20
LSE
Axiif STUDENTS,
IUNION //
LSESU ANNUAL REPORT 2021
21
**20 LSESU ANNUAL REPORT**
**21**
**01**
# **CONTENTS**
**1. CONTENTS 02**
**2. INTRODUCTION by Josie Stephens 04** General Secretary and Chair of the Trustee Board
**3. INTRODUCTION by James Hann 06** Chief Executive
**4. THE UNION AND ITS TRUSTEES 08**
**Statement of Trustee’s Responsibilities 10 5. OUR GOVERNANCE AND OPERATIONS 12 Employees 13 Senior Leaders Salaries 13** (Key Management Personnel)
**6. OUR IMPACT 14 At a glance 16 Student Voice 17 Communities 18 20 Sabbatical Officer Projects Spotlight: Our Advice Service 21 7. LOOKING AHEAD 22 8. FINANCE SUMMARY 24 Income 24 Costs 24 Outcomes 25 Restricted Funds 25 Future Funding 26 Fixed Assets 26 Reserves 27 Reserves Policy 27 Risk Management 28 Relationship with the London School of Economics and Political Science (LSE) 29**
**2 LSE SU 2**
**LSE SU 3**
**20**
**LSESU ANNUAL REPORT**
**21**
## **INTRODUCTION**
## **BY JOSIE STEPHENS,**
General Secretary & Chair of the Trustee Board
## **LSE Students’ Union (LSESU)**
serves to provide its students with the best possible experience during their time at the University – from facilitating the activities of over 250 clubs, societies, and campaign groups, to tangibly improving the lives of students through our tailored Advice Service and affordable social calendar.
**The demands of the 2020/21 academic year altered our typical approach, but we pioneered new ways to connect with a geographically dispersed student body.**
The demands of the 2020/21 academic year altered our typical approach, but we pioneered new ways to connect with a geographically dispersed student body. At a time when students were silenced, we championed the student voice, earning national press coverage for our founding role in the ‘Students United Against Fees’ Campaign (SUAF).
for question 26 (“The Students’ Union (association or guild) effectively represents students’ academic interests”), taking us to third place in the Russell Group. Here, we bucked the sector wide trend. This is a testament to the perseverance, talent, and creativity of our staff and elected officers. 2020/21 was an academic year like no other, but for the LSE Students’ Union it reflects a year of success.
Despite the challenges of operating under Covid-19, we did not abandon our commitment to combatting some of LSE’s more enduring issues. Our elected officers successfully lobbied the school to complete a much-needed review of assessment regulations, and our staff launched the ‘Student Check-in’ – a programme to call every LSE student – to understand and support our members’ wellbeing.
Students’ trust in our organisation has continued to grow. This is best shown by the 11 percentage point increase in our NSS score
**Josephine Stephens** LSESU General Secretary 2021/22. Chair of the Board of Trustees 2021/22.
**----- Start of picture text -----**
LSE SU 5
**----- End of picture text -----**
**4 LSE SU**
**20**
**LSESU ANNUAL REPORT**
**21**
## **INTRODUCTION**
**BY JAMES HANN,** Chief Executive
**It is important to reflect on the year and our journey, but what excites us most is the path in front of us.**
**2020/21 has been dominated by the Covid-19 pandemic** , changing mobility restrictions and the Union’s continuous determination to support its members. LSESU is an organisation in the midst of a deep transformation. This transformation started two years ago when it split from a staff-sharing arrangement with Arts SU, continuing to this day as we strive to improve our services and operations. The rapid way in which the Union is improving can be observed in our **National Student Survey (NSS) scores** . Student satisfaction with the Union has risen faster than any other union in the UK. We are now the third highest ranked students’ union in the Russell Group, and we were at the bottom 3 years ago.
As a preview of what comes in this report, I can say this year has been marked by key changes and successes. We have:
- Improved our governance arrangements. Changes to our Articles of Association now allow our Trustee Board to have access to external expertise. This will enable the Trustee Board to recruit sector-leading
external trustees to support student trustees. Implemented changes to how students are reimbursed for society and club expenses. We now reimburse students in up to 7 working days.
- Achieved significant change in the senior leadership team at LSESU. This has strengthened the team, without causing disruption to the organisation.
- Continued to provide **75%** of our services remotely.
Awarded over **£100,000** in hardship funding during the pandemic. Increased our staff satisfaction levels in **11 out of 13 areas.**
In July 2020 the Union’s financial position demanded significant staffing cuts to achieve stability. Then came the pandemic, meaning a £450,000 loss of income due to mobility restrictions. Despite these challenges, LSESU achieved a surplus this year, and also reached its reserves target three years ahead of schedule. This means the Union is working within its means and can now accordingly plan for its future. To be in a sustainable financial position is a significant achievement.
We know that while we have made some great steps forward, we have a long way to go. By the end of the coming year the organisation will have a new three-year strategy, focusing on our three promises to LSE students:
**1.** We promise to make your voice heard
**2.** We promise to be a union for all LSE students
**3.** We promise to support your wellbeing
It is important to reflect on the year and our journey, but what excites us most is the path in front of us.
**James Hann** LSESU Chief Executive
**----- Start of picture text -----**
6 LSE SU
**----- End of picture text -----**
**LSE SU 7**
**20 LSESU ANNUAL REPORT**
**21**
**04**
# **THE UNION AND ITS TRUSTEES**
**LSESU is a not-for-profit organisation run by and for London School of Economics and Political Science (LSE) students. Our aim is to help our members make the most of all the lifechanging experiences open to them during their studies at the university.**
**Founded in 1897, LSESU is a charity and a company, operating under the 1994 Education Act and registered with the Charity Commission.**
All LSE students automatically become LSESU members when they enrol at LSE. By joining us, our members gain access to all of our groups – such as societies, athletics union clubs, and campaigns – and services – such as our gym and independent Advice Service.
Since we are a member-led organisation, any member can step up for election in a range of elected representation posts, ranging from volunteer trustees and part-time officers to full time paid sabbatical officers. Our members can also use their voice and vote in **regular elections** , **Union General Meetings (UGM)** , and Annual General Meetings (AGM).
**Our Trustee Board has overall responsibility for the legal, strategic, and financial health of the Students' Union. This means that it is the ultimate decisionmaker and has collective responsibility for all activities at LSESU. The Trustee Board makes sure we're the best we can be today, while also thinking about how we can be better for the future. Trustees are guided by three main considerations:**
**----- Start of picture text -----**
1 2 3
**----- End of picture text -----**
**To make sure To ensure To ensure that everything that the everything we do Union is we do is BENEFITS FINANCIALLY LEGALLY our students SOLVENT permissible**
The Trustee Board consists of five trustees and staff teams. Newly sabbatical officers, four students and elected or appointed trustees are one external member (or more) invited to attend one or more board appointed by the trustees meetings before taking up their themselves. Internal trustees are positions. elected by our members during first (Michaelmas) or second (Lent) term The board undertakes regular elections, serving up to two years. self-assessment and further The trustees work closely with development initiatives as required, LSESU staff and make major ensuring commitment to continuous decisions about the activities and improvement and effectiveness. services of the Union.
