kclsu SIGN-IN )Ai Il:,Il/ OUR, STUO.. IITS, ST kclsu Our Students, Union King's College London Students. Union Annual Report and Accounts for the year ended 31 July 2024 KCLSU ANNUAL REPORT 23/24 Company Registered Number: 5762196 Registered Charity Number: 1136729 kclsu Our Students, Union
CONTENTS Contents Introduction from the KCLSU Deputy Chair Introduction f rom the Chief Executive Trustees, Report 23 Strategic Report 30 Detailed Financial Review 35 Independent Auditors Report,. 41 Report and Consolidated Financial Statements Notes to the Financial Statements 65 Appendix
INTRODUCTION FROM THE 2024-25 KCLSU DEPUTY CHAIR As we reflect on the previous academic year, it is with a deep sense of pride I present the King's College London Students. Union (KCLSU) Annual Report for 2023-2024. The year of KCLSU'S 150th Anniversary has seen some changes to our commercial venues. This year. being the launch of a remodelled Guy's Bar and the entirely new Guy's Hut. the latter of which offered affordable lunches at under £3. From a campaigning perspective, we launched 'priority' or 'Union' campaigns focussing on top academic and liberation issues our students were concerned with. resulting in the Turn the Tables and Thrive not Survive campaigns.These are just some of the strides the KCLSU has taken to ensure the improvement of the university experience for students at King's. Our efforts continued to support our strong network of Academic Representatives. with almost 600 attending our RepFest training event. Our Academic Representatives are the backbone of KCLSU'S representative system, and their growth ensures a robust conduit for student voices to be heard and acted upon. Take Time Out, a crucial programme encouraging students to schedule in time away from their studies to boost their wellbeing, was another huge success. In line with the wellbeing theme. we also welcomed three new facilitators who trained and joined the Black Students Talk peer support group to support Black students at King's to meet. share, learn and manage their mental health and wellbeing. in sate and therapeutic spaces. KCLSU'S steadfast commitment to providing a sense of belonging, stronger representation, and fostering bright futures for all King's students has continued to drive our efforts. This dedication is reflected in the encouraging results of the National
Student Satisfaction (NSS) and Postgraduate Taught Experience (PTES) surveys. where KCLSU approval ratings on belonging and community increased across both, further highlighting the exceptional work of our student-facing teams and setting a positive precedent for the future. KCLSU approval rating for representing students. academic interests decreased by 2%. indicating the need to strengthen student voice collaboration between KCLSU. KCL. and the student body. As such. KCLSU will continue to focus on enhancing cohesion through initiatives like the Student Voice Partnership Agreement. In closing, I 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 by way of our next Strategy Plan 2025-2030, let us celebrate our achievements and channel the lessons learned to propel KCLSU to even greater heights in the coming years. Marcus Lee Deputy Chair November 2024
TRODUCTION ' FROM THE CHIEF EXECUTIVE 2023/24 Ref lecting on the past year at KCLSU, it's heartening to acknowledge the contributions we have made towards fulfilling our vision where every King's student has a future with opportunities to thrive. KCLSU is the UK'S oldest students. union and our steadfast commitment to providing a sense of belonging, stronger representation, and fostering bright futures for all King's students has continued to drive our efforts. The 2023124 academic year also marked the completion of the current strategy and staff across the whole of KCLSU have been busy developing plansforthe 5-yearstrategic plan culminating in 2030. The dedication shown by staff is reflected by our continued improvement in the National Student Satisfaction Survey. Despite our overall KCLSU positivity score falling by 2% to 67°A. we are buoyed by the constant positive impact we have on students. belonging to King's, as well as their impact on the local community. and cultivating useful life skills beyond their university education which all demonstrated percentage increases f rom 2.4% - 4.6%, respectively. We will continue to strive in these areas and look forward to delivering objectives in our new strategic plan to evolve and make a difference in enriching the student university life experience. KCLSU total annual income amounted to over £11.414k. resulting in a surplus of £6k (2023: £208k). Journey accomplishments include: 6,935 studentsattended Welcome Fair.with1219studentstallholders available in one day. An impressive 58,458 votes were cast in our KCLSU Elections, with over 4.000 student roles in various capacities. The Vault and Guy's Bar maintain their Gold Standard Best Bar None accreditation for a fourth year running, underscoring our commitment to safe and inclusive spaces. Generating over £600k in our commercial spaces directly benefiting the student community.
