(I
King's College London Students, Union
Annual Report and Accounts
for the year ended 3 1 July 2023
KCLSU Annual Report
22123
Company Registered Number: 5762196
Registered Charity Number.. 1136729
kclsu
Our Students, Union
Contents
## Contents
Introduction from the President 02
Chief ExecutiveIntroduction from the 03 Trustees’ Report 04
Strategic Report 12
DetailedReview Financial 19 Independent Auditor’s Report 22
Report and Consolidated Financial Statements 26
Notes to the Financial Statements 30 Appendix 48
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01
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Introduction from the President
KCLSU Annual Report 22/23
## Introduction from the President
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. Aswe reflect on the previous academic year, it is with a deep sense of pride that I present
~~ _ the King’s College London Students’ Union (KCLSU) Annual Report for 2022-2023. The
year has been a remarkable journey, and as your President for 2023-2024,
F => | am delighted to recount the strides we have taken together.
—
| Awl _ Our continuous commitment to excellence is evidenced by the significant improvement in
To fx . our National Student Survey (NSS) scores (24% increase in students stating that KCLSU
"| represents their academic interests). This leap in satisfaction rates is a testament to the
—_ _ effective synergy between KCLSU and the student body, showcasing our collective efforts
| _ to enhance the quality of our educational experience.
> if In alignment with our dedication to academic excellence, our contributions to the Teaching alignment with our dedication to academic excellence, our contributions to the Teaching with our dedication to academic excellence, our contributions to the Teaching our dedication to academic excellence, our contributions to the Teaching dedication to academic excellence, our contributions to the Teaching to academic excellence, our contributions to the Teaching academic excellence, our contributions to the Teaching excellence, our contributions to the Teaching our contributions to the Teaching contributions to the Teaching the Teaching Teaching
- Excellence Framework (TEF) results have been substantial. Our initiatives have fostered
! an environment that champions innovative teaching methods, further contributing to the contributing to the to the the
university’s esteemed reputation and solidifying our standing as a bastion of educational educational
| prowess.
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In alignment with our dedication to academic excellence, our contributions to the Teaching alignment with our dedication to academic excellence, our contributions to the Teaching with our dedication to academic excellence, our contributions to the Teaching our dedication to academic excellence, our contributions to the Teaching dedication to academic excellence, our contributions to the Teaching to academic excellence, our contributions to the Teaching academic excellence, our contributions to the Teaching excellence, our contributions to the Teaching our contributions to the Teaching contributions to the Teaching the Teaching Teaching Excellence Framework (TEF) results have been substantial. Our initiatives have fostered an environment that champions innovative teaching methods, further contributing to the contributing to the to the the university’s esteemed reputation and solidifying our standing as a bastion of educational educational prowess.
.
Our efforts to expand the network of academic representatives have borne fruit, with a record number of recruits last year (over 750 were recruited in Term 1 alone)! These academic representatives are the backbone of our representative system, and their growth ensures a robust conduit for student voices to be heard and acted upon. The year also marked the creation of a new memorandum of understanding between KCL and KCLSU. This agreement alludes to the commitment to further develop student voice and their interests to improve the sense of belonging that each of us have at King’s.
| am extremely proud of our activity and media groups, sports clubs, liberation networks and student-led campaigns. Their achievements, hard work and contributions are essential to KCLSU, King’s and the wider community. We had over 350 student groups, ranging from academic to fundraising, over 70 sports clubs — King’s beat GKT at the Annual Macadam Cup — and at Varsity against Team UCL we had 29 different fixtures, albeit we lost, but scored a respectable 12 points to our rival’s 17. Our fantastic student groups hosted events with over 2,000 external speakers. KCLSU Advice & Wellbeing continued to assist an increasingly high number of students as they navigated their way through the university year, which is a testament to the KCLSU support options available to students.
Our judicious financial management and innovative approaches not only navigated us through the aftermath of COVID-19 but have also allowed us to thrive. We are ready to invest in new opportunities that align with our mission and support the student community based on their needs to champion students and their communities.
| sincerely thank last year’s officers, trustees, academic representatives, community leaders and student campaigners. To every student who engages with us, your patience and support are highly appreciated and valued.
As we turn the page to a new chapter, let us celebrate our achievements and channel the lessons learned to propel KCLSU to even greater heights in the coming year.
.
Sw Steven Suresh President, KCLSU (2023-2024)
02
Introduction from the Chief Executive
KCLSU Annual Report 22/23
## SS
## Introduction from the Chief Executive
Reflecting on the past year at KCLSU, it’s heartening to acknowledge the significant strides " : * we've made towards fulfillingg our vision where everyry King’sKing student is empoweredPp to thrive. ~~ The 2022/23 period marked a pivotal year for us, stepping out from the long shadow of the FJ COVID-19 pandemic and embracing a renewed sense of normality. i6 = fl ae 4 P. Our steadfast commitment to providing a sense of belonging, stronger representation, = | a4 dedicationand fosteringis reflected bright futuresin the encouraging for all King’s results students hasof the National continued Student to drive Satisfaction our efforts. Survey, This 7 \ j 4 where KCLSU’s approval rating among King’s finalists surged by 24%. This outstanding - | achievement, the highest among our London peers, highlights the exceptional work of our student-facing teams and sets a positive precedent for the future.
This year also saw our significant contribution to King’s College London’s TEF submission, culminating in the university securing a silver award. The collaborative efforts of our staff, academic representatives, and student officers in gathering comprehensive student feedback were instrumental in this success, providing a candid representation of King’s student voice.
:
Our total annual income amounted to £11,008k, resulting in a surplus of £208k compared to the previous year (2022: £115k). Key accomplishments include:
« A record-breaking attendance of 11,000 students at our Welcome Fair;
« An impressive 40,000 votes were cast in our KCLSU Elections, with over 4,000 student roles in various capacities;
* The Vault and Guy’s Bar maintaining their gold standard Best Bar None accreditation, underscoring our commitment to safe and inclusive spaces;
« Generating over half a million pounds in our commercial spaces, directly benefitting the student community.
The year brought changes within our leadership team, with our Chief Operating Officer embarking on a new chapter in their career. Looking ahead, we are excited about the opportunities change brings as we welcome new members to our team and lay the groundwork for our forthcoming organisational strategy.
In closing, my deepest gratitude goes to all staff, our student leaders and student members whose tireless efforts and dedication have been pivotal in advancing the mission of KCLSU. Together, we continue to strive towards excellence, ensuring every King’s student has the opportunity to flourish.
Denis Shukur Chief Executive
03
KCLSV
rustees, Report
[ ]
Trustees’ Report
KCLSU Annual Report 22/23
## Structure, Governance, Risk and Management
The Articles of Association were last reviewed and updated in 2019. These will be reviewed again during 2023/24, as per compliance with the Education Act 1994.
KCLSU is governed by a Board of Trustees; the Trustees are also Directors of the Charitable Company, Limited by Guarantee and Registered in England and Wales.
The Directors will be called Trustees for the purposes of this report. Two-thirds of the Board are current students of King’s College London during their Term of Office and are elected by the members of KCLSU annually. Student Trustees during the period of this report were elected for terms of up to one year. Four non-student Trustees on the Board (Lay Trustees) are appointed for their professional knowledge and skills. Appointed Trustees may serve an initial term of four years, renewable for another four years. Full details of current Trustees and those who served in 2022/23 and who joined or left the Board from 31 July 2022 to 1 August 2023, together with the organisation’s principal advisors, can be found in this report’s Legal and Administrative Information section.
All Trustees undertake an induction programme andare given briefings on the organisation’s operations and values. The induction covers the role ofa Trustee, provides an understanding of the legal responsibilities of being a Trustee and Company Director, and, through meeting key Board and Management Team members, provides an appreciation of KCLSU’s vision, mission and values and the relationship between Trustees and the Executive. Newly elected or appointed Trustees are invited to attend one or more Board meetings before taking up their positions.
The Trustees are responsible for the overall performance and strategic direction of KCLSU on behalf of its members of over 40,000 King’s College London students. In this respect, the Board undertakes self-assessment and further development initiatives as required, ensuring they work to high standards. A board effectiveness survey was conducted in June 2023 to enable trustees to self-appraise board performance during the year ending 31 July 2023.
In addition, annual Board skills, competencies and demographics surveys are conducted in line with Charity Commission best practices.
Financial Statements —_The Trustees (who are also the Directors of the charitable company for the Companies Act) present their combined directors’ report and trustees’ report, including a strategic report, as required by company law, together with the audited financial statements of King’s College London Students’ Union for the year ended 31 July 2023. The Trustees confirm that the Trustees’ report and financial statements of KCLSU comply with the current statutory requirements, the Memorandum and Articles of Association, the provisions of the Statement of Recommend Practice (SORP) “Accounting and Reporting by Charities” applicable to charities preparing their accounts under the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Education Act 1994.
## Charity Status
King’s College London Students’ Union is a registered charity, number 1136729, and a company limited by guarantee, number 05762196. King’s College London Students’ Union is governed by its Articles of Association. King’s College London Students’ Union operates as KCLSU. KCLSU Ltd, a wholly owned subsidiary of KCLSU, was incorporated on 12 August 2009. The accounts of the subsidiary are consolidated within the annual accounts for the Union.
05
Trustees’ Report
KCLSU Annual Report 22/23
I
Charity Objects The Charity’s objectives are to advance the education of students at King’s College London for the Public Benefit, in particular by promoting the interests and welfare of students at King’s College London during their course of study and representing, supporting and advising students; being the recognised representative channel between students and King’s College London and any other external bodies; and providing social, cultural, sporting and recreational activities, and forums for discussions and debate for the personal development of students.
## Registered Office
## KCLSU, Bush House, 300 Strand, London WC2R 1AE
## Student Officers
The role of the Student Officers is to represent students at King’s College London and to influence change within KCLSU, at King’s College London, and externally via the National Union of Students. The Student Officers, who are also Trustees, are elected by the students of King’s College London and are led by the President. The Student Officers serving during the period of[this][report][ are][shown][below:]
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|---|---|---|---|---|---|---|
|During the year|During the year|
|2022/23|2023/24|
|President|Mohd|Yasir|Khan|Steven|Suresh|
|Vice|President|for|Education|Sara Osman|Saeed|Sadaf Cheema Abbas|
|(Arts|and|Sciences)|
|Vice|President|for Welfare|Martina Chen|Syed|Muhammad|
|and|Community|Hassan|Ali|
|Vice|President|Activities|and|Tejveer Singh|Nag|Thea Turton|
|Development|(resigned|16/5/2023)|
|Vice|President for|Education|Julia|Kosowska|Janvi|Agasia|
|(Health)|
|Vice|President|for Postgraduates|Shagun|Bhandari|Alizeh|Abrar|
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Trustees’ Report
KCLSU Annual Report 22/23
|
Board of Trustees The Board's role is to set KCLSU’s strategic direction, monitor the delivery of its charitable objectives, uphold its values and governance, and guide, advise and support the Student Officers and the Chief Executive. The Trustees who served during the year are listed below, together with incoming trustees whose term of office commenced on or before 1 August 2023.
