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2023-07-31-accounts

London Business School Student Association

Annual Report and Financial Statements

For the Year Ended 31[st] July 2023

Registered Charity No: 1140901 Registered Company No: 07535015

London Business School Student Association

Annual report and financial statements for the year ended 31 July 2023

Contents

Page:

2

London Business School Student Association

Strategic Report for the year ended 31 July 2023

Trustees

The following were Trustees during the year:

Giwon Shin Dezhi Yu Kanika Bhachawat Ankush Thakkar Alisha Devji Ritika Shand Prashansa Prashansa Babatunde Gafaar Imogen Box Martin Jose Vilaro Vera Hadi Hussaini Adam Bouzelmate

(resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023) (resigned 30/06/2023)

Adithya Sridhar (appointed 01/07/2023) Priyal Keni (appointed 01/07/2023) Raunak Beria (appointed 01/07/2023) Anupam Verma (appointed 01/07/2023) Kathleen Doyle (appointed 01/07/2023) Faisal Albutairi (appointed 01/07/2023) Harshal Vora (appointed 01/07/2023) Jaspreet Pruthi (appointed 01/07/2023) Hitakshi Arora (appointed 01/07/2023) Saumya Sudhir (appointed 01/07/2023) Yousra Benzeghiba (appointed 01/07/2023) Cheuk Man Ip (appointed 01/07/2023) Daniella Lozada Gobelli (appointed 01/07/2023) Gurasees Singh (appointed 01/07/2023) Shivam Rathi (appointed 01/07/2023)

Secretary and address

Richard Alan Frost, London Business School, Sussex Place, London, NW1 4SA

Company number

07535015 (England)

Charity registration number

1140901 (England)

Independent Auditors

PricewaterhouseCoopers LLP, 1 Embankment Place, London, WC2N 6RH

Banker

HSBC Bank plc, 90 Baker Street, London, W1U 6AX

Achievements and performance

The Student Association measures its performance through an online Annual Student Survey that is administered to the student community, the results of which are shared each summer with the London Business School Governing Body and key stakeholders across the London Business School community. The feedback collected through this Annual Student Survey allows the Student Association to measure its performance against its objectives.

3

London Business School Student Association

Strategic Report for the year ended 31 July 2023 (continued)

Key achievements of the Student Association in the year ended 31 July 2023 included:

The results for the 2023 Annual Student Survey indicated a case for further change with a Net Promoter Score (NPS) of -12, a decrease from +24 in 2022. The lower score was largely driven by the Full-Time MBA cohort with a small sample size impacting the validity of the data. Furthermore, the key driver for the drop in score was not related to the Student Association or its activities, but rather to other aspects of the London Business School such as its global ranking, which had dropped the previous year.

Student feedback from the Annual Student Survey focused on a desire to improve in 3 key areas which will influence the direction of the Student Association for the upcoming year.

Financial review

London Business School Student Association had a net deficit for the year of £165,716 (2022: deficit £293,370) and a closing cash position of £999,847, a decrease of 17% from 2022. Closing funds were £935,700 (2022: £1,101,416). This was in line with directives from the previous year to reduce the level of liquidity held by the charity, with increased funds allocated towards student related activities and initiatives than in previous years.

income decreased from £2,475,028 (2022) to £2,173,522 (2023) largely due to a decrease in the number of student members, which impacted the income generated from each new member of the student body. Likewise, the expenditure on charitable activities also decreased by £429,160, with the reduced student numbers also resulting in reduced number of events held by the various student clubs within the charity.

Strategic Review

students and the various constituents of the London Business School community.

response to this strategic direction each year.

The Student Association has a number of projects planned for future years, some of which will require support from London Business School to achieve. These include:

4

London Business School Student Association

Strategic Report for the year ended 31 July 2023 (continued)

Strategic Review (continued)

Risk management

The Trustees conduct annual risk management reviews and have identified three main areas of risk in the St risk.

most valuable assets, and the Trustees continually monitor all interactions between the Student Association and external parties. The approval process through which all external relationships must pass is a check to ensure that reputational risk is mitigated.