The year also brought in new faces within our leadership team. as I welcomed a Director of People & Culture, a Director of Finance & Systems and a Deputy Chief Executive to KCLSU. l am excited to work with colleagues. old and new. to lay the groundwork for the new 5-year organisational strategy. which will take us through to 2030. Finally, 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 will have the opportunity to flourish in their lives at university and beyond. Denis Shukur Chef Executive November 2024
TRUSTEES> REPORT ••
STRUCTURE, GOVERNANCE. RISK AND MANAGEMENT
FINANCIAL STATEMENTS CHARITY STATUS
CHARITY OBJECTS REGISTERED OFFICE STUDENT OFFICERS
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 2024. After a review of the committees. roles and remit in 2022123 Trustees serve on sub-committees, 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 2023124: Steven Suresh Deputy-chair of the Board of Trustees November 2023) Sonika Sidhu (retired 5th Deputy Chair Marcus Lee 2023124 Trustees Trustee and sub-committee membership 2023124 Deputy Chair of Board: HR Chair HR Chair Term Start Term End Sonika Sidhu 5111115 5111123 Belinda Bickimann 8112123 Julie Clarke FAR Chair 31110119 1112123 Andy Townend Nazreen Visram FAR Chair 05106124 Performance Chair 113121 Marcus Lee GPC Chair. Deputy Chair and Supervising Trustee Ex-officio member of: GPC. FAR. Performance, HR Vice President for Education (Arts and Sciences), GPC, Performance Sub-committee 2817121 Steven Suresh 118123 3117124 Sadaf Abbas Cheema 118123 3117124 Syed Muhammad Hassan Vice President for Welfare and Community. FAR. HR Vice President Activities and Development. Performance. GPC Sub-committee 118123 3117124 Thea Turton 118123 3117124 11
Trustees Trustee and sub-committee membership 2023124 Vice President for Education (Health). FAR. GPC Term Start Term End Janvi Jagasia 118123 3117124 Alizeh Abrar Vice President Postgraduates HR 118123 3117124 Reema Almhaisen Student Trustee, FAR, GPC 118123 3117124 Mohammad Uhayd Oluwatofarati Alabi Student Trustee. GPC 118123 3117124 Student Trustee. Performance. HR 118123 3117124 Alavi Hossain Student Trustee. FAR 118123 3117124 Trustees Trustee and sub-committee membership 2024125 GPC and HR Term Start Term End Madeeha Saher 118124 8111/24 Haneen Farid FAR. GPC 118124 3117125 Virajit Singh Julia Kosowska FAR. GPC. Performance 118124 3117125 Performance. GPC 118124 3117125 Sheeba Naaz HR Ex officio Sub-committee membership 118124 3117125 Mueed Qurashi 118124 3117125 Mohammad Uhayd Anaya Angal Samira Omar GPC. FAR 118124 3117125 GPC, FAR. HR 118124 3117125 HR Performance 118124 3117125 12
TRUSTEE BOARD AND SUB-COMMITTEE ATTENDANCE 2023/24
Committee Dates 2023 2024 Name Role 18110 20112 1611 1312 2613 1114 1114 1817 Nazreen Visram Lay Trustee, Chair of Performance Sub- Committee Belinda Brinckmann Lay Trustee. Human Resources Sub- committee Chair Not in otFice Sonika Sidhu Lay Trustee, Vice Chair of the Board. Chair of the Human Resources Sub- committee Retired 5 November 2023 Julie Clarke Lay Trustee. Chair of Finance. Audit and Risk Sub-committee Resigned 30 November 2023 Andy Townend Lay Trustee. Chair of Finance. Audit and Risk Sub-committee Finance, Audit and Risk Sub-committee Committee Dates 2023 2024 Name Role 11no 12112 Retired 30 November 2023 1913 417 Julie Ann Clark (Chair) Lay Trustee Alavi Hossain Student Trustee Hassan Ali Vice President Welfare and Community President (Ex Off icio) Steven Suresh Janvi Jagasia VP Education (Health) Nazreen Visram Lay Trustee. (Interim Chair) Virajit Singh Student Trustee Andy Townend Lay Trustee Key X= Attended O= Absent, no apologies A= Apologies P= Conflicted recused C= Cancelled 14
Performance Committee Dates 2023 2024 Name Role 20n1 712 2016 Nazreen Visram Lay Trustee (Chair) Sadaf Cheema VP Education (Arts & Science) Thea Thurton VP Activities & Development Alabi Oluwatofarati (Tofi) Student Trustee Steven Suresh Ex officio KCSLU President / Chair of the Board. Officer Trustee Human Resources Committee Dates 2023 2024 Name Role 20n1 Not in post 712 Belinda Brinckmann Lay Trustee. Human Resources Sub- committee Chair Julie Ann Clark (Interim Chair) Lay Trustee Oluwatofarati Alabi (Tofi) Student Trustee Hassan Ali VP Welfare & Communities Alizeh Abrar VP Postgraduate Steven Suresh Ex officio KCSLU President / Chair of the Board, Officer Trustee Key X= Attended O= Absent, no apologies A= Apologies P= Conflicted recused C= Cancelled 15
GPC Committee Dates 2023 2024 Name Role 9no 1016 Marcus Lee Lay Trustee. Human Resources Sub- committee Chair Mohammad Uhayd Lay Trustee Virajit Singh Student Trustee Steven Suresh VP Welfare & Communities Thea Thurton VP Postgraduate Janvi Jagasia Ex officio KCSLU President I Chair of the Board, Officer Trustee Sadaf Cheema VP Education (Arts & Science) Key X- Attended O- Absent. no apologies A- Apologies P- Conflicted recused C- Cancelled SENIOR LEADERSHIP TEAM The role of the Senior Leadership Team (SLT) is to realise and implement KCLSU'S vision, 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. Chief Executive Denis Shukur Deputy Chief Executive Tony Logan (resigned 15 September 2023) Samcooper (appointed 5 February 2024) Claire Gilby Director of Communications. Marketing & Data Director of People & Culture Louise Conder (appoi nted 19 September 2023) Director of Finance & Systems MarkTurtle (appointed 20 November 2023) 16
PRXNCXPLE PLACES OF BUSINESS HOW GOVERNANCE WORKS AT KCLSU
LAW AND THE MEMORANDUM OF UNDERSTANDING WITH KZNGgS COLLEGE LONDON
NETWORKS AND AFFILIATIONS ASSOCIATE MEMBERS PROFESSIONAL ADVISORS
EMPLOYEES SENIOR LEADERSHIP SALARIES STATEMENT
DISCLOSURE OF INFORMATION TO AUDITORS
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 FINANCIAL REVIEW The Board of Trustees at its meeting 23 October 2024 approved the updated five-year Strategic Plan for 2025-2030. CHARITY COMMISSION CODE STATEMENT KCLSU has chosen to apply the Charity Commission Governance Code to benchmark our governance and compliance against the seven principles of best practice generally accepted for larger charities. 22
STRATEGIC REPORT ,-els 23
ACHIEVEMENTS AND PERFORMANCE KCLSU is a charity run by students for students, and is here to improve student experience and make sure that every King's student has the opportunity tothrive. We are independentof King's College London. but we do work closely with them to make a positive change 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 Students, Union where individuals connect. have fun. build communities. share experiences. and make change. As a democratic not-for-profit membershiporganisation. 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 2023124 we facilitated change and improved the student lives of our members by empowering a student-led community to deliver impactful projects. campaigns. and workthat 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. 24
TERM I SEPTEMBER Freshers week 1,000+ wristabands bought by students to enjoy Freshers Week events Welcome Fair . 87% of Welcome Fair attendees met someone new or learned something new Guy's Hut launches with lunches f rom £2.99 KCLSU President Steven and Reggie kick-off 150 years of KCLSU celebrations Student Media launch a new Podcast Studio OCTOBER Black History Month Content on Instagram rose by over 25.000 views compared to 2022 The Union Shop website gets a new look halving customer drop off rate and improving user experience NOVEM BER Trans Awareness Festival events have a 100°k satisfaction rate Il 100°k year on year growth in the VIP Black Friday sale at The Union Shop DECEMBER 100% of students agree our Disability History Month events made them feel part of a supporting and accepting community TERM 2 JANUARY 12 events take place for Take Time Out 25