After a review of the committees’ roles and remit in 2022/23Trustees also serve on subcommittees, with a delegation of authority in place to review and agree and have oversight of areas of special interest on behalf of the Board: Finance, Audit & Risk (FAR); Human Resources (HR); Governance, Policy & Compliance (GPC), and Performance.
The Chair of the Board of Trustees 2022/23 — Mohd Yasir Khan
Vice-Chair of the Board of Trustees — Sonika Sidhu
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|---|---|---|---|---|---|---|---|---|---|---|---|
|Trustee|and|Sub-|Term|Started|Term|Trustee|and|Sub-|Term|Term|Ended|
|Committee|Membership|Ended|Committee|Membership|Started|
|2022/23|2023/24|
|Sonika|Sidhu|5/11/2015|5/11/2023|
|Vice|Chair of Board;|
|HR|Chair|
|Belinda|Bickimann|8/12/2023|-|
|HR|Chair|
|Julie|Clarke|31/10/2019|1/12/2023|
|FAR|Chair|
|Nazreem|Visram|1/3/2021|-|
|Performance|Chair|
|Marcus|Lee|28/7/2021|-|
|GPC|Chair|
|Mohd|Yasir|Khan|1/8/2022|31/7/2023|Steven|Suresh|1/8/2023|31/7/2024|
|President,|Chair|President,|Chair|of|
|of KCLSU;|KCLSU;|
|Ex-officio|member|of:|Ex-officio|member|of:|
|GPC,|FAR,|Performance,|GPC,|FAR,|Performance,|
|HR|HR|
|Sara|Osman|Saeed|1/8/22|31/7/23|Sadaf Abbas|Cheema|1/8/2023|31/7/2024|
|Vice|President|for|Vice|President|for|
|Education|(Arts|and|Education|(Arts|and|
|Sciences);|Sciences);|
|FAR,|GPC,|Performance|GPC,|Performance|
|Martina Chen|1/8/22|31/7/23|Syed|Muhammad|1/8/2023|31/7/2024|
|Vice|President|for|Hassan|Ali|
|Welfare|and|Community;|Vice|President for Welfare|
|HR,|GPC,|Performance|and|Community;|
|FAR,|HR|
|Tejveer Singh|Nag|1/8/22|Resigned|Thea Turton|1/8/2023|31/7/2024|
|Vice|President|Activities|16/5/23|Vice|President|Activities|
|and|Development;|and|Development;|
|FAR,|HR,|Performance|Performance, GPC|
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Trustee|and|Sub-|Term|Started|Term|Trustee|and|Sub-|Term|Term|Ended|
|Committee|Membership|Ended|Committee|Membership|Started|
|2022/23|2023/24|
|Julia|Kosowska|1/8/22|31/7/23|Janvi|Jagasia Vice|1/8/2023|31/7/2024|
|Vice|President|for|President|for|Education|
|Education|(Health);|(Health);|
|FAR,|GPC,|FAR,|GPC|
|Shagun|Bhandari|1/8/22|31/7/23|Alizeh Abrar|1/8/2023|31/7/2024|
|Vice|President|for|Vice|President|
|Postgraduates;|Postgraduates;|
|FAR,|HR, GPC|HR|
|Reema Almhaisen|1/11/22|31/7/23|Virajit|Singh|1/8/2023|31/7/2024|
|Student Trustee,|FAR,|Student Trustee,|
|HR,|Performance|FAR,|GPC|
|Amy Lock|1/11/22|31/7/23|Mohammad|Uhayd|1/8/2023|31/7/2024|
|Student Trustee,|FAR,|(re-elected|Student Trustee GPC|
|Performance|1/11/22)|
|Rawaha|Husam|Al-deen|1/11/22|31/7/23|Oluwatofarati|Alabi|1/8/2023|31/7/2024|
|Student Trustee,|GPC|Student Trustee|
|Performance,|HR|
|Thea|Turton|1/11/22|31/7/23|Alavi|Hossain|1/8/2023|31/7/2024|
|Student|Trustee,|Student Trustee|FAR|
|HR,|GPC|
|Senior|Leadership|The|role|of the|Senior|Leadership Team|(SLT)|is to|realise|and|implement|KCLSU’s|vision,|
|Team|mission|and|strategy;|monitor the|delivery|of|its|operational|objectives;|uphold|its|values|
|whilst|developing the|organisation;|and|guide,|advise|and|support the|full and|part-time|
|staff.|The|Chief Executive|leads the|Senior|Leadership|Team.|
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|---|---|---|---|---|---|
|Chief|Executive|Denis|Shukur|
|Deputy|Chief Executive|Tony|Logan|(resigned|15/9/2023)|
|Sam|Cooper|(appointed|5/2/2024)|
|Director|of Digital and|Claire|Gilby|
|Communications|(interim)|
|(from|6/9/2021|-|14/8/2022)|
|Director|of Communications,|Claire|Gilby|
|Marketing &|Data|
|(appointed|15/8/2022)|
|Chief Operating|Officer|Gabriella Tamas|
|(resigned|29/6/2023)|
|Director of People|Louise|Conder|
|(appointed|19/9/2023)|
|Director of Finance|and|Systems|Mark Turtle|
|(appointed|20/11/2023)|
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Principle|places|of|KCLSU|at|Strand|Campus|(Registered|Office),|Bush|House,|300|Strand,|
|business|London WC2R|1AE;|
|KCLSU|at|Guy’s|Campus,|Boland|House,|St Thomas|Street,|London|SE1|1UL;|
|KCLSU|at Waterloo Campus,|First|Floor,|Franklin-Wilkins|Building,|Stamford|Street,|London|
|SE1|9NH;|
|KCLSU|at|Denmark|Hill,|Cutcombe|Road,|London|SE5|9RJ|
|How governance|The|role|of the|Trustees|at|KCLSU|is threefold:|
|works|at|KCLSU|
|«|To|provide|leadership through|governance;|
|«|To|be the|strategic|partner for|Senior|Management;|
|«|To|fulfil|their|fiduciary|responsibilities|under|Charity|Law,|the|Education|Act|1994|and|
|Company|Law.|
|Day-to-day|operational|and|staff|management|is|delegated|under|the|Articles|of|
|Association|to|the|Chief|Executive,|who|is|responsible|to|the|Trustees|for|strategy|
|development,|implementation|of policies|and|procedures,|and|operational|performance.|
|Representation|of students|is|delegated|to|the|President,|who,|along|with|other|Student|
|Officers,|focuses|on|representing|King’s|College|London|students.|
|The KCLSU|Board|meets up to six times per year.|In addition, there are four sub-committees|
|on which|Trustees|may work to|develop|closer working|relationships|with|staff and|advise|
|the|Board.|The|sub-committees|in|2022/23|were|as|follows:|
|«|Performance|Committee|-|to|ensure|delivery|and|measurement|of|organisation|
|performance|to|strategic|objectives|set|by|the|Board|and|to|provide|oversight|of|
|commercial|operations;|
|»|Finance,|Audit|&|Risk|Committe|-|to|review|the|effectiveness|of|risk|management|
|(including|health &|safety)|and|financial|controls and|receive|external audit opinion|on the|
|organisation’s|financial|statements;|
|»|Governance,|Policy|and|Compliance|Committee|-|to|ensure|governance|procedures|and|
|democratic|processes|are|being|adhered|to|and|developed|as|necessary,|and|ensuring|
|compliance|with|best|practice|and|legislative|requirements,|including data|protection;|
|»|Human|Resources|Committee|-|to|review|people|management|policies|and|procedures|
|and|the|reward|and|recognition|frameworks.|
|All KCL|students|are|automatically members|of KCLSU|unless they|choose|not to|be|(opt-|
|out).|
|The|Head|of Governance and Compliance|provides support and guidance to the|Board|and|
|SLT,|and|acts|as the|Clerk to the|Board|and|the|sub-committees|
|Law and the|Annually, KCLSU and KCL agree aMemorandum of Understanding (MoU). This was reviewed|
|Memorandum|of|and|agreed|in|July|2022.|The|MoU|also|contains|the|Code|of|Practice|agreed|between|
|Understanding with|KCLSU|and|KCL,|under which|KCLSU|is|compliant|with|the|Education|Act|1994,|Part|Il.|A|
|King’s College London|_|Relationship Agreement with|KCL, that outlines|collaborative|initiatives and|projects,|was|
|reviewed|and|agreed|in|2022/23|by the|President of KCLSU|with|the|Principal of KCL.|
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KCLSU Annual Report 22/23
|Networksand|and|During the year KCLSU was affiliated to or joined the following bodies at the following|During the year KCLSU was affiliated to or joined the following bodies at the following|
|---|---|---|---|
|affiliates||costs:||
|||Advice UK|£351|
|||BUCS (British Universities and|£15,753|
|||Colleges Sports)||
|||CSV (Community Service|Nocharge|
|||Volunteers)||
|||NUS (National Union ofStudents)|£37,500|
|||VolunteeringEngland|No charge|
|Associate|Members|During the year 2022/23, negotiations were completed between KCLSU, KCL and The||
|||Courtauld Institute for KCLSU to provide Associate Membership services to students of||
|||theCourtauld Institute. This providesCourtauld Institute studentsaccesstoKCLSU Clubs,||
|||Societiesand ActivityGroupsas Associate Members. The effective date oftheagreement||
|||was1August2022.||
In addition, KCLSU provides Students’ Union services to students attending TEDI-London. The Agreement provides Services by KCLSU to TEDI-London students, including provision of academic and non-academic advice and support; access to all KCLSU Clubs, Societies and Activity Groups; access to all KCLSU venues, spaces, and student discounts.
Other Associate Members are (note: these memberships provide only for access to KCLSU student activity groups and are paid on an individual basis by the students):
« University of Nétre Dame;
« University of North Carolina.
- Professional Advisors — = Auditors - Buzzacott 130 Wood Street London EC2V 6DL » Bankers - Santander UK PLC, 2 Triton Square, Regent’s Place, London NW1 3AN « Investment Fund Managers - Newton Investment Management Limited, The Bank of New York Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA « Legal Advisers - Bates, Wells and Braithwaite LLP, 2-6 Cannon Street, London EC4M 6YH; TLT Solicitors 20 Gresham Street London EC2V 7JE and; David Banks Media Law, Moyola House, 31 Hawthorn Grove, York, England, YO31 7YA
Employees We employed an average of 80 salaried staff team members and 160 student staff team members during the year. Our teams work across four campuses in London and their dedication and commitment are at the heart of our achievements. Our team members have a wide variety of talent and experience, coming from a variety of backgrounds including former students of King’s College London, industry experts and managers with both private and charity sector experience. This diversity encourages a team atmosphere and a culture of innovation and entrepreneurship. We are committed to ensuring that noone at KCLSU is discriminated against, either directly or indirectly, and we will strive in all we do to serve the interests of our staff from all sections of society. We pay London Living Wage to our student staff. For salaried staff, there is a spine-point increase each year within each salary band and there is also a discretionary cost of living pay increase.