The strategic risks, regarding the reducing student numbers and the reduced associated income, as well as inflation and the related cost increases are managed in collaboration with different departments from the London Business School. Multiple cross-functional teams have been formed to collect constant feedback from student community on academic, professional, and social experience and generate initiatives to maintain the standards in engaging in student activities and fulfilling post-graduation professional goals.

The operational risk, regarding processing payments and funds, is managed with significant processes are continually reviewed by the Treasury team to ensure that accuracy and security are maintained.

The Trustees confirm that the major risks to which the charity is exposed have been considered and that systems or procedures have been established to manage those risks.

5

London Business School Student Association

Report of the Trustees for the year ended 31 July 2023

The Trustees present their report along with the audited financial statements of the London for the year ended 31 July 2023. The financial statements have been prepared in accordance with the accounting policies set out on pages 16 to 17 and comply with current statutory requirements, the Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and the Charities SORP (FRS102) 2019.

Structure, governance and management

The Student Association is a private company limited by guarantee registered in England, United Kingdom. It was incorporated on 18 February 2011; on 28 March 2011 the company also became a registered charity (number 1140901), following which it inherited the net assets of the predecessor unincorporated exempt charity, London Business School Student Association. The company remained dormant until 1 August 2011 when it assumed the activities of the predecessor unincorporated exempt charity. set out in its Memorandum and Articles of Association.

The Trustees are the sole members of the charitable company and their liability is limited to £1 in a winding up.

The Trustees have control of the Student Association's property and funds. According to the Memorandum and Articles of Association, the number of Trustees should be between 6 and 24. The day-to-day administration and financial management is delegated to the executive members of the Student Association.

Appointment and induction of Trustees

The Trustees are the members of the Student Association Executive Committee and are elected to specific roles by the student body. Elections are conducted annually and are monitored by the Returning Officer. Trustees can stand for re-election after their first year.

On appointment, the new Trustee conducts a month-long handover period, working closely with their predecessor. There is also a central induction and training session in which their role as a Trustee is explained, along with the specific requirements of their role.

Objectives and activities

The Student Association represents all students of the London Business School. Its objective is to improve the School community, and is the organisation that represents and coordinates student activities and interests throughout the School. To achieve this objective, the Student Association has three primary functions:

Relationship with London Business School

The London Business School Student Association receives an annual central grant from London Business School. The grant amount is linked to student enrolment. The grant is provided without any conditions attached and the Student Association is free to utilise these funds for the benefit of students without encumbrance.

6

London Business School Student Association

Report of the Trustees for the year ended 31 July 2023 (continued)

Relationship with London Business School (continued)

Whilst London Business School has no direct involvement in the management and governance of the Student Association, the Association is obliged to provide the Governing Body of the School with the financial statements on an annual basis to allow the School to discharge its responsibilities under the Education Act 1994. The President of the Student interests on that body.

The Student Association also has a number of dependencies on the School, including:

Reserves policy

The Student Association reserves are needed to meet the working capital requirements for the company. The Trustees consider the plans for the use of reserves on an annual basis.

The Student Association actively monitors the balances and expenditure of individual clubs to ensure that no large surpluses are built up over the year. Club funds are classified as

The Student Association implements this monitoring policy through the annual Coin Vote participate in the coin vote, clubs must meet certain conditions with regards to the amount of expenditure they have incurred during the year, versus their ending balance. The allocation made to each club is decided democratically by the entire student community and is in proportion to the coin votes cast for each club.

Transfers from general reserves to restricted funds are also made when a club has a structural deficit, becomes inactive with a negative balance or is closed down. There is also a , capped at an annual amount, through which all clubs have the opportunity to apply for a grant of up to £1,000 to fund a specific new initiative. There are very few scenarios in which transfers are made from restricted to central funds, unless the clubs themselves choose to do so.

As a charity, our goal is to not generate a significant surplus. The 2023 Executive Committee has continued the reserves policy that will see the Student Association gradually wind down its reserves to a sustainable working capital and contingency. Reserves as at 31 July 2023 total £935,700 but of that £484,379 £451,321 which the Trustees consider adequate to meet its working capital for twelve months.

7

London Business School Student Association

Report of the Trustees for the year ended 31 July 2023 (continued)

Public benefit

and have taken it into account when reviewing the and in planning its future activities. The Trustees are satisfied that the aims of the Student Association are carried out wholly in pursuit of its charitable aims.