Our new One World & Arts and Cultural Festival launches FEBRUARY All students who attended the LGBT(> History Month badgemaking agreed they were satisf led with the event 100th cup sold of our new Pink Kashmiri Chai at The Shack MARCH Varsity adds new fixtures totaling 31 points to compete for! GKT win the 2024 Macadam Cup 4839 students vote in the KCLSU Students, Elections 100% of participants met someone new or learned something new at Women's History Month TERM 3 MAY Take Time Out run 48 events with a Take Time Out tent at both Guy's and Strand campuses 1286 nominated are submitted for the KCLSU Awards SUMMER Over 350+ Student groups supported by Community Leader Training 7 Days of The Union Shop pop-up at Graduations 2024-25 Officers begin their induction to lead KCLSU 26
PLANS FOR FUTURE PERIODS As we embark on the 2024125 academic year. we present this overview of the plans 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 identif led in our last annual reflection. Key Focus Areas: Complete Strategy Implementation: Building on the foundation laid in 2023124. 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 KCLS 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 ourstrategies.ensuring that KCLSU meetsandexceedstheexpectations of our students and other stakeholders. 27
FINANCIAL PERFORMANCE SUMMARY Income from student community venues and other sources has reached £2,317k, which together with the KCL Grants and KCLSU Student Groups income. resulted £11.415k income against which we spent £11,347k resulting £6k surplus. We also provided funds and administrative support to over 400 societies and sport clubs (SAGS) involving more than 12.000 students. Income £000 KCLSU SAG & Restricted Total King's College London Grant 8.040 159 8,199 Trading and other Income 2,317 831 3,148 Total Income 10.357 990 11,347 Expenditure On KCLSU SAG & Restricted Total Raising Funds 908 908 Charity Activities 9,428 991 10,419 Past Service Pension Def icit 82 82 Total Expenditure 10.418 991 11,409 Investment Gains 68 68 Surplus for the Year 28
INCOME ANALYSIS (4£000) EXPENDITURE ANALYSIS BY STRATEGIC THEMES C£OOO)
DETAILED FINANCIAL, REVIEW fi 430
Income Unrestricted income for the year was £10,357k, an increase of £367k (4°A) compared to the previous year. The increase was primarily due to a £400k increase in the King's College London core grant in 2023124. It is offset by a £127k decrease in the space donation in kind when KCL changed the method of space donation calculation. The commercial income also increased by £94k (4%). Costs Total expenditure f rom Unrestricted f unds for the year increased by £603k (6%) to £10,418k, which was mainly from the additional spending of £601k (22°A) on growing support of student representation and student activities groups. Unrestricted outcome The outcome for the year was a surplus of £7k. which is moderate. 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 £831k in income. against which they spent £832k. resulting in a net £1k deficit. Fixed assets The value of KCLSU'S f ixed assets increased by £12k due to the development of Guy's Hut food outlet. Investment We invested £750k in Newton Charity Investment Fund in 2021. the financial market improved significantly since September 2023, and we have achieved an all-time investment gain of £56k by 31st July 2024. Non-restricted reserves The General Reserve available to fund operations was £1,712k at the year-end, excluding the long-term pension liability of £977k. Core operating costs are calculated as a sum of the direct costs of student representation. 31
communications, and student activities, excluding the college space charge, which is budgeted at £4,536k in 2024/25; our position on 31 July 2024 is equivalent to 4.5 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 pension scheme
KCLSU's overall deficit liabilities increased by £3k, including £82k of cash payments in a year, to £977k in 2023/24. The annual contribution to the scheme is scheduled to increase by an additional 5% in 2024/25 to eliminate the deficit over the next fourteen years until May 2037.
Bank of England (BOE) reduced the base rate to 5% in July 2024 from 5.25% in July 2023, we adopted a discount rate of 5.56% in 2023/24 based on the recommendation from the SUSS administrator. The marginal deduction of the discount rate has increased the Net Present Value of future liabilities, translating to a £3k loss in the 2023/24 account.
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. 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 2023/24 financial year, KCLSU's free reserves were maintained at £1,712k (2022/23: £1,714k). Although the free reserves are within the reserves policy target, KCLSU is committed to building its free reserves towards the upper range of this target by diversifying the commercial offer, especially improving the online retail business. The Union's cash flow remains strong
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during the first quarter of 2024/25. The trading units reported strong results from the beginning of the 2024/25 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 believe KCLSU will have sufficient resources to meet its liabilities as they fall due.
R:ESK 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 and Risk Committee, with each of the other three committees reviewing related items of risk on a termly basis.
The key risks identified at the year-end 31 July 2024 were:
| Risk | Mitigation |
|---|---|
| Visiting Speakers' policy was updated to | The speaker requests Reduction in risk at |
| include topics for student debate within the the end of the year due to summer break. | include topics for student debate within the the end of the year due to summer break. |
| context of freedom of speech. | The expectation is that this will return to |
| a higher level in the new Academic Year | |
| This includes the risk of disagreements | 2024/25. |
| regarding the decision-making processes. | The Visiting Speakers Policy was reviewed in |
| The joint KCL/KCLSU position on free | the light of the expected implementation of |
| speech has been agreed. | the Freedom of Speech (Higher Education |
| Act 2023). KCLSU were confident in | |
| compliance. Central Government UK paused | |
| the implementation 26 July 2024. | |
| 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. 2023/24 | |
| was the first year of the recognition | |
| agreement with UNISON. A positive | |
| relationship is developing which is interests | |
| of the employer and staff. |
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ETHICAL INVESTMENT POLICY KCLSU, in linewith its Ethical Policy,willonlyengageinsocially responsible investment 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 the KCLSU. 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 signif icantly 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: On behalf of the Trustees Approved by the Board of Trustees 11 December 2024 Marcus Lee, Deputy Chair of the Trustees 34
REPORT TO THE MEMBERS OF KING?S COLLEGE LONDON OPINION BASIS FOR OPINION
CONCLUSIONS RELATING TO GOING CONCERN OTHER ZNFORMATXON
OPJ:NJ:ONS ON OTHER MATTERS PRESCRJ:BED BY THE COMPANJ:ES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report, which is also the directors' report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report, which is also the directors' report for the purposes of company law and includes the strategic report, has been prepared in accordance with applicable legal requirements.
