22
LSESU ANNUAL REPORT 2022/23 23
2 LSE SU
LSE SU 1
22
LSESU ANNUAL REPORT
23
01
CONTENTS
1. CONTENTS 02 2. INTRODUCTION by James Relf 04 General Secretary and Chair of the Trustee Board 3. INTRODUCTION by Ben Whittaker 06 Chief Executive 4. THE UNION AND ITS TRUSTEES 08 6. OUR IMPACT 14 Statement of Trustees At a glance 16 Responsibilities 10 Student Voice 17 Communities 18 5. OUR GOVERNANCE 20 AND OPERATIONS 12 Sabbatical Officer Projects Employees 13 7. FINANCE SUMMARY 24 Senior Leaders Salaries 13 Income 24 (Key Management Personnel) Costs 24 Outcomes 25 Restricted Funds 25 Future Funding 26 Fixed Assets 26 Reserves 27 Reserves Policy 27 Risk Management 27 Relationship with the London School of Economics and Political Science (LSE) 27 8. LOOKING AHEAD 28
2 LSE SU 2
LSE SU 3
22 LSESU ANNUAL REPORT
23
INTRODUCTION
BY JAMES RELF, General Secretary & Chair of the Trustee Board
LSE Students’ Union (LSESU) is the hub for student life here at LSE. Together, we engage and empower students throughout their journey at LSE and work to advance their education, as set out in our charitable objects. In 2022, we celebrated the 125th anniversary of the founding of LSESU, a history rich in progressive change as an institution which, since 1897, has gone on to shape the leaders of tomorrow.
administered £101,918.16 in Hardship & Childcare Fund Awards.
leadership team. In February 2023, we said farewell to our CEO James Hann who, across five years, had overseen LSESU’s split from Arts SU, and steered the organisation through the pandemic. We welcome Ben Whittaker as LSESU’s new CEO, whom I am thrilled to work closely with in devising the new LSESU strategy, due to launch in 2023/24.
LSESU continues to see growth in its level of engagement through its responsibility and oversight of all sports clubs, societies, and elections at LSE. In 2022/23, we facilitated 2772 events across the year, organised by our 300 sports clubs and societies. This growth was inspired by the campus’ complete opening up since the start of the COVID-19 pandemic, alongside LSESU’s expansion into the new Marshall Building at the beginning of the year. Additionally, we saw record levels of participation in our democratic functions, with a 25% turnout in the 2023 Lent Term Elections (more than double the sector average), empowering students to lead LSE.
We now look to the next 125 years, noting the opportunities and challenges it may bring, and reaffirming LSESU’s commitment to advance every students’ education and support the school’s founding purpose, which is “to know the causes of things for the betterment of society”.
LSESU’s Advice Service and Hardship Fund continues to be accessed more than ever before in light of temporal challenges in 2022/23, such as inflation, the Cost of Living Crisis and the impact of industrial action led by the University and College Union (UCU). In 2022/23, the Advice Service handled 674 cases and
James Relf
LSESU General Secretary 2023/24. Chair of the Board of Trustees 2023/24.
----- Start of picture text -----
LSE SU 5
----- End of picture text -----
4 LSE SU
22 LSESU ANNUAL REPORT
23
It is important to reflect on the year and our journey, but what excites us most is the path in front of us.
INTRODUCTION
BY BEN WHITTAKER, Chief Executive
I’m very happy to be writing to you as the new CEO of LSESU, having started in May 2023. It is an honour to follow in the footsteps of James Hann, who has shown exceptional dedication and leadership during his tenure. I extend my heartfelt thanks to James for his hard work and unwavering commitment to the betterment of LSESU.
maintaining the status quo. Looking ahead, I am excited about focusing our strategy on achieving excellence in all aspects of our work, with the goal of fully transforming the student experience at LSE.
that LSESU will continue to deliver sector-leading work. We will persevere in our dedication to ensuring that LSE students have the best possible experience during their time with us.
With that, I am pleased to report that the Students’ Union has maintained strong performance across all key areas of our work. We remain steadfast in delivering outstanding services to students, focusing on key aspects that contribute to an enriching student experience. This accomplishment is a testament to the collective efforts of our dedicated staff, whose commitment to quality continues to drive our success.
and I am eager to collaborate with the entire LSESU and LSE community to build on our successes and explore new avenues for growth and innovation.
providing a solid foundation for future endeavours. I want to express my thanks to the incredible student officers who tirelessly contribute towards transforming our work. Their innovative projects, campaigns, and activities help to enhance the overall experience for their peers and fellow students, creating a vibrant and dynamic student community.
Ben Whittaker LSESU Chief Executive
However, my vision extends beyond
6 LSE SU
LSE SU 7
22 LSESU ANNUAL REPORT
23
04
THE UNION AND ITS TRUSTEES
run by and for The 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 time at the university.
Founded in 1897, LSESU is both 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).
health of the Students' Union. This means that they are the ultimate decisionmakers and have 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 up to trustees and staff teams. Newly four external trustees, five sabbatical elected or appointed trustees are invited to attend one or more board officers, four students and one external member (or more) meetings before taking up their appointed by the trustees positions. themselves. Internal trustees are elected by our members during first The board undertakes regular (Michaelmas) or second (Lent) term self-assessment and further elections, serving up to two years. development initiatives as required, The trustees work closely with ensuring commitment to continuous LSESU staff and make major improvement and effectiveness. decisions about the activities and services of the Union.
