The trustees, who are also directors for the purposes of company law, have pleasure in presenting their annual report and the financial statements of Ulster University Students' Union (the 'Union' or 'UUSU') for the year ended 31 July 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Companies Act 2006 and "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 Union's objective is the advancement of the education of students at Ulster University for the public benefit by:
promoting the interests and welfare of students at Ulster University during their course of study and representing, supporting and advising students;
being the recognised representative channel between students and Ulster University and any other external bodies; and
providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its students.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
UUSU has continued to represent its student members through a range of services. These encompass academic representation, the provision of social opportunities through sport, societies, events and activities and the advice bureau to assist students with individual issues they encounter during their University experience.
The main campaigns in the 2024/25 academic year carried on from the previous year with a focus still on cost of living and sustainability. UUSU lobbied local government along with other student representative bodies to ensure that student maintenance loans were increased for the 2025/26 academic year. This success was in addition to preventing the proposed student fee increases proposed by the NI Universities. UUSU worked with university departments to introduce Lifestyle hubs on each campus which offered free food and useful resources to students in need. The joint initiative with Compass catering continued to offer students pre-packed sandwiches with a short shelf life to be stored in Food Bank branded fridges within the students’ union. These helped students in hardship but also assisted with food waste on campus and sustainability goals.
Student and society events offered students an opportunity to meet others with similar interests and make friendship groups outside the classroom. The UBelong campaign held various events with “Brew Monday” offering free tea & coffee being well used. There were 109 active societies providing a variety of opportunities for students across the three campuses. UUSU networks were established to function as communities which empowers students to advocate and lobby for meaningful change. The Women’s Empowerment Network and the Students with Additional Needs Network are student led and provide the opportunity to bring together student voices with similar interests.
Other campaigns that were profiled over the year were sustainability, sexual health, student safety and seachtain na gaelige. Sustainability is brought to the fore particularly in Green Week when the Wellbeing garden is promoted.
The Sexual Health and consent campaign raised awareness to students through having local advice services on campus and sex toy bingo event was the most successful in the year. Student safety is always a UUSU priority and is focused on drink spiking and getting home safely. UUSU launched a Charter Tackling Violence against Women and Girls in March. The charter was launched at an external venue and was attended by many politicians highlighting the importance of this issue in society.
Seachtain na Gaeilge campaign was repeated in 2024/25 and offered students the opportunity to learn some basic Irish language skills using initiatives such a film night, café and career workshops.
The Magee campus is planning a period of significant growth as a result of the Shared Island fund and North West Regeneration fund. It plans to grow from 5,000 to 10,000 students and this presents both opportunities and challenges for students. UUSU is represented on the Magee task force so that student concerns are addressed as part of the plans going forward. This is a long-term commitment for UUSU but considered to be a very important project to be involved in.
The Advice Bureau dealt with 525 cases across a range of issues. Whilst the advice bureau traditionally focuses on academic and housing issues, the team have dealt with a number of concerns on behalf of International students and the cost of living is a consistent problem that students are struggling with.
The student officers were delighted to be recognised for their work in the year by winning a number of awards in the Student Achievement Awards Ireland which are organised by the Union of Students in Ireland. UUSU representatives won four awards as detailed below and were nominated for a further six awards.
• Irish Language campaign of the year
• Social Justice campaign of the year
• Student Activist of the year
• International student of the year
Raising of funds
The Union's main source of income is by way of block grant awarded by Ulster University. Other income is generated through sponsorship, advertising and ad hoc grants.
Governance
Governance of the organisation is of vital importance and is assessed on a regular basis through the review of the Strategic Plan, Risk Register and Financial Memorandum. The Students' Union Student Executive, consisting of seven full time elected Officers and relevant staff, meets every three weeks to discuss Students' Union policy and membership issues. The Senior Management Team meets every two to three weeks to review operational matters. The Trustee Board meetings include the review of management accounts, progress of the Strategic Operating Plan, and monitoring of the Risk Register.