MATTERS ON WHJ:CH WE ARE REQUJ:RED TO REPORT BY EXCEPTJ:ON
In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report including the strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us; or
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the charitable parent company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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RESPONSIBILITIES OF TRUSTEES AUDITOR?S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
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 identif led 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 f inancial 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 f raud 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 thevalidity of withdrawals f rom investments.. and Investigated the rationale behind signif icantor 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: Reviewof the minutesof meetingsof thosecharged with governance: Enquiring of management as to actual and potential litigation and claims; and 39
- Agreeing accounts disclosures to underlying supporting documentation.
As a result of our procedures we did not identify any key audit matters relating to irregularities.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures 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 of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.
Alison Pyle (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor
130 Wood Street
London EC2V 6DL
Date:
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REPORT AND ,CONSOLIDATED FINANCIAL STATEMENTS TS,
CONSOLJ:DATED STATEMENT OF FJ:NANCJ:AL ACTJ:VJ:TJ:ES
(incorporating the Income and Expenditure Account)
For the year ended 31 July 2024
a Please take look at how these are laid on on the KCLSU 2023-24 Accounts V9.0 tab SOFA CY
| Income and Endowments Note Unrestricted Restricted Total Funds Total Funds from: Funds2024£ Funds2024£ 2024£ 2023£ Donations and legacies King's College London 2 8,039,714 158,791 8,198,505 7,991,806 Grant Charitable activities Student Community 3 1,206,226 - 1,082,484 Venues Student Activities Group - 831,168 831,168 793,354 Other trading activities Sponsorship Income 4 39,748 - 39,748 34,430 Subsidiary Trading 5 960,691 - 960,691 962,912 Company Evens and other generated 6 22,593 - 22,593 54,375 income Investments Interest Receivable 40,827 - 40,827 9,867 Dividends Income - - 16,440 Exceptional Income 46,948 46,948 62,301 TOTAL 10,356,747 989,959 11,346,706 11,007,969 1,206,226 ee eee eee ee ee es ee ee ee a eee eeeee ee ee ee es ee ee ee ee ee ee es ee ee ee es ee ee ae ee ee ee rr ee ee ee ee eee eee ee ee ee es es ee ee es ee ee ee es es es es ee ee ee ee |
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| Expenditure on: | Note Unrestricted | Note Unrestricted | Restricted | Total Funds Total Funds | Total Funds Total Funds |
|---|---|---|---|---|---|
| Funds2024£ | Funds2024£ 2024£ | Funds2024£ 2024£ | 2023£ | ||
| Raising Funds | |||||
| Sponsorship Expenditure | 108,476 | - | 108,476 | 105,952 | |
| Subsidiary Company | 5 | 5 799,090 |
- | 799,090 | 789,132 |
| Expenditure | |||||
| Charitable Activities | |||||
| Student Community | 3 | 3 3,055,402 |
3,055,402 | 3,135,027 | |
| Venues | |||||
| Student Representation & | 7 | 7 3.364.209 |
153,668 | 3,517,877 | 2,957,775 |
| Communication | |||||
| Student Activity | 8 | 8 2.940.213 |
5,123 | 2,945,336 | 2,892,777 |
| Student Activity Groups | 9 | 9 67.880 |
832,517 | 900,397 | 963,445 |
| Other | |||||
| Pension Costs - Past | 10 | 10 82.379 |
- | 82,379 | (46,228) |
| Service Deficit | |||||
| Total Expenditure 10,417,649 991,308 11,408,957 10,797,880 oe |
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| Expenditure on: | Note Unrestricted | Note Unrestricted | Restricted | Total Funds Total Funds | Total Funds Total Funds |
| Funds2024£ | Funds2024£ 2024£ | Funds2024£ 2024£ | 2023£ | ||
| Net (expenditure)/income | Net (expenditure)/income | (60,902) | (1,349) | (62,251) | 210,089 |
| for the year | |||||
| Other recognised Gain/ | |||||
| Losses | |||||
| Unrealised Gain (loss) on | 68,029 | 68,029 | (2,075) | ||
| investments | |||||
| Transfer between funds | - | - | - | - | |
| Net Movement in Funds | 7,127 | (1,349) | 5,778 | 208,014 | |
| Reconciliation of Funds: Note Unrestricted Restricted Total Funds Total Funds Funds2024£ Funds2024£ 2024£ 2023£ Total Funds at 981,989 659,678 1,641,667 1,433,653 01 August 2023 Total Funds at 989,116 658,329 1,647,445 1,641,667 31 July 2024 no |
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| The annexed notes form part of these financial statements | The annexed notes form part of these financial statements | The annexed notes form part of these financial statements | The annexed notes form part of these financial statements | ||
| 43 | k |
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KJ:NG'S COLLEGE LONDON STUDENTS' UNJ:ON Company limited by guarantee (registered company no. 05762196)
CONSOLJ:DATED BALANCE SHEET
As at 31 July 2024