The Students’ Union’s governing document is its Constitution (Memorandum and Articles of Association) , supported by the LSESU Byelaws . These set out in detail the rules that we follow. A list of the current trustees are available at: www.lsesu.com/union/trustees/
All trustees undertake an induction programme and are given briefings on the organisations operations and goals. The induction programme, delivered by the company secretary, covers the nature of the trustee role, provides an understanding of the legal responsibilities of being a trustee, and provides an appreciation of LSESU’s vision, mission and values, as well as the relationship between
After the student led democracy review in 2022/23, plans are in place to radically change how LSE students can input into Union activity.
8 LSE SU
LSE SU 9
22
LSESU ANNUAL REPORT
THE UNION AND ITS TRUSTEES
23
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.
referred to the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.
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 within financial statements. Prepare the financial statements presuming that the organisation will continue to operate unless it is inappropriate to presume that it will not.
The trustees are responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect 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.
On behalf of the Trustee Board
James Relf
LSESU General Secretary 2023/24. Chair of the Board of Trustees 2023/24.
10 LSE SU
LSE SU 11
22 LSESU ANNUAL REPORT
23
05 EMPLOYEES In 2022/23, the Union employed an average of OUR GOVERNANCE 27 STAFF AND OPERATIONS { and the total number LSESU OPERATES ON DEMOCRATIC PRINCIPLES, working of student staff employed in the year was for 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. 135
LSESU OPERATES ON DEMOCRATIC PRINCIPLES, working for 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.
Student representation is delegated to the General Secretary who, along with fellow student officers, focuses on policy, lobbying, and advocacy, in order to ensure that LSE’s students are heard in university fora. The 2022/23 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).
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.
subcommittees, officers, staff, and the Chief Executive, to review the Union’s strategic and operational performance, and to review and agree organisational policies.
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
22 LSESU ANNUAL REPORT
23
OUR IMPACT
2022/23 saw a full return to campus and in-person learning. The Union is delighted to see students being able to enjoy brand new stateof-the-art Marshall Building facilities, new events, and access to campaigns such Consent.ed, Rejoining Stonewall, and Bring Back the LSE Nursery.
14 LSE SU
LSE SU 15
22 LSESU ANNUAL REPORT
OUR IMPACT
23
STUDENT VOICE
“It’s often hard to admit one needs help, but it’s also deeply reassuring to know that LSE is ready to use its resources to help you at what seems like your worst. The help came through quite quickly after I asked and provided the necessary information, and I can’t adequately express how much the support has meant for my mental wellbeing. I’m truly thankful’.” Advice Service User
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.
introducing Student Town Halls and Student Panels.
Student Panels are comprised of students selected to be representative of the wider LSE population. An initiative designed to empower the voices of the unrepresented, their introduction proved a success, with the highest number of policy proposals ever received ( 29 proposals, 18 discussed, and 15 passed ) and were given positive feedback, with 97.5% stating they would recommend joining to a friend , and 100% reporting feeling supported by SU staff.
LSESU is responsible for training and supporting Academic Representatives (ARs). This year, we supported 676 Representatives , electing 158 of these positions in-house , and had 78.5% of ARs, and 87.5% of Department Representatives reporting that they felt satisfied with their experience.
Following on from the 2021/22 democracy Our Representation Team also delivered the review, 2022/23 saw most of the Teaching Excellence Framework (TEF), as well recommendations implemented, with new as the BME Mentoring Scheme; an initiative positions voted in for the 2023/24 academic which have continued to grow year-on-year, year. with 230 mentor/mentee matches in 2022/23, with 79% of mentors , and 97% of mentees Whilst our Michaelmas Term elections only reporting an “excellent” or “good” experience. secured an 8% voter turnout , 77% of the roles The schemes reach and impact secured LSESU were contested, and we saw an increased a nomination at the National Diversity Awards.
Whilst our Michaelmas Term elections only secured an 8% voter turnout , 77% of the roles were contested, and we saw an increased representation across all underrepresented demographics (BAME, international, postgraduate, and mature students).
LSESU also exists to support its students through any challenges they face. Our Advice Service plays a key role in helping students as they navigate LSE’s internal assessment regulation processes.
The Lent Term elections, which is when we elect our main representative roles was the first set to elect the posts from the new democratic structure, and the engagement with these elections were LSESU’s best, with a 25% voter turnout , and all positions contested/filled for
The Advice Service also provides housing advice and funding for students experiencing financial hardship. 2022/23 saw 674 cases and £101,918.16 awarded to students. This was achieved while maintaining the exceptionally high levels of satisfaction, with 93% of users saying they would recommend the service.
2022/23 also saw implementation of other recommendations from the democracy review,
16 LSE SU
LSE SU 17
22 LSESU ANNUAL REPORT
06 OUR IMPACT
23
COM MUN ITIES
2022/23 was a big year for LSE Students’ Union (LSESU) Clubs and Societies - there was a notable rise in participation and engagement with student activities following the pandemic.