The Students’ Union’s governing All trustees undertake an induction document is its **Constitution** programme and are given briefings on **(Memorandum and Articles of** the organisation’s operations and **Association)** , supported by the goals. The induction programme, **LSESU Byelaws** . These set out in delivered by the company secretary, detail the rules that we follow. Full covers the nature of the trustee role, details of current trustees, those who provides an understanding of the served in 2019/20, and who joined or legal responsibilities of being a left the Board in the period from 31st trustee, and provides an appreciation July 2020 up to the date of this of LSESU’s vision, mission and values, report are shown on **page XX.** as well as the relationship between
**8 LSE SU**
**LSE SU 9**
**20**
**LSESU ANNUAL REPORT**
**THE UNION AND ITS TRUSTEES**
**21**
## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES**
**The trustees** (who are also
directors of the charitable company for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and financial statements in accordance with applicable law and regulations.
Company law requires the trustees prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
Under company law the trustees must not approve the financial statements unless they are satisfied they give a true and fair view of the state of affairs of the charitable company and of its net incoming resources for that year.
**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 Statement of Recommended Practice.**
**Make judgments and accounting estimates that are reasonable and prudent.**
**State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.**
**Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.**
The Board of Trustees have overall responsibility for ensuring that the charitable company has an appropriate system of controls, financial and otherwise. They are also responsible for keeping adequate accounting records which 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, the Charities Act 2011, and the provisions of the governing document.
They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the detection and prevention of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the financial and other information included on the charity’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 in order to be aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.
On behalf of the Trustee Board
## **Josephine Stephens**
LSESU General Secretary 2021/22. Chair of the Board of Trustees 2021/22.
**10 LSE SU**
**LSE SU 11**
**20**
**LSESU ANNUAL REPORT**
**21**
**05 EMPLOYEES In 2020, the Union employed an average of OUR GOVERNANCE 39 STAFF AND OPERATIONS** { **and the total number LSESU OPERATES ON DEMOCRATIC PRINCIPLES, working for of student staff employed in the year was and with our members. Our members are represented by people they elect, such as trustees, part-time officers, and full-time Sabbatical Officers. The Union holds regular Union General Meetings (UGM) through which students are able to propose and vote on motions. 114**
**Student representation is delegated to the General Secretary who, along with fellow student ofcers , focuses on policy, lobbying and advocacy in order to ensure that LSE’s students are heard in university fora. The Sabbatical Officer team is made up of four full time officers (Education Officer, Activities and Development Officer, Community and Welfare Officer, and the General Secretary), and one part-time Postgraduate Students’ Officer.**
**The Union also employs a number of non-student core staff to provide continuity, consistency and knowledge in the management of its many activities. Day-to-day operational and staff management is delegated to the Chief Executive who is accountable to the Trustee Board for strategy implementation and operational performance.**
**Staff are employed to provide key services such as our Advice Service, support for student groups, academic representation, and our range of catering facilities. Staff are overseen by senior leaders.**
**The Trustee Board meets at least five times per year to receive reports from subcommittees, officers, staff, and the Chief Executive, to review the Union’s strategic and operational performance, and to review and agree organisational policies (see page 28).**
**SENIOR LEADERS SALARIES** (Key Management Personnel)
**The remuneration of senior management** is consistent with human resources policies across the organisation, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union’s success.
The appropriateness and relevance of the remuneration policy is reviewed periodically including reference to comparisons with other unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere.
Delivery of the Union’s charitable vision and purpose is primarily dependent on our key management personnel. Staff costs are the largest single element of our charitable expenditure.
**12 LSE SU**
**LSE SU 13**
**20**
**LSESU ANNUAL REPORT**
**21**
## **OUR IMPACT**
**2020/21 was marked by disruption due to Covid-19.** In its mission to support its members, the Union refocused its efforts to support students continuing their education amidst the pandemic and its effects on learning and welfare. To that end, the Union opened up more funding for hardship, focused lobbying and representation onto addressing the consequences of the pandemic, and continued supporting campus student communities in order to ensure that students could still enjoy the LSE community despite disruptions.
**The following sections** describe some of the impact the Union had for its members across the year. The effect of improved operations and support came to light in our most recent National Student Survey (NSS) scores for question 26 (“The students’ union (association or guild) effectively represents students’ academic interests”). Our NSS score for 2021 rose for a second year on a row to **59%** – an increase on 2020's results ( **48%** ) of 11 percentage points and of 15 percentage points from 2019 ( **34%** ).
**These score increases put LSESU among the most improved unions in the country.**
**14 LSE SU**
**LSE SU 15**
**20**
**LSESU ANNUAL REPORT**
**OUR IMPACT**
**21**
**AT A GLANCE**
**LED NATIONAL AND LSE-FOCUSED CAMPAIGNS FOR FEE COMPENSATION DUE TO COVID-19 DISRUPTION OF EDUCATION.**
**11%**
**increase in NSS score for Question 26 (“The students’ union (association or guild) effectively represents students’ academic interests”).**
**Secured mandatory consent education for incoming students (first delivery in 2021/22).**
**£100,000+ AWARDED TO STUDENTS BY OUR HARDSHIP FUND.**
**Inaugurated a fully refurbished and re-branded gym.**
**653 re-branded gym. individual advice CAMPAIGNED FOR FAIRER service enquiries. ASSESSMENT POLICIES AMIDST COVID-19, 93% of users reported INCLUDING A SUCCESSFUL they would recommend PUSH TO REJECT ONLINE the Advice Service to PROCTORING IN ONLINE other students. ASSESSMENTS.**
**“The LSESU team has been super nice and very well informed and knowledgeable. They provided me a very quick and informed response and I felt supported. I highly recommend to all other LSE students to contact them for any doubt!”** Advice Service User
##
engagement across the sector, LSESU’s elections performed very well. **2308 students voted** in our Lent Term elections, and **1749 students voted** in our Michaelmas Term elections. In Lent Term 2021, we launched renewed efforts to improve candidate retention, which saw fewer candidates withdraw during the election process ( **65 candidates** in total at the start of voting, nine more than 2019/20 Lent Term elections). LSESU also worked hard to ensure that the support was there for candidates running digital campaigns. Despite the challenging circumstances, **82.4% of candidates** reported they felt supported through the election process in the Lent Term elections.
**Representing students** is at the core of our mission. Our student voice and representation team ensure that all our representative and democratic channels are run effectively and openly. LSESU is responsible for training and supporting academic representatives, enabling them to effectively carry out their role with confidence. This year, we registered **643 academic representatives** – **610 of which attended our training sessions** (a considerable increase from 2019/20, when **549 registered and 376 were trained** ).
The successful election of student leaders to positions across the Union is integral to the functioning of the organisation. Despite the pandemic’s continued impact on student
**16 LSE SU**
**LSE SU 17**
**20 LSESU ANNUAL REPORT**
> **06 OUR IMPACT**
**21**
# **COM MUN ITIES**
**Student groups such as societies and Athletics Union (AU) clubs** are at the core of our social **Beyond refurbishing, the team also conducted a full** and community offer to our members. Societies and clubs are led by students elected by members and **re-brand of the gym** supported by our communities team. Beyond that, our communities team also runs our physical activity offer, including active lifestyle programming and our gym. We successfully undertook a complete refurbishment of the LSESU Gym in June of this year. We now have a brand-new gym facility for all LSE students and staff to enjoy. The new gym includes the latest innovations that fitness has to offer, to provide our members with an enhanced fitness experience. The installation includes the new Endurance Series cardio equipment and a brand-new functional training room.