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Trustees’ Report
KCLSU Annual Report 22/23
|
Senior leadership The performance management and salary setting for the Senior Leadership Team is salaries consistent with the process for the rest of KCLSU. Job roles are evaluated by an externaljob evaluator based on responsibility, technical skills and budget management. Once evaluated, the roles then fit within the KCLSU pay scale. Trustees’ The Trustees (who are also directors of KCLSU for the purposes of company law) are responsibilities responsible for preparing the Trustees’ report and the financial statements under applicable statement 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 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 judgments and accounting estimates that are reasonable and prudent; » State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained inthe financial statements, and; « Prepare the financial statements on going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping adequate accounting records sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the charitable company’s assets and, hence, taking reasonable steps to prevent and detect fraud and other irregularities. The Board of Trustees are responsible for maintaining the integrity of the corporate and financial information on the charitable company’s website.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Disclosure|of|Each|of|the|persons who are Trustees|at the time when this Trustees’|report|is|approved|has|
|information|to|confirmed|that:|
|auditors|
|» So far as that Trustee|is aware, there|is no|relevant audit information of|which the charitable|
|company’s|auditors|are|unaware,|and;|
|= That Trustee|has taken|all the|steps that ought to|have|been taken|as|a Trustee|in|order to|
|be|aware|of any|relevant|audit|information|and|to|establish|that|the|charitable|company’s|
|auditors|are|aware|of that|information.|
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Public benefit The Trustees have a duty to report on ‘public benefit’ by explaining the significant activities undertaken in order to carry out our aims for the public benefit, and our achievements measured against those aims. The Trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit when setting objectives and planning activities. Operational and In 2019, the Board agreed our new Six Year Strategy 2019-2025, which was reviewed in financial review 2021 to accommodate changes caused by the effects of the covid pandemic. Charity Commission KCLSU has chosen to apply the Charity Commission Governance Code to benchmark our Code statement governance and compliance against the seven principles of best practice generally accepted for larger charities.
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KcLWhnal Report 2Z123
Strategic Report
Ip
Strategic Report
KCLSU Annual Report 22/23
Achievementse@ and Performance
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“Tlove their 1OO% welcoming and warm nature”
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Strategic Report
KCLSU Annual Report 22/23
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350+ student groups asa
at KCLSU ranging from academic to fundraising, and @ip cy $ ¥ ie g
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KCLSU Annual Report 22/23
Tt
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and 75% felt Guy’s Bar was good value for money!
6,500 SeSHSeees brownies sold 17,500[S29sS822] acd Zs GD sandwiches, paninis, and wraps sold
“Thank you, becauseithasbeen PROiUcd ier aia al really helpfulfor metofeelthat CH ereneb teow Cae) I’m part of King’s community” feel very welcome, which is The accomplishments of this year will help us continue to improve especially important as I'm andon withimplement trustful relationships,effective positive andchange most importantly,for our members, celebratecarry the studyinge remotely” achievements of our students and staff. Read the full report here.
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KCLSU Annual Report 22/23
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Achievements and KCLSU is a union run by students for students and is here to improve student experience Performance and make sure that every King’s student has the opportunity to thrive. We are independent of King’s College London, but we do work closely with them to make positive changes for students. We work to provide the tools for King’s students to feel a sense of belonging, to have a platform to raise their voices and gain skills to look forward to their bright future. We are a union where individuals connect, have fun, build communities, share experiences, and make change. As a democratic not-for-profit membership organisation, students lead us at every level to achieve our strategic priorities of: Representation, Belonging and Futures. Our impact, as shown in summary by this infographic, is measured in the ways we work together, collaboratively supporting our student members. We dare to push boundaries, encouraging students to do so and be brave. In 2022/23 we facilitated change and improved the student lives of our members by empowering a student-led community to deliver impactful projects, campaigns, and work that inspires a future where the student experience is enhanced. The accomplishments of the year will help us continue to improve and implement effective positive change for our members, carry on with trustful relationships, and, most importantly, celebrate the achievements of our students and staff. Plans for future As we embark on the 2023/24 academic year, we present this overview of the plan periods for KCLSU. Reflecting on our achievements from the previous year, we remain dedicated to our vision: empowering every King’s student to thrive. This year, we are excited to build upon our past successes and address the areas for growth identified in our last annual reflection. Key Focus Areas « Complete Strategy Implementation - Building on the foundation laid in 2022/23, we will work on completing our strategic plan across all departments. We will focus on translating this strategy into actionable departmental plans, adequately resourced to foster sustainable progress in the coming years; " Dashboard Creation - Transparency and accountability remain at the core of our operations. To this end, we will develop a comprehensive dashboard to monitor KCLSU’s performance against our strategic objectives and Key Performance Indicators (KPIs). This tool will leverage credible data from mapped surveys, enhancing our ability to communicate our achievements and improvement areas to internal and external stakeholders; « Strengthening Relationship Agreements - The Relationship Agreement Working Group (RAWG) meetings will continue to be a cornerstone of our collaboration with King’s College London. We aim to ensure these meetings review progress on key projects and reflect our shared commitments in KCL’s departmental quarterly updates; - Enabling Strategy Development - A key aspect of our forward plan is to define the roles and service legal agreements between KCLSU’s enabling departments, our _ internal stakeholders, and the student body. This clarity will enhance our operational efficiency and strengthen our service delivery to the student community.
As we move forward, our commitment to creating a supportive, inclusive, and dynamic environment for every King’s student remains unwavering. We are dedicated to constantly evaluating and improving our strategies, ensuring that KCLSU meets and exceeds the expectations of our students and other stakeholders.
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Strategic Report
KCLSU Annual Report 22/23
## Financial Performance Summary
= Income from student community venues has increased beyond £2 million landmark to £2,223k, which together with the KCL Grants resulted £11,008k income against which we spent £10,798k resulting £208k surplus;
« We also provided funds and administrative support to over 400 societies and sport clubs (SAGs) involving more than 12,000 students, resulting in a £36k surplus in 2022/23.
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|KCLSU|SAG|&Restricted|Total|
|Income|£’000|£’000|£’000|
|King’s|College|London|Grant|7,767|225|7,992|
|Trading And|Other Income|2,223|793|3,016|
|Total Income|9,990|1,018|11,008|
|Expenditure on|
|Raising Funds|895|-|895|
|Charity Activities|8,966|983|9,949|
|Past Service|Pension|Deficit|(44)|-|(44)|
|&|Investment|Loss|
|Total Expenditure|9,817|983|10,800|
|Surplus For The Year|173|35|208|
**----- End of picture text -----**
Income Analysis « Income in 2022/23 was £11,008k, including £4,725k cash grant and £3,267k space (‘£000) grant from KCL (premises used for activities, social spaces and bars); » Compared to 2021/22, commercial and other income increased by £259k to £2,223k.
## KCLSU Income Comparison (’000)
**----- Start of picture text -----**
£11,008 £11,339 £8,790
12,000 12,000
:
10,000 rare -— a — 10,000
8,000 A SS 8,000
4,000 4,000
2,000 eset 2,000
a £793 | | £704 | =
2022/23 2021/22 2020/21 e255
**----- End of picture text -----**
EEE Commercial & Other Income
## KCL Space Grant
MEN KCL Block Grant & Other Grants MEN Student Group Self-Generated Income —— Total
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2022/23 - » We have spent £10,036k across three strategic themes: Representation, Future, and Expenditure analysis Belonging; by strategic themes » We allocated direct costs of events and services provided by student employees and (£000) permanent staff to strategic themes. The costs of social and study spaces and running the infrastructure are also allocated against the themes.
MEE ~Representation MQ Future ME Belonging
Expendituresa by strategica themes ain detaila (ina Emillion)a a
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KCLSU Annual Report 22/23
|
## Detailed Financial Review
Income Unrestricted income for the year was £9,990k, a decrease of £514k (5%) compared to the previous year. The decrease was primarily due to a £873k decrease in the King’s College London in-kind space donation in 2022/23 when the university changed the method of space donation calculation. It is offset by a £100k increase in the cash grant fund received from King’s College London, and the commercial income also increased by £184k (21%).
**----- Start of picture text -----**
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Costs|Total expenditure|from unrestricted funds for the year decreased by £487k (5%)to £9,815k,|
|of which £873k corresponds|with the decrease of King’s College|London space charge and|
|additional|spending|of|£290k|(13%)|on|growing|support|of|student|representation|and|
|student|activities|groups.|
|Unrestricted|outcome|The|outcome|for|the|year|was|a|surplus|of £173k,|primarily|due|to|the|decrease|in|Past|
|Pension|liabilities when|the|Bank|of England|increased|the|base|rate from|1.25%|to|5%.|
|Restricted funds|Comprise|monies|held|for|student|activity|groups|(ratified|clubs|and|societies,|which|
|are|branches|of|KCLSU)|and|grants|received|from|King’s|College|London|specifically|for|
|student-facing|projects.|During the year, these societies|received £793k|in|income,|against|
|which they spent|£758k,|resulting|in|a net £35k|surplus.|
|Fixed|assets|The value of KCLSU’s fixed assets|increased|by £134k due to the refurbishment of Guy's|Bar.|
|Investment|We invested £750k|in|Newton Charity Investment Fund|in|2021, which|has been adversely|
|affected|by the|macroeconomic impacts|of the UK government’s financial|policy,|including|
|a|high|inflation|environment.|As|a|result,|the|value|of the|investment|
|was|reduced|by|£12k|until 31|July|2023.|
|Non-restricted|The General Reserve|available to fund|operations was £1,714k at the year-end,|excluding|
|reserves|the long-term pension|liability of|£97 4k. Core operating costs are calculated as a sum of|the|
|direct|costs|of student|representation,|communications,|and|student|activities,|excluding|
|the|college|space|charge,|which|is|budgeted|at|£4,346k|in|2023/24;|our|position|on|31|
|July|2023|is|equivalent|to|4.7|months|of|reserves.|This|is|in|line|with|KCLSU’s|reserves|
|policy,|which|stipulates|that|general|reserves|should|be|maintained|within|three|to|nine|
|months|of core|operating costs. We|have|also|developed|a long-term|financial strategy to|
|manage the|reserve|level more|effectively.|
|Defined|benefit|Based|on|the|last|actuarial|valuation|in|2022,|KCLSU’s|overall|deficit|liabilities|decreased|
|pension scheme|by|£121k,|including|£75k|of cash|payments|in|a|year,|to|£974k|in|2022/23.|The|annual|
|contribution|to|the|scheme|is|scheduled|to|increase|by|an|additional|5%|in|2023/24|to|
|eliminate|the|deficit over the|next fourteen|years|until|May|2037.|
**----- End of picture text -----**
Due to significant Bank of England (BOE) base rate increases, from 1.25% in July 2022 to 5% in July 2023, we adopted a discount rate of 5.95% in 2022/23 based on the recommendation from the SUSS administrator. The considerably higher discount rate has materially reduced the Net Present Value of future liabilities, translating to a significant gain in the 2022/23 account.