Fixed Assets Note Parent Group Parent Group 2024£ 2024£ 2023£ 2023£ Tangible Assets 14 254,234 254,234 241,602 241,602 Investments 806,357 806,357 738,328 738,328 1,060,591 1,060,591 979,930 979,930 ——— Current Assets Note Parent Group Parent Group 2024£ 2024£ 2023£ 2023£ Stocks 43,928 388,299 51,603 161,955 Debtors 16 454,837 269,789 485,477 365,368 Short term deposits 832,256 832,256 507,916 507,916 Cash at bank and in hand 797,640 815,365 1,578,381 1,596,106 2,128,661 2,305,709 2,623,377 2,631,346 === CREDITORS: amounts 17 (821,976) (824,466) (1,257,102) (1,074,642) falling due within one year Net Current Assets 1,306,683 1,481,244 1,451,239 1,641,667 Creditors: amounts falling 18 (894,389) (894,389) (894,966) (894,966) due after one year S=iS5== Total Net Assets 1,472,887 1,647,445 1,451,240 1,641,667 Funds Note Parent Group Parent Group 2024£ 2024£ 2023£ 2023£ Unrestricted Funds: Designated Capital Fund 20 254,234 254,234 241,602 241,602 Pension Fund 20 (977,344) (977,344) (973,971) (973,971) General fund 20 1,537,668 1,712,226 1,523,931 1,714,358 814,558 989,116 791,562 981,989 Restricted funds 20 658,329 658,329 659,678 659,678 1,472,887 1,647,445 1,451,240 1,641,667 eeee
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KING?S COLLEGE LONDON STUDENTS? UNION CONSOLIDATED CASH FLOW STATEMENT
Cash flows from investing activities 2024£ 2023£ Purchase of tangible fixed assets (106.526) (233,494) - - Disposal of tangible fixed assets Investment income 40.827 26,307 - Fund Invested in a year Purchase of short term deposits (324.340) (507,916) (390.039) (7 15,104) Net increase in cash and cash equivalents (780.741) (1,060,942) Cash and cash equivalents at 1 August 2023 1.596.106 2,657,048 Cash and cash equivalents at 31 July 2024 815.365 1,596,106 —— = Components of cash and cash At 1 August 2023 £ Cashflows£ At 31 July 2024 £ equivalents Cash at bank and in hand 1,596,106 (780,741) 815,365 Major non-cash transactions Nil Nil a KJ:NG'S COLLEGE LONDON STUDENTS' UNJ:ON NOTES TO THE STATEMENTS FJ:NANCJ:AL
For the year ended 31 July 2024
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 Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
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GROUP FINANCIAL STATEMENTS COMPANY STATUS FUND ACCOUNTING INCOMING RESOURCES
RESOURCES EXPENDED INVESTMENTS TANGIBLE FIXED ASSETS AND DEPRECIATION
STOCKS OPERATING LEASES DEBTORS CREDITORS AND PROVZSZONS FZNANCZAL INSTRUMENTS
PENS:EONS
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.
3UDGEMENTS AND KEV SOURCES OF EST:EMAT:EON UNCERTA:ENTV
Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable.
2. KING'S COLLEGE LONDON GRANT
Unrestricted Restricted Total Funds Total Funds Funds2024£ Funds2024£ 2024£ 2023£ Core Grant 4,900,000 - 4,900,000 4,500,000 - Donated space from college 3,139,7 14 3,139,7 14 3,267,302 Other Grants 158,791 158,791 224,504 8,039,7 14 158,791 8,198,505 7,991,806 Unrestricted Restricted Total Funds Funds2023£ Funds2023£ 2023£ Core Grant 4,500,000 - 4,500,000 - Donated space from college 3,267,302 3,267,302 Other Grants - 224,504 224,504 7,991,806 ==S=== Other grants are for restricted purposes 50
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3. STUDENT COMMUNITY VENUES
| Note Income | Note Income | Expenditure Total2024 | Expenditure Total2024 | Total2023 | |
|---|---|---|---|---|---|
| 2024£ | 2024£ | £ | £ | ||
| Sales | 1,068,064 | - | 1,068,064 | 967,146 | |
| Less: Costs of Sales | - | (381,215) | (381,215) | (323,227) | |
| 686,849 | 643,919 | ||||
| Add: Brewers Discounts | - | 8,935 | 8,935 | 16,659 | |
| Gross Profit | 695,784 | 660,577 | |||
| Other Income | |||||
| Entertainment Income | 126,712 | - | 126,712 | 111,781 | |
| Games Machines Income | 108 | - | 108 | 46 | |
| Others | 11,342 | - | 11,342 | 3,511 | |
| Direct Costs | |||||
| Staff Costs | - | (714,230) | (714,230) | (710,789) | |
| Other Costs | - | (233,271) | (233,271) | (210,255) | |
| Indirect Costs | (113,555) | (145,428) | |||
| Support Costs | 11 | 11 - |
(1,735,621) | (1,735,621) | (1,907,115) |
| 1,206,226 (3,055,402) (1,849,176) (2,052,543) — |
4. SPONSORSHIP INCOME
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds2024£ | Funds2024£ 2024£ | Funds2024£ 2024£ | 2023£ | |
| Marketing and | - | - | - | 1700 |
| Sponsorship | ||||
| Welcome Fair | 39,748 | - | 39,748 | 32,730 |
| 39,748 | Nil | 39,748 | 34,430 | |
| Unrestricted Restricted Total Funds Funds2023£ Funds2023£ 2023£ Marketing and 1,700 - 1,700 Sponsorship Welcome Fair 32,730 - 32,730 34,430 Nil 34,430 ====— |
||||
| 51 | k |
| 5. SUBSIDIARY TRADING COMPANY | 5. SUBSIDIARY TRADING COMPANY | |||
|---|---|---|---|---|
| KCLSU Limited lncome2024 Expenditure 2024 Total2024 £ £ £ Venues Sales 138,400 138,400 Less: Costs of Sales - (19,529) (19,529) Profit 118,871 Total2023 £ 120,566 (22,159) 98,407 = |
||||
| KCLSU Limited | lncome2024 | Expenditure 2024 Total2024 | Expenditure 2024 Total2024 | Total2023 |
| £ | £ | £ | £ | |
| Shop | ||||
| Sales | 822,291 | - | 822,291 | 842,346 |
| Less: Cost of Sales | - | (387,020) | (387,020) | (405,332) |
| Profit | 435,271 | 437,014 | ||
| KCLSU Limited lncome2024 Expenditure 2024 Total2024 £ £ £ Administrative Expenditure Permanent Staff Costs - (157,172) (157,172) Temporary Staff Costs - (79,744) (79,744) Other Costs - (59,509) (59,509) Management Charge - (96,116) (96,116) (392,541) (392,541) Total 960,691 (799,090) 161,601 Total2023 £ (153,787) (59,478) (52,085) (96,291) (361,641) 173,780 == |
||||
| Retained Profit b/f | 190.428 | 166,968 | ||
| Tax Paid | (3,906) | |||
| Gift Aid | (177.471) | (146,414) | ||
| Retained Profit | 174,558 | 190,428 |
The parent company holds of 100% of the issued ordinary capital in KCLSU Ltd, the trading subsidiary of the Union. KCLSU Ltd is a company registered in the United Kingdom and it undertakes the non-student commercial activities of the Union. The company was incorporated on 12 August 2009. The net assets of KCLSU Limited at the year-end amount to £1.
