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King’s College London Students’ Union Report and consolidated financial statements Year ended 31 July 2025

KCLSU ANNUAL REPORT 24/25

Company limited by guarantee no. 05762196 Registered charity no. 1136729

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3 Reference and administrative details

5 Introduction from the 2025-26 KCLSU Chair of the Board of Trustees

7 Introduction from the Chief Executive

9 Trustees’ and Strategic Report
35 Independent auditor’s report
43 Consolidated statement of financial activities
47 Consolidated balance sheet
48 Consolidated cash flow statement
50 Notes to the financial statements
73 Annex

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees	Baiyu Liu
	Fatima Hire
	Hasnain Jafer
	Sheeba Naaz
	Maryam Jamil
	Dulcie Wainwright-Pilton
	Uthman Mahdi Ahmad
	Paulina Ytuarte
	Priyanshu Kumar
	Abdullahi Mohamed
	Amar Abbas
	Simon Kerton-Johnson
	Belinda Brinckmann
	Andy Townend
Registered office	30 Strand, London, England, WC2R 2LS
Charity registration	1136729
Company registration	05762196
Chief Executive	Denis Shukur
Secretary	Matthew Pledger
Auditor	Buzzacott Audit LLP
	130 Wood Street, London, EC2V 6DL
Principal Banker	Santander UK PLC,
	2 Triton Square, Regent’s Place, London,
	NW1 3AN

Investment Fund Managers Newton Investment Management Limited, The Bank of New York Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA

Legal Advisers

Bates, Wells and Braithwaite LLP, 2-6 Cannon Street London, EC4M 6YH;

TLT Solicitors 20 Gresham Street London, EC2V 7JE

David Banks Media Law, Moyola House, 31 Hawthorn Grove, York, England, YO31 7YA

INTRODUCTION FROM THE 2025-26 KCLSU CHAIR OF THE BOARD OF TRUSTEES

As we reflect on the previous academic year, it is with a sense of pride I present the King’s College London Students’ Union (KCLSU) Annual Report for 2024-2025.

2024/25 saw the launch of our five year strategy and gave my predecessors the opportunity to work with the team to embed the new strategy. I’m delighted to be able to report that there was significant progress made to ensure students were able to thrive.

Our focus on supporting students to lead meant that 3,845 students came forward to be elected as student leaders through the 2025 KCLSU Elections. A record number of 6,852 students voted, of which 88% felt the elections were accessible and 82% felt well informed.

Our continued emphasis on developing communities for all students enabled us to support 13,583 students to join 380 student groups. 11,583 students participated in events and 68% agreed that they had met someone new at the events.

KCLSU approval rating for representing students’ academic interests increased by 5%, demonstrating the impact initiatives like the Student Voice Partnership Agreement are having for students. This increase was higher than that achieved by other Russell Group Universities.

KCLSU’s 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 Survey (NSS) and Postgraduate Taught Experience Survey (PTES), where KCLSU’s approval ratings on belonging and community increased again, across both, further highlighting the exceptional work of our student-facing teams and setting a positive precedent for the future.

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 continue to deliver our Strategy 2025-2030, let us celebrate our achievements and channel the lessons learned to enable our students to achieve even more in coming years.

Baiyu Liu

KCLSU President and Chair of the Board of Trustees 2025-2026

INTRODUCTION FROM THE CHIEF EXECUTIVE

Reflecting 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 2024/25 academic year also marked the completion of the current strategy, and staff across the whole of KCLSU have been busy embedding the new 5-year strategic plan, culminating in 2030.

The dedication shown by staff is reflected by our continued improvement in the National Student Survey (NSS). The KCLSU positivity score increased by 5%, whilst we’ve consistently had a positive impact 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 between 2 and 5%. 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 £12.5 million, resulting in a surplus of £150k (2024: £6k).

Accomplishments include:

Welcome - 6,935 students attended Welcome Fair, with 1,107 student stallholders available on the day
KCLSU Elections - An impressive 6,852 students voted in the KCLSU Elections, for over 2,500 student roles in various capacities
Venues - The Vault and Guy’s Bar maintain their Gold Standard Best Bar None accreditation for a fifth year running, underscoring our commitment to safe and inclusive spaces
Sales - Generating over £1.2 million in our commercial spaces, directly benefitting the student community.

The year allowed the leadership to establish its position and recruit for key roles in their directorates. I am excited to work with colleagues, old and new, to build on the great achievements from this year to continue to achieve more for our members through our 5-year strategic plan.

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 Chief Executive December 2025

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TRUSTEES’
AND STRATEGIC
,
9
REPORT
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FINANCIAL STATEMENTS

The Trustees, who are the Directors of the Charitable Company under the Companies Act 2006, present a combined Directors’ Report and Trustees’ Report, including a Strategic Report, as required by Company Law, together with the audited financial statements of King’s College London Students’ Union for the year ended 31 July 2025. The Trustees confirm that the Trustees’ report and financial statements of KCLSU comply with the current statutory requirements, the Memorandum of Understanding between KCLSU and King’s College London and the Articles of Association, the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” applicable to charities preparing their accounts under the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Education Act 1994 during 2024/25.

The Officer Trustee establishment for 2024/25 was be five instead of the usual six. This being as at the time of the elections, although one of the Presidential candidates was undergoing a KCLSU employment disciplinary process this had yet to be completed. On the completion of this employment process the findings of both the panel hearing and appeal found the candidate to be in breach of employment processes and the Trustee Code. Due to circumstances the Board of Trustees took the decision to divide out the duties of the president amongst the five Vice-Presidents and proceed with the year.

CHARITY STATUS

King’s College London Students’ Union is a registered charity, number 1136729, and a company limited by guarantee, number 05762196. King’s College London Students’ Union is governed by its Articles of Association, 2019. Amended 1 August 2025, King’s College London Students’ Union operates as KCLSU. KCLSU Ltd, a wholly owned subsidiary of KCLSU, was incorporated on 12 August 2009. The accounts of the subsidiary are consolidated within the annual accounts for the Union.

CHARITY OBJECTIVES

The Charity’s objectives are to advance the education of students at King’s College London for the Public Benefit, in particular by promoting the education interests and welfare of students at King’s College London during their course of study and representing, supporting and advising students; being the recognised representative channel between students and King’s College London and any other external bodies; and providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of students.

REGISTERED OFFICE

KCLSU, King’s College London 30 Strand, London, WC2R 2LS

STRUCTURE, GOVERNANCE, RISK AND MANAGEMENT

Towards the end of the 2023/24 cycle of business, a Governance Review was undertaken by external consultants. One of the recommendations was for a constitutional review to place the Board of Trustees in control of amending the Articles of Association in consultation with King’s. The process to make these changes involved facilitating a Company Members Meeting. This was held and a new set of Articles of Association were developed with the support of King’s College London. This places KCLSU in a far firmer position to anticipate updates and for the Board of Trustees to work with King’s College London to enhance governance arrangements. KCLSU is governed by a Board of Trustees; the Trustees are also Directors of the Charitable Company, Limited by Guarantee and Registered in England and Wales. For the purpose of this report, the Directors are referred to as the Trustees; two thirds of the Board of Trustees are students of King’s College London during their Term of Office and are annually elected by the members of KCLSU. The four non-student Trustees on the Board, (Lay Trustees), are appointed for their professional knowledge and skills. Appointed Trustees may serve an initial term of four years, renewable for a further four years, and, under the new Articles of Association, an additional year to assist with succession planning (if required). Full details of current Trustees and those who served in 2023/24 and, who joined or left the Board, from 31 July 2024 to 1 August 2025, together with the organisation’s principal advisors, can be found in the Administrative Information Section. All

Trustees undertake an induction program and are given briefings on the organisation’s operations and values. The induction covers the role of a Trustee, provides an understanding of the legal responsibilities of being a Trustee and Company Director, and, through meeting high level Board and Management Team members, provides an appreciation of KCLSU’s vision, mission and values and the relationship between Trustees and the Executive. Newly elected or appointed Trustees are invited to attend one Board of Trustees meeting as an observer before taking up their responsibilities. The Trustees are responsible for the overall performance and strategic direction of KCLSU on behalf of its student members of over 40,000 King’s College London students. In this respect, the Board of Trustees undertakes self-assessment and further development initiatives as required, ensuring they work to high standards.

STUDENT OFFICERS

The role of the Officer Trustees is to represent students at King’s College London and to influence change within KCLSU, at King’s College London and externally via the National Union of Students. The Officer Trustees are elected by the students of King’s College London, for the purposes of compliance with the Education Act 1994 Part II the Officer Trustees are the Major Union Officers. The Student Officers serving during the period of this report are shown below:

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Officers 2024/25 Officers 2025/26
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	Officers 2024/25	Officers 2025/26

President	Vacant	Baiyu Liu
Vice President for Education (Arts and Sciences)	Madeeha Saher (Resigned 8/11/24)	Maryam Jamil
Vice President for Welfare and Community	Haneen Farid	Fatima Hire
Vice President Activities and Development	Virajit Singh	Dulcie Wainwright-Pilton
Vice President for Education (Health)	Julia Kosowska	Hasnain Jafer
Vice President Postgraduate	Sheeba Naaz	Sheeba Naaz

BOARD OF TRUSTEES

The Board of Trustees’ 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 Officer Trustees 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 2025.

Trustees serve on committees, with a Delegation of Authority in place to review, approve and have oversight of areas with specific remit on behalf of the Board of Trustees: Finance, Audit & Risk (FAR); Human Resources (HR); Governance, Policy and Compliance (GPC), and Performance.