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Growing Concern The Trustees consider that there is a reasonable expectation that KCLSU has adequate resources to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis in preparing the annual financial statements.
The Trustees have made this assessment for at least one year from the approval date of these financial statements.
During the 2022/23 financial year, KCLSU’s free reserves decreased and stood at £1,523k (2022/23: £1,631k). KCLSU is committed to rebuilding its free reserves by diversifying the commercial offer, especially improving the online retail business. In January 2023, The Union Shop moved the online portal to a more user-friendly platform, enabling the managers to monitor the order and stock level to improve customer experience. The Union’s cash flow remains strong during the first quarter of 2023/24. The trading units reported strong results from the beginning of the 2023/24 academic year.
The outlook for the next 18 months remains positive. In addition to the commercial success, the Union benefits from a three-year grant agreement with King’s College London. It provides certainty to KCLSU to focus on delivering the strategic objectives.
The Trustees think KCLSU will have sufficient resources to meet its liabilities as they fall due.
Risk Management The Trustees are responsible for KCLSU’s risk management and the effectiveness of internal controls. On behalf of the Trustees, the Senior Leadership Team review major risks and the mitigating measures. The ongoing management of risk is overseen by the Finance, Audit & Risk Committee, with each of the other three committees reviewing related items of risk on a termly basis.
Other key risks identified at the year-end 31 July 2023 were:
Risk Mitigation External speakers’ policy was updated to The speaker requests reduction in risk at the include topics for student debate within end of the year due to summer break. The the context of freedom of speech. expectation is that this will return to a higher This includes the risk of disagreements level inthe new Academic Year 2023/24. regarding the decision-making processes. The joint KCL/KCLSU position on free speech has been agreed. Staff turnover with knowledge loss of Head of Advice & Wellbeing in place, Head operational staff/recruitment challenges of Governance 10 July 2023 and Director of for new staff causing reduced delivery of Finance and Systems November 2023. operations and services. Breaches of Safe Space expectations Thisisongoingand includessomeallegations by students by other students within of misconduct by committee members societies. against others. Industrial action at KCL causes a Boycott of exam marking causes delay in significant increase in complaints to students receiving results, leading to the KCLSU and requests for student advice inability to graduate. and support: boycott of exam marking (summer 2023). The cost of living negatively impacts staff Impact on KCLSU commercial revenues with and students. students spending less. The continuing cost of living pressures on staff.
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Ethical Investment 1.1 KCLSU, in line with its Ethical Policy, will only engage in socially responsible investment Policy where reasonable. KCLSU has been mandated by the student body to invest funds in ethical and environmentally responsible businesses, banks and fund holders. The Trustees are required to ensure the assets are invested in line with the ethical values of KCLSU. 1.2 A company or bank will be deemed unethical if there is evidence that it: » Fails to uphold basic human rights, as the UN Convention 1948 notes; « Knowingly provides resources to those who will use them to commit human rights abuses; « Fails to uphold basic labour rights, including the right to form a Union; » Gives vocal, economic or diplomatic support to a regime, enabling it to continue to commit human rights abuses; » Produces or invests in the production of armaments or torture equipment; « Tests on animals purely for cosmetic purposes; » Produces tobacco or invests directly in the tobacco industry; » Extracts Fossil Fuels or significantly invests in the Fossil Fuel industry; « Significantly invest in gaming and gambling.
The Trustees Report, incorporating a Strategic Report, was approved by the Board of Trustees and signed on its behalf by:
## Steven Suresh
President and Chair of the Board of Trustees Approved by the Board of Trustees 11 April 2024
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Auditor's Report
KCLSU Annual Report 22/23
:
King’s College London Students’ Union (registered company no. 05762196)
## Independent Auditor’s Report
to the members of King’s College London Students’ Union for the year ended 31 July 2023
Opinion We have audited the financial statements of King’s College London Students’ Union (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2023 which the comprise the group statement of financial activities, the group and charitable parent company balance sheets and group statement of cash flows, the principal accounting policies and the notes to the financial statements. 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:
« give a true and fair view of the state of the group’s and of the charitable company’s affairs as at 31 July 2023 and of the group’s income and expenditure for the year then ended; » have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
« and have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UkK)) 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 group 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 In auditing the financial statements, we have concluded that the trustees’ use of to going concern the going concern basis of accounting in the preparation of the financial statements is appropriate.
» Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue « Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially
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|Otherinformation|inconsistent with the financial statements or our knowledge obtained in the audit or|
|---|---|
|(cont.)|otherwiseappearstobe materially misstated. Ifwe identifysuch materialinconsistencies|
||or apparent material misstatements, we are required to determine whether there is a|
||material misstatement in the financial statements or a material misstatement of the|
||other information. If, based on the workwe have performed, we conclude that there is a|
||material misstatement ofthis other information,we are required to reportthatfact.|
||We have nothingto report in this regard.|
|Opinionsonother|In ouropinion, based on theworkundertaken in the course ofthe audit:|
|matters prescribed||
|bytheCompaniesAct _ = the information given in the trustees’ report, which is also the directors’ report forthe||
|2006|purposes ofcompanylawand includesthe strategic report,forthefinancialyearforwhich|
||the financialstatements are prepared is consistentwith thefinancial statements; and|
||« the trustees’ report, which is alsothe directors’ report forthe purposes ofcompany law|
||and includes the strategic report, has been prepared in accordance with applicable legal|
||requirements.|
|Mattersonwhichwe|__In the light ofthe knowledge and understanding ofthe group and the charitable parent|
|are requiredtoreport|company and its environment obtained in the course ofthe audit, we have not identified|
|byexception|material misstatements in the trustees’ report includingthe strategic report.|
||We have nothing to report in respect ofthe following matters in relation to which the|
||Companies Act 2006 requires usto reporttoyou if, in ouropinion:|
||» adequate accounting records have not been kept bythe charitable parent company, or|
||returns adequate forour audit have notbeen receivedfrom branches notvisited by us; or|
||« the charitable parent company financial statements are not in agreement with the|
||accounting records and returns; or|
||« certain disclosures oftrustees’ remuneration specified bylaware not made; or|
||=we have not received allthe information and explanationswe require forouraudit.|
|Responsibilities of|As explained more fully in the trustees’ responsibilities statement, the trustees (who|
|trustees|are also the directors ofthe charitable company for the purposes ofcompany law) are|
||responsible for the preparation of the financial statements and for being satisfied that|
||they give a true and fair view, and for such internal control as the trustees determine is|
||necessary to enable the preparation of financial statements that are free from material|
||misstatement, whetherdue to fraud or error.|
||In preparingthefinancialstatements,thetrusteesare responsibleforassessingthegroup’s|
||and the charitable parent company’s ability to continue as a going concern, disclosing,|
||as applicable, matters related to going concern and using the going concern basis of|
||accountingunlessthetrusteeseitherintendtoliquidatethegrouporthecharitableparent|
||companyorto cease operations, orhave no realistic alternative but|
||todoso.|
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1
anee eee ee ee eee eae eee e eee een ee ee SS SSS Auditor’s Our objectives are to obtain reasonable assurance about whether the financial statements responsibilities forthe as a whole are free from material misstatement, whether due to fraud or error, and to audit of the financial issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of statements assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
« The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
» We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements; « We focused on specific laws and regulations which we considered may have a direct material effect on the accounts. » We assessed the extent of compliance with the laws and regulations identified above through making enquiries of representatives of management and the review of minutes of Board of Trustee meetings.
We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: » Making enquiries of where management considers there was susceptibility to fraud and knowledge of actual, suspected and alleged fraud; and * Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
» Performed analytical procedures to identify any unusual or unexpected relationships; » Tested and reviewed journal entries to identify unusual transactions; « Tested the authorisation of expenditure; * Gained an understanding of the processes in place for the management of the charity's investments and confirmed the validity of withdrawals from investments; and « Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
« Review of the minutes of meetings of those charged with governance; » Enquiring of management as to actual and potential litigation and claims; and « Agreeing accounts disclosures to underlying supporting documentation.
As a result of our procedures we did not identify any key audit matters relating to irregularities.
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Auditor’s There are inherent limitations in our audit procedures described above. The more removed responsibilities forthe that laws and regulations are from financial transactions, the less likely it is that we would audit of the financial become aware of non-compliance. Auditing standards also limit the audit procedures statements (cont.) required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description ofourresponsibilitiesfor the audit ofthe financialstatementsis located 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 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. Burreectt ae @
Alison Pyle (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
14 April 2024
25
IQLSUAnnualR4port 22123
Report and Consolidated
Financial Statements
Forthe year ended 31 July 2023
26
Consolidated Financial Statements
KCLSU Annual Report 22/23
1
King’s College London Students’ Union (registered company no. 05762196) Consolidated Statement of Financial Activities incorporating the Income and Expenditure Account For the year ended 31 July 2023
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Total Funds|Unrestricted|
|Notes|Funds2023£|#£Funds|2023|£|2023£|Funds|2022€£|
|Income|and|Endowments from:|
|Donations|and|legacies|
|King’s|College|London|Grant|2|7,767,302|224,504|7,991,806|8,671,641|
|Charitable|activities|
|Student Community Venues|3|1,082,484|-|1,082,484|1,096,488|
|Student|Activity|Groups|-|793,354|793,354|703,610|
|Other trading|activities|
|Sponsorship|Income|4|34,430|-|34,430|33,250|
|Subsidiary|Trading Company|5|962,912|-|962,912|780,243|
|Events|and|other generated|income|6|54,375|-|54,375|54,268|
|Investments|
|Interest|Receivable|9,867|-|9,867|-|
|Dividends|income|16,440|-|16,440|-|
|Miscellaneous|income|62,301|-|62,301|-|
|Total|9,990,111|1,017,858|11,007,969|11,339,500|
|Expenditure|On:|
|Raising funds|
|Sponsorship|Expenditure|105,952|-|105,952|156,871|
|Subsidiary Company|Expenditure|5|789,132|-|789,132|633,829|
|Charitable|activities|
|Student Community Venues|3|3,135,027|3,135,027|3,220,950|
|Student|Representation &|7|2,762,671|195,104|2,957,775|3,254,165|
|Communication|
|Student Activity|8|2,863,377|29,400|2,892,777|2,943,607|
|Student Activities|Group|9|205,319|758,126|963,445|995,991|
|Other|
|Pension|costs|-|Deficit|provision|10|(46,228)|-|(46,228)|9,112|
|Total Expenditure|9,815,250|982,630|10,797,880|11,214,525|
|Net income|for the year|174,861|35,228|210,089|124,975|
|Other|Recognised|Losses|
|Unrealised|loss on|investments|15|(2,075)|-|(2,075)|(10,166)|
|Net|movement|in|funds|172,786|35,228|208,014|114,809|
|Reconciliation|of funds:|
|Total funds|at|1|August|2022|809,203|624,450|1,433,653|1,318,844|
|TOTAL FUNDS AT 31|JULY 2023|981,989|659,678|1,641,667|1,433,653|
**----- End of picture text -----**
No separate statement of financial activities has been presented for the charity alone as permitted by section 408 of the Companies Act 2006. The Charity made a loss of £62,055 (2022: £110,829) during the year.