The Students' Union income for the current year was £2,894,144 (2024 - £2,947,165) and net income before exceptional pension movements was £484,954 (2024 - £171,070). After accounting for movements in the pension provision the net income for the period was £295,910 (2024 - net expenditure of £22,752).
The net deficit of the charity at 31 July 2025 was £2,632,107 (2024 - £2,928,017). The main reason for the deficit is the deficit funding commitment in relation to the Students' Union Superannuation Scheme, which amounted to £3,660,345 at 31 July 2025 (2024 - £3,780,643). At 31 July 2025, restricted funds were £166,210 (2024 - £168,204) and general unrestricted funds totalled £855,480 (2024 - £677,874).
Designated funds at 31 July 2025 of £6,548 (2024 - £6,548) relate to the balance of funds held in relation to the National Lottery Community Fund Wellbeing grant and National Lottery Breakfast grant after income and expenditure during the year.
Reserves will be established to safeguard activity should funding not be available from the principal funding source. At 31 July 2025 the Union had free reserves of £817,719 (2025 - £658,268).
Principal Funding Source
The principal funder is Ulster University through the allocation of block grant funding to the Union.
The Trustees have overall responsibility for ensuring that the Union has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:
the Union is operating efficiently and effectively;
its assets are safeguarded against unauthorised use or disposition;
proper records are maintained, and financial information used within the organisation or for publication is reliable;
it complies with relevant laws and regulations; and
that the systems of financial control are designed to provide reasonable, but not absolute assurance against material misstatement or loss.
The major risks to which the Union is exposed are set out in the Risk register and systems have been established to mitigate those risks.
The core of UUSU’s current strategy is based on the principle of the ability to be adaptive and flexible to meet the needs of members, where, when and how they need us. The twelve overarching principles allow us to pivot these into core operational areas of development and this philosophy will be continued into 25-26.
One core focus for UUSU over the past 12 months has been integrating ourselves into the fabric around the planning for the Magee campus and its expansion. As illustrated within the section detailing achievements and performance, UUSU over this last annual period has successfully embedded its student voice across all decision-making functions. The next step is to ensure sufficient infrastructure is in place to support a significant influx of students which includes a targeted lobbying campaign and an increase to our on-campus services. The need for external services across transport, accommodation and accessibility is stark and much time is therefore required to ensure external stakeholders are aware of this. Equally, our current campus capacity both from a profile and resource perspective is not equipped to deal with the increase in numbers and this needs to be represented to the University to ensure investment in both areas. To note, again, this is a long-term vision project so progress is likely to manifest over the next decade.
As part of our investment last year into the Student Voice area of UUSU, an outworking will be the development of ‘Networks’. These groups will bring together like minded individuals to be able to advocate for change and bring about positive change for that network and across the campuses.
This year will be the last year that UUSU administers sport for the University. As such there is a body of work to ensure that the final piece of the transition is smooth and allows for a continuation and continuity of experience for those involved in sport. It is anticipated that there will be a period of crossover shadowing to help support this transition. As part of this process, there will also be related representational structures embedded to ensure that student voice remains at the core of club sport.
We have identified an opportunity to provide an additional layer of engagement for some of our most engaged students that we are aiming to bring to fruition this year. Student Council remains the highest democratic body in UUSU, however an additional opportunity exists to use some of this group as part of a small scrutiny body to sense check policy and student-led decisions before these go to Council. As Council is a busy meeting, it allows for additional student input and thought in a structured manner.
Dedicated student spaces on campus, and in particular Belfast, remain a challenge and something UUSU want to see enhanced over the next 12 months. Currently there are lots of shared space i.e. flexible circulation space that students can use, but a lack of closed-off, dedicated spaces for events, activities and the general bringing together of larger groups in a structured way. We are aiming to lobby the University to re-consider the current allocation of spaces and whether any opportunity might exist to create additional spaces for student activity.
In 2023-24 we were the founder member of the Charter Tackling Violence against Women and Girls. As part of our commitment across this charter, we signed up to a set of principles we will embody and fulfil. There will be some work required to maintain or grow into these principles over the next year and as such this will be a priority campaign, as it is critical as the founding member we embody the ongoing aims of the Charter.