Chair of the Board of Trustees 2024/25: Marcus Lee (undertaken as Deputy Chair due to the vacant President role)

Deputy Chair of the Board of Trustees 2024/25: Marcus Lee

Alternate Chair of the Board of Trustees 2024/25: Sheeba Naaz, VP Postgraduate

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Trustee Trustee and sub-committee Term Start Term End
membership 2024/25
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Trustee	Trustee and sub-committee membership 2024/25	Term Start	Term End
Belinda Brinckmann	HR Chair	08/12/2023	08/12/2027
Nazreen Visram	Performance Chair	01/03/2021	01/03/2025
Andy Townend	Finance, Audit and Risk Committee Chair	05/06/2024	05/06/2028
Simon Kerton-Johnson	Performance Committee Chair	04/03/2025	04/03/2029
Marcus Lee	GPC Chair, Deputy Chair and SupervisingTrustee	28/07/2021	28/07/2025
Vacant	President
Madeeha Saher	Vice President for Education (Arts and Sciences)HR	01/08/2024	Retired 01/11/2024
Haneen Farid	Vice President for Welfare and Community, FAR, GPC, Performance	01/08/2024	31/07/2025
Virajit Singh	Vice President Activities and Development, FAR, GPC, Performance	01/08/2023	31/07/2025
Julia Kosowska	Vice President for Education (Health) Performance, GPC	01/08/2024	31/07/2025

Trustee	Trustee and sub-committee membership 2024/25	Term Start	Term End
Sheeba Naaz, HR Ex officio Sub-committee membership	Vice President Postgraduate	01/08/2024	31/07/2025
Samira Oma	Student Trustee Committees,HR,Performance	01/08/2024	31/07/2025
Mohammad Uhayd	Student Trustee FAR, GPC	01/08/2024	31/07/2025
Mueed Qurashi	Student Trustee	01/08/2024	31/07/2025
Anaya Angal	Student Trustee FAR, HR, GPC	01/08/2024	31/07/2025

Trustee	Trustee and committee membership 2025/26	Term Start	Term End
Baiyu Liu	President, Ex Officio membership of all committees	01/08/2025	31/07/2026
Maryam Jamil	Vice President for Education (Arts and Sciences),GPC	01/08/2025	31/07/2026
Fatima Hire	Vice President for Welfare and Community, Performance	01/08/2025	31/07/2026
Dulcie Wainwright- Pilton	Vice President Activities and Development, Human Resources, GPC, Alternate Performance	01/08/2025	31/07/2026
Hasnain Jafer	Vice President for Education (Health), Performance, FAR	01/08/2025	31/07/2026
Sheeba Naaz	Vice President Postgraduate, FAR, Human Resources, Alternate Performance	01/08/2025	31/07/2026
Abdullahi Mohamed	Student Trustee Committees, HR, FAR	02/01/2026	31/07/2026
Uthman Mahdi Ahmad	FAR, HR	01/08/2024	31/07/2026
Paulina Ytuarte	GPC, Performance	01/08/2025	31/07/2026
Priyanshu Kumar	Performance, GPC	01/08/2025	31/07/2026

TRUSTEE BOARD AND SUB-COMMITTEE ATTENDANCE 2024/25 T1 2024

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Board HR Sub- GPC FAR Performance FAR Board
23/10 committee 15/10 18/10 11/11 9/12 11/12
Name Role 10/10
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Name	Name	Role	Role	Board 23/10	HR Sub- committee 10/10	GPC 15/10	GPC 15/10	FAR 18/10	Performance 11/11	Performance 11/11	FAR 9/12	Board 11/12

Officer Trustee		Virajit Singh		X		X		X last ten minutes	O		X	X
Officer Trustee		Madeeha Saher (Resigned 8/11/2024)		X								X
Officer Trustee		Sheeba Naaz		X	X				A			X
Officer Trustee		Haneen Farid		X				A	X		X	X
Officer Trustee		Julia Kosowska		A		X			X			X
Student Trustee		Samira Omar		X					X			X
Student Trustee		Mueed Qurashi		X								X
Student Trustee		Mohammad Uhayd		X		O		O			O	X
Student Trustee		Anaya Angal		X	X	X		X			X	X
Lay Trustee		Nazreen Visram (Retired 01/03/2025)		A		X			X			A
Lay Trustee		Marcus Lee		X								X
Lay Trustee		Belinda Brinckmann		X	X							A
Lay Trustee		Andy Townend		X				X			X	X
Key X = Attended O = Absent, no apologies A = Apologies P = Conflicted recused
Key	X = Attended		O = Absent, no apologies				A = Apologies			P = Conflicted recused

T2 2025

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Special Board Board HR GPC FAR
Board Awayday 07/05 committee 11/03 27/03
Name Role 23/01 11/02 04/02
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Name	Role	Special Board 23/01	Board Awayday 11/02	Board 07/05	HR committee 04/02	GPC 11/03	FAR 27/03
Officer Trustee	Virajit Singh	X	X	X until 6.00pm		O	X
Officer Trustee	Madeeha Saher (Resigned 8/11/2024)	O
Officer Trustee	Sheeba Naaz	X	X	X	X	A
Officer Trustee	Haneen Farid	X	X	X			A
Officer Trustee	Julia Kosowska	A	X	X		X
Student Trustee	Samira Omar	X	X	A	X
Student Trustee	Mueed Qurashi	X	X	X 6.30pm onwards			A
Student Trustee	Mohammad Uhayd	X	X	A		O	A
Student Trustee	Anaya Angal	X	X	X	X	X	X
Lay Trustee	Nazreen Visram (Retired 01/03/2025)	A	A
Lay Trustee	Marcus Lee	A	A	X
Lay Trustee	Belinda Brinckmann	X	X	X	X
Lay Trustee	Andy Townend	X	X	X			X
Lay Trustee	Simon Kerton- Johnson			X

Key X = Attended O = Absent, no apologies A = Apologies P = Conflicted recused

T3 2025

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Board HR committee GPC FAR Performance
Name Role 16/07 08/05 04/06 11/07 04/06
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Name	Role	Board 16/07	HR committee 08/05	GPC 04/06	Performance 04/06

Officer Trustee	Virajit Singh	X			X
Officer Trustee	Madeeha Saher (Resigned 8/11/2024)
Officer Trustee	Sheeba Naaz	X	X	X	X
Officer Trustee	Haneen Farid	X		A
Officer Trustee	Julia Kosowska	X		X	X
Student Trustee	Samira Omar	X	X	A	A
Student Trustee	Mueed Qurashi	O
Student Trustee	Mohammad Uhayd	O
Student Trustee	Anaya Angal	X		A	A
Lay Trustee	Nazreen Visram (Retired 01/03/2025)
Lay Trustee	Marcus Lee	X		X
Lay Trustee	Belinda Brinckmann	X	X
Lay Trustee	Andy Townend	X
Lay Trustee	Simon Kerton- Johnson	X		X	X

Key X = Attended O = Absent, no apologies A = Apologies P = Conflicted recused

Board Away Day

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Role Name 11/02/2025
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Role	Name	11/02/2025

Officer Trustee	Virajit Singh	X
Officer Trustee	Sheeba Naaz	X
Officer Trustee	Haneen Farid	X
Officer Trustee	Julia Kosowska	X
Student Trustee	Samira Omar	X
Student Trustee	MueedQurashi	X
Student Trustee	Mohammad Uhayd	X
Student Trustee	Anaya Angal	X
LayTrustee	Nazreen Visram	A
LayTrustee	Marcus Lee	A
LayTrustee	Belinda Brinckmann	X
LayTrustee	AndyTownend	X

Key X = Attended O = Absent, no apologies A = Apologies P = Conflicted recused

SENIOR LEADERSHIP TEAM

The role of the Senior Leadership Team (SLT) is to understand 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.

Denis Shukur	Chief Executive
Sam Cooper	Deputy Chief Executive
Claire Gilby	Director of Communications, Marketing & Data (until 31 December 2024)
Louise Conder	Director of People and Culture
Mark Turtle	Director of Finance and Systems

PRINCIPAL PLACES OF BUSINESS

Registered Office King’s College London 30 Strand, London, WC2R 2LS

KCLSU at Strand Campus Bush House,

300 Strand, London WC2R 1AE

KCLSU at Guy’s Campus,

Boland House, St Thomas Street, London SE1 1UL

KCLSU at Waterloo Campus,

First Floor, Franklin-Wilkins Building, Stamford Street, London SE1 9NH

KCLSU at Denmark Hill,

Cutcombe Road, London SE5 9RJ

HOW GOVERNANCE WORKS AT KCLSU

The role of the Trustees at KCLSU is threefold:

To provide leadership through governance
To be the strategic partner for Senior Management
To fulfil their fiduciary responsibilities under Charity Law, the Education Act 1994 and Company Law.

Day-to-day operational and staff management is delegated under the Articles of Association to the Chief Executive, who is responsible to the Trustees for strategy development, implementation of policies and procedures, and operational performance.

Representation of students is delegated to the Student Trustees, focused on representing King’s College London students.

The KCLSU Board meets up to six times per year. In addition, there are four committees on which Trustees may work to develop closer working relationships with staff and advise the Board. The committees in 2024/25 were as follows:

Performance Committee – to ensure delivery and measurement of organisation performance to strategic objectives set by the Board and to provide oversight of commercial operations

Finance, Audit and Risk Committee – to review the effectiveness of risk management, including Health, Safety and Wellbeing, and financial controls and receive external audit opinion on the organisation’s financial statements
Governance, Policy and Compliance Committee , to ensure governance procedures and democratic processes are being adhered to and developed as necessary, and ensuring compliance with best practice and legislative requirements, including data protection
º Appointments and Transitions Committee, for the interview of lay Trustee candidates, reports to the Governance, Policy and Compliance Committee.
Human Resources Committee – to review people management policies and procedures and the reward and recognition frameworks, including Health, Safety and Wellbeing.

All KCL students are automatically members of KCLSU unless they decide to opt-out of student membership.

The Head of Governance and Compliance provides governance support and guidance to the Board of Trustees, committees and SLT, as well as being the Company Secretary. The Head of Governance and Compliance reports to both the Chief Executive and the Board of Trustees.

THE MEMORANDUM OF UNDERSTANDING WITH KING’S COLLEGE LONDON

Annually, KCLSU and KCL agree a Memorandum of Understanding (MoU). This was reviewed and adopted in July 2025, for implementation 1 August 2025. The MoU incorporates the Code of Practice between KCLSU and KCL, under which KCLSU is compliant with the Education Act 1994, Part II. A Relationship Agreement with KCL, that outlines collaborative initiatives and projects, was reviewed and agreed in 2022/23.