The team also supported the AU in running the AU For All Campaign across the year. This included raising money for the Movember Campaign in November 2020 and various social media campaigns to raise awareness during LSESU This Girl Can and Pride Weeks. The AU also engaged over 200 students in an AU Strava Community.
**“It was extremely useful and refreshing for me to know the LSESU had communicated to LSE leadership the need to provide special treatment to students with disabilities for whom Covid-19 pandemic had greater impact. LSE would be a more inclusive institution if LSESU were heard.”** Advice Service User
The communities team also supported our student societies and projects, through continuous assistance from the societies team, and support from the Unionmanaged Students’ Union Fund (SUF). Our online and offline training offer for student group committee leaders was met with similar levels of satisfaction and attendance as previous years (70%). The SUF allows societies and students (either individually or in groups) to apply for funds in order to run a project with educational, community building, or wellbeing impact. This year, the SUF dispensed £82,408. Most activities had educational aims (69%), with the rest of accepted applications aiming to improve community building (12%) and wellbeing (19%).
**18 LSE SU**
**LSE SU 19**
**20 LSESU ANNUAL REPORT**
**OUR IMPACT**
**21**
## **SPOTLIGHT: OUR ADVICE SERVICE**
# **SABBATICAL OFFICER PROJECTS**
**Our Sabbatical Officers are at the core of our representation work. Depending on their role, they have core responsibilities (such as attending stakeholder meetings, internal panels, and LSE fora such as boards and committees) as well as their own projects based on campaigning commitments. Some of these projects included only one Sabbatical officer, and others were done as a team.**
**This year, members of the sabbatical team:**
**Led campaigns** for tuition fee compensation due to Covid-19 disruption, both at the LSE and national level. LSESU founded and managed the national Students United Against Fees coalition. The LSE-level campaign also secured rights for tenants in student accommodations, such as the lowering of rent and the ability to void contracts.
**Successfully rejected** the use of online proctoring for online assessments.
**Conducted a full scope** review of LSE’s Assessment Regulations, publishing a report and successfully lobbying the university to conduct its own review over the next year, utilising our report within the evidence base.
**Continued work** on achieving sexual violence support objectives. Successfully lobbied for the hiring of a full-time Sexual Misconduct Advisor and the introduction of mandatory consent education. Introduced policies to prevent drink spiking at our venues.
**Led a review** of our policies for inclusion of Postgraduate students in all our operations.
**In this year’s report we are highlighting the work conducted by our Advice Service. The Advice Service provides free, independent advice to all LSE students on housing and academic matters.**
**Across this academic year, the Advice Service saw cases rise by 21% (653 individual student inquiries in 2020/21, compared to 538 in 2019/20). This sharp rise is attributed to both the financial and educational disruption caused by Covid-19 and an increased awareness of our service. The service launched two social media channels (Twitter and StudentHub) as well as a relaunched Advice website to provide better service visibility and proactive support.**
**Despite the sharp rise in cases, the team continued to deliver excellent support to students with over 93% of students feeling more informed following their interactions with the service and 91% reporting that they would recommend the Advice Service to other students as per feedback surveys.**
**The Advice Service also manages a Hardship Fund available to all LSE students who face unexpected financial strains during their studies. The fund helps cover basic living expenses, such as rent and food, at a critical time when students have no other options available to them. An initial budget of £42,933 was quickly depleted based on increased demand due to Covid-19. The Union secured more funding from three sources throughout the year: he LSE Financial Support Office, additional funding from LSE who were able to secure hardship funding from the government and the Student Union Fund.**
**This year saw a decrease in the number of awards (80 compared to 95 in 2019/20), however the amount of the awards in total and average increased. The hardship fund dispensed £100,038 (compared to £89,767 in 2019/20), an average of £1250 per award (compared to £945 in 2019/20).**
**20 LSE SU**
**LSE SU 21**
**20 LSESU ANNUAL REPORT 21**
**07**
**The next year will see:[A newly developed ] 3-year strategic plan. LOOKING[A full review of all our ] democratic procedures.[[An updated an improved ]] “Welcome” offer for AHEAD consent education.**
**The next year will see:**
> **[[An updated an improved ]] “Welcome” offer for incoming students, including consent education.**
> **[New Union-operated student ] community areas (sports, dance, and music facilities) in the new Marshall Building.**
**Despite our pride in the successes of this year, we are committed to continuously developing the Union for the benefit of our members.**
**22 LSE SU**
**LSE SU 23**
**20 LSESU ANNUAL REPORT**
**21**
## **08 FINANCE SUMMARY**
## **Income**
Our unrestricted income for the year **decreased to £3,488,188** ( **£3,727,840 in 2020)** primarily due to reduced trading income as a result of ongoing Covid-19 restrictions on outlet trading and reduced student numbers on campus.
## **Costs**
Total expenditure from unrestricted funds before
pensions deficit funding was **£3,258,450 (£3,716,788 in 2020)** . Total expenditure from unrestricted funds including pensions deficit funding was **£3,313,183 (£4,093,767 in 2020)**
## **Outcomes**
The outcome for the year was a general funds surplus of **£229,738** before pension funding deficit
**(£11,052 surplus in 2020)** which the trustees deem a satisfactory result. After the pension charges, this results in a general funds surplus of **£175,005 (£365,927 deficit in 2020).**
## **Restricted Funds**
Restricted funds are funds for which LSESU acts as a custodian. These funds include monies held for Student Groups (ratified sports clubs and societies, which are branches of LSESU). These funds are raised by groups for themselves, or raised through grants received from LSE and other external organisations for specific student-facing projects. During the year there was a net surplus on restricted funds of **£305,129** ( **£99,461 surplus** in 2020). There was a transfer of £248,857 from this fund to general fund with the agreement with the donor.
**24 LSE SU**
**LSE SU 25**
**20**
**LSESU ANNUAL REPORT**
> **08 FINANCE SUMMARY**
**21**
## **Fixed Assets**
**Future Funding Fixed Assets** LSESU has sufficient New gym equipment was funds to meet its future purchased during the . obligations for 2021/22, but an year at a cost of **£125,339** increase in funding remains a priority. The subvention grant from LSE for 2021/22 has been confirmed at **£1,085,343** ( **£1,085,343** in 2020/21).
## **Reserves**
Unrestricted general reserves at the end of the year were **£381,083** ( **£144,949** in 2020). The unspent Student Union Fund from previous years amounting £248,857 was transferred to general reserves with the permission of the donor. **£129,995** was transferred to a designated fixed asset reserve representing the value of the new gym equipment. The **£1,750,605 SUSS pension liability** is shown as a separate designated fund as the payments do not fall due immediately (2020 **£1,808,338** ).
## **Reserves Policy**
LSESU reserves policy is that general (unrestricted) reserves should be **£300,000** . At this level, we believe that we would be able to continue the essential student-facing activities of the organisation in the event of a significant decline in nonSchool funding, whilst allowing time to re-establish or re-focus income generating activities. The Trustees had agreed to generate annual budget surpluses each year in order to achieve the **£300,000 general reserves** level over a number of years, however this level has now been achieved as a result of the annual surplus and transfer of the unspent Students’ Union Fund. The Trustees will review the reserves policy during 2021/22.