The trustees (who are also directors of London Business School Student Association for the (including the Strategic Report) and the financial statements in accordance with applicable law and regulation.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have prepared the financial statements in accordance with United applicable in th Accepted Accounting Practice). 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 the 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:

The trustees are responsible for keeping adequate accounting records that are sufficient to 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 assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Trustees confirmations:

Signed for and on behalf of the Trustees

Adithya Sridhar Trustee 26 April 2024

8

London Business School Student Association

Business School Student Association

Report on the audit of the financial statements

Opinion

In our opinion, financial statements (the

have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial the Balance Sheet as at 31 July 2023; the Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 July 2023, the Statement of Financial Activities (including Income & Expenditure Account) for the year ended 31 July 2022 and the Statement of Cash Flows for the year then ended; and the Notes forming part of the financial statements, which include a description of Principal accounting policies.

Basis for opinion

ents section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which accordance with these requirements.

Conclusions relating to going concern

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 least twelve months from the date on which the financial statements are authorised for issue.

concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a

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

Reporting on other information

The other information comprises all of the information in the Annual Report other than the t thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

9

London Business School Student Association

Business School Student Association (continued)

Reporting on other information (continued)

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 an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.

With respect to the Strategic Report and Report of the Trustees, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Strategic Report and Report of the Trustees

In our opinion, based on the work undertaken in the course of the audit the information given in the Strategic Report and the Report of the Trustees for the period ended 31 July 2023 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and Report of the Trustees.

Responsibilities for the financial statements and the audit

Responsibilities of the trustees for the financial statements As explained more fully in the Statement of Trus , 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 in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they 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 charitable going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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 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.

10

London Business School Student Association

Business School Student Association (continued)

Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder including the Charities (Accounts and Reports) Regulations 2008, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located report.

Use of this report

This report, including the opinions, has been prepared for and only for the charitable members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Jonathan Sturges (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 26 April 2024

11

London Business School Student Association

Statement of Financial Activities including (Income & Expenditure Account)

for the year ended 31 July 2023

2023
Notes
Income
Donations
Grant from London Business School
Donated facilities income
Charitable activities:
Student Association Committee
Professional clubs
Cultural clubs
Sports clubs
Social/community clubs
Investment
Total income
Expenditure
Expenditure on charitable
activities:
2
Student Association Committee
Professional clubs
Cultural clubs
Sports clubs
Social/community clubs
Total expenditure
Net expense for the year
Balance as at 1 August 2022
Balance as at 31 July 2023		 Restricted
Unrestricted
Total
£
£
£
-
405,655
405,655
-
2,000
2,000
-
398,871
398,871
243,785
-
243,785
590,392
-
590,392
355,024
-
355,024
168,981
-
168,981
-
8,814
8,814
1,358,182
815,340
2,173,522
-
716,885
716,885
278,934
32,189
311,123
606,352
29,921
636,273
402,695
22,344
425,039
236,643
13,275
249,918
1,524,624
814,614
2,339,238
(166,442)
726
(165,716)
650,821
450,595
1,101,416
484,379
451,321
935,700

There are no recognised gains or losses for the year other than those included in the statement of financial activities.

All activities reported above represent continuing activities and relate to restricted and unrestricted funds.

The notes on page 16 to 20 form part of these financial statements.

12

London Business School Student Association

Statement of Financial Activities (including Income & Expenditure Account)

for the year ended 31 July 2022

2022
Notes
Income
Donations
Grant from London Business School
Donated facilities
income
Income from charitable activities:
Student Association Committee
Professional clubs
Cultural clubs
Sports clubs
Social/community clubs
Investment
Total income
Expenditure
Expenditure on
charitable activities:
2
Student Association Committee
Professional clubs
Cultural clubs
Sports clubs
Social/community clubs
Total expenditure
Net expense for the year
Balance as at 1 August 2021
Balance as at 31 July 2022		 Restricted
Unrestricted
Total
£
£
£
-
397,700
397,700
-
2,000
2,000
-
633,631
633,631
275,569
-
275,569
493,568
-
493,568
486,927
-
486,927
185,188
-
185,188
-
445
445
1,441,252
1,033,776
2,475,028
-
1,190,549
1,190,549
320,903
30,399
351,302
517,683
28,341
546,024
456,763
20,131
476,894
189,425
14,204
203,629
1,484,774
1,283,624
2,768,398
(43,522)
(249,848)
(293,370)
694,343
700,443
1,394,786
650,821
450,595
1,101,416

There are no recognised gains or losses for the year other than those included in the statement of financial activities.