We continue to try to grow and develop our engagement strategy and having recently appointed a new Director covering Membership and Engagement, we now can address this at a greater pace. Core initial priorities and initiatives will include:
- Enhancing internal comms and collaboration to ensure a first-class experience for our student members.
- Reviewing our digital presence to ensure we are where most members can access and engage with us.
- Redefining our engagement strategy to ensure a greater number and greater profile of opportunities to engage directly with us and get involved in our services and structures.
- Closing feedback loops to ensure that student issues are addressed and then communicated back to the student body successfully.
The charity is a company limited by guarantee and does not have a share capital. It was incorporated on 15 June 2017 and is governed by its Memorandum and Articles of Association dated 15 June 2017. The members of the charity for the purposes of company law are the trustees and the liability of each member is limited to an amount not exceeding £1.
Prior to 1 September 2017 the activities of the Students' Union were carried out through an unincorporated entity and were governed by the Constitution of the unincorporated entity. On 1 September 2017 the assets and liabilities of the unincorporated entity were transferred to the charity and it commenced its activities on that date. The total amount transferred was net liabilities of £2,566,431.
The Board of Trustees is responsible for the management and administration of the Union and may exercise all the powers of the Union. The application to become a registered charity was approved by the Charity Commission for Northern Ireland on 12 April 2019. The charity number is NIC107053.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The trustees are made up of the following persons:
Four student officer trustees agreed by the Student Executive
Two student trustees appointed by application and selection process
Five external trustees appointed by application and selection process.
Student Officer trustees can serve a maximum of three years in single year terms, student trustees can serve a maximum of two terms, each term lasting two years and external trustees may serve a maximum of two terms; each term being a maximum of four years in duration.
The Chief Executive, Mr D Longstaff, carries out the day to day management of the Union. The trustees meet six times each year. Procedures have been put in place for the induction and training of trustees and the Union ensures trustees are aware of their responsibilities on Corporate Governance.
Relationship with related parties
The relationship between Ulster University and the Union is established in an Ordinance of the University's Governing Documents and the Union receives a block grant from the University, by agreement with the University on an annual basis. There is also non-monetary support which is intrinsic to the relationship between the University and the Union in relation to the provision of office space.
Although the Union continues to generate supplementary funding from various mutual trading activities, it is dependent on the University's financial support. There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future.
The trustees, who are also the directors of Ulster University Students' Union for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate 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 Companies Act 2006. 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.
In accordance with the company's articles, a resolution proposing that GMcG BELFAST be reappointed as auditor of the company will be put at a General Meeting.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Ulster University Students' Union (the ‘charity’) for the year ended 31 July 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:
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.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business performance, including the company’s remuneration policies for directors, bonus levels and performance targets, if any;
Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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 charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Ulster University Students' Union is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Block Bc, 2-24 York Street, Belfast, BT15 1ED.
The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006 and "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 charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements have been prepared on a going concern basis, notwithstanding the fact that the charity had a net deficit of £2,632,107 at the balance sheet date. Before accounting for movements in the pension provision the charity realised a surplus of £484,954 in the year, and the deficit on the balance sheet is due to the pension deficit liability in relation to the Students' Union Superannuation Scheme. The liability in relation to the pension scheme at 31 July 2025 was £3,660,345. Further details of the scheme are given in note 17.
The Union continues to operate within its financing facilities and continues to have the support of Ulster University. On this basis the trustees have a reasonable expectation that the Union has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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.
Trading income represents net sales to customers and excludes Value Added Tax. Trading income is recognised upon delivery of the goods and services to the customer.
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 are allocated on the portion of the asset’s use.
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.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The Union participates in the Students' Union Superannuation Scheme, a defined benefit scheme which is externally funded and contracted out of the State Second Pension. The fund is valued at least every three years by a professionally qualified independent actuary with the rates of contribution payable being determined by the trustees on the advice of the actuary. The Scheme operates as a pooled arrangement, with contributions paid at a centrally agreed rate. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Union. Under the terms of FRS 102, in these circumstances contributions are accounted for as if the Scheme were a defined contribution scheme based on actual contributions paid through the year.