NETWORKS AND AFFILIATIONS During the year KCLSU was affiliated to or joined the following bodies at the following costs:

Advice UK	£393
BUCS (British Universities and Colleges Sports)	£22,708
CSV (Community Service Volunteers)	No charge
NUS (National Union of Students)	£38,370
Volunteering England	No charge

ASSOCIATE MEMBERS

University of Notre Dame
University of North Carolina
Courtauld Institute of Art students
TEDI-London

PROFESSIONAL ADVISORS

Auditors – Buzzacott Audit LLP 130 Wood Street London EC2V 6DL

Bankers – Santander UK PLC, 2 Triton Square, Regent’s Place, London, NW1 3AN

Investment Fund Managers – Newton Investment Management Limited, The Bank of New York Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA

Legal Advisers – Bates, Wells and Braithwaite LLP, 2-6 Cannon Street London, EC4M 6YH; TLT Solicitors 20 Gresham Street London, EC2V 7JE

David Banks Media Law, Moyola House, 31 Hawthorn Grove, York, England, YO31 7YA

EMPLOYEES

KCLSU employed an average of between 80-85 salaried staff team members and 110-130 student staff team members during the year. Staff work across four campuses in London and their dedication and commitment are at the heart of our achievements. Our team members have a wide variety of talent and experience, coming from a variety of backgrounds including former students of King’s College London, industry experts and managers with both private and charity sector experience. This diversity encourages a team atmosphere and a culture of innovation and entrepreneurship. We are committed to ensuring that no one at KCLSU is discriminated against, either directly or indirectly, and we will strive in all we do to serve the interests of our staff from all sections of society. We pay London Living Wage to our student staff. For salaried staff, there is a spine-point increase each year within each salary band and there is also a discretionary cost of living pay increase.

SENIOR LEADERSHIP SALARIES

The performance management and salary setting for the Senior Leadership Team is consistent with the process for the rest of KCLSU. Job roles are evaluated by an external job evaluator based on responsibility, technical skills and budget management. Once evaluated, the roles then fit within the KCLSU pay scale.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The Trustees (who are also directors of KCLSU for the purposes of Company Law) are responsible for preparing the Trustees’ report and the financial statements under applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgments and accounting estimates that are reasonable and prudent
State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping adequate accounting records sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the charitable company’s assets and, hence, taking reasonable steps to prevent and detect fraud and other irregularities. The Board of Trustees are responsible for maintaining the integrity of the corporate and financial information on the charitable company’s website.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

So far as that Trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and
That Trustee has taken all the steps that ought to have been taken as a Trustee to be aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

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 on 23 October 2024 approved the updated five year Strategic Plan for 2025-2030.

CHARITY CODE STATEMENT

KCLSU has chosen to apply the Charity Governance Code to benchmark our governance and compliance against the eight principles of best practice generally accepted for larger charities.

STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE

KCLSU is a charity run by students to ensure every King’s student has a great experience and the opportunity to thrive. We are independent of King’s College London, but we do work closely with them to create a positive environment 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 take 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 membership organisation, students lead us at every level to achieve our strategic priorities of: Representation, Belonging and Futures.

Our impact, as shown in summary by this infographic, is measured in the ways we work together, collaboratively supporting our student members. We encourage students to be brave and push boundaries. In 2024/25, we facilitated change and improved the student lives of our members by empowering a student-led community to deliver impactful projects, campaigns, and work that inspires a future where the student experience is enhanced.

The accomplishments of the year will help us continue to improve and implement effective positive change for our members, carry on with trustful relationships, and, most importantly, celebrate the achievements of our students and staff.

SEPTEMBER Freshers week

1,400+ wristbands were purchased by students to enjoy Welcome Week events 1,063 academic reps were recruited, a 15% increase from the previous year

Welcome Fair More than 75% of the 6,000+ Welcome Fair attendees met someone new or learned something new

OCTOBER RepFest 2024

Over 400 academic reps trained in our annual rep conference

NOVEMBER Halls for All

Our VP Welfare & Community, Haneen Farid, launched a KCLSU campaign for more affordable and accessible housing

122 events and activities were delivered to mark Disability Awareness Month, Trans Awareness Week, and Black History Month

JANUARY Take Time Out

18 events took place for TTO, a wellbeing initiative designed to help students destress during deadlines and exam periods

Halls for All campaign, secured an Affordable Accommodation Working Group with King’s MARCH 6,157 students voted in the KCLSU Elections

3,160 community leaders were elected into post

	Varsity fixtures totalled 45, an increase from the previous year
	1,695 students responded to our annual
	survey. 87% of respondents were positive
	about their student’s group activities
	contributing to their personal development.
	The Connecting Campus Campaign was
	launched to alleviate the problems faced with
	inter-campus commuting.
APRIL	KCLSU Arts Festival delivered 7 activities
	including a theatre trip, a creative access
	workshop and an Arts Fair
	GKT won the 2025 Macadam Cup
	1,914 nominations were submitted for the
	KCLSU Awards
	In response to the tragic incident on Strand
	in March 2025, students ratify a Pedestrianise
	the Strand campaign with KCLSU, receiving
	over 4000 petition signatures

TERM 3	TERM 3
MAY	Take Time Out ran over 70 events for students
	NSS results released and KCLSU saw a 5%
	increase in our positivity rating for how well
	KCLSU represents students’ academic interests
SUMMER	PTES results released and showed that overall
	satisfaction is up 3.5% compared to the
	previous year
	Guarantor Guarantee campaign ratified - to
	secure a rent guarantor scheme for King’s
	students - impacting especially international,
	care experienced or estranged students.

PLANS FOR FUTURE PERIODS

As we embark on the 2025/26 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 identified in our last annual reflection.

Key Focus Areas:

Driving Strategic Impact: We will continue to focus on delivering measurable progress against our strategic objectives. We will remain informed by students and stakeholders, using surveys to gather data to inform our decision making. We will also build a strategic dashboard to track progress and provide insight to inform our decision making.
Strengthening Stakeholder Relationships: We will build on the partnership with King’s by delivering to shared strategic goals that put students first. We will support the Officers to clarify and build the collaborative relationship between Officers and University leadership. We will also enhance the induction, training, and ongoing support for Officers to strengthen their capacity for governance, advocacy, and leadership. We will seek further opportunities to collaborate with King’s through different functional areas.
Systems Optimisation & Operational Excellence: We will conduct a comprehensive systems review to identify and resolve inefficiencies. As part of this, we will also look at ways to integrate key systems to reduce manual processes. We will standardise project management processes across the organisation.
Building KCLSU’s Reputation and Profile: We will use data and insights to enhance the visibility of the work that KCLSU does. We will use the data to deliver regular reports to showcase the impact of key activities. We will also communicate our impact though our Annual Impact Report.

As we move forward, our commitment to creating a supportive, inclusive, and dynamic environment for every King’s student remains unwavering. We are dedicated to constantly evaluating and improving our strategies, ensuring that KCLSU meets and exceeds the expectations of our students and other stakeholders.

FINANCIAL PERFORMANCE SUMMARY

Income from student community venues and other sources has reached £2,384k, which together with the KCL Grants and KCLSU Student Groups income, resulted in £12,571k income against which we spent £12,421k resulting in a £150k surplus.
• We also provided funds and administrative support to over 400 societies and sport clubs (SAGs) involving more than 12,000 students.

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INCOME AND ENDOWMENTS FROM:
Donations and KCLSU SAG & Restricted Total Funds Total Funds
legacies 2025 2025 2025 2024
£ £ £ £
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INCOME AND ENDOWMENTS FROM:	INCOME AND ENDOWMENTS FROM:	INCOME AND ENDOWMENTS FROM:	INCOME AND ENDOWMENTS FROM:	INCOME AND ENDOWMENTS FROM:
Donations and legacies	KCLSU 2025 £	SAG & Restricted 2025 £	Total Funds 2025 £	Total Funds 2024 £
King’s College London Grant	8,840	238	9,078	8,199
Trading and Other income	2,512	980	3,492	3,216
Total Income and Investment Gains	11,352	1,218	12,570	11,415
EXPENDITURE:
Raising Funds	983	-	983	908
Charity Activities	10,238	1,168	11,406	10,420
Past Service Pension Deficit and Investment Loss	31	-	31	82
Total Expenditure	11,252	1,168	12,420	11,410

SURPLUS FOR THE YEAR:	100	50	150	6

INCOME ANALYSIS (£000)

Income in 2024/25 was £12,570k, including £5,338k cash grant and £3,740k space grant from KCL (premises used for activities, social spaces and bars)
Compared to 2023/24, commercial and other income increased by £145k to £2,530k

KCLSU INCOME COMPARISON (’000)

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EXPENDITURE ANALYSIS BY STRATEGIC THEMES (£000)

We have spent £11,428k (2023/24 £10,576k) across three strategic themes: Representation, Future, and Belonging
We allocated direct costs of events and services provided by student employees and permanent staff to strategic themes. The costs of social and study spaces and running the infrastructure are also allocated against the themes.

24/25 - EXPENDITURE ANALYSIS BY STRATEGIC THEMES (£000)

Representation (£3,826k):

Advice and Wellbeing, Community Engagement, Election, Officers, Events

Future (£2,440k):

Advice and Wellbeing, Community Engagement, Officers, Events

Belonging (£5,162k):

Hubs, Bars and Cafes, Welcome Fair, Other Events

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Income

Unrestricted income for the year was £11,290k, an increase of £933k (9%) compared to the previous year. The increase was primarily due to a £279k increase in the King’s College London core grant and £600k in space grant in 2024/25 The commercial income also increased by £49k (2%).

Costs

Total expenditure from Unrestricted funds for the year increased by £836k (8%) to £11,253, which was mainly from the additional spending of £652k (6%) on growing support of student representation and student activities groups.

Unrestricted outcome The outcome for the year was a surplus of £99k, which is moderate.

Restricted funds

Comprises 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 £962k in income, against which they spent £930k, resulting in a net £32k Surplus.

Fixed assets

The value of KCLSU’s fixed assets decreased by £9k.

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 £137k by 31st July 2025.