**26 LSE SU**
**LSE SU 27**
**20 LSESU ANNUAL REPORT**
**FINANCE SUMMARY**
**08**
**21**
## **Risk Management**
The Trustee Board is responsible for LSESU’s risk management and the effectiveness of internal controls. On behalf of the trustees, the Senior Leadership Team performed a review of major risks and presented the outcome and the mitigating measures to the Audit and Risk Committee in February 2021. The key risks are data protection, key information sets, democracy and commercial services. Mitigating steps were identified such as data protection training, increasing the number of external Trustee Board Members, better communication and promotion of the work the Student Union has done, and reviewing commercial services and democratic process.
## **Relationship with the London School of Economics and Political Science (LSE)**
The Union receives a block grant from the School and occupies spaces in School-owned buildings. The occupation and use of these spaces is set out in a Memorandum of Understanding between LSESU and the School. In addition to the provision of space, the School also pays for utilities, caretaking and cleaning staff. This support is intrinsic to the relationship between the School and LSESU. Although LSESU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the School’s support. The Trustees consider it reasonable to anticipate that this or equivalent support from the School will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the School to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.
**28 LSE SU**
**LSE SU 29**
**20**
**20**
**LSESU ANNUAL REPORT**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 July 2021**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021**
## **(registered company no. 07710669)**
**Board of Trustees** Josephine Stephens Appointed 1 July 2021 William Barber Bali Birch-Lee Resigned on 30 June 2021 Eleanor Duplock Resigned on 30 June 2021 Morgan Fairless Appointed 18 November 2020, Resigned 30 June 2021 Laura Goddard Resigned on 30 June 2021 David Gordon Resigned on 30 June 2021 Edward Hall Appointed 1 July 2021 Issam Jamaleddine Resigned on 30 June 2021 Faiso Kadiye Appointed 1 July 2021 Iye're Laditi Appointed 1 July 2021 ShuYi Lee Appointed 1 July 2021 Robyn McAlpine Appointed 1 July 2021 Mohammed Umar Appointed 1 July 2021 Edouard Panciulo Appointed 1 July 2020 Inka Pearson Resigned on 30 June 2021 Yusuf Rafique Resigned on 30 June 2021 **Company Secretary** Nicholas Smith **Principal Officers** James Hann Chief Executive Officer Jennifer Hastings (left 28 May 2021) Head of Student Voice Sarah Chowdry-Grant Head of Student Communities Jasmeet Chana (left 14 Aug 2020) Head of Marketing and Communications Ricardo Vishinho (appointed 1 June 2021) Head of Student Voice Freda Chisambi (appointed 28 September 2020) Head of Communications and Marketing **Company reg. no.** 7710669 **Charity reg. no.** 1143103 **Registered office** LSE Students’ Union Saw Swee Hock Student Centre 1 Sheffield Street London, WC2A 2AP **Auditors** Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD **Solicitors** Bates Wells and Braithwaite 2 – 6 Cannon Street London, EC4M 6YH **Bankers** NatWest Connaught House 65 Aldwych London, WC2B 4DS
We have audited the financial statements of London School of Economics Students’ Union (the ‘charitable company’) for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. 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 charitable company’s affairs as at 31 July 2021 and of its 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 charitable company 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 charitable 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.
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.
/Continued …
**30 LSE SU**
**LSE SU 31**
**20**
**20**
**LSESU ANNUAL REPORT**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021**
## **(Continued)**
## **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 includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.
-
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, 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 charitable 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 charitable 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.
## /Continued …
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2021**
## **(Continued)**
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:
-
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities and the Companies Act 2006.
- We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override and allocation of costs to charitable activities and restricted funds.
Our approach was to check that the income from grants and donations were properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed the transactions with the subsidiary company, major journal adjustments along with unusual transactions and considered the identification and disclosure of related party transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: _https://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.
Shoaib Arshad (Senior Statutory Auditor) For and on behalf of:
## **Knox Cropper LLP**
Chartered Accountants & Statutory Auditors 65 Leadenhall Street
London
EC3A 2AD
28 October 2021
Knox Cropper LLP Charterted Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
**32 LSE SU**
**LSE SU 33**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
Company limited by guarantee (registered company no. 07710669)
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2021**
|**Unrestricted**
**Funds**
**Note**
**2021**
**£**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
2
**3,352,407**
Charitable activities
5
**-**
Other trading activities
3
**97,861**
Investments
4
**185**
Other
6
**37,735**
**TOTAL**
**3,488,188**
**EXPENDITURE ON:**
Charitable activities
**3,258,450**
Other costs
Pension costs - Past Service Deficit
**54,733**
**TOTAL EXPENDITURE**
7
**3,313,183**
**175,005**
Transfer between funds
17
**248,857**
**NET MOVEMENT IN FUNDS**
**423,862**
**RECONCILIATION OF FUNDS:**
TOTAL FUNDS AT 1 AUGUST 2020
_(1,663,389)_
**TOTAL FUNDS AT 31 JULY 2021**
**(1,239,527)**
**£**
Net income/(expenditure)|**Restricted**
**Funds**
**2021**
**£**
**150,000**
**447,576**
**-**
**-**
**-**
**597,576**
**292,447**
**-**
**292,447**
**305,129**
**(248,857)**
**56,272**
_925,391_
**981,663**
**£ **|**Total**
**Funds**
**2021**
**£**
**3,502,407**
**447,576**
**97,861**
**185**
**37,735**|_Total_
_Funds_
_2020_
_£_
_3,377,133_
_1,316,288_
_589,927_
_3,432_
_7,348_|
|---|---|---|---|
|||**4,085,764**|_5,294,128_|
|||3,550,897
54,733|_5,183,615_
_376,979_|
|||**3,605,630**|_5,560,594_|
|||**480,134**
**-**|_(266,466)_
_-_|
|||**480,134**
_(737,998)_|_(266,466)_
_(471,532)_|
|||**(257,864)**
**£**|_(737,998)_
_£_|
## **BALANCE SHEET As at 31 July 2021**
|**Notes**
**Charity**
**2021**
**£**
**FIXED ASSETS**
Tangible assets
11
**#REF!**
Investments
**-**
**#REF!**
**CURRENT ASSETS**
Stocks
**20,231**
Debtors
12
**261,964**
Cash at bank and in hand
**1,545,887**
**1,828,082**
**CREDITORS: amounts falling due**
**within one year**
13
**(546,709)**
**NET CURRENT ASSETS**
**1,281,373**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**#REF!**
**CREDITORS: amounts falling due**
**after one year**
14
**1,645,029**
**TOTAL NET LIABILITIES**
**#REF!**
**FUNDS**
Unrestricted funds:
Designated funds
17
**(1,620,610)**
General fund
17
**381,083**
**(1,239,527)**
Restricted funds
17
**981,663**
**(257,864)**
**£**|**Group**
_Charity_
**2021**
_2020_
**£**
_£_
**129,995**
_11,594_
**-**
_#REF!_
**129,995**
_#REF!_
**20,231**
_20,767_
**261,964**
_321,517_
**1,545,887**
_1,224,762_
**1,828,082**
_1,567,046_
**(570,912)**
_(567,018)_
**1,257,170**
_1,000,028_
**1,387,165**
_#REF!_
**(1,645,029)**
_1,709,917_
**(257,864)**
**£**
_#REF!_
**(1,620,610)**
_(1,808,338)_
**381,083**
_144,949_
**(1,239,527)**
_(1,663,389)_
**981,663**
_925,391_
**(257,864)**
**£**
_(737,998)_
_£_|_Group_
_2020_
_£_
_11,594_
_-_
_11,594_
_20,767_
_321,517_
_1,224,762_
_1,567,046_
_(606,721)_
_960,325_
_971,919_
_(1,709,917)_
_(737,998)_
_£_
_(1,808,338)_
_144,949_
_(1,663,389)_
_925,391_
_(737,998)_
_£_|
|---|---|---|
The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.
