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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 

**32** 



**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.|



**k** 

**33** 



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:** 

- **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** 

- **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:** 

- **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** 

- **the charitable parent company financial statements are not in agreement with the accounting records and returns; or** 

- **certain disclosures of trustees' remuneration specified by law are not made; or** 

- **we have not received all the information and explanations we require for our audit.** 

**k** 

37 



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: 

**k** 

**40** 



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**<br>**Note Unrestricted**<br>**Restricted**<br>**Total Funds Total Funds**<br>**from:**<br>**Funds2024£**<br>**Funds2024£**<br>**2024£**<br>**2023£**<br>Donations and legacies<br>King's College London<br>2<br>**8,039,714**<br>**158,791**<br>**8,198,505**<br>7,991,806<br>Grant<br>Charitable activities<br>Student Community<br>3<br>**1,206,226**<br>-<br>1,082,484<br>Venues<br>Student Activities Group<br>-<br>831,168<br>831,168<br>793,354<br>Other trading activities<br>Sponsorship Income<br>4<br>**39,748**<br>-<br>**39,748**<br>34,430<br>Subsidiary Trading<br>5<br>**960,691**<br>-<br>**960,691**<br>**962,912**<br>Company<br>Evens and other generated<br>6<br>22,593<br>-<br>22,593<br>54,375<br>income<br>Investments<br>Interest Receivable<br>40,827<br>-<br>40,827<br>9,867<br>Dividends Income<br>-<br>-<br>16,440<br>Exceptional Income<br>46,948<br>46,948<br>62,301<br>TOTAL<br>10,356,747<br>989,959<br>11,346,706<br>11,007,969<br>**1,206,226**<br>ee<br>eee eee ee<br>ee<br>es ee ee ee<br>a<br>eee eeeee<br>ee<br>ee<br>ee<br>es<br>ee<br>ee<br>ee ee<br>ee<br>ee<br>es<br>ee<br>ee ee<br>es ee<br>ee<br>ae<br>ee<br>ee<br>ee<br>rr<br>ee ee<br>ee<br>ee<br>eee eee ee ee<br>ee<br>es<br>es<br>ee<br>ee es<br>ee<br>ee<br>ee<br>es<br>es<br>es<br>es<br>ee<br>ee<br>ee<br>ee|
|---|



**k** 

**42** 



|**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<br>799,090|-|799,090|789,132|
|Expenditure||||||
|Charitable Activities||||||
|Student Community|3|3<br>3,055,402||3,055,402|3,135,027|
|Venues||||||
|Student Representation &|7|7<br>**3.364.209**|153,668|3,517,877|2,957,775|
|Communication||||||
|Student Activity|8|8<br>**2.940.213**|5,123|2,945,336|2,892,777|
|Student Activity Groups|9|9<br>**67.880**|832,517|900,397|963,445|
|Other||||||
|Pension Costs - Past|10|10<br>**82.379**|-|82,379|(46,228)|
|Service Deficit||||||
|Total Expenditure<br>10,417,649<br>991,308<br>11,408,957<br>10,797,880<br>oe||||||
|**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:**<br>**Note Unrestricted**<br>**Restricted**<br>**Total Funds Total Funds**<br>**Funds2024£**<br>**Funds2024£ 2024£**<br>**2023£**<br>Total Funds at<br>981,989<br>659,678<br>1,641,667<br>1,433,653<br>01 August 2023<br>Total Funds at<br>989,116<br>658,329<br>1,647,445<br>1,641,667<br>31 July 2024<br>no||||||
|**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**|



**k** 



## **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 

**k** 

44 



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. 