All activities reported above represent continuing activities and relate to restricted and unrestricted funds.

The notes on page 16 to 20 form part of these financial statements.

13

London Business School Student Association

Balance Sheet

as at 31 July 2023

Company registration No 07535015 Charity registration No 1140901

Notes
Current assets
Debtors
5
Cash
Creditors: amounts falling due within
one year
6
Net assets
Funds
Unrestricted funds
8
Restricted funds (available to the clubs)
8
Total funds
8		 2023
£
193,136
999,847
1,192,983
(257,283)
935,700
451,321
484,379
935,700		 2022
£
153,218
1,210,725
1,363,943
(262,527)
1,101,416
450,595
650,821
1,101,416

The financial statements on pages 12 to 20 were approved by the trustees on 26 April 2024 and signed on its behalf by

.

Adithya Sridhar Trustee

The notes on pages 16 to 20 form part of these financial statements.

14

London Business School Student Association

Statement of Cash Flows

for the year ended 31 July 2023

Notes
Cash used in operating activities
9
Cash flows from investing activities:
Interest income
Cash provided by investing
activities
Decrease in cash and cash
equivalents in the year
Cash and cash equivalents at
the beginning of the year
Total cash and cash equivalents
at the end of the year		 2023
£
(219,692)
8,814
8,814
(210,878)
1,210,725
999,847		 2022
£
(190,110)
446
446
(189,664)
1,400,389
1,210,725

15

London Business School Student Association

Notes forming part of the financial statements for the year ended 31 July 2023

1. Principal accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(a) Basis of preparation

The accounting policies have been applied consistently.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP (FRS 102)) and the Financial Reporting Standard 102 applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

and have departed from the Charities (Accounts and Reports) Regulations 2008 only following the relevant version of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

(b) Going concern

The Student Association reported a cash deficit of £210,878 for the year, leaving a cash balance of £999,847 at the year end. The deficit is a result of the Student Association resuming its hallmark activities and events reducing the reported surplus. The clubs that comprise the Student Association also have the flexibility to spend in line with their available reserves, ensuring that funds are efficiently allocated to events that meet the requirements of the student community. This setup ensures that not only are the most popular initiatives supported with funds, but also fiscal governance and oversight is maintained centrally by the Executive Committee. As a result of all these circumstance immediate future is secure and therefore have adopted the going concern basis for the financial statements.

(c) Incoming Resources

Income is recognised when the Student Association has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from ticket sales is recognised as the related service is provided.

The Student Association receive voluntary income from the London Business School in the form of a block annual grant as an unrestricted funds. This is disbursed to the Student Association throughout the financial year.

The clubs of the Student Association receive income from memberships that cover fixed costs and company sponsors and ticket sales to cover variable costs. Additionally, clubs also received part of the annual grant based on the student The allocation made to each club is decided democratically by the entire student community and is in proportion to the coin votes cast for each club.

Income received for activities relating to a future accounting period is deferred until the criteria for income recognition are met.

16

London Business School Student Association

Notes forming part of the financial statements for the year ended 31 July 2023 (continued)

(d) Fund accounting

Funds held by the Student Association are either: Unrestricted funds - these are funds that can be used in accordance with the Student Association's charitable objects at the discretion of the Trustees. Restricted funds - these are funds that arise from the activities of clubs and societies.

(e) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is allocated to the various clubs whenever possible. Support costs include management fees and any other costs incurred on behalf of the clubs. These costs are allocated to the clubs and Student Association Committee based on the proportion of the central grant they are provided with during the year. Irrecoverable VAT is added to the relevant expenditure headings.

(f) Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount paid.

(g) Cash

Cash is the amount held in current and deposit accounts.