The financial statements were approved, and authorised for issue, by the Board of Trustees on 28 October 2021 and signed on their behalf by:-
JOSEPHINE STEPHENS, Chair of Board of Trustees
**34 LSE SU**
**LSE SU 35**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **CASH FLOW STATEMENT For the year ended 31 July 2021**
|**Cash flows from operating activities**
Surplus/(deficit) for the financial year
Adjustments for:
Depreciation
Decrease in stocks
Decrease in debtors
((Decrease))/increase in creditors
Investment income
**Cash flows from investing activities**
Purchase of intangible fixed assets
Return on investment - interest receivable
**Net increase in cash and cash equivalents**
Cash and cash equivalents at 1 August 2020
**Cash and cash equivalents at 31 July 2021**|**2021**
_2020_
**£**
_£_
**480,134**
(266,466)
**6,938**
15,557
**536**
8,609
**59,553**
281,938
**(100,697)**
72,949
**(185)**
(3,432)
**446,279**
109,155
**(125,339)**
(4,126)
**185**
3,432
**(125,154)**
(694)
**321,125**
108,461
**1,224,762**
1,116,301
**1,545,887**
**£ **
1,224,762
£|
|---|---|
**Cash and cash equivalents at 31 July 2021**
## **Components of cash and cash equivalents**
**At 1 At 31 July August 2020 Cashflows 2021** Cash at bank and in hand **£ 1,224,762 £ 321,125 £ 1,545,887**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **1. ACCOUNTING POLICIES**
## _**Basis of preparation of financial statements**_
The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities (under section1a) and the Companies Act 2006. The presentational currency of the financial statements is Pound Sterling (£).
## _**Going Concern**_
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities in the Annual Report.
## _**Company status**_
The London School of Economics Students' Union is an incorporated charity: a private limited company limited by guarantee and charity registered in the UK (Charity number 1143103. Company Number: 07710669). Its registered office is at LSE Students' Union, Saw Swee Hock Student Centre, 1 Sheffield Street, London, WC2A 2AP.
The principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. The Charity meets the definition of a public benefit entity.
## _**Fund accounting**_
London School of Economics Students' Union administers and accounts for a number of charitable funds, as follows:-
Unrestricted Funds representing unspent income which may be used for any activity/purpose at the Trustees' own discretion;
Restricted funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also (if not material enough to require a separate column in the SoFA) any small capital grants received from the School.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
**36 LSE SU**
**LSE SU 37**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## _**Incoming resources**_
All income and capital resources are recognised in the accounts when the entitlement to the income or endowment arises, there is probable economic benefit to the Union and the amount can be reliably quantified.
Grants received are credited to income according to the period to which they relate and treated as unrestricted unless restrictions are specified by the provider relating to spending of that income, in which case they are treated as restricted.
Income from commercial activities includes amounts received in exchange for supplying goods and services through the Union's bar, catering, gym and retail outlets, with amounts recognised based on the date of sale.
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## _**Stock**_
Stock is valued at the lower of the cost or net realisable value.
## _**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.
## _**Cash at bank and in hand**_
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## _**Creditors and provisions**_
Media sale income includes sponsorship relating to Welcome Fair stalls, which is accounted for when the contractual entitlement to the income arises, and NUS Extra card income which is accounted for based on sales arising in the period.
Club and societies' income includes membership, sponsorship and grant income which is treated as restricted.
## _**Resources Expended**_
Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure includes irrecoverable VAT and comprises the direct and indirect costs of delivering public benefit. Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annual audit, annual elections and training for sabbatical officers.
Other central overhead costs, as well as governance costs, are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.
## _**Tangible fixed assets and depreciation**_
Fixed assets are stated at cost less accumulated depreciation. Assets are not capitalised below £3,000 cost per item/set. Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:-
Creditors and provisions are recognised where the charity 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 charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include cash debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Cash is cash at bank and in hand.
## _**Pensions**_
Retirement benefits to employees of the Union are provided through two pension schemes, one defined benefit (SUSS), the other defined contribution (Scottish Widows).
In relation to the multi-employer defined benefit scheme which is closed to future accrual, as set out in note 15, 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 16, contribution are accounted for as they fall due.
## _**Judgements and key sources of estimation uncertainty**_
Fixtures and Fittings 25% per annum on cost Computer and Office Equipment 25% per annum on cost Gym equipment 20% per annum on cost Improvements to Buildings 10% per annum on cost
Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are that of the SUSS pension scheme deficit as disclosed in note 15.
## _**Termination benefits**_
Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union terminates their employment.
## _**Leased assets**_
Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.
**38 LSE SU**
**LSE SU 39**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **2. DONATIONS AND LEGACIES**
|**Unrestricted**
**Funds**
**2021**
**£**
University Block Grant
**1,085,343**
University other grants
**533,402**
Government Grants
**264,939**
Space Grant
**1,468,723**
Capital Grant
**-**
**3,352,407**
**£ **
**_Comparative donations and legacies_**
_Unrestricted_
_Funds_
_2020_
_£_
_University Block Grant_
_1,058,871_
_University other grants_
_480,698_
_Government Grants_
_144,930_
_Space Grant_
_1,442,634_
_Capital Grant_
_-_
_3,127,133_
_£ _
**3.**
**INCOME FROM OTHER TRADING ACTIVITIES**
**Unrestricted**
**Funds**
**2021**
**£**
Trading income
**88,043**
Other generated income
**9,818**
**97,861**
**£ **
**_Comparative income from other trading activities_**
_Unrestricted_
_Funds_
_2020_
_£_
_Trading income_
_577,559_
_Event income_
_12,368_
_589,927_
_£ _|**Restricted**
**Funds**
**2021**
**£**
**-**
**150,000**
**-**
**-**
**-**
**150,000**
**£ **
_Restricted_
_Funds_
_2020_
_£_
_-_
_250,000_
_-_
_-_
_-_
_250,000_
_£ _
**Restricted**
**Funds**
**2021**
**£**
**-**
**-**
**Nil**
**£**
_Restricted_
_Funds_
_2020_
_£_
_-_
_-_
_Nil_
_£_|**Total**
