4. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the Group’s and Company’s ability to continue to adopt the going concern basis of accounting included: • obtaining an understanding of the relevant controls over the going concern process, including the process to formulate the cashflow forecasts as well as the Board approval process; • assessing the financing facilities available to the Group and Company, including the associated covenants; • assessing the assumptions used in the base-case and reasonable worst case as well as evaluating any plans for future mitigating actions; • assessing the revenue assumptions, for the outturn of the 2025/26 academic year and the assumptions for the 2026/27 academic year. For the 2026/27 academic year specifically, we assessed the Group’s current forward sales bookings and UCAS application data to forecast occupancy assumptions for reasonableness; • assessing the cost assumptions within the forecasts, including consideration of previously incurred costs, the impact of cost inflation, and assumptions made relating to expected future costs associated with climate change and fire-safety related legislation; • assessing the sufficiency of the Group’s liquidity and covenant headroom positions with reference to borrowing facility agreements, including the consideration of the availability of undrawn facilities; • assessing the outcome of the reverse stress testing, including assessing the likelihood thereof; • testing the arithmetical accuracy of the models used to prepare the Group’s forecast and related scenarios; and • assessing the appropriateness of the Group’s disclosure concerning the going concern basis of preparation. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. 5. Key audit matters The key audit matter communicated below is the matter, that in our professional judgement, was of most significance in our audit of the financial statements of the current period and was the most significant assessed risk of material misstatement (whether or not due to fraud) that we identified. This matter had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter. THE UNITE GROUP PLC Annual Report and Accounts 2025 139