**k** 

46 



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** 

**k** 



## **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<br>-|**(1,735,621)**|**(1,735,621)**|(1,907,115)|
|**1,206,226**<br>**(3,055,402)**<br>**(1,849,176)**<br>(2,052,543)<br>—||||||



## **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**<br>**Restricted**<br>**Total Funds**<br>**Funds2023£**<br>**Funds2023£**<br>**2023£**<br>Marketing and<br>1,700<br>-<br>1,700<br>Sponsorship<br>Welcome Fair<br>32,730<br>-<br>32,730<br>34,430<br>Nil<br>34,430<br>====—|||||
|||**51**||**k**|





|**5. SUBSIDIARY TRADING COMPANY**|**5. SUBSIDIARY TRADING COMPANY**||||
|---|---|---|---|---|
|**KCLSU Limited**<br>**lncome2024**<br>**Expenditure 2024 Total2024**<br>£<br>£<br>£<br>Venues<br>Sales<br>138,400<br>138,400<br>Less: Costs of Sales<br>-<br>(19,529)<br>(19,529)<br>Profit<br>118,871<br>**Total2023**<br>£<br>120,566<br>(22,159)<br>98,407<br>=|||||
|**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**<br>**lncome2024**<br>**Expenditure 2024 Total2024**<br>£<br>£<br>£<br>Administrative<br>Expenditure<br>Permanent Staff Costs<br>-<br>**(157,172)**<br>**(157,172)**<br>Temporary Staff Costs<br>-<br>**(79,744)**<br>**(79,744)**<br>Other Costs<br>-<br>**(59,509)**<br>**(59,509)**<br>Management Charge<br>-<br>**(96,116)**<br>**(96,116)**<br>**(392,541)**<br>**(392,541)**<br>Total<br>**960,691**<br>**(799,090)**<br>**161,601**<br>**Total2023**<br>£<br>(153,787)<br>(59,478)<br>(52,085)<br>(96,291)<br>**(361,641)**<br>**173,780**<br>==|||||
|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. 

**k** 

**52** 



|**6. EVENTS AND OTHER GENERATED INCOME**<br>**Total Funds 2024 Total Funds 2023**<br>£<br>NUS Card Sales<br>Ticket Sales<br>Rental Income and Premises Hire<br>Other Income<br>£<br>-<br>1,602<br>18,761<br>13,500<br>-<br>-<br>3,832<br>39,273<br>22,593<br>54,375<br>=|
|---|
|**7. STUDENT REPRESENTATION & COMMUNICATION**|
|**Note Income**<br>**Expenditure**<br>**2024£**<br>**2024£**<br>Student Officer Salaries<br>**201.057**<br>-<br>Other Staff Costs<br>**707.668**<br>153,668<br>Subscriptions and<br>**44.780**<br>-<br>Affiliation Fees<br>Other direct costs<br>**51.345**<br>-<br>Support Costs<br>11<br>**2.359.359**<br>-<br>**3.364.209**<br>153,668<br>**Total2024**<br>**Total2023**<br>£<br>£<br>**201.057**<br>_187,916_<br>**861.336**<br>_755,402_<br>**44.780**<br>_48,320_<br>**51.345**<br>_59,022_<br>2,359,359<br>1,907,115<br>3,517,877<br>2,957,775<br>ea|
|**8. STUDENT ACTIVITY**|
|**Note Income**<br>**Expenditure**<br>**2024£**<br>**2024£**<br>Staff Costs<br>**1.015.878**<br>-<br>Student Activity Group<br>**587.023**<br>-<br>Development<br>Volunteering Project<br>**3.526**<br>-<br>Student Hubs<br>**4.952**<br>5,123<br>Support Costs<br>11<br>**1.328.834**<br>-<br>**2.940.213**<br>**5.123**<br>**Total2024**<br>**Total2023**<br>£<br>£<br>**1.015.878**<br>_954,330_<br>**587.023**<br>_551,429_<br>**3.526**<br>_1,654_<br>**10.075**<br>_8,003_<br>**1.328.834**<br>_1,377,361_<br>**2.945.336**<br>2,892,777<br>Ee|
|53<br>**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. 