Non-restricted reserves

The General Reserve available to fund operations was £1,763k at the year-end, excluding the long-term pension liability of £920k. Core operating costs are calculated as a sum of the direct costs of student representation, communications, and student activities, excluding the college space charge, which is budgeted at £4,722k in 2025/26; our position on 31 July 2025 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

Based on the last actuarial valuation in 2022, KCLSU’s overall deficit liabilities decreased by £57k, including £83k of cash payments in a year, to £920k in 2024/25. The annual contribution to the scheme is scheduled to increase by an additional 5% in 2025/26 to eliminate the deficit over the next fourteen years until May 2037.

Bank of England (BOE) reduced the base rate to 4.75% in July 2025 from 5.00% in July 2024, we adopted a discount rate of 6.07% in 2024/25 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 £26k gain in the 2024/25 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 2024/25 financial year, KCLSU’s free reserves maintained at £1,763k (2023/24: £1,712k). KCLSU is committed to rebuilding its free reserves by diversifying the commercial offer, especially improving the online retail business. The Union’s cash flow remains strong 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 think KCLSU will have sufficient resources to meet its liabilities as they fall due.

RISK MANAGEMENT

The Trustees are responsible for KCLSU’s Risk Management and the effectiveness of internal controls. The Senior Leadership Team and Wider Leadership Team regularly 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 and the Board of Trustees reviewing related items of risk on a termly basis.

Other key risks identified at the year-end 31 July 2025 were:

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Risk Mitigation
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Risk	Mitigation

Bullying/harassment of students by other students: mainly cyber bullying in Student Groups. Bullying as a result of Student Groups not engaging in KCLSU democratic processes. Safe space, and reputational risk. Initiations/ Hazing	Although there is closer working with King’s to report there are still a significant number of disputes in Student Groups that require careful management to resolve. This is resource intensive to manage.
Officer priorities drift into Ultra vires	Robust processes in place to monitor campaigning. The use of a Corporate Conclusion to enable student members to express a view.
Incoming Officer Trustees not following procedures	Risk as Officers Trustees start their Term of Office. Officer induction reviewed May 2025, a significant element of being an employee introduced.
Students coming to Advice and Wellbeing for urgent crisis support	Close working with Stakeholders to understand the scope of the service.
KCLSU Staff not understanding the role of KCLSU Advice and Wellbeing in urgent wellbeing situations.	Staff training.

ETHICAL INVESTMENT POLICY

1.1

KCLSU, in line with its Ethical Policy, will only engage in socially responsible investment where reasonable. KCLSU has been mandated by the student community 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.

1.2

A company or bank will be deemed unethical if there is evidence that it:
Fails to uphold basic human rights, as the UN Convention 1948 notes.
Knowingly provides resources to those who will use them to commit human rights abuses
Fails to uphold basic labour rights, including the right to form a Union
• Gives vocal, economic or diplomatic support to a regime, enabling it to continue to commit human rights abuses
Produces or invests in the production of armaments or torture equipment
Tests on animals purely for cosmetic purposes
Produces tobacco or invests directly in the tobacco industry
Extracts Fossil Fuels or significantly invests in the Fossil Fuel industry
Significantly invest in gaming and gambling

FUNDING POLICY

1.3

KCLSU did not undertake any fundraising activities during the financial year due to the primary funding being through a grant from King’s College London and received no complaints in relation to fundraising. Student Groups carried out their own fundraising activities to support their groups, and chosen charities, with no complaints reported.

The Trustees Report, incorporating a Strategic Report, was approved by the Board of Trustees and signed on its behalf by:

Baiyu Liu,

President and Chair of the Board of Trustees

Approved by the Board of Trustees 10 February 2026

INDEPENDENT AUDITOR’S 4 e é . | ii IZ SEZ. REPORT

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35
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S COLLEGE LONDON STUDENTS’ UNION

OPINION

We have audited the financial statements of King’s College London Students’ Union (the ‘charitable parent company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2025 which comprise the group statement of financial activities, the group and charitable parent company balance sheets and group statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the charitable parent company’s affairs as at 31 July 2025 and of the group’s income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of 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 WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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.

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our

procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements;
We focused on specific laws and regulations which we considered may have a direct material effect on the accounts.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of representatives of management and the review of minutes of Board of Trustee meetings.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of where management considers there was susceptibility to fraud and knowledge of actual, suspected and alleged fraud; and
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;
Tested and reviewed journal entries to identify unusual transactions;
Tested the authorisation of expenditure;
Gained an understanding of the processes in place for the management of the charity’s investments and confirmed the validity of withdrawals from investments; and
Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Review of the minutes of meetings of those charged with governance;
Enquiring of management as to actual and potential litigation and claims; and
Agreeing accounts disclosures to underlying supporting documentation.

As a result of our procedures we did not identify any key audit matters relating to irregularities.

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 noncompliance. 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 Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date:

CONSOLIDATED STATEMENT OF — ACTIVITIES

KING’S COLLEGE LONDON STUDENTS’ UNION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(incorporating the Income and Expenditure Account) For the year ended 31 July 2025

INCOME AND ENDOWMENTS FROM:	Note	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Donations and legacies
King’s College London Grant	2	8,840,224	238,105	9,078,329	8,198,505
Charitable activities
Student Community Venues	3	1,299,443	-	1,299,443	1,206,226
Student Activities Group		-	962,205	962,205	831,168
Other trading activities
Sponsorship Income	4	27,323	-	27,323	39,748
Subsidiary Trading Company	5	1,028,696	-	1,028,696	960,691
Evens and other generated income	6	21,629	-	21,629	22,593
Investments
Interest Receivable		72,458	-	72,458	40,827
Exceptional Income		-	-	-	46,948
TOTAL		11,289,773	1,200,310	12,490,083	11,346,706

EXPENDITURE ON:	Note	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Raising funds
Sponsorship Expenditure		125,033	-	125,033	108,476
Subsidiary Company Expenditure	5	857,963	-	857,963	799,090
Charitable activities
Student Community Venues	3	3,250,724	-	3,250,724	3,055,402

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EXPENDITURE ON: Note Unrestricted Restricted Total Funds Total Funds
Funds 2025 £ Funds 2025 £ 2025 £ 2024 £
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EXPENDITURE ON:	Note	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Student Representation & Communication	7	3,707,200	238,105	3,945,305	3,517,877
Student Activity	8	3,137,103	-	3,137,103	2,945,336
Student Activities Group	9	143,655	930,025	1,073,680	900,397
Other
Pension costs - Past Service Deficit	10	31,487	-	31,487	82,379
TOTAL EXPENDITURE		11,253,165	1,168,130	12,421,295	11,408,957
Net income/(expenditure) for theyear		36,608	32,180	68,788	(62,251)
Other Recognised Gain/ Losses
Unrealised Gain on investments		80,850		80,850	68,029
Transfer between funds	20	(18,160)	18,160	-	-
NET MOVEMENT IN FUNDS		99,298	50,340	149,638	5,778
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 01 AUGUST 2024		989,116	658,329	1,647,445	1,641,667
TOTAL FUNDS AT 31 JULY 2025		£ 1,088,414	£ 708,669	£ 1,797,083	£ 1,647,445

The annexed notes form part of these financial statements

CONSOLIDATED BALANCE SHEET AND CASH FLOW STATEMENT

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KING’S COLLEGE LONDON STUDENTS’ UNION

Company limited by guarantee (registered company no. 05762196)

CONSOLIDATED BALANCE SHEET

As at 31 July 2025

FIXED ASSETS	Note	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Tangible Assets	14	228,767	245,078	254,234	254,234
Investments	15	887,207	887,207	806,357	806,357
		1,115,974	1,132,285	1,060,591	1,060,591

CURRENT ASSETS	Note	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Stocks		40,050	276,226	43,928	388,299
Debtors	16	540,366	458,347	454,837	269,789
Short term deposits		855,484	855,484	832,256	832,256
Cash at bank and in hand		840,364	858,044	797,640	815,365
		2,276,264	2,448,101	2,128,661	2,305,709
CREDITORS: amounts falling due within oneyear	17	(945,804)	(950,304)	(821,976)	(824,466)
NET CURRENT ASSETS		1,330,460	1,497,797	1,306,685	1,481,243
CREDITORS: amounts falling due after oneyear	18	(832,999)	(832,999)	(894,389)	(894,389)
TOTAL NET ASSETS		1,613,435	1,797,083	1,472,887	1,647,445

Funds	Note	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Unrestricted Funds:
Designated Capital Fund	20	245,078	245,078	254,234	254,234
Pension Fund	20	(920,103)	(920,103)	(977,344)	(977,344)
General fund	20	1,579,791	1,763,439	1,537,668	1,712,226
		904,766	1,088,414	814,558	989,116
Restricted funds	20	708,669	708,669	658,329	658,329
		1,613,435	1,797,083	1,472,887	1,647,445

The financial statements were approved, and authorised for issue, by the Board of Trustees on 10 December 2025 and signed on their behalf by:-

Baiyu Liu , Chair of Trustees

Andy Townend , Trustee

The annexed notes form part of these financial statements

KING’S COLLEGE LONDON STUDENTS’ UNION

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 31 July 2025

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Cash flows from operating activities 2025 2024
£ £
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Cash flows from operating activities	Cash flows from operating activities	2025 £	2024 £
~~(Deficit)/~~ Surplus for the financial year		149,638	5,778
Adjustments for:
Depreciation		125,206	93,894
Decrease/(increase) in stocks		112,073	(226,344)
(Increase)/decrease in debtors		(188,558)	95,579
Increase/(decrease) in creditors		121,689	(254,126)
Increase in provision for Pension Past Service Deficit		(57,241)	3,373
Investment income		(72,458)	(40,827)
(Gain)~~/~~	~~Loss~~ on investments	(80,850)	(68,029)
		109,499	(390,702)

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Cash flows from investing activities 2025 2024
£ £
Purchase of tangible fixed assets (116,050) (106,526)
- -
Disposal of tangible fixed assets
Investment income 72,458 40,827
- -
Fund Invested in a year
Purchase of short term deposits (23,228) (324,340)
(66,820) (390,039)
Net increase in cash and cash equivalents 2025 2024
£ £
Change in cash and equivalents in the period 42,679 (780,741)
Cash and cash equivalents at 01 August 2024 815,365 1,596,106
£858,044 £815,365
Components of cash and cash At 1 August At 31 July
equivalents 2024 Cashflows 2025
£ £ £
Cash at bank and in hand £815,365 £ 42,679 £ 858,044
Major non-cash transactions Nil Nil Nil
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NOTES TO THE FINANCIAL STATEMENTS

KING’S COLLEGE LONDON STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 July 2025

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (SORP 2019), the Financial Reporting Standard applicable in the UK (FRS 102) and the Charities Act 2011.