**Funds**
**2021**
**£**
**1,085,343**
**683,402**
**264,939**
**1,468,723**
**-**
**3,502,407**
**£ **
**Total**
**Funds**
**2021**
**£**
**88,043**
**9,818**
**97,861**
**£ **|_Total_
_Funds_
_2020_
_£_
_1,058,871_
_730,698_
_144,930_
_1,442,634_
_-_|
|---|---|---|---|
||||_3,377,133_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_1,058,871_
_730,698_
_144,930_
_1,442,634_
_-_|
||||_3,377,133_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_577,559_
_12,368_|
||||_589,927_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_577,559_
_12,368_|
||||_589,927_
_£ _|
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
|**4.**
**INVESTMENT INCOME**
**Unrestricted**
**Funds**
**2021**
**£**
Interest receivable from:
Bank interest
**185**
**185**
**£ **
**_Comparative investment income_**
_Unrestricted_
_Funds_
_2020_
_£_
_Interest receivable from:_
_Bank interest_
_3,432_
_3,432_
_£ _
**5.**
**INCOME FROM CHARITABLE ACTIVITIES**
**Unrestricted**
**Funds**
**2021**
**£**
Clubs and Societies
**-**
**Nil**
**£**
**6.**
**OTHER INCOME**
**Unrestricted**
**Funds**
**2021**
**£**
Other income
**37,735**
**37,735**
**£ **
**_Comparative other income_**
_Unrestricted_
_Funds_
_2020_
_£_
_Other income_
_7,348_
_7,348_
_£ _|**Restricted**
**Funds**
**2021**
**£**
**-**
**Nil**
**£**
_Restricted_
_Funds_
_2020_
_£_
_-_
_Nil_
_£_
**Restricted**
**Funds**
**2021**
**£**
**447,576**
**447,576**
**£ **
**Restricted**
**Funds**
**2021**
**£**
**-**
**Nil**
**£**
_Restricted_
_Funds_
_2020_
_£_
_-_
_Nil_
_£_|**Total**
**Funds**
**2021**
**£**
**185**
**185**
**£ **
**Total**
**Funds**
**2021**
**£**
**447,576**
**447,576**
**£ **
**Total**
**Funds**
**2021**
**£**
**37,735**
**37,735**
**£ **|_Total_
_Funds_
_2020_
_£_
_3,432_|
|---|---|---|---|
||||_3,432_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_3,432_|
||||_3,432_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_1,316,288_|
||||_1,316,288_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_7,348_|
||||_7,348_
_£ _|
||||_Total_
_Funds_
_2020_
_£_
_7,348_|
||||_7,348_
_£ _|
**40 LSE SU**
**LSE SU 41**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **7. RESOURCES EXPENDED**
|Cost of charitable activities
Trading activities
Student Communities
Student Representation
Support and advice
Marketing and
Communications
Clubs and socieites
Total charitable
expenditure|**Cost of**
**sales**
**£**
**16,910**
**-**
**-**
**-**
**-**
**-**
**16,910**
**£ **|**Staff Costs**
**£**
**545,226**
**206,000**
**434,425**
**89,871**
**149,352**
**-**
**1,424,874**
**£ **|**Other direct**
**costs**
**£**
**43,329**
**158,865**
**23,921**
**71,992**
**-**
**203,738**
**501,845**
**£ **|**Central**
**costs**
**£**
**681,198**
**251,111**
**532,610**
**110,361**
**31,988**
**-**
**1,607,268**
**£ **|**Total**
**2021**
**£**
**1,286,663**
**615,976**
**990,956**
**272,224**
**181,340**
**203,738**|
|---|---|---|---|---|---|
||||||**3,550,897**
**£ **|
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
**7. RESOURCES EXPENDED (continued)**
## _**Comparative resources expended**_
|_Cost of charitable_
_activities_
_Trading activities_
_Student Communities_
_Student Representation_
_Support and advice_
_Marketing and_
_Communications_
_Clubs and socieites_
_Total charitable_
_expenditure_|_Cost of_
_sales_
_£_
_200,992_
_-_
_-_
_-_
_-_
_-_
_200,992_
_£ _|_Staff Costs_
_£_
_628,810_
_262,720_
_432,556_
_79,037_
_152,773_
_-_
_1,555,896_
_£ _|_Other direct_
_costs_
_£_
_99,679_
_322,543_
_28,846_
_45,117_
_-_
_1,252,437_
_1,748,622_
_£ _|_Central_
_costs_
_£_
_745,871_
_304,673_
_498,406_
_96,038_
_33,117_
_-_
_1,678,105_
_£ _|_Total_
_2020_
_£_
_1,675,352_
_889,936_
_959,808_
_220,192_
_185,890_
_1,252,437_|
|---|---|---|---|---|---|
||||||_5,183,615_
_£ _|
## **Central costs included in the resources expended**
|**Central costs included in the resources**|**expended**||||
|---|---|---|---|---|
|Cost of charitable activities
Trading activities
Student Communities
Student Representation
Support and advice
Marketing and Communications
Total charitable
expenditure|**Staff Costs**
**£**
**144,753**
**53,982**
**114,496**
**23,724**
**6,877**
**336,955**
**£ **|**Rent**
**£**
**550,338**
**205,233**
**435,303**
**90,198**
**26,144**
**1,281,072**
**£ **|**Support**
**costs**
**£**
**130,860**
**45,878**
**97,307**
**20,163**
**5,844**
**294,208**
**£ **|**Total**
**£**
**825,951**
**305,093**
**647,106**
**134,085**
**38,865**|
|||||**1,912,235**
**£ **|
## _Central costs included in the resources expended_
|_Staff Costs_
_£_
_Cost of charitable_
_activities_
_Trading activities_
_104,711_
_Student Communities_
_44,089_
_Student Representation_
_72,124_
_Support and advice_
_13,898_
_Marketing and Communications_
_4,792_
_Total charitable_
_expenditure_
_234,822_
_£ _
Resources expended include:
Auditors’ remuneration:
Audit fee
Other services
Depreciation
- on owned assets|_Rent_
_£_
_563,113_
_237,100_
_387,865_
_74,738_
_25,772_
_1,262,816_
_£ _|_Support_
_costs_
_£_
_182,758_
_67,573_
_110,541_
_21,300_
_7,345_
_382,172_
_£ _
**2021**
**9,525**
**1,230**
**6,938**|_Total_
_£_
_850,582_
_348,762_
_570,530_
_109,936_
_37,909_|
|---|---|---|---|
||||_1,879,810_
_£ _|
||||_2020_
_9,250_
_1,200_
_15,557_|
Details of staff costs are given in Note 9.
Details of Support costs is given in Note 8.
**42 LSE SU**
**LSE SU 43**
**20**
**20**
**LSESU ANNUAL REPORT**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
**8. SUPPORT COSTS**
|**SUPPORT COSTS**|||
|---|---|---|
|Irrecoverable VAT
Bank Charges
Insurance
Consultancy and Professional Fees
Affiliations and subscriptions
Auditors’ remuneration
Training and Development
Telephone
Depreciation (non-commercial assets)
Office Stationery and Minor Equipment
Recruitment Expenses
Website costs
Sundry Costs|**Total**
**2021**
**£**
**143,722**
**3,130**
**30,626**
**15,368**
**28,495**
**10,755**
**9,529**
**8,423**
**2,622**
**14,983**
**8,033**
**15,886**
**2,636**
**294,208**
**£ **|_Total_
_2020_
_£_
_139,620_
_7,333_
_36,327_
_18,822_
_42,400_
_10,450_
_9,819_
_7,911_
_8,700_
_28,786_
_4,480_
_19,529_
_47,995_|
|||_382,172_
_£ _|
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
|**9.**
**STAFF NUMBERS AND COSTS**
Wages and salaries (Full Time)
Wages and salaries (Part Time)
Social security costs
Pension costs - current services costs
Other staff costs
Pension costs - past services deficit
Permanent staff
Student and caual staff
The cost of key management was as follows:
Sabbatical Officers
Senior management
Number of Sabbatical Officers
The average weekly number of employees, head-count, during the
period was:|**2021**
**£**
**1,141,668**
**124,967**
**111,215**
**29,367**
**17,657**
**1,424,874**
**54,733**
**1,479,607**
**£ **
**2021**
**Number**
**39.0**
**42.0**
**81.0**
**2021**
**£**
**143,402**
**221,455**
**364,857**
**£ **
**5**|_2020_
_£_
_1,232,529_
_173,385_
_120,344_
_29,100_
_538_|
|---|---|---|
|||_1,555,896_
_376,979_|
|||_1,932,875_
_£ _|
|||_2020_
_Number_
_43.0_
_54.0_|
|||_97.0_|
|||_2020_
_£_
_136,347_
_232,385_|
|||_368,732_
_£ _|
|||_5_|
One (2020 - one) employee received remuneration of more than £60,000 The accounts include termination payments totalling £8,942 (2020 - £nil).