The LSESU Societies team supported 266 registered LSESU Societies with 6398 individual memberships sold. Of these 6398 memberships, 59% were aged 18-21, 62% were undergraduates, and 55.91% were female. The breakdown between academic years were as follows: 63% 1st Years, 20% 2nd Years, 15% 3rd Years and 2% 4th Years. LSESU Societies organised 1808 events, including 55 Flagship events in Winter Term alone. Examples of the former included a week-long German Symposium, a Diplomacy Ball for over 400 students, and two Model United Nations Conferences for University and High School students alike. As part of the support for these events, the Societies Team also processed 795 financial reimbursements totalling £406,000 .
During 2022/23 year, the Students’ Union Fund (SUF) which serves to support LSE students by supplying funding to bring their inspiring ideas and activities to life, awarded £120,722 across 122 studentled projects and initiatives. This was a 154% increase in the number of applications received compared to 2021/22.
In the annual Society and Sports Club Committee Elections, we elected 677 Society and 234 Sports Club Committee Members ( 911 total) to lead our student groups.
The LSESU Sport and Recreation team supported 41 Sports Clubs, with 2793 memberships sold. We entered a record number of teams into BUCS (48) and LUSL (27) competitions, with 10 league winners and 5 cup winners. The Women’s Table Tennis team were promoted into the Premiership division to compete against the best players in the country.
“LSESU is a big help. I’m so grateful that they are there to support me at LSE!”
The LSESU Athletics Union organised various union-wide events, including an AU Fight Night, AU x RAG Fashion Show in the Marshall Building, and an AU Ball hosting 850 students to celebrate the sporting success of LSE students.
The LSESU gym generated £104,000 in gym memberships, made up of £31,500 from Freshers memberships, and £11,600 from Summer School memberships. In the Marshall Building, the team introduced a new online booking system to make facility bookings more accessible and easier for its users.
18 LSE SU
LSE SU 19
22
LSESU ANNUAL REPORT
OUR IMPACT
23
SABBATICAL OFFICER PROJECTS
Our Sabbatical Officers are at the heart 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:
1
Recruited the new CEO, bringing a brand new direction for the Students Union. Ben joins us with vast knowledge of higher education and extensive strategic development skills, with the new strategy focusing on the improvement of student satisfaction and departmental delivery.
Launched The Charity Shop in collaboration with Raising and Giving (RAG) and Sustainable Futures Society. This initiative contributes significantly to the vibrant community atmosphere on campus, giving a second home to a vast collection of previously loved items.
Led the campaign against LSE’s decision to withdraw from the Stonewall Charter, lobbying to rejoin and to introduce additional support measures for the School’s LGBTQ+ community, as well as pushing LSE to stop the use of NDAs by signing the Can’t Buy My Silence pledge.
Supported the Turkish relief efforts through a selection of fundraisers, including stallholding and other activities, generating money that directly supported charities on the ground during the devastating earthquake.
Organised long Varsity against Imperial College London, providing opportunity for 15 of our sports clubs to participate in the competition. Thanks to a great initial success, Varsity is now set to grow and grow each year.
20 LSE SU
22 LSESU ANNUAL REPORT
23
07
FINANCE SUMMARY
Income
Our unrestricted income for the year increased to £4,205,062 (£3,791,625 in 2022), primarily as a result of higher trading income, as more students returned to campus following the return to inperson learning and benefitting from a full year of SU spaces in the Marshall Building.
Costs
Total expenditure from unrestricted funds,
was £3,952,539 (£3,601,763 in 2022). Total expenditure from unrestricted funds, including pensions deficit funding, was £4,121,944 (£3,524,760 in 2022).
Outcomes
The outcome for the year was a general fund surplus of £252,523, before pension funding deficit, (£189,832 surplus in 2022) which the trustees deem a satisfactory result. After the pension charges, this results in a general funds surplus of £83,118 (£266,865 in 2022).
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 deficit on restricted funds of £135,727 (£80,327 deficit in 2022) giving a year end balance of . £767,626
22 LSE SU
LSE SU 23
22 LSESU ANNUAL REPORT
FINANCE SUMMARY
07
23
Future Funding
LSESU has sufficient funds to meet its future obligations for 2023/24, but an increase in funding remains a priority. The subvention grant from LSE for 2023/24 has been confirmed at £1,168,796 (£1,140,289 in 2022/23).
Fixed Assets
New till systems and furniture items were purchased during the year at a cost of £28,555.
Reserves
Unrestricted general reserves at the end of the year were £505,532 (£316,877 in 2022). £43,782 was transferred from designated funds to cover the clawback of funding from LSE in relation to the Marshall Building. The £1,606,311 SUSS pension liability is shown as a seperate designated fund as the payments do not fall due immediately (2022 £1,559,311). Total reserves (both retricted and unrestricted) at year end were £123,935 in deficit.
Reserves Policy
LSESU reserves policy is that general (unrestricted) reserves should be £300,000 , and the Union is compliant with this policy at year end. 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 non-School funding, while allowing time to reestablish or re-focus income
generating activities. The trustees will review the reserves policy during 2023/24.
24 LSE SU
LSE SU 25
22 LSESU ANNUAL REPORT
FINANCE SUMMARY
07
23
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 2023.
increasing the number of external Trustee Board Members, and working with LSE on our covid response.