The annexed notes form part of these financial statements
27
Consolidated Financial Statements
KCLSU Annual Report 22/23
4
King’s College London Students’ Union (registered company no. 05762196) Consolidated Balance Sheet
For the year ended 31 July 2023
|Consolidated Balance Sheet
For the year endedthe year endedyear endedended 31 July 2023||||||
|---|---|---|---|---|---|
|||Parent|Group|Parent|Group|
||Notes|2023 £|2023 £|2022£|2022£|
|Fixed Assets||||||
|TangibleAssets|14|241,602|241,602|107,259|107,259|
|Investments|15|738,328|738,328|740,403|740,403|
|||979,930|979,930|847,662|847,662|
|Current Assets||||||
|Stocks||51,603|161,955|112,828|112,828|
|Debtors|16|485,477|365,368|277,832|437,946|
|Shortterm deposits||507,916|507,916|-|-|
|Cash atbank and in hand||1,578,382|1,596,106|2,631,625|2,657,048|
|||2,623,378|2,631,345|3,022,285|3,207,822|
|Creditors:amountsfallingdue|17|(1,257,102)|(1,074,642)|(1,585,833)|(1,605,393)|
|within oneyear||||||
|NetCurrentAssets||1,366,276|1,556,703|1,436,452|1,602,429|
|Creditors:amountsfallingdue|18|(894,966)|(894,966)|(1,016,438)|(1,016,438)|
|afteroneyear||||||
|TotalNetAssets||1,451,240|1,641,667|1,267,676|1,433,653|
|Funds||||||
|Unrestricted funds:||||||
|Designated Capital Fund|20|241,602|241,602|107,259|107,259|
|Pension Fund|20|(973,971)|(973,971)|(1,095,443)|(1,095,443)|
|General Fund|20|1,523,931|1,714,358|1,631,410|1,797,387|
|||791,562|981,989|643,226|809,203|
|Restricted Funds|20|659,678|659,678|624,450|624,450|
|||1,451,240|1,641,667|1,267,676|1,433,653|
The financial statements have been prepared in accordance with the Financial Reporting Standard 102.
The financial statements were approved, and authorised for issue, by the Board of Trustees on 11 April 2024 and signed on their behalf by:
**----- Start of picture text -----**
Rie
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## STEVEN SURESH, Chair of Trustees
The annexed notes form part of these financial statements
28
Consolidated Financial Statements
KCLSU Annual Report 22/23
i
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|King’s|College|London|Students’|Union|(registered|company|no.|05762196)|
|Consolidated|Cash|Flow|Statement|
|For the year ended|31|July|2023|
|2023|£|2022£|
|Cash flows from|operating activities|
|(Deficit)/surplus|for the financial year|208,014|114,809|
|Adjustments|for:|
|Depreciation|99,151|58,392|
|Increase|in|stocks|(49,127)|(3,819)|
|Decrease/(increase)|in|debtors|72,578|(350,818)|
|(Decrease)/increase|in|creditors|(530,751)|644,363|
|Decrease|in|provision|for|Pension|Past|Service|Deficit|(121,472)|(62,549)|
|Investment|income|(26,307)|-|
|Loss|on|investments|2,075|10,166|
|(345,839)|410,544|
|Cash flows from|investing activities|
|Purchase|of tangible|fixed|assets|(233,494)|(77,979)|
|Disposal of tangible|fixed|assets|-|11,358|
|Investment|income|26,307|
|Funds|invested|in|year|-|(750,000)|
|Purchase|of short term|deposits|(507,916)|-|
|(715,103)|(816,621)|
|Net|increase|in cash and|cash|equivalents|(1,060,942)|(406,077)|
|Cash|and|cash|equivalents|at|1|August|2022|2,657,048|3,063,125|
|Cash and cash equivalents|at 31|July 2023|1,596,106|2,657,048|
|Components|of cash and cash|equivalents|
|At|1|August 2022£|Cashflows£|At 31|July 2023£|
|Cash|at bank and|in hand|2,657,048|(1,060,942)|1,596,106|
|Major non-cash transactions|-|<|
**----- End of picture text -----**
29
KCLSU AnnualFlÉPQrt 22123
Notes to the Financial
Statements
Forthe year ended 31 July 2023
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
## 1. Accounting policies Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and rounded to the nearest pound.
## Going Concern
The Trustees consider that there is a reasonable expectation that KCLSU has adequate resources to continue in operational existence for the foreseeable future and, for this reason, they continue to adopt the going concern basis in preparing the annual financial statements. °
The Trustees have made this assessment with respect to a period of at least one year from the date of approval of these financial statements.
During the 2022/23 financial year, KCLSU’s free reserves decreased and stood at £1,523k (2022/23: £1,631k). During the first quarter of 2023/24, the Union's cash flow remains strong. The trading units reported strong results from the beginning of the 2023/24 academic year.
The outlook for the next 18 months remains positive. In addition to the commercial success, the Union benefits from a three-year grant agreement with King’s College London. It provides certainty to KCLSU to focus on delivering the strategic objectives.
The trustees are of the opinion that KCLSU will have sufficient resources to meet its liabilities as they fall due.
## Group financial statements
The financial statements consolidate the results of the wholly owned subsidiary company, KCLSU Limited, which undertakes commercial activities on behalf of the Union and gift aids its annual taxable profits to the Union. No separate statement of financial activities has been presented for the charity alone as permitted by section 408 of the Companies Act 2006.
## Company status
King’s College London Students’ Union is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1.
## Fund accounting
i) Restricted funds represent funds raised or donated for a specific purpose which can only by applied by the Trustees for that purpose. Funds raised by clubs and societies are deemed to be restricted for the particular club or society.
ii) Designated funds represent amounts allocated by the Trustees, at their discretion, which are earmarked for a particular purpose. They may include funds already expended on fixed assets or funds which are due to be spent ona fixed asset or project in the near future.
31
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
1. Accounting policies (cont.)
iv) The Pension Fund Reserve represents a negative reserve representing the future liability to fund the deficit on the Students’ Union Superannuation Scheme. It equates to the pension scheme. It is treated as a separate reserve because of the long term nature of the liability which, it is anticipated, will be funded by future income streams.
## Income
Income is recognised in the period in which the Union has entitlement to the income, the amount can be reliably measured, and it is probable that the income will be received.
Revenue grants are credited to income on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. Investment Income is recognised on an accruals basis.
Capital grants received to fund fixed assets are accounted for in the statement of financial activities as restricted funds when the Union becomes entitled to receive them. Depreciation of the related fixed assets is charged against the restricted fund.
Donated facilities from the University are included in the accounts at an estimated basis. No amounts are included in the financial statements for services donated by volunteers.
Donations are accounted for in the Statement of Financial Activities when the Union becomes entitled to receive them. Those subject to restrictions on use are classified as Restricted Funds.
## Resources Expended
Expenditure is accounted for on an accrual basis 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 amountofthe obligation can be measured reliably.
All expenditure has been included under expense categories that aggregate all costs for allocation to activities. Administrative support costs are allocated on the basis of the number of permanent staff in each of the activities. Facilities costs are allocated based on the floor area occupied.
Governance costs, included in support costs, comprise strategic planning, management and organisational costs including legal advice and audit fees.
Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the statement of financial activities.
## Tangible fixed assets
Fixed assets are depreciated over their estimated useful economic lives. The threshold for capitalisation is £1,000 and the useful life for each asset is determined as shown below:
Equipment, including motor vehicles, is capitalised and depreciated over the estimated lives of the assets. Full year depreciation is provided in the year of purchase. The rates of depreciation currently used are as follows:
Leasehold Building Works - 10% to 20% Union Equipment - 20% to 33%
Full year depreciation is provided in the year of purchase.
32
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
]
1. Accounting policies Stocks (cont.) Stock
Stock is valued at the lower of cost and net realisable value.
## Operating leases
Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.
## 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.
## Creditors and provisions
Creditors and provisions are recognised where the Union 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.
## Financial Instruments
The Union 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.
Cash at bank and in hand is classified as a basic financial instrument and is measured at face value. Short term deposits are fixed term deposit accounts with a maturity date between 3 and 12 months.
## Pensions
In relation to the multi-employer defined benefit scheme, which is closed to future accrual, as set out in note 22 full provision is made for the total agreed contributions payable to meet the fund deficit. The provision is based on the total contributions payable at the year end, discounted to net present value.
In relation to the defined contribution scheme, as set out in note 22, contribution are accounted for as they fall due.
33
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|
1. Accounting policies Critical accounting estimates and areas of judgements (cont.) Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: « estimating the useful economic life of tangible fixed assets for the purpose of determining the annual depreciation;
« allocation of staff and support costs across activities;
- » estimating the value of the bad debt provision;
« valuation of donations in kind received during the year;
- « actuarial assumptions used to determine the valuation of the pension scheme liabilities in relation to the Students’ Union Superannuation Scheme (SUSS). A discount rate of 5.95% (2022: 2.75%) has been used in line with industry standards; « estimating future cashflows for the purpose of assessing going concern.
|2. King’sCollege||Unrestricted|Restricted|TotalFunds|Total Funds|
|---|---|---|---|---|---|
|London Grant||Funds 2023 £|Funds 2023 £|2023£|2022£|
||Core Grant|4,500,000|-|4,500,000|4,400,004|
||Donated spacefrom College|3,267,302|-|3,267,302|4,140,562|
||OtherGrants|-|224,504|224,504|131,075|
|||7,767,302|224,504|7,991,806|8,671,641|
|||Unrestricted|Restricted||Total Funds|
|||Funds 2022 £|Funds 2022£||2022£|
||Core Grant|4,400,004|-||4,400,004|
||Donated spacefrom College|4,140,562|-||4,140,562|
||OtherGrants|-|131,075||131,075|
|||8,540,566|131,075||8,671,641|
Other grants are for restricted purposes.