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52
| 6. EVENTS AND OTHER GENERATED INCOME Total Funds 2024 Total Funds 2023 £ NUS Card Sales Ticket Sales Rental Income and Premises Hire Other Income £ - 1,602 18,761 13,500 - - 3,832 39,273 22,593 54,375 = |
|---|
| 7. STUDENT REPRESENTATION & COMMUNICATION |
| Note Income Expenditure 2024£ 2024£ Student Officer Salaries 201.057 - Other Staff Costs 707.668 153,668 Subscriptions and 44.780 - Affiliation Fees Other direct costs 51.345 - Support Costs 11 2.359.359 - 3.364.209 153,668 Total2024 Total2023 £ £ 201.057 187,916 861.336 755,402 44.780 48,320 51.345 59,022 2,359,359 1,907,115 3,517,877 2,957,775 ea |
| 8. STUDENT ACTIVITY |
| Note Income Expenditure 2024£ 2024£ Staff Costs 1.015.878 - Student Activity Group 587.023 - Development Volunteering Project 3.526 - Student Hubs 4.952 5,123 Support Costs 11 1.328.834 - 2.940.213 5.123 Total2024 Total2023 £ £ 1.015.878 954,330 587.023 551,429 3.526 1,654 10.075 8,003 1.328.834 1,377,361 2.945.336 2,892,777 Ee |
| 53 k |
9. STUDENT ACTIVITIES GROUP
Income Expenditure Total 2024 Total2023 2024£ 2024£ £ £ - Expenditure from Grant 67,880 67,880 205,319 Allocation - Expenditure from Self- 832,517 832,517 758,126 Generated Funds 67,880 832,517 900,397 963,445 aesnen Student Activity Groups are listed in Appendix 1. 10. STAFF NUMBERS AND COSTS 2024£ 2023£ Full Time Staff Salaries 3,284,674 2,850,027 Part Time Staff Salaries 757,951 715,437 Social security costs 360,438 298,422 Pension costs Current Service Costs 100,255 89,724 Deficit Provision 82,379 (46,228) Other Staff Costs - - 4,585,697 3,907,382 === The average monthly number of employees Number Number during the period was: Permanent Staff 90 80 Student Staff 159 170 249 250 SS There is one employee (2023: two) earning gross salary of £60,000 - £70,000 during the year. There is one employee (2023: one) earning gross salary of £70,000 -£80,000 during the year. There are no employees (2023: None) earning gross salary of £80,000 - £90,000 during the year. There is one employee (2023: one) earning gross salary of £90,000 - £100,000 during the year.
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The cost of key management was as follows: 2024£ 2023£ Trustee Officers 201.057 187,916 Senior Management 338.645 345,167 539.702 533,083 === 11. SUPPORT COSTS Note Total 2024£ Total2023£ College Space Charge 3.139.714 3,2[6] 7,302 Staff Costs 1.395.893 1,175,740 Depreciation 35.926 59,220 Other Support Cost 349.876 425,[6] 75 Facilities 168.398 110,[6] 5[6 ] Information Technology 178.538 147,947 Marketing and communications 97.856 125,217 Provision for Pension Past Service Deficit 19 82.379 (46,228) Governance 12 83.710 32,013 5.532.290 5,297,542 === Support costs are apportioned to charitable activities as follows: Note Total 2024£ Total2023£ Social Venues 3 1,735,621 1,907,115 Student Representation 7 2,359,359 1,907,115 Student Activity 8 1,328,834 1,377,361 Sponsorship 108,476 105,951 Total 5,532,290 5,297,542 == Support costs have been allocated based on the proportion of the staff numbers involved in the charitable activities. 12. GOVERNANCE COSTS Total 2024£ Total 2023£ Auditors' remuneration 20.505 18,987 Non-audit services 1.000 655 Legal and professional fees 61.377 10,763 - - Trustee Training Board Meeting and Trustee Expenses 828 1,608 83,710 32,013 == 55 k
- TAXATION King's College London Students. Union is a registered charity and thus entitled to the exemptions from tax available to charities.
- TANGIBLE FIXEDASSETS Groupand Parent Cost Leasehold Building Improvement Union Equipment Total At 01 August 2023 Additions 140.221 365,959 506.180 106,526 106,526 Disposals At 31 July 2024 140.221 472,485 612.706 Depreciation At 1 August 2023 Charge for the year Written off during the year At 31 July 2024 25.505 239.073 264.578 28.212 65,682 93.894 53.717 304.755 358,472 Net Book Value At 31 July 2024 At 31 July 2023 86,504 167,730 254,234 114.716 126.886 241,602 Depreciation is charged to activities to which it relates. An amount of £57.969 (2023 £39.931) was charged to direct costs and £35.926 (2023 - £59,220) was charged to support costs.