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 LSE. In addition to the provision of space, LSE also pays for utilities, caretaking, and cleaning staff. This support is intrinsic to the relationship between LSE and LSESU. Although LSESU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on LSE’s support.
The Trustees consider it reasonable to anticipate that this, or equivalent, support from LSE 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.
26 LSE SU
LSE SU 27
22
LSESU ANNUAL REPORT
23
08
The next year will see:[A newly developed ] strategic plan. LOOKING[[A full review of all our ]] democratic procedures. “Welcome” offer for AHEAD consent education.
The next year will see:
[[A full review of all our ]] democratic procedures.
[A continued and improved ] “Welcome” offer for incoming students, including consent education.
Despite our pride in the successes of this year, we are committed to continuously developing
28 LSE SU
LSE SU 29
LONDON SCHOOL OF ECONOMICS STUDENTS, UNION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY. ITS TRUSTEES AND ADVISERS For the year •nded 31 July 2023 Board of Trustees Christopher Adeoye Onkyeka Aghatise Marie-Helene Blattmann Lenr Helen Bourne Rob81 lyassu Sarah Onrfade Linea FrancesG3 Petr918 Jarnes Edgar Rew VBidahi Sharmg ApFKMnled on 1 July 2023 Appointed on 14 Septèmber 2022 ApFonled on 1 February 2023 Apronled on 1 July 2023 Apprynted 14 Septsmber 2022 Appnted 1 July 2023 Apinted 24 November 2022 Appointed 1 July 2023 Apwinl8d 1 July 2023 Company Secretary Nichdas Smith Prlnclpal Offlc•r8 James H8nn (RESIGNED) Ben Whittaker Sarah Chowdry-Grant Ricardo Visinho Freda Chisam Chief Executwe Ires4gned 9 February 20231 Chf Executive Head ol Student Cornmunitie8 IreskJned 24 Octob8r 20231 Head ol Student Voice Head ol Ccfflmunications and Marketing Company rég. no. Charlty rag. no, 7710669 1143103 Reglstered offlce LSE Students, Union Saw Swee Hock Student Centre 1 Sh&ffidd Street LoTrJon, WC2A 2AP Audltors Kno¥ Cropper LLP 65 Leadenh811 Streot Lond EC3A 2AD Solleltors 8otes Wells and Br8i¢hwaite 2- 6 Cannon Streèt Lond4M. EC4M 6YH Bankers Natwest Connaught House 65 Aldwych LondM, WC2B 4DS
LONDON SCHOOL OF ECONOMICS sTUDEPS. UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS. UNbJN FOR THE YEAR ENDED 31 JULY 2023 Iregi8t8red company no. 077106691 We have sudit8<1 the finaThcial statements of Lond¢ SchL¥ ol EconomiL¥ Slu(J8nts' Union Ilhe 'chari18ble tompany'l for year ended 31 July 2023 whith Mprise Ihe Statemenl of Financlal Acts"vitlès, the B8lanc8 Sheet. the Ststement ol Cash flows and notes to the finanoal staternents. induding a summary of significant accounting policies. The finantsal rewrbng frarntrwork Ihat has been applied in Ihthr preparatson 15 applicable law and Uni18d Kingdom Acxounling Standards, Induding Financial ReKth"ng Standard 102 The Financial Reporting Sland4rd applicable in the UK an¢J Reputdic ol Irelarwj Iunrted Kingdom Generalty Accepted Accounting Pra¢ts¢el. In our oplnh)n. lfve finarKlal slatements.. gN8 a true and fair view of the state ol the charitable companls affairs as at 31 Juty 2023 and of ils income and eXn(Jiture the Ihen eThknJ", have properfy prered in aCcdar with United Kiwlom Generaly knpted Aceounting Practice.. an have been pr6p8red in accordance Ihe requirements of Its Companies Aci 20(. Ba812 for oplnlon We ¢onducled our audit In accordance wilh International Standard$ on Audin9 IUKI IISAS IUKII and appllc8ble Igw. Our rtrspon$ibililie$ undar Ihosts standards are further des¢nbwJ in the Auditor's fysponsibilitlos for tho audit of the financjal sta18m8nls s8cl)n of our r8POrt. We are ind8pendenl of th8 tharitabl8 company in accord8nc8 Ilh the elhical requirernen15 th8t are relevant lo ¢Jur audit of the financral Statents in the UK. Incluéing the FFiC's Elhic81 Slarrfjard. and we have fulfvled our other ethical Sponsibl11eS in a¢cord8nce with these r8quir8m8nls. We believa that Ih8 audit ewdence we have obtain8d 1$ sUffiCnI and appropriate to prowd8 basis lor our opinic. Conclu8lon• relatlng to golng eonc•m In auditing the finanoal $tstements. have concluded Ihal the Trustees, u8e of the going CCeM basis of accounting in lh8 preparaiv)n of the finanual stsiomenls is appropriat0. 