34
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
i
|3.Studentcommunity||Income|Expenditure||Total|Total|
|---|---|---|---|---|---|---|
|venues||2023 £|2023£||2023£|2022£|
||Sales|967,146|-||967,146|941,794|
||Less: Costs of Sales|-|(323,227)||(323,227)|(296,711)|
||||||643,919|645,083|
||Add: Brewers Discounts|-|16,659||16,659|180|
||Gross Profit||||660,578|645,263|
||Other Income||||||
||Entertainment Income|111,781|-||111,781|137,038|
||Games Machines Income|46|-||46|88|
||Others|3,511|-||3,511|17,568|
||Direct Costs||||||
||StaffCosts|-|(710,789)||(710,789)|(675,943)|
||OtherCosts|-|(210,555)||(210,555)|(209,150)|
||||||(145,428)|(85,136)|
||Indirect Costs||||||
||Support Costs (Note 11)|-|(1,907,115)||(1,907,115)|(2,039,326)|
|||1,082,484|(3,135,027)|(2,052,543)||(2,124,462)|
|4.Sponsorship income||Unrestricted|Restricted||TotalFunds|Total Funds|
|||Funds 2023£|Funds 2023 £||2023£|2022£|
||Marketingand Sponsorship|1,700||-|1,700|-|
||Welcome Fair|32,730||-|32,730|33,250|
|||34,430||Nil|34,430|33,250|
|||Unrestricted|Restricted|||Total Funds|
|||Funds 2022£|Funds 2022£|||2022£|
||Marketingand Sponsorship|-||-|||
||Welcome Fair|33,250||-||33,250|
|||33,250||Nil||33,250|
35
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
1
|5.Subsidiarytrading||Income|Expenditure|Total|Total|
|---|---|---|---|---|---|
|company||2023£|2023£|2023£|2022£|
||KCLSU Limited|||||
||Venues|||||
||Sales|120,566|-|120,566|186,271|
||Less: Costs ofsales|-|(22,159)|(22,159)|(38,864)|
||Profit|||98,407|147,407|
||Shop|||||
||Sales|842,346|-|842,346|593,972|
||Less: Costs ofsales|-|(405,332)|(405,332)|(297,976)|
||Profit|||437,014|295,996|
||Administrative Expenditure|||||
||Permanent StaffCosts|=|(153,787)|(153,787)|(102,824)|
||Temporary StaffCosts|-|(59,478)|(59,478)|(75,909)|
||OtherCosts|.|(52,085)|(52,085)|(39,032)|
||ManagementCharge|«|(96,291)|(96,291)|(79,224)|
||||(361,641)|(361,641)|(296,989)|
||Total|962,912|(789,132)|173,780|146,414|
||Retained Profit b/f|||166,968|19,563|
||Tax Paid|||(3,906)|:|
||GiftAid|||(146,414)|992|
||Retained Profit|||190,428|166,969|
||The parent company holds of 100% of the||issued ordinary capital in KCLSU Ltd, the|||
||trading subsidiary ofthe Union. KCLSU Ltd is||acompany registered inthe United Kingdom|||
||and it undertakes the non-student commercial activities ofthe Union. The companywas|||||
||incorporatedon 12 August2009.ThenetassetsofKCLSU Limitedattheyearendamount|||||
||to £190,429.|||||
|6. Eventsand other||||TotalFunds|Total Funds|
|generated income||||2023£|2022£|
||UnlockingLondon|||-|-|
||NUS Card Sales|||1,602|1,569|
||Ticket Sales|||13,500|26,106|
||Rental income and premises hire|||-|-|
||Otherincome|||39,273|26,593|
|||||54,375|54,268|
36
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|
;
|7.Student||Unrestricted|Restricted|TotalFunds|TotalFunds|
|---|---|---|---|---|---|
|representation&||Funds2023£|Funds2023£|2023£|2022£|
|communication|StudentOfficer Salaries|187,916|-|187,916|180,285|
||Other StaffCosts|560,298|195,104|755,402|609,486|
||Subscriptions and|48,320|-|48,320|43,193|
||Affiliation Fees|||||
||Other directcosts|59,022|-|59,022|68,132|
||Support Costs (note 11)|1,907,115|-|1,907,115|2,353,069|
|||2,762,671|195,104|2,957,775|3,254,165|
|8.Studentactivity||Unrestricted|Restricted|TotalFunds|TotalFunds|
|||Funds 2023 £|Funds 2023 £|2023£|2022£|
||StaffCosts|924,930|29,400|954,330|845,059|
||Student Activity Group|551,429|-|551,429|518,228|
||Development|||||
||Volunteering Project|1,654|-|1,654|1,999|
||Student Hubs|8,003|-|8,003|9,608|
||Support Costs (note 11)|1,377,361|-|1,377,361|1,568,713|
|||2,863,377|29,400|2,892,777|2,943,607|
|9.Student activities||Unrestricted|Restricted|TotalFunds|TotalFunds|
|group||Funds2023 £|Funds2023£|2023 £|2022£|
||Expenditure from Grant|205,319|-|205,319|205,149|
||Allocation|||||
||Expenditure from Self-|-|758,126|758,126|790,842|
||Generated Funds|||||
|||205,319|758,126|963,445|995,991|
Student Activity Groups are listed in Appendix 1.
37
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|10. Staffnumbersand||2023£|2022£|
|---|---|---|---|
|one|FullTime StaffSalaries|2,850,027|2,486,513|
||PartTime StaffSalaries|715,437|730,789|
||Social security costs|298,422|253,399|
||Pension costs|||
||Current Service Costs|89,724|77,430|
||Deficit Provision|(46,228)|9,112|
||Other StaffCosts|-|-|
|||3,907,382|3,557,243|
||Theaveragemonthlynumberofemployees duringthe periodwas:|||
|||Number|Number|
||Permanent Staff|80|73|
||Student Staff|170|154|
|||250|227|
There are fifty permanent staff and six trustees officers are working directly toward the charitable activities, and remaining twenty four staff are working in the supporting operations. The total supporting staff cost is allocated together with the other support cost to those charitable activities based on the proportion of the staff number.
There are two employee (2022: one) earning gross salary of £60,000 - £70,000 during the year. There is one employee (2022: one) earning gross salary of £70,000 -£80,000 during the year. There is no employee (2022: one) earning gross salary of £80,000 - £90,000 during the year. There is one employee (2022: None) earning gross salary of £90,000 - £100,000 during the year. Employer’s pension contributions for these individuals totalled £7,604 (2022: £5,284).
The cost of key management (including employers’ national insurance and pension contributions) was as follows:
|contributions) was as follows:follows:|||
|---|---|---|
||2023£|2022£|
|Trustee Officers|187,916|180,285|
|Seniormanagement|345,167|319,978|
||533,083|500,263|
There wasa[total][ of][ £6,078][paid][ to][ one][ member][ of][ staff][ as][ termination][payment][in][2022-] 23. This cost is reported as a staff cost, and this figure is included in final staff costs for the year accordingly. A total of £54,274 termination payment were paid to staff in 2021-22 financial year.
38
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
## 11. Support costs
## 12. Governance costs
## 13. Taxation
||Total2023£|Total2022£|
|---|---|---|
|College SpaceCharge|3,267,302|4,140,562|
|StaffCosts|1,175,740|1,076,394|
|Depreciation (note 14)|59,220|52,798|
|OtherSupportCost|425,675|388,199|
|Facilities|110,656|143,760|
|Information Technology|147,947|168,682|
|Marketingand communications|125,217|81,088|
|Provision for Pension Past Service Deficit (note 19)|(46,228)|9,112|
|Governance (note 12)|32,013|57,384|
||5,297,542|6,117,979|
|Supportcostsareapportioned to charitable activitiesas|asfollows:||
||Total2023£|Total2022£|
|SocialVenues (note 3)|1,907,115|2,039,326|
|Student Representation (note 7)|1,907,115|2,353,069|
|Student Activity (note 8)|1,377,361|1,568,713|
|Sponsorship|105,951|156,871|
||5,297,542|6,117,979|
|Support costs have been allocated based onthe proportion ofthe staffnumbers involved|||
|inthecharitableactivities.|||
||TotalFunds|Total Funds|
|---|---|---|
||2023£|2022£|
|Auditors remuneration|18,987|13,853|
|Non-audit services|655|710|
|Legaland professionalfees|10,763|41,822|
|Board Meetingand Trustee Expenses|1,608|999|
||32,013|57,384|
King’s College London Students’ Union is a registered charity and thus entitled to the exemptions from tax available to charities.
39
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
T
|14.Tangiblefixed||LeaseholdBuilding|Union||
|---|---|---|---|---|
|assets|Groupand Parent|Improvement£|Equipment£|Total£|
||Cost||||
||At 1 August 2022|-|365,746|365,746|
||Additions|140,221|93,273|233,494|
||Disposals|-|(93,060)|(93,060)|
||At31 July2023|140,221|365,959|506,180|
||Depreciation||||
||At 1 August 2022|«|258,487|258,487|
||Additions|25,505|73,646|99,151|
||Disposals|=|(93,060)|(93,060)|
||At 31 July 2023|25,505|239,073|264,578|
||Net bookvalue||||
||At31 July2023|114,716|126,886|241,602|
||At 31 July 2022|-|107,259|107,259|
||Depreciation is charged to activities to which it relates.||An amount of £39,931 (2022 -||
||£NIL)was charged to directcostsand £59,220 (2022 - £52,798) was charged|||tosupport|
||costs.||||
|15. Investments|Groupand Parent||2023¢£|2022£|
||At 1 August 2022||740,403|750,569|
||Unrealised losses||(2,075)|(10,166)|
||At31July2023||738,328|740,403|
KCLSU invested £750k in Newton Charity Fund in October 2021. The market has been volatile due to global political and economic factors and the UK fiscal policy. As of 31st July 2023, the investment portfolio lost £12k, however, we have received £16k cash dividend so far, effectively increasing the all-time investment gain to £4k.