(h) Creditors

Creditors are recognised where the Student Association 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

(i) Financial instruments

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

(j) Donated services

Donated services and facilities are recognised in the financial statements in incoming resources at the estimated value of the service or facility to the Student Association. An equivalent amount is included as expenditure under the appropriate heading in the Statement of Financial Activities.

(k) Critical Accounting Judgement and Estimates

There were no critical accounting judgements and estimates made in the year ending 31 July 2023 (2022: Nil).

17

London Business School Student Association

Notes forming part of the financial statements for the year ended 31 July 2023 (continued)

2 Total Resources expended

Student Association
Committee
Professional clubs
Cultural clubs
Sports clubs
Social/Community clubs
Total		 Direct
costs
£
633,444
306,817
624,910
422,143
241,579
2,228,893		 Support
costs
£
83,441
4,306
11,363
2,896
8,339
110,345		 Total
2023
£
716,885
311,123
636,273
425,039
249,918
2,339,238		 Total
2022
£
1,190,549
351,302
546,024
476,894
203,629
2,768,398
Support costs comprise:
Management fee to London Business School
Bank charges
Governance costs - Audit fees
Donated facilities expenditure
Total
3
Governance costs
Audit fees*		 2023
£

60,829
31,713
15,803
2,000
110,345
2023
£
15,803		 2022
£
40,217
39,938
13,000
2,000
95,155
2022
£
13,000

*The Governance cost is audit fee for the year exclusive of VAT.

4 Taxation on surplus for the year

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

No tax charge arose in the year (2022: Nil).

18

London Business School Student Association

Notes forming part of the financial statements for the year ended 31 July 2023 (continued)

5 Debtors

Trade debtors
Tax debtors
Prepayments and accrued income
6
Creditors : amounts falling due within one year
Trade creditors
Amount owed to related party
Other Creditors
Accruals and deferred income		 2023
£
107,698
52,576
32,862
193,136
2023
£
70,548
69,256
2,362
115,117
257,283		 2022
£
47,536
12,449
93,233
153,218
2022
£
71,253
32,922
201
158,151
262,527

The deferred income of £100,795 is related for events in financial year 2023-24 (2022-23: £77,800).

7 Trustee and related party transactions

London Business School Student Association receives a grant from the London Business School. The amount receivable in the current year was £405,655 (2022: £397,700). LBSSA has been charged by LBS for catering services amounting £299,320 (2022: £181,666). The finance department of the London Business School provides accountancy services for the school. In the current year this service cost the Student Association £52,786 (2022: £40,217). At the year-end 31 July 2023 London Business School Student Association owes £69,256 to London Business School (2022: £32,922).

No Trustee has been paid any fees apart from the reimbursement of expenses. Expenses reimbursed to six Trustees during the year totalled £17,951 (2022: £112,208 reimbursed to eight Trustees). These costs were incurred by Trustees on behalf of participating students and were subsequently reimbursed.

19

London Business School Student Association

Notes forming part of the financial statements for the year ended 31 July 2023 (continued)

8 Analysis of funds

Unrestricted Funds
Student Association
Committee
Restricted Funds
Professional Clubs
Cultural Clubs
Sports Clubs
Social/Community Clubs
Total
Transfer
At 1
August
2022
Income
Expenditure
to
Restricted
Funds
At 31
July
2023
£
£
£
£
£
450,595
815,340
(716,885)
(97,729)
451,321
296,362
243,785
(311,123)
32,189
261,213
116,999
590,392
(636,273)
29,921
101,039
160,217
355,024
(425,039)
22,344
112,546
77,243
168,981
(249,918)
13,275
9,581
1,101,416
2,173,522
(2,339,238)
-
935,700

Student Association implements this monitoring policy through the annual Coin Vote system, . However, significant part of the Grant amounting £307,926 (2022: £304,626) is still unrestricted.

9 Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure
Adjustments for:
Interest income
(Increase)/Decrease in debtors
Decrease in creditors
Net cash (used in) from operating activities		 2023
£
(165,716)
(8,814)
(39,918)
(5,244)
(219,692)		 2022
£
(293,370)
(446)
164,762
(61,056)
(190,110)
10
Analysis of change in net debts
At 1 August
2022
£
Cash at bank
1,210,725		 Cash flow
£
(210,878)		 At 31 July
2023
£
999,847

20