The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going Concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Group financial statements

The financial statements consolidate the results of the wholly-owned subsidiary company, KCLSU Limited, which undertakes commercial activities on behalf of the Union and gift aids its annual taxable profits to the Union. A separate Statement of Financial Activities for the Union itself is not presented because the Union has taken advantage of the exemptions afforded by the Companies Act 2006 and SORP 2019. The charity had surplus of £59,655 (2024 - £21,469).

Company status

King’s College London Students’ Union is a company limited by guarantee. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1.

Fund accounting

i) Restricted funds represent funds raised or donated for a specific purpose which can only by applied by the Trustees for that purpose. Funds raised by clubs and societies are deemed to be restricted for the particular club or society.

ii) Designated funds represent amounts allocated by the Trustees, at their discretion, which are earmarked for a particular purpose. They may include funds already expended on fixed assets or funds which are due to be spent on a fixed asset or project in the near future.

iii) General funds are amounts generally available to the Trustees and held in accordance with the Reserves Policy.

iv) The Pension Fund Reserve represents a negative reserve representing the future liability to fund the deficit on the Students’ Union Superannuation Scheme. It equates to the pension scheme. It is treated as a separate reserve because of the long term nature of the liability which, it is anticipated, will be funded by future income streams.

Incoming resources

Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. Investment Income is recognised on an accruals basis.

Capital grants received to fund fixed assets are accounted for in the statement of financial activities as restricted funds when the Union becomes entitled to receive them. Depreciation of the related fixed assets is charged against the restricted fund.

Donated facilities from the University are included in the accounts at an estimated basis. No amounts are included in the financial statements for services donated by volunteers.

Donations are accounted for in the Statement of Financial Activities when the Union becomes entitled to receive them. Those subject to restrictions on use are classified Restricted Fund.

Other income is included in the Statement of Financial Activities when the Union is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources Expended

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Administrative support costs are allocated on the basis of the number of permanent staff in each of the activities. Facilities costs are allocated based on the floor area occupied.

Governance costs, included in support costs, comprise strategic planning, management and organisational costs including legal advice and audit fees.

Investments

Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Tangible fixed assets and depreciation

Expenditure on major refurbishment work is capitalised and depreciated over its estimated useful life.

Equipment, including motor vehicles, is capitalised and depreciated over the estimated lives of the assets. Depreciation on newly purchased assets is based on the pro rata of the months the assets have been ulitised in the year of purchase. The rates of depreciation currently used are as follows

Leasehold Building Works	–	10% to 20%
Motor Vehicles	–	25%
Union Equipment	–	20% to 33%

Stocks

Stock is valued at the lower of cost and net realisable value.

Operating leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period in which the cost is incurred.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Creditors and provisions

Creditors and provisions are recognised where the Union has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Instruments

The Union only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Pensions

In relation to the multi-employer defined benefit scheme which is closed to future accrual, as set out in note 22, full provision is made for the total agreed contributions payable to meet the fund deficit. The provision is based on the total contributions payable at the year end, discounted to net present value.

In relation to the defined contribution scheme, as set out in note 22, contribution are accounted for as they fall due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts.

Short-term deposits

Short term deposits are investments with a maturity of between three and twelve months.

Judgements and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Charity’s accounting policies. In the application of the accounting policies, Trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The items in the financial statements where these judgements and estimates have been made include:

estimating the useful economic life of tangible fixed assets for the purpose of determining the annual depreciation;
discount rate for estimating the present value of the pension deficit payments;
allocation of staff and support costs across activities; and
the valuation of gifts in kind.

2. KING’S COLLEGE LONDON GRANT

	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Core Grant	5,100,000	-	5,100,000	4,900,000
Donated space from college	3,740,224	-	3,740,224	3,139,714
Other Grants	-	238,105	238,105	-
	£ 8,840,224	£ 238,105	£9,078,329	£ 8,039,714

	Unrestricted Funds 2024 £	Restricted Funds 2024 £		Total Funds 2024 £
Core Grant	4,900,000	-		4,900,000
Donated space from college	3,139,714	-		3,139,714
Other Grants	-	158,791		158,791
	£ 8,039,714	£ 158,791		£ 8,198,505

Other grants are for restricted purposes

3. STUDENT COMMUNITY VENUES

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----- Start of picture text -----
Note Income Expenditure Total 2025 Total 2024
2025 £ 2025 £ £ £
----- End of picture text -----

	Note	Income 2025 £	Expenditure 2025 £	Total 2025 £	Total 2024 £

Sales		1,164,894	-	1,164,894	*1,068,064*
Less: Costs of Sales		-	(439,480)	(439,480)	*(381,215)*
				725,414	*686,849*
Add: Brewers Discounts		-	15,653	15,653	*8,935*
Gross Profit				741,067	*695,784*
Other Income
Entertainment Income		125,886	-	125,886	*126,712*
Games Machines Income		-	-	-	*108*
Others		8,663	-	8,663	*11,342*
Direct Costs
Staff Costs		-	(740,866)	(740,866)	*(714,230)*
Other Costs		-	(210,536)	(210,536)	*(233,271)*
Indirect Costs				(75,786)	*(113,555)*
Support Costs	11	-	(1,875,495)	(1,875,495)	*(1,735,621)*
		£ 1,299,443	£(3,250,724)	£(1,951,281)	*£(1,849,176)*

4. SPONSORSHIP INCOME

	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Welcome Fair	27,323	-	27,323	39,748
	£ 27,323	£ Nil	£ 27,323	£ 39,748

	Unrestricted Funds 2024 £	Restricted Funds 2024 £		Total Funds 2024 £
Welcome Fair	39,748	-		39,748
	£ 39,748	£ Nil		£ 39,748

5. SUBSIDIARY TRADING COMPANY

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----- Start of picture text -----
KCLSU Limited Income Expenditure Total Total
(Registration Number: 2025 £ 2025 £ 2025 £ 2024 £
06988075)
----- End of picture text -----

KCLSU Limited (Registration Number: 06988075)	Income 2025 £	Expenditure 2025 £	Total 2025 £	Total 2024 £
Venues
Sales	123,178		123,178	138,400
Less: Costs of Sales	-	(22,947)	(22,947)	(19,529)
Profit			100,231	118,871
Shop
Sales	905,518	-	905,518	822,291
Less: Costs of Sales	-	(424,131)	(424,131)	(387,020)
Profit			481,387	435,271
Administrative Expenditure
Permanent Staff Costs	-	(144,151)	(144,151)	(157,172)
Temporary Staff Costs	-	(97,616)	(97,616)	(79,744)
Other Costs	-	(64,947)	(64,947)	(59,509)
Management Charge	-	(104,171)	(104,171)	(96,116)
	-	(410,885)	(410,885)	(392,541)
Total	£ 1,028,696	£ (857,963)	£ 170,733	£ 161,601
Retained Profit b/f			174,558	190,428
Tax Paid
Gift Aid			(161,600)	(177,471)
Retained Profit			£ 183,691	£ 174,558

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.

6. EVENTS AND OTHER GENERATED INCOME

	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Ticket Sales	18,581	-	18,581	18,761
Other income	3,048	-	3,048	3,832
	£ 21,629	£ Nil	£ 21,629	£ 22,593

7. STUDENT REPRESENTATION & COMMUNICATION

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----- Start of picture text -----
Notes Unrestricted Restricted Total Funds Total Funds
Funds 2025 £ Funds 2025 £ 2025 £ 2024 £
----- End of picture text -----

	Notes	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £
Student Officer Salaries		164,171	-	164,171	201,057
Other Staff Costs		720,780	238,105	958,885	861,334
Subscriptions and Affiliation Fees		55,973	-	55,973	44,780
Other direct costs		46,808	-	46,808	51,345
Support Costs	11	2,719,468		2,719,468	2,359,359
		£ 3,707,200	£ 238,105	£ 3,945,305	£ 3,517,875

8. STUDENT ACTIVITY

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----- Start of picture text -----
Notes Unrestricted Restricted Total Funds Total Funds
Funds 2025 £ Funds 2025 £ 2025 £ 2024 £
----- End of picture text -----

	Notes	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £

Staff Costs		1,033,853	-	1,033,853	1,015,878
Student Activity Group Development		586,724	-	586,724	587,023
Volunteering Project		1,673	-	1,673	3,526
Student Hubs		3,509	-	3,509	10,075
Support Costs	11	1,514,650	-	1,514,650	1,328,834
		£ 3,140,409	£ Nil	£ 3,140,409	£ 2,945,336

9. STUDENT ACTIVITIES GROUP

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----- Start of picture text -----
Unrestricted Restricted Total Funds Total Funds
Funds 2025 £ Funds 2025 £ 2025 £ 2024 £
----- End of picture text -----

	Unrestricted Funds 2025 £	Restricted Funds 2025 £	Total Funds 2025 £	Total Funds 2024 £

Expenditure from Grant Allocation	143,655	-	143,655	67,880
Expenditure from Self- Generated Funds	-	930,025	930,025	832,517
	£ 143,655	£ 930,025	£ 1,073,680	£ 900,397

10.STAFF NUMBERS AND COSTS

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----- Start of picture text -----
2025 £ 2024 £
----- End of picture text -----

	2025 £	2024 £

Full Time Staff Salaries	3,452,167	3,284,674
Part Time Staff Salaries	726,597	757,951
Social security costs	407,634	360,438
Pension costs
Current Service Costs	112,873	100,255
Deficit Provision	31,487	82,379
Other Staff Costs
	£ 4,730,758	£ 4,585,697

Included in the above staff salaries is £45,000 related to settlement payments in the year.