## 16. Debtors
||Parent|Group|Parent|Group|
|---|---|---|---|---|
|Duewithin oneyear|2023 £|2023 £|2022£|2022£|
|Trade debtors|221,685|221,685|271,734|437,712|
|Other debtors &|143,683|143,683|6,098|234|
|Prepayments|||||
|Amountowed by|120,109|-|-|-|
|subsidiary|||||
||485,477|365,368|277,832|437,946|
40
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|
|17. Creditors:||Parent|Group|Parent|Group|
|---|---|---|---|---|---|
|amountsfallingdue||2023£|2023£|2022£|2022 £|
|withinons:yaar|Tradecreditors|298,020|298,020|446,824|446,824|
||Provision for Pension|79,005|79,005|79,005|79,005|
||Deficit Contributions|||||
||Accruals and deferred Income|250,164|252,664|514,345|514,345|
||Other creditors|444,953|444,953|545,659|565,219|
||Amounts owed to subsidiary|184,960|-|-|-|
|||1,257,102|1,074,642|1,585,833|1,605,393|
|18. Creditors:||Parent|Group|Parent|Group|
|amountsfallingdue||2023 £|2023 £|2022£|2022£|
|atincheyear|Provision forPension|894,966|894,966|1,016,438|1,016,438|
||Deficit Contribution|||||
|||894,966|894,966|1,016,438|1,016,438|
|19. Provision for||||2023£|2022£|
|pension deficit||||||
|contribution|Brought forward|||1,095,443|1,157,992|
||Paymentsmade|||(75,244)|(71,661)|
||Unwinding of the interest|||(46,228)|9,112|
|||||973,971|1,095,443|
||Analysis:|||||
||Duewithin oneyear|||79,005|79,005|
||Fallingdue aftermorethan oneyear|year||894,966|1,016,438|
|||||973,971|1,095,443|
41
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|20.Statementof|||||Transfers&||
|---|---|---|---|---|---|---|
|funds|||||investment||
|||Brought|||gains/|Carried|
|||Forward £|Income £|Expenditure£|(losses)&|Forward £&|
||Restricted funds||||||
||Student|530,768|793,354|(758,126)|-|565,996|
||Activity||||||
||Groups||||||
||Other|93,682|224,504|(224,504)|~|93,682|
||Student||||||
||Activities||||||
|||624,450|1,017,858|(982,630)|Nil|659,678|
||Designated funds||||||
||Designated|107,259|140,434|(6,091)|-|241,602|
||Capital Fund||||||
||Pension Fund|(1,095,443)|-|121,472|-|(973,971)|
|||(988,184)|140,434|115,381|Nil|(732,369)|
||Summaryoffunds|funds|||||
||Designated|(988,184)|140,434|115,381|-|(732,369)|
||Funds||||||
||Subsidiary’s|165,977|962,912|(789,131)|(149,330)|190,428|
||Funds||||||
||General|1,631,410|8,886,765|(9,141,500)|147,255|1,523,930|
||Funds||||||
|||£809,203|9,990,111|(9,815,250)|(2,075)|981,989|
||Restricted|624,450|1,017,858|(982,630)|~|659,678|
||Funds||||||
|||1,433,653|11,007,969|(10,797,880)|(2,075)|1,641,667|
The Restricted Student Activity Groups Fund represents the unspent balances of all Student Activity Groups.
Other Student Activities represents other restricted grants received from King’s College London applied for specific student activities.
The Designated Capital Fund represents the extent to which Union Funds have been utilised to finance capital works and other fixed assets and is equal to total fixed assets less deferred capital grants and loans.
The Pension Fund represents the long-term liabilities in relation to the Students’ Union Superannuation Scheme (SUSS). The recognition of the liabilities generated a negative reserve, which will be balanced to NIL in May 2037 after the pension scheme deficit is fully recovered.
Transfers represent the distribution under Gift Aid from the subsidiary company to the parent company.
42
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
j
|20.Statementof|Comparative statement|Comparative statementoffunds|Comparative statementoffunds||||
|---|---|---|---|---|---|---|
|funds (cont.)|||||Transfers&||
||||||investment||
|||Brought|||gains/|Carried|
|||Forward£|Income £|Expenditure£|(losses)&|Forward £&|
||Restrictedfunds||||||
||Student|618,000|703,610|(790,842)|-|530,768|
||Activity||||||
||Groups||||||
||Other|93,682|131,075|(131,075)|-|93,682|
||Student||||||
||Activities||||||
|||711,682|834,685|(921,917)|-|624,450|
||Designated|99,030|61,027|(52,798)|-|107,259|
||Capital Fund||||||
||Pension Fund|(1,157,992)|-|62,549|-|(1,095,443)|
|||(1,058,962)|61,027|9,751|-|(988,184)|
||Summaryoffunds||||||
||Designated|(1,058,962)|61,027|9,751|-|(988,184)|
||Funds||||||
||Subsidiary’s|19,563|780,243|(633,829)|-|165,977|
||Funds||||||
||General|1,646,561|9,663,545|(9,668,530)|(10,166)|1,631,410|
||Funds||||||
|||607,162|10,504,815|(10,292,608)|(10,166)|809,203|
||Restricted|711,682|834,685|(921,917)|-|624,450|
||Funds||||||
|||1,318,844|11,339,500|(11,214,525)|(10,166)|1,433,653|
43
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|21.Analysisofnet||Fixed assets &|NetCurrent|LongTerm|Reserve|
|---|---|---|---|---|---|
|assetsbetweenfunds|Group|investments£|Assets £|Liabilities&£|Balance£|
||Restrictedfunds|||||
||Student Activity Groups|-|565,996|-|565,996|
||OtherStudent Activities|-|93,682|-|93,682|
|||-|659,678|-|659,678|
||Unrestricted funds|||||
||Designated Capital Fund|241,602|-|-|241,602|
||Pension Fund|-|(79,005)|(894,966)|(973,971)|
||General Funds|738,328|976,030|-|1,714,358|
|||979,930|897,025|(894,966)|981,989|
||TotalFunds|979,930|1,556,703|(894,966)|1,641,667|
|||Fixed assets &|NetCurrent|LongTerm|Reserve|
||Parent|investments£|Assets£|Liabilities
&£|Balance£|
||Restricted funds|||||
||Student Activity Groups|-|565,996|-|565,996|
||Other Student Activities|-|93,682|-|93,682|
|||-|659,678|-|659,678|
||Unrestricted funds|||||
||Designated Capital Fund|241,602|-|-|241,602|
||Pension Fund|-|(79,005)|(894,966)|(973,971)|
||General Funds|738,328|785,603|-|1,523,931|
|||979,930|706,598|(894,966)|791,562|
||TotalFunds|979,930|1,366,276|(894,966)|1,451,240|
44
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
r
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|21. Analysis of net|Comparative|analysis of net assets between funds|
|assets between funds|Fixed assets|&|Net Current|Long Term|Reserve|
|(cent)|Group|investments £|Assets£|Liabilities£|Balance £|
|‘Restrictedfunds|
|Student Activity|Groups|-|530,768|-|530,768|
|Other|Student|Activities|-|93,682|-|93,682|
|-|624,450|-|624,450|
|‘Unrestrictedfunds|
|Designated|Capital|Fund|107,259|-|-|107,259|
|Pension|Fund|.|(75,243)|(1,016,438)|(1,091,681)|
|General|Funds|740,403|1,053,222|-|1,793,625|
|847,662|977,979|(1,016,438)|809,203|
|Total Funds|847,662|1,602,429|(1,016,438)|1,433,653|
|Fixed|assets &|Net|Current|Long Term|Reserve|
|Parent|investments|£|Assets|£|Liabilities£|Balance|£&|
|Restricted|funds|
|Student Activity|Groups|-|530,768|-|530,768|
|Other|Student|Activities|-|93,682|-|93,682|
|-|624,450|-|624,450|
|Unrestricted|funds|
|Designated|Capital|Fund|107,259|107,259|
|Pension|Fund|-|(75,243)|(1,016,438)|(1,091,681)|
|General|Funds|740,403|887,245|1,627,648|
|847,662|812,002|(1,016,438)|643,226|
|Total Funds|847,662|1,436,452|(1,016,438)|1,267,676|
**----- End of picture text -----**
45
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
|
22. Pension KCLSU participates in the Students’ Union Superannuation Scheme, which is a defined commitments 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 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.
The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m.
In summary, the usual increase of 5% due in October 2023 will proceed as planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037. Contributions due from 1 October 2026 onwards will be reviewed following the next actuarial valuation.
Full provision is made in the accounts for the total amount of contributions payable to meet the funding deficit as shown in note 19. The provision is based on the discounted value of future contributions. The contributions payable will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. In addition to the above contributions, KCLSU also pays its share of the Scheme’s levy to the Pension Protection Fund.
From 1st August 2011 the Union introduced a new defined contribution scheme, the KCLSU Group Personal Pension Plan. This is administered by Foster Denovo, independent financial advisers, and provided by Aviva plc. The employee contribution rates for this range from 3% of salary upward and KCLSU matches this from 3% to a maximum of 6% of salary. From 1st July 2015, the Union also started to participate in the government NEST (National Employment Savings Trust) scheme.
23. Related parties The Students’ Union is constituted under the King’s College London Charter and its own Constitution. King’s College London provides a range of support services to the Union and in addition provides grants (note 2) and loan facilities.
Trustees were reimbursed for expenses incurred in the course of their duties to the value of £NIL (2022-£NIL).
Trustee Officers are remunerated for their executive responsibilities in accordance with the Union constitution. Six trustees of the Union received payment for their services as Sabbatical Officers of the Union totalling £187,916 (2022- £180,285 to six trustees) as set out in note 10.
46
Notes to the Financial Statements for the year ended 31 July 2023
KCLSU Annual Report 22/23
:
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|24. Comparative|Unrestricted|Restricted|Total Funds|
|statement|of financial|Funds 2022|£|Funds 2022|£|2022|£|
|activities|Income and endowments from:|
|Donations|and|legacies|
|King’s|College|London|Grant|8,540,566|131,075|8,671,641|
|Charitable|activities|
|Student|Community Venues|1,096,488|-|1,096,488|
|Student|Activities|Group|-|703,610|703,610|
|Other trading|activities|
|Sponsorship|Income|33,250|-|33,250|
|Subsidiary|Trading|Company|780,243|-|780,243|
|Events|and|other generated|income|54,268|-|54,268|
|Investments|
|Interest|Receivable|-|-|-|
|Total|10,504,815|834,685|11,339,500|
|Expenditure|on:|
|Raising funds|
|Sponsorship|Expenditure|156,871|-|156,871|
|Subsidiary|Company|Expenditure|633,829|-|633,829|
|Charitable|activities|
|Student Community Venues|3,220,950|-|3,220,950|
|Student|Representation|3,254,165|-|3,254,165|
|&|Communication|
|Student|Activity|2,812,532|131,075|2,943,607|
|Student|Activities|Group|205,149|790,842|995,991|
|Other|
|Pension|costs|-|Deficit|provision|9,112|-|9,112|
|Total expenditure|10,292,608|921,917|11,214,525|
|Net|(expenditure)/income for the|year|212,207|(87,232)|124,975|
|Transfer|between|funds|-|-|-|
|Investment|loss|(10,166)|(10,166)|
|Net movement|in funds|202,041|(87,232)|114,809|
**----- End of picture text -----**
-
25.Controlling party = The Unionis controlled by its Board of Trustees.