8g$ed on the work have perfomied. w? have nol thnts.fied any material urertaint$ relating to events or conditnS thal. individually or co1Ctive1y. may cast swJnifThnl dwbl on the Charitab company 5 ability lo conlnue as 8 gdng concem for a perirMI of 81 lea$t months from when the financi81 ststements a 8uthoris8d for issue. Our SpOnsibl11t1e$ and resrX)1b1Iit of the Trustees 1lh SpeCt to golng concem are described in the relevant section5 of thi5 rekK>rt. Other inlomiatlon The other inlormalion comprises Ihe infoat.0 induded in the annual report. other than the financial statements and our auditor's rerK)rt themn. The trustees are responsib for the other information. Our on the finarrial stslem8n15 dce5 not covgr Ihg other foaliN and. gxcept to the extent otherwi59 explicitty stated in our report, do r1 8xpress anyfomi of assur8r condusKJn thereon. In conn8Ction wilh our audrt of th8 financial 51atements. our resp£ibilIty is to r8ad th8 other inforTnats"on and. in doing so, sIder whelher the other 1nlrmiat1 is materially inconsistent wrth the financial statements or our knovledge obtained in the audit or olhemse appears lo be maleryally misslated. If we entifY such materi81 In¢onsi51encie$ QT apparent rnaterial misstatements. we are tEquired lo ijelermine whether there is a malerlal misslalement In lh8 financial statements or a material misstalemenl of the other information. If. based on th8 wotk we have perfortneé. we conclude Ihat Ihere Is a rnaknal tniSstatefflet of th15 Other inforrnation. we are required lo report that f2et. We have nothing to rerKJrt in this regard. Icontinued
LONDON SCHOOL OF ECONOMICS sTUDEPS. UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS. UNbJN FOR THE YEAR ENDED 31 JULY 2023 Icontlnuedl Oplnlons on oth•r matters prèscrfbtd by th• Companl•s Act 2006 In ourOplnn. based on Ihe work undertaken in the wurse ol Ihe audrt." th& Infomiatyon given In trustees. rewt. vthich indud8s the dwectors, reput prepared for th8 purp088S of coFnpany law. for Ihe fivancial yw ftrwhich Ihè financial Staments aro preparad is ¢sISten(Wth t financial stalem8nts', and the directors, report induded th th8 Iru5188s' rewl ha5 been prep8r8d in 8cccdance with 8Oicable 981 requirements. MBttors on which we are requlred to report by exception In the light of the knowledge 8nd understanding ol the charita8 comp8ny and its anvironmanl oblainad in the Course of the audit, we have nol ideniifd mathrial misslaiements in the dlrectys. report Induded wllhln the tru$t888' r8POrt. We h8ve thing to rewt in r8$pecl of mthrs in rebtK)n to Ihe Companies Act 2006 requires us lo report to rf. in our opiThh)n'. adeouatè accounting records kna noi b••n k$pL or rètums adw4uaw lor our audit ha not boon received from branches not visiled by us.. or th• finantial staiomenis are not in agr•ern•nl wlh the #¢ewnbng rrtords and r•turns.' or certain di$dosuffjs of Irusle8s' remuneration specified by Iw ar& not mado.. or we have not received all the information and explanations require for wr audrt. the trustees were nol en111d to prepare the financial ststernents in accordance wlh the small cornp8nles regime and take advantage of Ihe sm811 ccrfnpanies. 8X8mplions in praparing the trust888' report and frorn th• r•¢uir•m•ni 10 pr•par• a Stra1¢ roport. R•8pon81bllttle8 of trustees A$ expk8ined more fully In the Iru$lee$' re$pon$iblibe$ $18lemenl in Ihe Twstees. Report the trustees (who 8re 8180 lh8 directors ol th8 charilaN$ eompany fov the wrposss of eompany lawl aro raspDnsibla for th paralion of the linan¢ial siaiennls and for being sabsfied Ihai Ihey give a true and fair view. and for such Intemal conlrc4 as the trustees delemine is n8c8S5ary io ene tha pr8par8ts.on of financial ststements that ar8 Ir•• trom matèrial misstsi¥mtnl. whoih•r du• iraud or •rr¢r. In preparing the finan081 slalemenls. the iruslees ave respon5itde for as8es5ing the charitable cornpany's ability to ntinue as a goSng eoncern. disclosing. as appheable. mattets related to going eoncem and using the going concern basis 018ccounting unl&s$ the trust88s 81th8r in18nd to liquida18 the charrtable company or lo cease operations, or have no realistic aNornivts b10 éo x). Audltor's r•5ponslbllllle5 forthg audtl of the Iln4nclal stat•ments Our objectives are to ¢Jbt8in rea9b assuranc8 aboul wthether the ancIal statements as a whole are fr8 from materfal mlsstalemenl. wheU)er due lo fraud or trror, and lo Issue an auditor's rewrt that Includes our opinion. Reasonable assurance is a hh level of assurance. but 15 not a guarantee that an audit conducted in ac¢or¢Jance wlh ISAS IUKI wll alay$ ¢Jeteth a material misststemeni vthen rt exists. Mi$ststements can arise from fraud or 8rror and are consider8d mat8rial if, Individually tt In the aggregate, th8y could r8asonably b8 expecled lo infiuence the emnomic de(¥5ion5 01 u5er5 tsken Ihe ba515 of Ihese fivanci81518letnenl5. Iconlinued