The average monthly number of employees during the period was:

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----- Start of picture text -----
Number Number
----- End of picture text -----

	Number	Number

Permanent Staff	84	90
Student Staff	119	159
	203	249

The number of employees earning over £60,000 in the year was as follows:

	Number	Number
£60,000 - £70,000	-	2
£70,000 - £80,000	2	1
£90,000 - £100,000	1	1

The cost of key management was as follows:

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----- Start of picture text -----
2025 £ 2024 £
----- End of picture text -----

	2025 £	2024 £
Trustee Officers	164,171	201,057
Senior Management	370,540	338,645
	£ 534,711	£ 539,702

11. SUPPORT COSTS

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----- Start of picture text -----
Notes Total 2025 £ Total 2024 £
----- End of picture text -----

	Notes	Total 2025 £	Total 2024 £

College Space Charge		3,740,224	3,139,714
Staff Costs		1,539,901	1,395,893
Depreciation		52,091	35,926
Other Support Cost		323,479	349,876
Facilities		156,640	168,398
Information Technology		278,491	178,538
Marketing and communications		70,670	125,217
Provision for Pension Past Service Deficit	19	25,715	(46,228)
Governance	12	47,435	83,709
		£ 6,234,646	£ 5,532,289

Support costs are apportioned to charitable activities as follows:

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----- Start of picture text -----
Notes Total 2025 £ Total 2024 £
----- End of picture text -----

	Notes	Total 2025 £	Total 2024 £
Social Venues	3	1,875,495	1,735,621
Student Representation	7	2,719,468	2,359,359
Student Activity	8	1,514,650	1,328,834
Sponsorship		125,033	108,476
Total		£ 6,234,646	£ 5,532,290

Support costs have been allocated based on the proportion of the staff numbers involved in the charitable activities.

12.GOVERNANCE COSTS

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----- Start of picture text -----
Total 2025 £ Total 2024 £
----- End of picture text -----

	Total 2025 £	Total 2024 £
Auditors remuneration – Currentyear	25,200	20,505
Auditors remuneration – Prioryear	5,400	-
Non-audit services	1,850	1,000
Legal and professional fees	13,058	61,377
Board Meeting and Trustee Expenses	1,927	828
	£ 47,435	£ 83,710

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 FIXED ASSETS

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----- Start of picture text -----
Group Leasehold Building Improvement Union Equipment Total
£ £ £
----- End of picture text -----

Group	Leasehold Building Improvement £	Union Equipment £	Total £

Cost
At 01 August 2024	140,221	472,485	612,706
Additions	-	116,050	116,050
Disposals	-	-	-
At 31 July 2025	140,221	588,535	728,756

Depreciation
At 01 August 2024	53,717	304,755	358,472
Charge for the year	28,079	97,127	125,206
Written off during theyear	-	-	-
At 31 July 2025	81,796	401,882	483,678

Net Book Value
At 31 July 2025	£ 58,425	£ 186,653	£ 245,078
At 31 July 2024	£ 86,504	£ 167,730	£ 254,234

Depreciation is charged to activities to which it relates. An amount of £73,115 (2024 - £39,931) was charged to direct costs and £52,091 (2024 - £59,220) was charged to support costs.

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----- Start of picture text -----
Parent Leasehold Building Union Equipment Total
Improvement £ £ £
----- End of picture text -----

Parent	Leasehold Building Improvement £	Union Equipment £	Total £

Cost
At 01 August 2024	140,221	472,485	612,706
Additions	-	99,740	99,740
Disposals	-	-	-
At 31 July 2025	140,221	572,225	712,446

Depreciation
At 01 August 2024	53,717	304,755	358,472
Charge for the year	28,079	97,128	125,207
Written off during theyear	-	-	-
At 31 July 2025	81,796	401,883	483,679

Net Book Value
At 31 July 2025	£ 58,425	£ 170,342	£ 228,767
At 31 July 2024	£ 86,504	£ 167,730	£ 254,234

15.INVESTMENTS

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----- Start of picture text -----
Group and Parent 2025 £ 2024 £
----- End of picture text -----

Group and Parent	2025 £	2024 £

At 01 August 2024	806,357	738,328
Unrealised Gains	80,850	68,029
At 31 July 2025	£ 887,207	£ 806,357

As of 31st July 2025, the investment portfolio generated a gain of £137,207.

16.DEBTORS

Due within one year	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Trade debtors	87,218	87,218	131,064	131,064
Other debtors & Prepayments	371,130	371,129	138,725	138,725
Amount owed by subsidiary	82,018	-	185,048	-
	£ 540,366	£ 458,347	£ 454,837	£ 269,789

17.CREDITORS

Amounts falling due within one year

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----- Start of picture text -----
Parent Group Parent Group
2025 £ 2025 £ 2024 £ 2024 £
----- End of picture text -----

	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Trade creditors	290,355	290,355	182,198	182,198
Provision for Pension Past Service Deficit	87,104	87,104	82,955	82,955
Accruals and deferred Income	292,149	296,649	231,962	234,452
Other creditors	276,196	276,196	324,861	324,861
	£ 945,804	£ 950,304	£ 821,976	£ 824,466

18.CREDITORS

Amounts falling due after more than one year

	Parent 2025 £	Group 2025 £	Parent 2024 £	Group 2024 £
Provision for Pension
Past Service Deficit	832,999	832,999	894,389	894,389
	£ 832,999	£ 832,999	£894,389	£894,389

19.PROVISION FOR PENSION PAST SERVICE DEFICIT

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----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----

	2025 £	2024 £

Brought forward	977,344	973,971
Payments made	(82,956)	(79,006)
Unwindingof the interest	25,715	82,379
	£ 920,103	£ 977,344
Analysis:
Due within one year	87,104	82,955
Falling due after more than one year	832,999	894,966
	£ 920,103	£ 977,344

20. STATEMENT OF FUNDS

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----- Start of picture text -----
Group Brought Incoming Resources Transfer and Carried
Forward Resources Expended Investment Forward
£ £ £ Gains/(losses) £ £
----- End of picture text -----

Group	Brought Forward £	Incoming Resources £	Resources Expended £	Transfer and Investment Gains/(losses) £	Carried Forward £
RESTRICTED FUNDS
Student Activity Groups	564,647	962,205	(930,025)	18,160	614,987
Other Student Activities	93,682	238,105	(238,105)	-	93,682
	£ 658,329	£ 1,200,310	£ (1,168,130)	£ 18,160	£ 708,669
DESIGNATED FUNDS
Designated Capital Fund	254,234	116,050	(125,206)	-	245,078
Pension Fund	(977,344)	-	57,241	-	(920,103)
	£ (723,110)	£ 116,050	£ (67,965)	£ Nil	£ (675,025)
SUMMARY OF FUNDS
Designated Funds	(723,110)	116,050	(67,965)	-	(675,025)
Subsidiary’s Funds	174,558	1,028,696	(857,963)	(161,600)	183,691
General Funds	1,537,668	10,145,027	(10,327,237)	224,290	1,579,748
	989,116	11,289,773	(11,253,165)	62,690	1,088,414
Restricted Funds	658,329	1,200,310	(1,168,130)	18,160	708,669
	£ 1,647,445	£ 12,490,083	£ (12,421,295)	£ 80,850	£ 1,797,083

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----- Start of picture text -----
Parent Brought Incoming Resources Transfer and Carried
Forward Resources Expended Investment Forward
£ £ £ Gains/(losses) £ £
----- End of picture text -----

Parent	Brought Forward £	Incoming Resources £	Resources Expended £	Transfer and Investment Gains/(losses) £	Carried Forward £

RESTRICTED FUNDS
Student Activity Groups	564,647	962,205	(930,025)	18,160	614,987
Other Student Activities	93,682	238,105	(238,105)	-	93,682
	£ 658,329	£ 1,200,310	£ (1,168,130)	£ 18,160	£ 708,669
DESIGNATED FUNDS
Designated Capital Fund	254,234	116,050	(125,206)		245,078
Pension Fund	(977,344)	-	57,241	-	(920,103)
	£ (723,111)	£ 116,050	£ (67,965)	£ Nil	£(675,025)
SUMMARY OF FUNDS
Designated Funds	(723,110)	116,050	(67,965)	-	(675,025)
General Funds	1,537,668	10,145,027	(10,327,237)	224,290	1,579,748
	814,558	10,261,077	(10,395,202)	224,290	904,723
Restricted Funds	658,329	1,200,310	(1,168,130)	18,160	708,669
	£ 1,427,887	£ 11,461,387	£(11,563,332)	£242,450	£1,613,392

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, carried forward funds will be spent in future years 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

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Group	Brought Forward £	Incoming Resources £	Resources Expended £	Transfer and Investment Gains/(losses) £	Carried Forward £

RESTRICTED FUNDS
Student Activity Groups	565,996	831,168	(832,517)	-	564,647
Other Student Activities	93,682	158,791	(158,791)	-	93,682
	£ 659,678	£ 989,959	£ (991,308)	£ Nil	£ 658,329
DESIGNATED FUNDS
Designated Capital Fund	241,602	106,526	(93,894)		254,234
Pension Fund	(973,971)	-	(3,373)	-	(977,344)
	£ (732,369)	£ 106,526	£ (97,267)	£ Nil	£ (723,110)
SUMMARY OF FUNDS
Designated Funds	(732,369)	106,526	(97,267)	-	(723,110)
Subsidiary’s Funds	190,428	960,691	(799,090)	(177,471)	174,558
General Funds	1,523,930	9,289,530	(9,521,292)	245,500	1,537,668
	981,989	10,356,747	(10,417,649)	68,029	989,116
Restricted Funds	659,678	989,959	(991,308)	-	658,329
	£ 1,641,667	£ 11,346,706	£ (11,408,957)	£ Nil	£ 1,647,445

==> picture [489 x 52] intentionally omitted <==

Parent	Brought Forward £	Incoming Resources £	Resources Expended £	Transfer and Investment Gains/(losses) £	Carried Forward £

RESTRICTED FUNDS
Student Activity Groups	565,996	831,168	(832,517)	-	564,647
Other Student Activities	93,682	158,791	(158,791)	-	93,682
	£ 659,678	£ 989,959	£ (991,308)	£ Nil	£ 658,329