47
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48
Appendix: Societies and clubs for the year ended 31 July 2023
KCLSU Annual Report 22/23
iT
KCLSU had following Student Activity Groups during the year ended 31 July 2023
Societies Company Society 180 Degrees Consulting Conservative Association 93% Club KCL Consulting & Financial Advisory Society ABACUS Society (Association of British & Chinese Coptic Orthodox Society Uni Students) Creative Writing Society Afghan Welfare Society Crochet and knitting society African and Caribbean Society Cyber Security Society African Caribbean Medical Society (ACMS) Cypriot Society Ahlul Bayt Society Dance Society Ahmadiyya Muslim Students Association Debating Society AIESEC in KCL Decolonise KCL Albanian Society Dermatology Society Amnesty International Society Disability Awareness Society Anaesthetics and Intensive Care Society Disabled Students Society Anatomy Society Diverse Lawyers Ancient Languages Society DJ Society Anime & Manga Society Doctor Who Society Arab Society Doctors do Mind Art Society Dog Society Artificial Intelligence East African Society ASEAN Society (Association Of Southeast Asian Nations) | Economics & Finance Society Asian Medical Students Association (AMSA) Eco Soc Baking Society Effective Altruism Society BAME in Scrubs Emergency Medicine Society BAME in the City Enactus Bangladesh Society Engineering Society Believers LoveWorld Society Entrepreneurs Society Bharatanatyam Society Environmental Law & Regulation Society Biochemistry Society European Law Students Association Biomedical Sciences Society European Society Bioscience Students’ Association Extended Medical Degree Programme Society Biotechnology and Synthetic Biology Society Fashion Society Boardgames and Tabletop RPG Society Film Society Book Club:A Thousand Splendid Crumbs Finnish Society Brazilian Society Fintech Society British Sign Language Society First Love Bulgarian Society Fog and Friction Society Calisthenics Foodies Society Canadian And American Society Formula 1 Society Cardiovascular Society French Society Catholic Society Friends Of Medicins Sans Frontieres (FriendsOfMSF) ChallEng KCL Gaming and Esports (KCLGE) Chemistry Society Gastro Society Chinese Society Geography Society Chinese Students and Scholars Association (CSSA) Georgian Society Chorus Society Geriatric Medicine Society Christian Union Guy’s German Society Christian Union Strand GKT Acute Internal Medicine Cineaste Society GKT Music Society Classics Society GKT Musical Theatre Society Clinical Specialties Society Global Brigades Society Cocktails and Mocktails society Gospel Society Comedy Club GP Society Commercial Law Society Graduate Entry Medicine Society (GEMS)
49
Appendix: Societies and clubs for the year ended 31 July 2023
KCLSU Annual Report 22/23
j
Societies (cont.) KCL in Aid of UNICEF Green Enterprise Institute’s KCL Chapter KCL Intelligence & Security Society Green Finance KCL Iraqi Society Harry Potter Society KCL Irish Society Health Humanities Society KCL Israel Society Health Pioneers KCL KCL Liberal Democrats Hellenic Society KCL Makers’ Society Henna Society KCL Mallu Society Her Campus KCL Marrow Hungarian Society King’s Poetry Society Impact Investing Society King’s Poker Society India Society King’s Real Estate & Property Society (KREPS) Indian Political Society King’s Shakespeare Company Indonesian Society KCL Negotiation Society Indo-Pak Development Forum KCL Neurodiversity & Mental Health (NDMH) Society Information Technology and Intellectual Property KCL North African Society Law Society (KIIPS) KCL Northern Society International Medicine Society KCL On The Streets International Relations Society KCL Ophthalmology Society Intersectional Feminist Society KCL Oral and Maxillofacial Society Investigative Journalism Society KCL Paediatric Surgery Society Islamic Finance and Ethics Society KCL Plant Society Islamic Society KCL Pokemon Society It Happens Here KCL KCL Policy Research Centre Italian Society KCL Political Economy Society Jain Society KCL Political Theory Association Japan Society KCL Psychiatry Society Jazz Society KCL Psychodermatology Society Jewish Society KCL Respiratory Society ahl KCL Rheumatology Society KCL Accounting and Finance society KCL Rock & Metal Music KCL Africa Futures Forum KCL Romanian Society KCL Aviation and Space Medicine Society (ASMS) KCL Sexpression KCL Azerbaijan Society KCL Skateboarding Society KCL Banking and Finance Society KCL Social Ventures KCL Bhangra KCL Space KCL Cardiothoracic Surgery Society KCL Speak Up KCL Catalan Society KCL St John Ambulance Society KCL Chess Society KCL Surgical Innovation Society KCL Climate Action Society KCL Swiss Society KCL Crohn’s and Colitis Society KCL Tech KCL Czech and Slovak society KCL Technospace/Techno Terrace KCL Data Science Society KCL Trading Society KCL Diplomacy Society KCL Turkic Society KCL Disney+ Society KCL Urology Society KCL Ear, Nose and Throat (ENT) Society KCL Womxn in Dentistry KCL Egyptian Society KCL Womxn In Physics KCL Endocrinology Society KCLGaanaSociety KCL Escape King’s Broadcast for Change KCL European Horizons King’s College London Dutch Society KCL Filipino Society King’s College London Somali Society KCL Genetics Society King’s Automotive and Mobility Society KCL Global Citizens Society King’s Beat KCL Global Social Justice Society King’s Beer Society KCL Hindu Soc King’s College Dental Society KCL HR Society King’s College London Brass Band
50
Appendix: Societies and clubs for the year ended 31 July 2023
KCLSU Annual Report 22/23
|
|Societies (cont.)|Nordic Society|
|---|---|
|King’s College London HistorySociety
King’sCollegeLondon SouthAsianLawStudentsSociety|Nutrition & Dietetics Society
|Obstetrics&GynaecologySociety|
|King’sCommercialAwareness Society|OncologySociety|
|King’sCookingSociety|Open Generation|
|King’s ForChange|Open Minds|
|King’s Global Markets|Opera Society|
|King’s Hedge Fund Society|Surgical Society|
|King’s Innovative and Sustainable Dentistry (KISD)|Taiwanese Society|
|King’s Investment Society|TamilSociety|
|King’s Jurisprudence Society (KJS)|Taylor Swift Society|
|King’s Leadership and Management Society|TEDx Society|
|King’s MusicalTheatre Society (KMT)|TheAstrology Society|
|The King’s Players|The Blood Group|
|Overseas Christian Fellowship Society(OCF)|The Invisible College|
|Paediatric Society|The King’s Journal|
|Pakistan Society|TheOrange Society|
|Palliative Care Society|The RollingTones|
|King’s Sikhs|The SocietyforCare Experienced and Estranged|
|King’sTakeson Cancer|Students (KCL CAR.ES)|
|King’s ThinkTank|Pharmacology Society|
|King’s Venture Capital|PharmacySociety|
|KingsTV Society|Philosophy Society|
|Korean Hallyu Society|Philosophy, Politicsand Economics (PPE) Society|
|KrishnaConsciousness Society|Photography Society|
|Kurdish Society|Polish Society|
|Kuwaiti Society|Politics Society|
|Labour Society|Politics, Philosophy& Law Society|
|Latin American Society|Postgraduate Law Society|
|LawyersWithout Borders|Pottery|
|LeadershipTheoryand Practice|PRASS (Plastic, Reconstructive and Aesthetic Surgery|
|Lebanese Society|Society)|
|LGBT+ Society|Pro Bono Society|
|LGBTQ+ STEM|Psychology Society|
|LiberalArts Soc|PublicAwareness & Social Service (PASS)|
|Liberate KCL|Punjabi Society|
|Liberty Society|Qazaq Society KCL|
|Lifestyle Medicine Society|QTIPOC Society|
|Lithuanian Society|RadioSociety|
|Make a Smile|Radiology Society|
|Malaysian Society|Reformation Society|
|Mandarin Debating Society|Renal Medicine Society|
|Marketing Society|RoarNews|
|Marxist Society|KCL Robotics|
|Maxwell Society|Russian Speaking Society|
|Medical Education And Research Journals Society|Saudi Society|
|Medical Ethics Society|ScienceMind|
|Medical Students Association (MSA)|SelfDefence Society|
|Meditation Society|Singapore Society|
|MEDLIFE|Slackline Society|
|MedTech|Society ofImmunology and Infectious Diseases|
|Mexican Society|SPLAS (Spanish, Portugueseand LatinAmerican Studies)|
|Modern Music|SportsAnd Exercise Medicine Society|
|Nepalese Society|Sri Lankan Society|
|Neuroscience Society|STAR Society|
|NeurosurgerySociety|StorytellingSociety|
51
Appendix: Societies and clubs for the year ended 31 July 2023
KCLSU Annual Report 22/23
]
Societies (cont.) Golf StreetDoctors Gymnastics Streetlaw Society Handball Students for Global Health KCL Hiking Students For Justice For Palestine Hockey GKT Mens Students4Gambia Hockey GKT Womens Vegetarian and Vegan Society Hockey KCL Mens Vietnamese Society Hockey War Studies Society KCL Womens Welsh Society Ice Skating Wholesome Society Kabaddi Wilderness Medicine Society Karate Women & Politics Society Kendo Women In Business Society Lacrosse Women in Computer Science Motorsport Women in Leadership Mountaineering & Climbing Women in Medicine Muay Thai Kickboxing Women in Surgery Netball GKT Women of the Wohl Netball KCL Wormxn In Biosciences Padel Womxn In STEM Society Pole Fitness The Strand Magazine Rifle Theology & Religious Studies (TRS) Society Rugby GKT Mens ThinkMental Society Rugby GKT Womens Trauma and Orthopaedic Society Rugby KCL Mens Travel&Explore Society Turkish Society Rugby KCL Womens UAE Society Sailing Ukrainian Society Snowsports Ukulele Society Squash United Nations Association Surf Swimming and Water Polo Sports Clubs Table Tennis Amateur Boxing Taekwondo American Football Tennis Athletics Triathlon Badminton Ultimate Frisbee Baseball Volleyball Men Basketball Men's Volleyball Mixed Basketball Womens Boat Club Volleyball Women Brazilian Jiu Jitsu Weightlifting Cheerleading (KCL Lions) Wing Chun Cricket GKT Mens Yoga Cricket KCL Mens Cricket KCL Womens Associations Cycling Dodgeball Bioscience Students’ Association Equestrian Denmark Hill PGR Students’ Association Fencing Dental Council Association FITE loPPN Student Forum Fitnestic King’s Business School Students’ Association Football ACS King’s Doctoral Students’ Association Football GKT Mens Law Council Football GKT Womens Medical Students’ Association Football ISOC Nightingale Council Football KCL Mens SSPP PGR Students’ Association Football KCL Womens Futsal
52
For Stud•nM '
By Stud•ntJ
King’s College London Students’ Union, trading as KCLSU. Registered in England and Wales as a not-for-profit company limited by guarantee CRN5762196. Registered office: South East Wing, Bush House, 300 Strand, London. WC2R 1AE. - KCLSU is a registered charity - No. 1136729 Our Students’ Union