The key management personnel of the Charity are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the Sabbatical Officers and senior management.
## **10. TRUSTEES REMUNERATION AND BENEFITS**
Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and service provision for them. Details are included in note 9.
3 members of the Board of Trustees received reimbursement of travel and IT expenses amounting to £124 (2020 - £292).
**44 LSE SU**
**LSE SU 45**
**20**
**20**
**LSESU ANNUAL REPORT**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **11. TANGIBLE FIXED ASSETS**
|**Cost**
At 1 August 2020
Additions
Disposals
At 31 July 2021
**Depreciation**
At 1 August 2020
Charge for the year
On disposals
At 31 July 2021
**Net book value**
**At 31 July 2021**
At 31 July 2020
**12. DEBTORS**
**2021**
**Due within one year**
**£**
Trade debtors
**4,383**
Prepayments
**230,613**
VAT repayment due
**26,437**
Other debtors
**531**
**261,964**
**£ **|**Fixture and**
**fittings**
**£**
**118,218**
**-**
**-**
**118,218**
**106,624**
**5,584**
**-**
**112,208**
**6,010**
**£ **
_11,594_
_£ _
**2021**
**£**
**4,383**
**230,613**
**26,437**
**531**
**261,964**
**£ **|**Other fixed**
**assets**
**£**
**255,612**
**125,339**
**(255,612)**
**125,339**
**255,612**
**1,354**
**(255,612)**
**1,354**
**123,985**
**£ **
_Nil_
_£_
_2020_
_£_
_30,523_
_235,036_
_55,667_
_291_
_321,517_
_£ _|**Total**
**£**
**373,830**
**125,339**
**(255,612)**|
|---|---|---|---|
||||**243,557**|
||||**362,236**
**6,938**
**(255,612)**|
||||**113,562**|
||||**129,995**
**£ **|
||||_11,594_
_£ _|
||||_2020_
_£_
_30,523_
_235,036_
_55,667_
_291_|
||||_321,517_
_£ _|
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**2021**
**£**
Trade creditors
**76,587**
Deferred income
**269,568**
Social security and other taxes
**25,274**
Other creditors
**10,260**
Pension costs - Past Service Deficit
**105,576**
Accruals
**59,444**
**546,709**
**£ **
Deferred income
Balance at 1 August 2020
**291,470**
Amount released to incoming resources
**(291,470)**
Amount deferred in the year
**269,568**
Balance at 31 July 2021
**269,568**
**£ **|**2021**
_2020_
**£**
_£_
**76,587**
_47,582_
**269,568**
_291,470_
**25,274**
_32,320_
**34,463**
_15,281_
**105,576**
_98,421_
**59,444**
_81,944_
**570,912**
**£ **
_567,018_
_£ _
**291,470**
**(291,470)**
_-_
**269,568**
_291,470_
**269,568**
**£ **
_291,470_
_£ _|_2020_
_£_
_47,582_
_291,470_
_32,320_
_54,984_
_98,421_
_81,944_|
|---|---|---|
|||_606,721_
_£ _|
|||_316,913_
_(316,913)_
_291,470_|
|||_291,470_
_£ _|
Deferred income includes a proportion of space grant relating to future period of £245,518 (2020 - £241,136) and other items totalling £24,050 (2020 - £50,334), including venue hire and participation fund.
## **14. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
|**2021**
**£**
Pension costs - Past Service Deficit
**(1,645,029)**
**(1,645,029)**
**£**
**DEFINED BENEFIT PENSION SCHEME – SUSS**
**Pension costs - Past Service Deficit**
Brought forward
Payments made
Unwinding of interest for the year
Adjustment to provisions
Analysis:
Due within one year
Falling due after more than one year|**2021**
_2020_
**£**
_£_
**1,645,029**
_(1,709,917)_
**1,645,029**
**£ **
_(1,709,917)_
_£_
**2021**
**2021**
**£**
**1,808,338**
**(98,421)**
**40,688**
**-**
**1,750,605**
**£ **
**105,576**
**1,645,029**
**1,750,605**
**£ **|_2020_
_£_
_1,709,917_|
|---|---|---|
|||_1,709,917_
_£ _|
|||_2020_
_£_
_1,532,958_
_(93,753)_
_35,673_
_333,460_|
|||_1,808,338_
_£ _|
|||_98,421_
_1,709,917_|
|||_1,808,338_
_£ _|
## **15. DEFINED BENEFIT PENSION SCHEME – SUSS**
**46 LSE SU**
**LSE SU 47**
**20**
**20**
**LSESU ANNUAL REPORT**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **17. STATEMENT OF FUNDS**
## **15. DEFINED BENEFIT PENSION SCHEME – SUSS (continued)**
London School of Economics Students’ Union 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 most recent Valuation of the Scheme was carried out as at 30 June 2019 and showed that the market value of the Scheme’s assets was £119.1m with these assets representing 46% 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 £140.9m.
The 2019 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 16 years, increasing by 5% each year (except 8% increase in year 2021-22). These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme. The revised contributions represent a 18% increase on the pension deficit funding contribution and are payable over an extended period to August 2035.
Full provision is made in the accounts for the total amount of contributions payable to meet the funding deficit. 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 2022. In addition to the above contributions, London School of Economics Students’ Union also pays its share of the Scheme’s levy to the Pension Protection Fund.
In calculating this net present value annual increases of 5% have been made and a discount rate of 2.25% (2020: 2.25%) representing the typical yield of high quality corporate bonds has then been applied.
## **16. DEFINED CONTRIBUTION PENSION SCHEME**
Since 1 October 2011, all participating employees have been in a new defined contribution pension scheme with Scottish Widows. Contributions are at 3% for the employer and a contribution rate starting at 4% for the employee. Contributions are accounted for as part of the Union’s unrestricted funds.
