024
£
265,546
23,613
22,448
304,912 311,607

The charity received recharges for seven members of staff during the reporting period (2024: seven). The charity also received recharges for 0.12 full-time equivalent for sessional or zero-hour students working within the year.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the reporting period (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,736 (2024: £650) incurred by four members relating to attendance at meetings of the trustees (2024: two members).

26

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

8 Related party transactions

The Unite Foundation recognised a £1,921,160 donation from Unite Students during the year (2024: £1,879,470).

The grant from Unite Students is utilised across all the Foundation’s charitable activity with a significant proportion being spent upon tenancies within Unite Students accommodation buildings across the UK on behalf of beneficiary scholarship students.

In 2016, Unite Students made a donation of 4,128,819 units in the Unite UK Student Accommodation Fund (USAF) to the Trust. At the time of the donation these units were valued at £4,938,068. At 30 September 2025, the units have increased in value to £6,420,963 (2024: £6,384,137). Nothing is due from the Trust to the Unite Students in respect of this donation.

At 30 September 2025, £1,350 was due from the Unite Students (2024: £179,452 owed to the Unite Students) in relation to reimbursed costs.

Three Unite Foundation trustees are also Unite Students employees. On appointment to the Foundation Board each Trustee signs the Code of Conduct, additionally, all Foundation business is prefaced with a consideration of conflict with individual members absenting from areas of discussion/decision making accordingly. In 2025, Trustees did not make any donation to Unite Foundation (2024: £10).

9 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10 Listed investments

11
12
Deferred Income (note 13)
Total Creditors
Debtors
Provision for grant commitments
Amounts due from associated undertakings
Fair value at the end of the reporting period
Net gain on change in fair value
The Unite UK Student Accommodation Fund
Prepayments
Creditors: amounts falling due within one year
Investments comprise:
Fair value at the start of the reporting period
Trade creditors
Accruals		 2025
£
6,384,137
36,826		 2024
£
5,844,560
539,577
6,420,963 6,384,137
6,420,963 6,384,137
2025
£
6,420,963		 2024
£
6,384,137
6,420,963 6,384,137
2025
£
1,354
449,262		 2024
£
-
198,625
450,617 198,625
2025
£
-
387,539
1,691,089
772,928		 2024
£
179,452
218,368
1,671,282
-
2,851,556 2,069,102

27

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

13 Deferred income

During the year, Unite Foundation received a grant of £772,928 from Unite Students. The grant relates to activities and expenditure planned for the 2025/26 financial year. As the conditions attaching to the grant pertain to future periods the income has been deferred.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
14
Creditors: amounts falling due after one year
Provision for grant commitments		 2025
£
-
-
772,928		 2024
£
-
-
-
772,928 -
2025
£
1,828,618		 2024
£
2,194,452
1,828,618 2,194,452

15a Movements in funds 2025

Homes at University Pilot
10 year Unite Foundation birthday
Total funds
General funds
Endowment fund
Restricted funds		 At 1 October
2024
£
55,999
-
(1,601,844)
6,384,137		 Income &
gains
£
167,698
63,160
2,059,837
36,826		 Expenditure
& losses
£
(294,832)
(63,160)
(1,731,906)
-		 Transfers
£
-		 At 30 September 2025
£
(71,135)
-
(1,273,913)
6,420,963
4,838,292 2,327,521 (2,089,898) - 5,075,916

The narrative to explain the purpose of each fund is given at the foot of the note below.

Purpose of restricted funds

Homes at University Pilots - these funds were received from 5 charitable entities, Dulverton Trust, The Portal Trust, Crucible Foundation, The Blagrave Trust and an anonymous donor, to fund the Homes at Uni Pilots which, under two separate projects, partners with 12 universities.

10 year Unite Foundation birthday - these funds were received from Unite Students for 20 extra scholars student rentals to celebrate the 10 year anniversary of the Foundation.

Purpose of endowment funds

Endowment funds are units held with USAF which were donated with a 10 year condition (from 2016) that they are not able to be disposed of without the consent of the original donor, and are therefore are treated as a capital endowment. However, at the end of the 10 year period, this investment becomes unrestricted and can be used in the furtherance of the charitable objectives.

28

The Unite Foundation

Notes to the financial statements

For the year ended 30 September 2025

15b Movements in funds 2024

Homes at University Pilot
10 year Unite Foundation birthday
Total funds
General funds
Endowment fund
Restricted funds		 At 1 October
2023
£
-
11,173
(1,215,145)
5,844,560		 Income &
gains
£
166,320
60,170
1,973,075
539,577		 Expenditure
& losses
£
(113,352)
(71,343)
(2,356,742)
-		 Transfers
£
3,031
-
(3,031)
-		 At 30 September 2024
£
55,999
-
(1,601,844)
6,384,137
4,640,588 2,739,142 (2,541,437) - 4,838,292

16a Analysis of net assets between funds 2025

Analysis of net assets between funds 2025
Net assets at 30 September 2025
Endowment fund
Creditors due after one year
Net current assets		 General
unrestricted
£
-
483,570
(1,828,618)		 General
restricted
£
-
-
-		 Endowment
restricted
£
6,420,963
-
-		 Total funds
£
6,420,963
483,570
(1,828,618)
(1,345,048) - 6,420,963 5,075,915
16b
Net assets at 30 September 2024
Creditors due after one year
Endowment fund
Net current assets
Analysis of net assets between funds 2024		 General
unrestricted
£
-
648,609
(2,194,452)		 General
restricted
£
-
-		 Endowment
restricted
£
6,384,137
-
-		 Total funds
£
6,384,137
648,609
(2,194,452)
(1,545,843) - 6,384,137 4,838,294

17 Contingent assets

At 30 September 2025, the Trust has donation income which has been committed by Unite Students and entitled to be received in future academic years of £5.6m (30 September 2024: £3.8m). This is in respect of future academic years where the conditions associated with entitlement of the donation have not yet been met.

29