LONDON SCHOOL OF ECONOMICS sTuDEPs. UNION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS. UNbJN FOR THE YEAR ENDED 31 JULY 2023 Icontinuedl Irr8guLgribes. induding fraud, ar8 InStS of nc¢02Mpliare %41th Lgws and regulats'cffjs. We design procedures In Iln& with our rsrK)nsibililiès, obUin8d ale. lo detect malerial misstatemenls in rèspect of irregularlti8S, including frauij. The extent lo whKh wr procedure5 are capable of detecting irreguL9ritie5. induding fraud 15 detailed bolow.. We obtsinod an undorstsndino of Iho legal and rwaLlal(xy tramoworks Ihat are applicable lo tho ¢harilabl8 company and determined that the most &gnificant a the Statement of Recommended PraCte Accounting and Repmng by Chariiie$' ISORP 20191. in )rae %lh the Flnan¢ial Rerx)rUng Standard apFlicabl8 in the UK IFRS 1021 applicable to smaller entities and Ihe Companies Act 2006. We undersl(K how Ihe chantsble ¢(mpany is ¢7ng wth frameworks vla ¢ommuni¢ation th those charged wth govemance. togelherwith the review of the ch3rity'5 docurnenled policie5 and prdres. The ¢harilabb company 1$ required io ¢omplyTrMlh both Company law and charity law and, based on our knowledge of its aelivitws. we erstif that the al requirern8nl to 8ecur8tely account for restricted fund5 was ol key signifKance. Tho auditloam, which 1$ xpoiienced in thts audilof charitso$. c(MwJor&J Ihe chariws 8u8¢eptibillty to material rriisslalemenl and how fraud may occur. cderatIOnS included the risk of management ovgrn4e an¢ alloc8lK)n of ¢o$l$ 10 charitable acti¥itie$ and resth¢ted fvnd$. Our approath was to check thai thts income fr(Kn grants and donatn$ were property K1enlified and accurately disdosed. Ihal exndItre complied wlh Ihe conlrol procedure5 and w85 appropri8tely ¢harged. We also reVwed Ihe transa¢iions Ihe sub$it1iary company. maiorioumal adiustrnents along with unusual IransaclKJns and o)nthered the idenbficabon 8nd disdosur8 of related party trans8ction$. A further descrtpllon of our $ps4bI1lIes for the 8yrt of Ihe finawal $18tements 1$ located on the Fln8nclel Reporbng Couneil's w•bsrt al.. This descripts'on foms part of our oudltorfs pOrt. Ui• of r•port This report is made SOlY lo the charilae comparys Mem$. a8 a bcJy, in accordance wllh Chapter 3 of Part 16 of Ihe Companies Aci 20. Our audrf has been undertaken, $0 that we might stale lo the charitsble companys members those matters w8 are required to stale lo them In an auditor's report and for no olher purpose. To the fullest extent pennitted by law. do nol acLEpI L¥ as5uffle resw)nsibility to ane other Ih8n Ihe charfIse company 8nd the eharrtaNe o)mpanls members Ss 8 body. for (Mjr audll work. for thls report or for the opinions we have I08d. Shoaib Arshad (Senior StstutoryAuditorl For and on behalf of.. Knox Cropper LLP Chartered Accountants & StalutoryAuditors 65 Leadenhall Stieel London EC3A 2AD 2023 Kmx Cropper LLP Charterted knnIan18 is dig*4e io act as 8n 8LMlitor in iernis of section 1212 of the COmpanS Att 2006
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION STATEMENT OF FINANCIAL ACTivmES Ilntorporatlng the Incomè and Expendlture Accounti For th8 y•8r 8nd8(131 July 2023 Unrestricted Funds 2023 R•8trictsd Funds 2023 Total Fund5 2023 Tot81 Fund5 2022 INCOME AND ENOO7IIMENTS FROM: DonaiK)ns and legaciés Charitable aGlivibes Other trading act1vrtS Inveslmon Other TOTAL 3.520.785 150,000 1.252.882 3.670,785 1252.082 648,642 17.177 18,458 5.607,944 3,401,383 1,153,208 537,332 734 2.176 5,094,833 17.1T7 18.458 4.205.1)62 IA02,882 EXPENDITURE ON: Charitable aclivitses Other costs Pension costs- Past Swvic¢ D9fidt 3,952.539 1,538,609 5,491.148 4.985.328 169.40S 7 4.121,944 189.405 S.660,553 77,033 4,908,295 TOTAL EXPENDITURE 1,S38,609 Nel Income 83.118 1135.7271 152.8091 186,538 Transfer beNv8en lunds 17 NET MOVEMENT IN FUNDS 83.118 1135,7271 152.6091 186,538 RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 AUGUST 2022 (971,679) 900,353 (71,326) (257,864} TOTAL FUNOS AT 31 JULY 2023 888.561 £ 764,626 E 123.935 71.326
06/03/2024
James Relf, LSESU General Secretary and Chair of LSE Students’ Union Trustee Board
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION CASH FLOW STATEMENT For thé year ènded 31 July 2023 2023 2022 Cash Ilows from operatlng actlvlll 152.6091 186.538 Adjustments for.. Depr&cialion Increase in stocks Increase in debtus 25,522 13.2421 118,8661 125,367 17.177 58.995 35.066 91 188.0461 1180.4301 734 127.5151 Investment incorne Cash flows from investing activltl8s Pur¢hase of tangible fixed asse R8lurn cfi inveslm8nt- iThter8St receivable 110.7671 17.177 6,410 144.4411 734 143.7071 N•t IdKr••••)Iln¢t•••• In ¢••h •nd ¢••h •qulval•nts 65.405 171.2221 CBsh and cash 8qu1¥anl5 al 1 Augusl 2022 1,474,665 1,545.887 Caih and cash •qulvahnt¥ at 31 Juty 2023 1.MO.07 Components ol cash and cash equlvalonts At1 August 2022 At 31 July 2023 ¢••hfiow• Cash at bank and in hand £ 1.474,665 65,404 £ 1,540,069