**k** 

**54** 



**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** 



13. TAXATION
King's College London Students. Union is a registered charity and thus
entitled to the exemptions from tax available to charities.
14. 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.
15. 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**<br>£<br>£<br>£<br>£<br>Trade debtors<br>131,064<br>131,064<br>221,685<br>221,685<br>Other debtors & Prepayments<br>138,725<br>138,725<br>143,683<br>143,683<br>Amount owed by subsidiary<br>185,048<br>-<br>120,109<br>-<br>454,837<br>269,789<br>485,477<br>365,368<br>=|
|**17. CREDITORS**|
|**Amounts falling due within one year**|
|**Parent2024 Group2024 Parent2023 Group2023**<br>£<br>£<br>£<br>£<br>Trade creditors<br>**182,198**<br>**182,198**<br>_298,020_<br>_298,020_<br>Provision for Pension Past<br>**82,955**<br>**82,955**<br>79,005<br>79,005<br>Service Deficit<br>Accruals and deferred Income<br>**231,962**<br>**234,452**<br>_250,164_<br>_252,664_<br>Other creditors<br>**324,861**<br>**324,861**<br>_444,953_<br>_444,953_<br>Amounts owed to subsidiary<br>-<br>_184,960_<br>-<br>**821,976**<br>**824,466**<br>_1,257,102_<br>_1,074,642_<br>=e|
|**18. CREDITORS**|
|**Amounts Falling due after one year**|
|**Parent2024 Group2024 Parent2023 Group2023**<br>£<br>£<br>£<br>£<br>Provision for Pension Past<br>894,389<br>894,389<br>894,966<br>894,966<br>Service Deficit<br>894,389<br>894,389<br>894,966<br>£894,966<br>=|
|**19. PROVISION FOR PENSION PAST SERVICE DEFICIT**|
|**2024£**<br>**2023£**<br>Brought forward<br>973,971<br>1,095,443<br>Payments made<br>(79,006)<br>(75,244)<br>Unwinding of the interest<br>82,379<br>(46,228)<br>£977,344<br>£973,971<br>==|
|**57**<br>**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**<br>**Incoming**<br>**Resources**<br>**Transfer and**<br>**Carried**<br>**Forward£**<br>**Resources£ Expended£ Investment Gains/ Forward£**<br>**(losses)£**<br>Restricted<br>624,450<br>1,017,858<br>(982,630)<br>-<br>659,678<br>funds<br>1,433,653<br>11,007,969<br>(10,797,880)<br>(2,075)<br>1,641,667<br>[E=====|
|---|
|**21. ANALYSIS OF NET ASSETS BETWEEN FUNDS**|
|**Group**<br>**Fixed Assets and**<br>**Net Current**<br>**Long Term**<br>**Reserve**<br>**Investments£**<br>**Assets£**<br>**Liabilities£**<br>**Balance£**<br>Restricted funds<br>Student Activity Groups<br>-<br>564,647<br>-<br>564,647<br>Other Student Activities<br>-<br>93,682<br>-<br>93,682<br>-<br>658,329<br>-<br>658,329<br>=====|
|Unrestricted funds<br>Designated Capital Fund<br>254,234<br>-<br>-<br>254,234<br>Pension Fund<br>(82,964)<br>(894,389)<br>(977,344)<br>General Funds<br>806,357<br>905,869<br>**-**<br>1,712,226<br>1,060,591<br>822,914<br>(894,389)<br>989,116<br>Total Funds<br>1,060,591<br>1,481,243<br>(894,389)<br>1,647,445<br>==S5=5|
|**Comparative analysis of net assets between funds**|
|**Fixed Assets and**<br>**Net Current**<br>**Long Term**<br>**Reserve**<br>**Investments£**<br>**Assets£**<br>**Liabilities£**<br>**Balance£**<br>-<br>565,996<br>-<br>565,996<br>**Group**<br>Restricted funds<br>Student Activity Groups<br>Other Student Activities<br>-<br>93,682<br>-<br>93,682<br>-<br>659,678<br>-<br>659,678<br>==|
|**60**<br>**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. 