- INVESTMENTS Groupand Parent At 01 August 2023 Unrealised Gains/losses 2024£ 2023£ 738,328 68,029 806.357 740,403 (2,075) 738.328 At 31 July 2024 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 2024, the investment portfolio generated a gain of £56k. We have withdrawn £16k cash dividend so far, effectively increasing the all-time investment gain to £72k. 56
| 16. DEBTORS |
|---|
| Due within one year |
| Parent2024 Group2024 Parent2023 Group2023 £ £ £ £ Trade debtors 131,064 131,064 221,685 221,685 Other debtors & Prepayments 138,725 138,725 143,683 143,683 Amount owed by subsidiary 185,048 - 120,109 - 454,837 269,789 485,477 365,368 = |
| 17. CREDITORS |
| Amounts falling due within one year |
| Parent2024 Group2024 Parent2023 Group2023 £ £ £ £ Trade creditors 182,198 182,198 298,020 298,020 Provision for Pension Past 82,955 82,955 79,005 79,005 Service Deficit Accruals and deferred Income 231,962 234,452 250,164 252,664 Other creditors 324,861 324,861 444,953 444,953 Amounts owed to subsidiary - 184,960 - 821,976 824,466 1,257,102 1,074,642 =e |
| 18. CREDITORS |
| Amounts Falling due after one year |
| Parent2024 Group2024 Parent2023 Group2023 £ £ £ £ Provision for Pension Past 894,389 894,389 894,966 894,966 Service Deficit 894,389 894,389 894,966 £894,966 = |
| 19. PROVISION FOR PENSION PAST SERVICE DEFICIT |
| 2024£ 2023£ Brought forward 973,971 1,095,443 Payments made (79,006) (75,244) Unwinding of the interest 82,379 (46,228) £977,344 £973,971 == |
| 57 k |
2024£ 2023£ Analysis: Due within one year Falling due after more than one year 82.955 79,005 894,389 894,966 £977.344 £973,971 20. STATEMENTOF FUNDS Brought Forward £ Incoming Resources £ Resources Expended £ Transfer and Investment Gains/ (losses) £ CarrTed Forward £ Restricted funds Student Activity Groups Other Student Activities 565.996 831,168 (832.517) 564,647 93.682 158.791 (158.791) 93,682 659.678 989,959 (991,308) 658,329 Designated funds Designated Capital Fund Pension Fund 241.602 106.526 (93.894) 254.234 (973.971) (3.373) (977,344) (732,369) 106,526 (97,267) (723,110) Summary of Funds (732,369) 106,526 (97.267) (723,109) Designated Funds 190,428 960.691 (799.090) (177.471) 174,558 Subsidiary's Funds 1.523.930 9.289.530 (9,521.292) 245,500 1,537,668 General Funds 981,989 10,356,747 (10,417,649) 68,029 989,116 659,678 989.959 (991.308) 658.329 Restricted Funds (732,369) 106,526 (97,267) (723,109) 1,641,667 11,346.706 (11,408,957) 1,647,445 58
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 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.
Comparative statement of funds
Brought Incoming Resources Transfer and Carried Forward£ Resources£ Expended£ Investment Gains/ Forward£ (losses)£ 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) 659,678 Designated funds - Designated 107,259 140,434 (6,091) 241,602 Capital Fund Pension (1,095,443) - 121,472 - (973,971) Fund - (988,184) 140,434 115,381 (732,369) S==5== Summary of 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 ===S== 59 k
| Brought Incoming Resources Transfer and Carried Forward£ Resources£ Expended£ Investment Gains/ Forward£ (losses)£ 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 [E===== |
|---|
| 21. ANALYSIS OF NET ASSETS BETWEEN FUNDS |
| Group Fixed Assets and Net Current Long Term Reserve Investments£ Assets£ Liabilities£ Balance£ Restricted funds Student Activity Groups - 564,647 - 564,647 Other Student Activities - 93,682 - 93,682 - 658,329 - 658,329 ===== |
| Unrestricted funds Designated Capital Fund 254,234 - - 254,234 Pension Fund (82,964) (894,389) (977,344) General Funds 806,357 905,869 - 1,712,226 1,060,591 822,914 (894,389) 989,116 Total Funds 1,060,591 1,481,243 (894,389) 1,647,445 ==S5=5 |
| Comparative analysis of net assets between funds |
| Fixed Assets and Net Current Long Term Reserve Investments£ Assets£ Liabilities£ Balance£ - 565,996 - 565,996 Group Restricted funds Student Activity Groups Other Student Activities - 93,682 - 93,682 - 659,678 - 659,678 == |
| 60 k |
| Group | Fixed Assets and | Net Current | Long Term | Reserve |
|---|---|---|---|---|
| Investments£ | Assets£ | Liabilities£ | Balance£ | |
| Unrestricted Funds | ||||
| Designated Capital Fund | 241,602 | - | - | 241,602 |
| Pension Fund | - | (75,243) | (894,966) | (970,209) |
| General Funds | 738,328 | 972,268 | - | 1,710,596 |
| 979,930 | 897,025 | (894,966) | 981,989 | |
| Total Funds | 979,930 | 1,556,703 | (894,966) | 1,641,667 |
22. Pension Commitments
KCLSU participates in the Students' Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students' unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual.
The 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 2024 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.
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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 f rom 3°A 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 and loan facilities. Trustees were reimbursed for expenses incurred in the course of their duties to the value of £NIL (2023-£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 totaling £201.057 (2023- £187.916) as set out in note 10. 62
24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES
| 24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES | 24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES | 24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES | 24. COMPARATIVE STATEMENT OF FINANCIALACTIVITIES |
|---|---|---|---|
| Unrestricted Restricted Total Funds Funds2023£ Funds2023£ 2023£ 7,767,302 224,504 7,991,806 Income and Endowments From: Donations and legacies King's College London Grant — |
|||
| 1,082,484 - 1,082,484 - 793,354 793,354 Charitable activities Student Community Venues Student Activities Group —— |
|||
| 34,430 - 34,430 962,912 - 962,912 54,375 - 54,375 Other trading activities Sponsorship Income Subsidiary Trading Company Events and other generated income a |
|||
| - 9,990,111 1,017,858 11,007,969 Investments Interest, Dividend,Miscellaneous TOTAL 88,608 88,608 —— |
|||
| EXPENDITURE ON: | |||
| Raising funds | |||
| Sponsorship Expenditure | 105,952 | 105,952 - |
105,952 |
| Subsidiary Company Expenditure | 789,132 | - | 789,132 |
| Charitable activities | |||
| Student Community Venues | 3,135,027 | - | 3,135,027 |
| Student Representation & | 2,762,671 | 195,104 | 2,957,775 |
| Communication | |||
| Student Activity | 2,863,377 | 29,400 | 2,892,777 |
| Student Activities Group | 205,319 | 758,126 | 963,445 |
| Other | |||
| Investment Loss | - | - | - |
| Pension costs - Deficit Provision | (46,228) | - | (46,228) |
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| Income and Endowments | Unrestricted | Restricted | Total Funds | |
|---|---|---|---|---|
| From: | Funds2023£ | Funds2023£ | 2023£ | |
| TOTAL EXPENDITURE | 9,815,250 | 982,630 | 982,630 | 10,797,880 |
| Net (expenditure)/income for the | 174,861 | 35,228 | 210,089 | |
| year | ||||
| Transfer between Funds | - | - | - | |
| Investment Loss | (2,075) | - | - (2,075) |
|
| Net Movement in Funds | 172,786 | 35,228 | 208,014 |
25. CONTROLLING PARTY
The Union is controlled by its Board of Trustees.