'Pension costs - current services costs' in note 9 relate to payments made to a defined contribution pension scheme. The charitable company’s liability is limited to making the payments due to the scheme on a timely basis. The liability at the 31 July 2021 is £5,108 (2020 : £12,317).
|**Brought**
**Forward**
**£**
**DESIGNATED FUNDS**
Pension Fund Deficit
**(1,808,338)**
Fixed Assets and
Premises Fund
**-**
**(1,808,338)**
**£**
**RESTRICTED FUNDS**
Clubs and Societies
**616,972**
Clubs and Societies:
Annual Fund
**59,562**
Other University grants
**248,857**
**925,391**
**£ **
**SUMMARY OF FUNDS**
Designated Funds
**(1,808,338)**
General Funds
**144,949**
**(1,663,389)**
Restricted Funds
**925,391**
**(737,998)**
**£**
**_Comparative statement of funds_**
_Brought_
_Forward_
_£_
_DESIGNATED FUNDS_
_Designated Funds_
_106,121_
_Pension Fund Deficit_
_(1,532,958)_
_(1,426,837)_
_£_
_RESTRICTED FUNDS_
_Clubs and Societies_
_553,121_
_Clubs and Societies:_
_Annual Fund_
_101,636_
_Other University grants_
_184,760_
_Sport England_
_-_
_839,517_
_£ _
_SUMMARY OF FUNDS_
_Designated Funds_
_(1,426,837)_
_General Funds_
_115,788_
_(1,311,049)_
_Restricted Funds_
_839,517_
_(471,532)_
_£_|**Incoming**
**Resources**
**£**
**-**
**-**
**Nil**
**£**
**447,576**
**-**
**150,000**
**597,576**
**£ **
**-**
**3,488,188**
**3,488,188**
**597,576**
**4,085,764**
**£ **
_Incoming_
_Resources_
_£_
_-_
_-_
_Nil_
_£_
_1,316,288_
_-_
_250,000_
_-_
_1,566,288_
_£ _
_-_
_3,727,840_
_3,727,840_
_1,566,288_
_5,294,128_
_£ _|**Transfers and**
**Resources**
**investment**
**Expended gains/(losses)**
**£**
**£**
**-**
**57,733**
**-**
**129,995**
**Nil**
**£**
**187,728**
**£ **
**(203,738)**
**-**
**(6,301)**
**-**
**(82,408)**
**(248,857)**
**(292,447)**
**£**
**(248,857)**
**£**
**-**
**187,728**
**(3,313,183)**
**61,129**
**(3,313,183)**
**248,857**
**(292,447)**
**(248,857)**
**(3,605,630)**
**£**
**Nil**
**£**
_Transfers and_
_Resources_
_investment_
_Expended gains/(losses)_
_£_
_£_
_-_
_(106,121)_
_-_
_(275,380)_
_Nil_
_£_
_(381,501)_
_£_
_(1,252,437)_
_-_
_(42,074)_
_-_
_(172,316)_
_(13,587)_
_-_
_-_
_(1,466,827)_
_£_
_(13,587)_
_£_
_-_
_(381,501)_
_(4,093,767)_
_395,088_
_(4,093,767)_
_13,587_
_(1,466,827)_
_(13,587)_
_(5,560,594)_
_£_
_Nil_
_£_|**Carried**
**Forward**
**£**
**(1,750,605)**
**129,995**|
|---|---|---|---|
||||**(1,620,610)**
**£**|
||||**860,810**
**53,261**
**67,592**|
||||**981,663**
**£ **|
||||**(1,620,610)**
**381,083**|
||||**(1,239,527)**
**981,663**|
||||**(257,864)**
**£**|
||||_Carried_
_Forward_
_£_
_-_
_(1,808,338)_|
||||_(1,808,338)_
_£_|
||||_616,972_
_59,562_
_248,857_
_-_|
||||_925,391_
_£ _|
||||_(1,808,338)_
_144,949_|
||||_(1,663,389)_
_925,391_|
||||_(737,998)_
_£_|
**48 LSE SU**
**LSE SU 49**
**20 LSESU ANNUAL REPORT**
**20**
**LSESU ANNUAL REPORT**
**21**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
## **NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2021**
## **21. RELATIONSHIP WITH LONDON SCHOOL OF ECONOMICS**
## **18. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted Funds**
**Designated**
**General**
**Funds**
**Funds**
**£**
**£**
Tangible fixed assets
**-**
**129,995**
Net current assets
**(1,620,610)**
**1,896,117**
Creditors due in more than one year
**-**
**(1,645,029)**
**(1,620,610)**
**£**
**381,083**
**£ **
**_Comparative analysis of net assets between funds_**
**_Unrestricted Funds_**
**_Designated_**
**_General_**
**_Funds_**
**_Funds_**
**_£_**
**_£_**
_Tangible fixed assets_
**_-_**
**_11,594_**
_Net current assets_
**_(1,808,338)_**
**_1,843,272_**
_Creditors due in more than one year_
**_-_**
**_(1,709,917)_**
**_(1,808,338)_**
**_£_**
**_144,949_**
**_£ _**|**Restricted**
**Funds**
**£**
**-**
**981,663**
**-**
**981,663**
**£ **
**_Restricted_**
**_Funds_**
**_£_**
**_-_**
**_925,391_**
**_-_**
**_925,391_**
**_£ _**|**Total**
**Funds**
**£**
**129,995**
**1,257,170**
**(1,645,029)**|
|---|---|---|
|||**(257,864)**
**£**|
|||**_Total_**
**_Funds_**
**_£_**
**_11,594_**
**_960,325_**
**_(1,709,917)_**|
|||**_(737,998)_**
**_£_**|
The London School of Economics provides the Union with an annual grant as shown in the Statement of Financial Activities including a Space Grant which contributes to the costs which the Union incurs in occupying spaces owned by The London School of Economics. The Union pays market rate charges to The London School of Economics for this accommodation and associated support services.
## **22. CONTROLLING PARTY**
Ultimate control of the Union rests with its membership, respresented by the Board of Trustees.
## **19. OTHER FINANCIAL COMMITMENTS**
At 31 March 2021 the Company had commitments under non-cancellable operating leases (all for land and buildings) as set out below:
|Operating leases which expire:
within two to five years|**2021**
**£**
**3,686,346**
**3,686,346**
**£ **|_2020_
_£_
_5,256,079_|
|---|---|---|
|||_5,256,079_
_£ _|
## **20. RELATED PARTIES**
There are no related party transactions other than those disclosed in notes 9 and 10.
**50 LSE SU**
**LSE SU 51**
**20 LSESU ANNUAL REPORT**
**21**
## **LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION**
**NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2020**
|**23 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
**Unrestricted d**
**Total**
_Unrestricted_
**Funds s**
**Funds**
_Funds_
**2021 1**
**2021**
_2020_
**£ £**
**£**
_£_
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3,502,407**
_3,127,133_
Charitable activities
**447,576**
_-_
Other trading activities
**97,861**
_589,927_
Investments
**185**
_3,432_
Other
**37,735**
_7,348_
**TOTAL**
**4,085,764**
_3,727,840_
**EXPENDITURE ON:**
Charitable activities
**#REF!**
_3,716,788_
Other resources expended
**54,733**
_376,979_
**TOTAL EXPENDITURE**
**#REF!**
_4,093,767_
**#REF!**
_(365,927)_
Transfer between funds
**-**
_13,587_
**NET MOVEMENT IN FUNDS**
**#REF!**
_(352,340)_
TOTAL FUNDS AT 31 JULY 2019
_(737,998)_
_(1,311,049)_
**TOTAL FUNDS AT 31 JULY 2020**
**#REF!**
_(1,663,389)_
_£_
Net expenditure|_Restricted_
_Funds_
_2020_
_£_
_250,000_
_1,316,288_
_-_
_-_
_-_|_Total_
_Funds_
_2020_
_£_
_3,377,133_
_1,316,288_
_589,927_
_3,432_
_7,348_|
|---|---|---|
||_1,566,288_|_5,294,128_|
||_1,466,827_
_-_|_5,183,615_
_376,979_|
||_1,466,827_|_5,560,594_|
||_99,461_
_(13,587)_|_(266,466)_
_-_|
||_85,874_
_839,517_|_(266,466)_
_(471,532)_|
||_925,391_
_£ _|_(737,998)_
_£_|
**52 LSE SU**