**k** 

61 



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**<br>**Restricted**<br>**Total Funds**<br>**Funds2023£**<br>**Funds2023£**<br>**2023£**<br>7,767,302<br>224,504<br>7,991,806<br>**Income and Endowments**<br>**From:**<br>Donations and legacies<br>King's College London Grant<br>—||||
|1,082,484<br>-<br>1,082,484<br>-<br>793,354<br>793,354<br>Charitable activities<br>Student Community Venues<br>Student Activities Group<br>——||||
|34,430<br>-<br>34,430<br>962,912<br>-<br>962,912<br>54,375<br>-<br>54,375<br>Other trading activities<br>Sponsorship Income<br>Subsidiary Trading Company<br>Events and other generated<br>income<br>a||||
|-<br>9,990,111<br>1,017,858<br>11,007,969<br>Investments<br>Interest, Dividend,Miscellaneous<br>TOTAL<br>88,608<br>88,608<br>——||||
|EXPENDITURE ON:||||
|Raising funds||||
|Sponsorship Expenditure|105,952|105,952<br>-|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)|



**k** 

**63** 



|**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)||-|-<br>(2,075)|
|Net Movement in Funds|172,786|35,228||208,014|



## **25. CONTROLLING PARTY** 

The Union is controlled by its Board of Trustees. 

**k** 

64 



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

Modern Music
Romanian and Moldovan Society
Moroccan Society
Running-a-mock
MSA Musical Theatre Society (MMT)
Russian Speaking Society
Natya
Sales
Nepalese Society
Saudi Society
Neuroscience Society
Science Communication Society
Neurosurgery Society
Sexpression
Nordic Society
Shakespeare Company
Nucleus Magazine
Singapore Society
Nursing And Midwifery Society
Somali Society
Nutrition & Dietetics Society
South Asia Development Society
Obstetrics & Gynaecology Society
Space Society
Spanish Society
SPLAS (Spanish, Portuguese and Latin
American
Studies)
Sports And Exercise Medicine Society
Sri Lankan Society
STAR Society
Streetdoctors
Streetlaw Society
Students for Global Health KCL
Students4Syria Society
Sudanese Society
Surgical Society
Taiwanese Society
Tamil Society
Team Up
Tech Society
TEDX KCL Club
Thai Society
The Guqin Society
The Rolling Tones
The Strand Magazine
The Wellbeing Club
Think Tank Society
Thinkmental Society
Trauma and Orthopaedic Society
Turkish Society
Ukrainian Society
Ukulele Society
Ultrasound society
UN World Food Society
UNICEF On Campus Society
United Nations Association
Universal Knowledge
Urology Society
Vegetarian and Vegan Society
Vietnamese Society
War Studies Society
Wilderness Medicine Society
Women & Politics Society
Women for Women International Society
Women In Business and Finance Society
Women in Leadership
Women in Medicine
Women In Physics
Women In STEM Society
69

Sportsclubs
KCL Netball
American Football
KCL Rugby (Mens)
Archery
KCL Rugby (Womens)
Arnis
Kendo
Athletics and Cross Country
Kung Fu
Badminton
Lacrosse
Barbell
Mini Golf
Baseball
Mixed Martial Arts (MMA)
Basketball (Mens)
Motorsport
Basketball (Womens)
Muay Thai
Boat Club
Pole f itness
Boxing
Rifle
Brazilian Jiu Jitsu
Sailing
Cheerleading
Snowsports
Climbing and Mountaineering
Squash
Cycling
Swimming and Water Polo
Equestrian
Table Tennis
Fencing
Taekwondo
FITE Club
Tennis
Fitness Feat
Triathlon
GKT Cricket (Mens)
Ultimate Frisbee
GKT Football (Mens)
Volleyball M
GKT Football (Womens)
Volleyball W
GKT Hockey (Mens)
Weightlifting
GKT Hockey (Womens)
Wing Chun Kung Fu
GKT Netball
Yoga
GKT Rugby (Mens)
GKT Rugby (Womens)
Golf
Handball
Ice Skating
Jiu Jitsu
Judo
Kabaddi
Karate
KCL Cricket (Mens)
KCL Cricket (Womens)
KCL Football (Mens)
KCL Football (Womens)
KCL Hockey (Mens)
KCL Hockey (Womens)
70

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 off ice:
South East Wing, Bush House, 300 Strand, London. WC2R 1AE.
KCLSU is a registered charity- No. 1136729
kclsu
Our Students, Union