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 1. ACCOLINTING POLICIES Basis of preparation of financlalstatem8nts The finanaal stal8m8nls of th8 chanty. which is a putrAic berit entity under FRS102, have been pr8par8d under thè historical eosi (x)nvention. They havè lJ8Èn pr•par&d in accordant8 1h applitabl United Kingdom accounting slandards. the requirernents of the Statement of Recomm8nded Pr8ctice 'Accounbng and Reporting by Charibes, ISORP 20191. in cordance wth the Financial Reporti Stsndard spab In the UK IFRS 1021 appli¢atAe to smallor enbties lundor $e¢tion1al and the CcKnpanies Act 20C6. The pre5entatwal oJrrency of the finwcial stalernen15 is Pound Sterling (£1. Golng Concorn After making enquir8, Ihg tru$tee8 h8ve 8 reasonable eyctation Ih81 the chaw h88 ad8quale resour¢es to ¢tinue IIS &livibes lor the foreseeai4e future. Actordingly. they contsnue to adopt going conc6m basis In preparing tha financial statements as ouuined In the Statement of Trustees, R8spcnsibiliti8s in the Annual R8POrt. ¢ompny $t8¢u$ The London Scho¢1 ol E¢McffjKs Siud•n¢s' an in¢orporatod eharity.. a priva lirni1Od eompany lirniled by guarantee and tharrty r8gislered in UK (Charity number l 143103. Company Numb8r'. 077108691. lis regisiered office is ai LSE SILthIts' Union. Saw Swee Hoc SIL¥Jenl Cgntre. 1 Sheffle Str901. London. W¢2A 2AP. The pnncipal athv11188 ar8 Campania. representatth, proV10n of 80cial activrties and th8 organi5alion ol sporting and reaOnal aeljwtss and cyputuniti89. The Ch8dty m88t$ the definifjon of a public benefii oniily. Fundaccountlng LonL*)n Schod of Economi stIts, •Jmini$tgr$ 8nd accounts for a number of ¢h8rilab lunds. a5 follows.- Unr8slricted FuThYs represenng unsp8nl irKoTh whKh may b8 used for any activitylpurFQ58 at the TNstees' own dlscretK)n', Reslricted fund5 raised aTrJ adminislered by Ihe Union 5fiC POSeS a5 det8min8d by students, such as Club and knielies Acujunts, as well as revenue recaved for purposes sp8cified by the donor and a150 lif not rnaterial enough to require a separate cdumn in the SOFA) any small capital grants received from Ihe School. Designaled fund5 comprise uTrre5trKI funds Ihal have been set aside by Ihe Twslees lor parbcular purp)5es. The aim and u8e of each desynated fuThJ 15 SeLJt in th8 rnt88 10 financial ststernents.
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2023 Incornlng resources JI Income 8nd tapi1 reswrces are r8cogni8ed lh& acLcAJnts %then Ih8 8nbU8mont to lh8 income or endowment arise5. IheTe i5 probalAe go)r¥yrK k) Ihg Union and the afflt be rdiably quantifi8d. Grants wcelved am credrted to 0)ma acc(ding to period to thi¢h they relate and tr8at8d as unreslricled unless restricb'on5 ar8 5P8of1811 by the prowder relating to 5P8nding of that incorne. in which ¢as8 they ar& ireat8d as r&striCi8d. InGome from Gommercial aclivrtlos indudes amounts received in exchange for supplying good5 and Services through the UTh5 bar. catemg. gym and retail oulkts, with amounts renised based on the dale of SO. Media sale incorne IludeS spon50r5hip rdating lo Wdcome Fair 5ts1s, fiich 15 accounted for when the conlraciLJ81 enliNem8nl to th8 income arw. an¢J NUS Extra card Inttim8 whith Is acC)nt8 for ba$8d on Sales arfslng in the Period. Club and S1¢tio$. In mgmb¢r'p. swnsorship and grant incomo whith 1$ treated 8$ re$lr¢leil. Resources Exponded Expenditure Is accrue¢ as soon as a liablity is probatle, dIvunted to present value for longer lerrn Iiabililie5. Expendilure indudes irrecover8t4e VAT and cornprises Ihe direct and indirect costs ol ijelivering pubthc benefit. G0Vema costs are Ihose in¢Ur for compliance with con$tSlutional and statutw requirements. Sh 88 th8 annual autht. annual ectionS and training for sabb8tical oifiGer5. O¢h•r e•ntral Ovèrh• costs. as w•ll #8 g¢Mmane• CJ)Sts. ar• apporfion•d to eharitabl• and Othèr prI4ec¢8¢tiVe$ on a usage ba$is, pro rats lo the tot4 costs of each k¥oje¢t or 8¢ts"vity undortak8n. Tanglble IIx8d a55els anddepreclallon Flxed assets a 8t81ed 81 cost less accumulated depreclatson. Assets are not C8Prtalised bel(M £4,000 cost per itemlset. EquiK¥heni, fix$ and fiib'rws are indLxJed ai ¢OSl. Oepre¢iatK)n is provided at the rollowing annual rat8s in order to vnite Ihe cost of as88ts off ov8r lhr ests"maled usaful Iives.'- Fixture$ and Filbws Computer and Offre Equipment Gym equipmenl Improvemenls trj 8uikllngs 25% peronnum on cost 25% perannum Cost perannum ¢ost 1¢H4 perannum cost To11110 benofils Termination benefits are accounted 101kn9 a CMitrrt by legi5181ion, by contractual or olher agreements with ernployees lo make payn*nts lor provide Olher beneftsl to empk)yees when the Union lerminate5 their emptynetbL Leased¥ssèts Rentals payable under Operatir leases a Charged as expenditure on a straight line basis over Ihe perd of the lease.