Parent	Brought Forward £	Brought Forward £	Incoming Resources £	Resources Expended £	Resources Expended £	Transfer and Investment Gains/(losses) £	Transfer and Investment Gains/(losses) £	Transfer and Investment Gains/(losses) £	Carried Forward £
DESIGNATED FUNDS
Designated Capital Fund	241,602		106,526	(93,894)		-			254,234
Pension Fund	(973,971)		-	(3,373)		-			(977,344)
	£ (732,369)		£ 106,526	£ (97,267)		£ Nil			£(723,110)
SUMMARY OF FUNDS
Designated Funds	(732,369)		106,526	(97,267)		-			(723,110)
General Funds	1,523,930		9,289,530	(9,521,292)		245,500			1,537,668
	791,561		9,396,056	(9,618,559)		245,500			814,558
Restricted Funds	659,678		989,959	(991,308)		-			658,329
	£ 1,451,239		£10,386,015	£ (10,609,867)		£245,500			£1,472,887
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Group 2025		Fixed assets and Investments £			Net Current Assets £		Long Term Liabilities £	Reserve Balance £
RESTRICTED FUNDS
Student Activity Groups		-			614,987		-	614,987
Other Student Activities		-			93,682		-	93,682
		-			708,669		-	708,669
UNRESTRICTED FUNDS
Designated Capital Fund		245,078			-		-	245,078
Pension Fund		-			(87,104)		(832,999)	(920,103)
General Funds		887,207			876,232		-	1,763,439
		1,132,285			789,128		(832,999)	1,088,414
Total Funds		£ 1,132,285			£ 1,497,797		£ (832,999)	£ 1,797,083

Group 2024	Fixed assets and Investments £	Net Current Assets £	Long Term Liabilities £	Reserve 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)	(977,353)
General Funds	806,357	905,879	-	1,712,236
	1,060,591	822,915	(894,389)	989,117
Total Funds	£ 1,060,591	£ 1,481,244	£ (894,389)	£ 1,647,446

Parent 2025	Fixed assets and Investments £	Net Current Assets £	Long Term Liabilities £	Reserve Balance £
RESTRICTED FUNDS
Student Activity Groups	-	614,987	-	614,987
Other Student Activities	-	93,682	-	93,682
	-	708,669	-	708,669
UNRESTRICTED FUNDS
Designated Capital Fund	228,768			228,768
Pension Fund		(87,104)	(832,999)	(920,103)
General Funds	887,207	708,895		1,596,102
	1,115,975	621,791	(832,999)	904,767
Total Funds	£ 1,115,974	£ 1,330,460	£ (832,999)	£ 1,613,436

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Parent 2024 Fixed assets and Net Current Long Term Reserve
Investments Assets Liabilities Balance
£ £ £ £
----- End of picture text -----

Parent 2024	Fixed assets and Investments £	Net Current Assets £	Long Term Liabilities £	Reserve 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	237,924	-	-	237,924
Pension Fund	-	(82,964)	(894,389)	(977,353)
General Funds	822,667	731,318	-	1,553,985
	1,060,591	648,354	(894,389)	814,556
Total Funds	£ 1,060,591	£ 1,306,683	£ (894,389)	£ 1,472,885

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 2025 will proceed as planned, with a subsequent increase of 5% each 1 October until the end of the deficit recovery period, which is now expected to be in May 2037. Contributions due from 1 October 2026 onwards will be reviewed following the next actuarial valuation.

Full provision is made in the accounts for the total amount of contributions payable to meet the funding deficit as shown in note 19. The provision is based on the discounted value of future contributions. The contributions payable will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. In addition to the above contributions, KCLSU also pays its share of the Scheme’s levy to the Pension Protection Fund.

From 1st August 2011 the Union introduced a new defined contribution scheme, the KCLSU Group Personal Pension Plan. This is administered by Foster Denovo, independent financial advisers, and provided by Aviva plc. The employee contribution rates for this range from 3% of salary upward and KCLSU matches this from 3% to a maximum of 6% of salary. From 1st July 2015, the Union also started to participate in the government NEST (National Employment Savings Trust) scheme.

23. RELATED PARTIES

The Students’ Union is constituted under the King’s College London Charter and its own Constitution. King’s College London provides a range of support services to the Union and in addition provides grants and loan facilities.

Trustees were reimbursed for expenses incurred in the course of their duties to the value of £NIL (2024 - £NIL).

Trustee Officers are remunerated for their executive responsibilities in accordance with the Union constitution. Six Trustees of the Union received payment for their services as Sabbatical Officers of the Union totalling £164,181 (2024- £201,057) as set out in note 10. In addition to this £45,000 was paid to Sabbatical Officers from year ending 31 July 2024. The Student Officers held the role of both Trustee and employee, and therefore we were able to settle their disputes via a settlement agreement as defined in the Employment Rights Act 1996.

The Union owns the entire share capital in KCLSU Limited (note 5). The Group has exercised the exemption available in FRS 102 from disclosing transactions entered into between the charity and subsidiary.

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:	Unrestricted Funds 2024 £	Restricted Funds 2024 £	Total Funds 2024 £
Donations and legacies
King’s College London Grant	8,039,714	158,791	8,198,505
Charitable activities
Student Community Venues	1,206,226	-	1,206,226
Student Activities Group	-	831,168	831,168
Other trading activities
Sponsorship Income	39,748	-	39,748
Subsidiary Trading Company	960,691	-	960,691
Events and other generated income	22,593	-	22,593
Investments
Interest Receivable	40,827	-	40,827
Dividend income	46,948	-	46,948
	10,356,747	989,959	11,346,706

EXPENDITURE ON:	Unrestricted Funds 2024 £	Restricted Funds 2024 £	Total Funds 2024 £
Raising funds
Sponsorship Expenditure	108,476	-	108,476
Subsidiary Company Expenditure	799,090	-	799,090
Charitable activities
Student Community Venues	3,055,402	-	3,055,402
Student Representation & Communication	3,364,209	153,668	3,517,877
Student Activity	2,940,213	5,123	2,945,336
Student Activities Group	67,880	832,517	900,397

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EXPENDITURE ON: Unrestricted Funds Restricted Funds Total Funds
2024 £ 2024 £ 2024 £
----- End of picture text -----

EXPENDITURE ON:	Unrestricted Funds 2024 £	Restricted Funds 2024 £	Total Funds 2024 £

Other
Investment Loss
Pension costs - Past Service Deficit	82,379	-	82,379
TOTAL EXPENDITURE	10,417,649	991,308	11,408,957
Net (expenditure)/income for theyear	(60,902)	(1,349)	(62,251)
Transfer between funds	-	-	-
Unrealised Gain (loss) on investments	68,029		68,029
NET MOVEMENT IN FUNDS	£ 7,127	£ (1,349)	£ 5,778

25. CONTROLLING PARTY

The Union is controlled by its Board of Trustees.

ANNEX

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73
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SOCIETIES AND CLUBS KCLSU had following Student Activity Groups during the year ended 31 July 2024

Societies

180 Degrees Consulting ABACUS Society (Association of British & Chinese Uni Students) Action Palestine Society Afghan Welfare Society African and Caribbean Society African Caribbean Medical Association Ahlul Bayt Society Ahmadiyya Muslim Students Association AIESEC KCL Albanian Society American Medical Student Association Amnesty International Society Anaesthetics Society Anatomy Society Anglo-French Medical Society Animal Rights Society Anime & Manga Society AppConnect Arabic Society Armenian Society Art Society Articaine Society Artificial Intelligence ASEAN Society (Association Of Southeast Asian Nations) Asian Medical Students Association (AMSA) Austrian Society Azerbaijan Society Baking Society BAME in the City Bangladesh Society Beauty Society Bhangra Biochemistry Society

Biomedical Sciences Society Bioscience Students’ Association Bollywood Society Book Club:A Thousand Splendid Crumbs Brazilian Society Breakin’ KCL British Sign Language Bulgarian Society Canadian And American Society Cardiovascular Society Catholic Society Chemistry Society Chess Society Chevening Scholars Society Chinese Society Chinese Students and Scholars Association (CSSA) Chorus Society Christian Medical Fellowship Society Christian Union Guy’s Christian Union Strand Classics Society Clinical Specialties Society Conservative Association Consulting & Financial Advisory Society Creative Writing Society Cyber Security Society Cypriot Society Czech And Slovak Society Dance Society Debating Society Dermatology Society Dhol Society Diplomacy Society Disability Awareness Society Diwali Show Society DJ Society

Doctor Who Society East African Society Economics & Finance Society EcoSoc Egyptian Society Emergency Medicine Society Enactus Endocrinology Engineering Society English Language and Linguistics Entrepreneurs Society Ethical Finance Society European Law Students Association European Society Extended Medical Degree Programme Society Fashion Society Film Society Fine Wine Society Finnish Society FinTech Society (FinancialTechnology) First Aid Africa Foodie Society French Society Islamic Society Israel Society

Academic Association

Bioscience Students’ Association Business School Students’ Association Dental Council Doctoral Students’ Association IoPPN Student Association Law Council Medical Students’ Association Nightingale Council

Activity

180 Degrees Consulting 93% Club Accounting and Finance Society Acute Internal Medicine Society Afghan Welfare Society African and Caribbean Society African Caribbean Medical Society (ACMS) Ahlul Bayt Society Ahmadiyya Muslim Students Association AI Startup Society Albanian Society American Politics Society Anaesthetics and Intensive Care Society Anatomy Society Anime & Manga Society Arab Society Architecture at KCL Armenian Society Art Business Society Art Society Asian Medical Students Association (AMSA) Association of British and Chinese University Students (ABACUS) Azerbaijani Society BAME in Scrubs BAME in the City Bangladesh Society Banking and Finance Society Believers LoveWorld Society Biochemistry Society Biomedical Sciences Society Biotechnology and Synthetic Biology Society Black Women’s Society Boardgames and Tabletop RPG Society Boundless Compassion Charity Support Brazilian Society British Medical Association at GKT British Red Cross on Campus