Contributions are recognised in profit or loss in the period to which they relate as there is insufficient information available to use defined benefit accounting. A liability is recognised for contributions arising from an agreement with the multi-employer plan that determines how the Union will fund a deficit. Contributions are discounted when they are not expected to be settled wholly within 12 months of the period end. Further information is given in note 17.
Contributions are also made to two defined contribution schemes being NUSPs and NEST.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.
The pension scheme liability is in relation to the contributions payable that have arisen from an agreement with a multi-employer plan to fund a deficit and is based on certain assumptions as detailed in note 17.
The average monthly number of employees during the year was:
Remuneration to student officers who were also trustees was £100,429 (2024 - £96,718). This remuneration was payable in respect of their role as student officers, which are elected positions, and was paid in accordance with the charitable company's articles of association. None of the trustees are paid for serving on the board.
The remuneration of key management personnel was as follows:
None of the trustees (or any persons connected with them) received any remuneration for their role as a trustee from the charity during the year. See note 10 for details of remuneration payable to student officers who were also trustees. No trustees received reimbursement of expenses during the year (2023 - £nil).
See note 17 for further information in relation to retirement benefit schemes.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The Union participates in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.
The most recent valuation of the Scheme available was carried out as at 30 June 2022 and showed that the market value of the Scheme's assets was £106,700,000 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 £136,600,000.
The assumptions which have the most significant effect upon the results of the valuation are those relating to the rate of return on investments and the rates of increase in salaries and pensions.
The following assumptions applied at 30 June 2022:
The investment return would be expected to outperform UK government bonds by 1.5% per annum, linearly changing over a term of 13 years to 0.25%.
Pensions accruing would revalue at a maximum of 5% per annum.
Present and future pensions would increase at rates specified by Scheme rules with appropriate assumptions where these are dependent on inflation.
The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period until May 2037 (previously August 2035) and will increase by at least 5% each year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. Surpluses or deficits which arise at future valuations will also impact on the Union's future contribution commitment.
In calculating the present value of defined benefit obligations the charity has applied a discount rate of 5%.
In addition to the above contributions, the Union also pays its share of the Scheme's levy to the Pension Protection Fund.
Amounts recognised in the statement of financial activities:
The amounts included in the balance sheet arising from the charity's obligations in respect of defined benefit plans are as follows:
Movements in the present value of defined benefit obligations:
The total contributions paid into the Scheme by the Union in respect of eligible employees for the period ended 31 July 2025 amounted to £309,342 (2024 - £294,615) but this includes an additional proportion of contributions in respect of future accrual as well as deficit contributions. There was also £51,078 paid into defined contribution schemes (2024 - £57,479).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Transfers of £309,342 from the general fund to the pension reserve represents contributions to the defined benefit pension scheme for the year ended 31 July 2025.
Unrestricted funds
General funds
This fund is expendable at the discretion of the trustees for the general purposes of the charity.
Pension reserve
The pension reserve represents contributions payable under an agreement with the Students' Union Superannuation Scheme to fund prior year deficits.
National Lottery funds
Surplus funds from The National Lottery grants have been set aside as designated funds.
Restricted funds
Sports Unions and Societies Fundraising
These funds relate to income generated through the fundraising activities of Sports Unions and Societies and can only be used by the Sports Union or Society that raised the relevant funds. Sports Union funding related to 70 clubs across 3 campuses and Societies funding related to 90 societies across 4 campuses.
Hardship Fund
These funds are available to support students in financial hardship.
Student Mental Health Fund
These funds are available to support student mental health initiatives.
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
The Union is financially dependent on Ulster University for funding and it is therefore regarded as a related party. The Union received £2,141,199 (2024 - £2,039,004) as a block grant in the year. At the year end the Union had a trade debtor balance of £nil (2024 - £6,054) owed by Ulster University and a trade creditor balance of £2,962 (2024 - £2,736) owed to Ulster University.
The charity had no material debt during the year.