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APPENDIX Itennls Yi a'e
SOCIETIES AND CLUBS KCLSU had following Student Activity Groups during the year ended 31 July 2024 Societies 180 Degrees Consulting Appconnect Chess Society Debating Society ABACUS Society (Association of British Arabic Society & Chinese Uni Dermatology Society Students) Armenian Society Chevening Scholars Society Dhol Society Action Palestine Society Art Society Chinese Society Diplomacy Society Afghan Welfare Society Articaine Society Chinese Students and Scholars Friends Of Medicins Sans Frontieres Association (CSSA) (FriendsOfMSF) African and Caribbean Society Artificial Intelligence Chorus Society Gaming and esports (KCLGe) African Caribbean Medical Association ASEAN Society (Association Of Christian Medical Fellowship Society Southeast Asian Ahlul Bayt Society Nations) Christian Union Guy's Gastro Society Ahmadiyya Muslim Students Association Asian Medical Students Association Christian Union Strand (AMSA) AIESEC KCL Board Game and Tabletop Society Classics Society Austrian Society Albanian Society Genetics Society Clinical Specialties Society Azerbaijan Society American Medical Student Association Geography Society Conservative Association Baking Society Amnesty International Society Geopolitical Risk Society Consulting & Financial Advisory Society BAME in the City Anaesthetics Society German Society Creative Writing Society Bangladesh Society Anatomy Society Gilbert And Sullivan Society Cyber Security Society Beauty Society Anglo-French Medical Society GKT Music Society Cypriot Society Bhangra Animal Rights Society GKT Transplant Czech And Slovak Society Biochemistry Society Anime & Manga Society Global Brigades Society Dance Society Biomedical Sciences Society 66
Global Governance Society Enactus Bioscience Students, Association India Society Global Health Society Endocrinology Bollywood Society Indonesian Society Gospel Society Engineering Society Book Club:A Thousand Splendid Crumbs Indo-Pak Development Forum GP Society English Language and Linguistics Brazilian Society Infection & Immunity Society (KCL SIID) Graduate Entry Medicine Society Entrepreneurs Society (GEMS) Inf lammatory Bowel Disease Society Breakin. KCL Ethical Finance Society Graphic Design Society Information Technology and Intellectual British Sign Language Property Law Green Party Society (KIIPS) Bulgarian Society European Law Students Association Guitar Society Innovation Forum Canadian And American Society European Society Harry Potter Society Intersectional Feminist Society Cardiovascular Society Extended Medical Degree Programme Health Humanities Society Society Catholic Society Investment Banking Society Hellenic Society Fashion Society Chemistry Society loPPN Student Forum Henna Society Film Society Disability Awareness Society Iranian Society Her Campus Fine Wine Society Diwali Show Society Islamic Society Hindu Soc Finnish Society DJ Society Israel Society History Outreach Society FinTech Society (FinancialTechnology) Doctor Who Society Italian Society History Society First Aid Africa East Af rican Society Japan Society Hot Chocolate Society Foodie Society Economics & Finance Society Jazz Society Humanitarian Medicine French Society Ecosoc Jewish Society Hungarian Society Jurisprudence Society (Law for Non- Egyptian Society Law) Ihsan Society Oncology Society Emergency Medicine Society Kashmir Solidarity Impact Investing Society Open Minds 67
King's Employability Support Hub Opera Society King's Musical Theatre Society (KMT) Ophthalmology King's Players Society Oral and Maxillofacial Surgery Society (KOAMS) King's Religion Society OSCE Society King's Sikhs Overseas Christian Fellowship Society (OCF) Portuguese Society Lifestyle Medicine Society PostGraduate Law Society Linguistics Society Plastic. Reconstructive and Aesthetic Surgery (PRAS) LINKS First Aid Society ProBono Society Literary Society Programming Society London Society for Chinese Studies Psychedelic Studies Society King's Takes on Cancer Magic and Hypnosis Paediatric Society Psychology Society KingsTV Society Malaysian Society Pakistan Society Public Awareness & Social Service Knit's College London (PASS) Pathology Society Mandarin Debating Society Korean Hallyu Society Punjabi Society Pharmacy Society Marketing. Advertising & PR Society Krishna Consciousness Society Radio Society Philosophy Society Marxist Society Kurdish Society Radiology Society Philosophy. Politics And Economics Maxwell Society Society (PPE) RAG (Raising and Giving) Labour Society Medical Education And Research Photography Society Journals Society Latin American Society Rap Society Physiotherapy Society Medical Ethics Society Lawyers Without Borders Real Estate & Property Society (KREPS) Poetry Society Medical Genetics Society Legal, Commercial & Investment Society Red Cross Society Poker Society Medical Students Association (MSA) LGBT+ Society Reproductive and Sexual Health Society Polish Society Meditation Society Liberal Arts Soc Respiratory Medicine Society Political Economy MedTech Liberal Democrat Society Roar News Politics Society Mexican Society Libertarian Society Robotics Society Politics, Philosophy And Law Society Minorities and Philosophy Lifesavers Society Rock And Metal Society 68
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