Activity

British Sign Language Bulgarian Society Cardiothoracic Surgery Society Cardiovascular Society Catholic Society Central Asian Society Chemistry Society Chess Society Chinese Students and Scholars Association (CSSA) Christian Union (Guy’s) Christian Union (Strand) Classics Society Comedy Club Commercial Awareness Society Commercial Law Society Community Medics Conservative Association Consulting & Financial Advisory Society Cyber Security Society Cypriot Society Czech and Slovak Society Debating Society Dental Society Dermatology Society Desi Society Digital Culture Society Digital Literacy Society Diplomacy Society Disability Awareness Society Disabled Students’ Society Doctor Who Society Doctors do Mind Dungeons and Dragons Society Ear, Nose and Throat (ENT) Society Economics and Finance Society EcoSoc Egyptian Society Emergency Medicine Society Empathos Enactus

Energy Society Engineering Entrepreneurship Network Engineering Society English Society Entrepreneurs Society European Law Students Association European Society Fantasy Society Fashion Society Filipino Society Financial Law Society Financial Policy Society Fine Wine Society Fintech Society First Love Formula 1 Society French Society Game Development Department Gaming and Esports (KCLGE) Gastro Society Genetics Society Geography Society Geopolitics Forum German Society Global Asia and China Study society Global Brigades Society Gospel Society GP Society Graduate Entry Dentistry Society Graduate Entry Medicine Society (GEMS) Green Finance Gujarati Society Haematology Society Health Humanities Society Hedge Fund Society Hellenic Society Hindu Society History Society House Of Wisdom IBM Z KCL Chapter

Activity

India Society Indian National Students Association (INSA) Indonesian Society Indo-Pak Development Forum Innovative and Sustainable Dentistry International Relations Society Intersectional Feminist Society Investment Society Iraqi Society Islamic Society Israel Society It Happens Here Italian Society Japan Society Jewish Society King’s For Change Korean Hallyu Krishna Consciousness Society Kurdish Society Labour Society Laparoscopic Surgery and Skills Society Latin American Society Lawyers Without Borders Society Lebanese Society Legal Review Society LGBT (GKT) LGBTQ+ Society (KCL) Liberal Arts Society Liberal Democrats Life Sciences Consulting and Careers Society Lifestyle Medicine Society Luxury Industry Society Mahjong Society Malaysian Society Mallu Society Mani-Pedi Society Marrow Maths Society Mature Students’ Society

Mauritian Society Maxwell (Physics Society) Medical Cultural Competence Society (MCCS) Medical Education and Research Journals Society MedTech Society Mixed Heritage Society Negotiation Society Nepalese Society Neurodiversity Society Neuroscience Society Neurosurgery Society Nightingale Society Nordic Society North American Medicine Society Obstetrics & Gynaecology Society On The Streets Oncology Society Ophthalmology Society OSCE Society Overseas Christian Fellowship (OCF) Society Paediatric Society Paediatric Surgery Society Pakistan Urdu Society Pakistani Society Palliative Care Society Pathology Society Pharmacy Society Philosophy Society Philosophy, Politics and Economics (PPE) Society Physiotherapy Society Pokemon Society Poker Society Policy Research Centre Polish Society Political Economy Society Politics Society Postgraduate Law Society

Activity

PRASS (Plastic, Reconstructive and Aesthetic Surgery Society) ProBono Society Prosthodontics Society Psychedelic Research Society Psychiatry Society Psychology Society Public Awareness and Social Service Society (PASS) Quantum Information Society Quantum Mechanics Society Radiology Society Real Estate & Property Society (KREPS) Regenerative Medicine Society Research In Electronics (RIE) Rheumatology Society Robotics Rock & Metal Music Russian Speaking Society Sattva Saudi Society Science and Innovation Club Scottish Society SEA Society (Southeast Asian) Sikh Society Singapore Society Social Mobility Society Space Sport and Exercise Medicine Society Sports Business Club Sri Lankan Society St John Ambulance Society Storytelling StreetDoctors Streetlaw Society Students for Global Health Students For Justice For Palestine Surgical Innovation Society Surgical Society Taiwanese Society Tamil Society

Taylor Swift Society Tech Society The Foreign Policy and Security Conference The Orange Society Theology & Religious Studies (TRS) Society Third Culture Kid Society TMT Society Trauma and Orthopaedics Society Travel & Explore Society Turkish Society Ukrainian Society United Nations Association Urdu Global Forum Vegetarian & Vegan Society Venture Capital Vietnamese Society War Studies Society Wholesome Society Wilderness Medicine Society Women & Politics Society Women in Business Society Women in Computer Science Women in Leadership Women in Medicine Women in Ophthalmology Women in Surgery Womxn In Bioscience Womxn in Dentistry Society Womxn in Physics Womxn In STEM Society World Literature Society

Arts and Media

Bhangra Bharatanatyam Society Brass Band Chorus Society Creative Writing Society Crochet and Knitting Society Dance Society DJ Society Ensemble Film Society Jazz Society Kadence King’sTV Society Live Music Society Media and Politics Modern Music Society Music Society (GKT) Music Society (KCL) Musical Theatre (GKT) Musical Theatre (KCL) Nietzsche Society Opera Society Photography Society Poetry Society Radio ROAR News ScienceMind Shakespeare Company Strand Magazine Tango Society Tech Crew Technospace The Editorial Collective The King’s Players The Rolling Tones Ukulele Society

Campaign

Adjust KCL! DPE Room For Growth Fossil Free Careers

Volunteering and Fundraising

Amnesty International Society Bright Futures UK Society Students Organize for Syria UN Women UK We Are Donors

Sports Clubs

Amateur Boxing American Football Archery Athletics and Cross Country Badminton Barbell Club Basketball (Men’s) Basketball (Women’s) Boat Club Brazilian Jiu Jitsu Calisthenics Cheerleading Climbing/Mountaineering Cricket (Men’s) Cricket (Women’s) Cycling Club Equestrian Fencing FITE (Females in Intensive Training and Exercise) Fitnestic Football (GKT Men’s) Football (GKT Women’s) Football (KCL Men’s) Football (KCL Women’s) Formula Student Racing Futsal Golf Club Gymnastics Handball (Women’s) Hiking Club Hockey (GKT Men’s) Hockey (GKT Women’s) Hockey (KCL Men’s) Hockey (KCL Women’s) Ice Skating Club Jiu Jitsu Kabaddi Karate Kendo Lacrosse

Motorsport Club Muay Thai Kickboxing Netball (GKT) Netball (KCL) Northern Praying Mantis Kung Fu Pole Fitness Rifle Rounders Rugby (GKT Men’s) Rugby (GKT Women’s) Rugby (KCL Men’s) Rugby (KCL Women’s) Sailing Team Snooker and Pool

Snowsports Squash Club Surf Club Swimming & Water Polo Table Tennis Taekwondo Tennis Triathlon Ultimate Frisbee Volleyball (Men’s) Volleyball (Mixed) Volleyball (Women’s)

KING’S COLLEGE LONDON STUDENTS’ UNION, TRADING AS KCLSU.

Registered in England and Wales as a not-for-profit company limited by guarantee 05762196.

Registered office: 30 Strand, London WC2R 2LS.

KCLSU is a registered charity - No. 1136729

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2025-07-31-accounts

KCLSU ANNUAL REPORT 24/25

CONTENTS

3 Reference and administrative details

7 Introduction from the Chief Executive

REFERENCE AND ADMINISTRATIVE DETAILS

Legal Advisers

Baiyu Liu

INTRODUCTION FROM THE CHIEF EXECUTIVE

FINANCIAL STATEMENTS

CHARITY STATUS

CHARITY OBJECTIVES

REGISTERED OFFICE

STRUCTURE, GOVERNANCE, RISK AND MANAGEMENT

STUDENT OFFICERS

BOARD OF TRUSTEES

TRUSTEE BOARD AND SUB-COMMITTEE ATTENDANCE 2024/25 T1 2024

T2 2025

T3 2025

Board Away Day

SENIOR LEADERSHIP TEAM

PRINCIPAL PLACES OF BUSINESS

KCLSU at Strand Campus Bush House,

KCLSU at Guy’s Campus,

KCLSU at Waterloo Campus,

KCLSU at Denmark Hill,

HOW GOVERNANCE WORKS AT KCLSU

THE MEMORANDUM OF UNDERSTANDING WITH KING’S COLLEGE LONDON

ASSOCIATE MEMBERS

PROFESSIONAL ADVISORS

EMPLOYEES

SENIOR LEADERSHIP SALARIES

TRUSTEES’ RESPONSIBILITIES STATEMENT

DISCLOSURE OF INFORMATION TO AUDITORS

PUBLIC BENEFIT

OPERATIONAL AND FINANCIAL REVIEW

CHARITY CODE STATEMENT

STRATEGIC REPORT ACHIEVEMENTS AND PERFORMANCE

SEPTEMBER Freshers week

OCTOBER RepFest 2024

NOVEMBER Halls for All

JANUARY Take Time Out

PLANS FOR FUTURE PERIODS

FINANCIAL PERFORMANCE SUMMARY

INCOME ANALYSIS (£000)

KCLSU INCOME COMPARISON (’000)

EXPENDITURE ANALYSIS BY STRATEGIC THEMES (£000)

24/25 - EXPENDITURE ANALYSIS BY STRATEGIC THEMES (£000)

Representation (£3,826k):

Future (£2,440k):

Belonging (£5,162k):

Income

Costs

Restricted funds

Defined benefit pension scheme

Going Concern

RISK MANAGEMENT

ETHICAL INVESTMENT POLICY

1.1

1.2

FUNDING POLICY

1.3

The Trustees Report, incorporating a Strategic Report, was approved by the Board of Trustees and signed on its behalf by:

Baiyu Liu,

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KING’S COLLEGE LONDON STUDENTS’ UNION

OPINION

BASIS FOR OPINION

CONCLUSIONS RELATING TO GOING CONCERN

OTHER INFORMATION

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

RESPONSIBILITIES OF TRUSTEES

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

USE OF OUR REPORT

KING’S COLLEGE LONDON STUDENTS’ UNION

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

KING’S COLLEGE LONDON STUDENTS’ UNION

CONSOLIDATED BALANCE SHEET

Andy Townend , Trustee

KING’S COLLEGE LONDON STUDENTS’ UNION