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 Stock Is valued at the k)wer of ts Cost re*isatAe vaue. Trade and other debtors are recognis8d at the s8tl8ment amount due after any tr&le discount off8red. Propaymen15 are valued al the arnount prepaid nel of any Irade discounts due. Cash atbank andin hand Cash al b8nk and cash In hènd incJLth8 &gsh and short lenn highly liqukl investm8nt8 With a short maturity of three monthsor less Irom the date of acwi5ition or onIng of the deposit or sbrnilar sccounl. Cr8dltors &ndprnvtslgnS Creditors and provlsKJn$ are rerngntsed where lh& charity ha$ a pre$8nl obligallon re$ulbn9 from a past evenl that will probabty resum in the Iran51er of fund5 ¢0 a Ihird p3ty and the amount due lo setue the obligation ¢an bo Measu or oslimaled lIatr. C(th1itrYS and proviw8 ar¥ normally reco9nlsed at their 5etUernenl amunl afler allcthing fcrf any trade discounts due. Flnancl81 Inslrnments The ¢harily hJd$ only financial aseets and finan liabil8 of a kind that qualify as basi¢ linan¢ial in51rumgnls. Ba51c lindnal instrumgnts includ8 ¢a5h d8b¢or5 and crgdilor5. Deblors and creditors are initially recognlsed at tr8nsactlc value and subsequenly measured 81 fair valu8. CBsh 18 eA8h al bank and in hand. Penslons Retirement benefits ¢0 empbyees of Ihe Union we prorfded Ihrou9h penslon schemes, one defined b8n8fil ISUSSI, th8 other defined Ccffl1uIlOn Iscoltsh wwj01. In relab'on to the multiryemF4oyer defined befil scheme ¥¥hich is cknsed to future accrual, as sel out In noitr 15, full provision is made for the lo1 agraed ¢wtyibubon$ payab meet tho funé deficit. The provision 18 based on Ihe lotal conlributs.ons paya8 ai the year and, discounted lo n81 present value. In relalK)n 10 Ihe defineil u)ntributN)n Sckne. as set out in note 16. o)nthbub'on are accounted for 8$ they fall due. Judgements andk•y sources of •sllm8llon unc•rt8lnty Judgements and key sources of estimatTr uncertainly are detaId kn Ihe above accounting polld&s, where apr4icable. The key swrces of esbm8bon uncenainty that have 8 significant effect on the amounts recognised in the financAal statements ar8 that of the SUSS pension scheme d8ficit 88 disck)s&l in nots 15.
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 2. DONATIONS AND LEGACIES Unre5trlcted Funds Restricted Funds Total Funds Tolal Funds 2023 2023 2023 2022 Universty 8loGk Grant Universty olh8r grants Government Grants Space Grant Capital Grant 1.140,289 726.144 1.140.289 876,144 1.7 12.477 789,694 3.095 1.496,117 150.000 1.fj54.352 1.654,352 £ 3,520,785 £ 150.1100 £ 3.670,785 £ 3,401,383 Comp•r•tfvo don•tlons •ttd loycks Unreslncl8d Funds 2022 Resli7ct6d Funds 2022 To181 Funds 2022 Univer&ty Block Grent Univewty othergrnnis Government Grgrf8 Sp8c8 Gr8nt Grnnl 1.112,4TT 639.694 3.095 1,496, 117 1.172.477 789.694 3.095 1,496, 117 150.IX £ 3.257.363 £ 150.0 £ 3,401,383 3. INCOME FROM OTHER TRADING ACTMnES Unr••twlcted Funds 2023 R08trlcted Fund8 2023 Total Fund8 2023 Tolal Furtds 2022 Trading incom8 Other generated inc(Kne 598,102 598,102 570.059 50,540 27.273 Nll £ 648,642 £ 537,332 £ 648.642 £ Compw•tfve Income from olh8r Ir•dlftg •ctlvhles Unrestrrcto(1 Funds Reslrrcted Funds Tol81 Ftsnés 2022 2022 2022 510.059 2T.2T3 510.059 27.2T3 Evenl income £ 537.332 £ 537,332
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 4. INVESTMENT INCOME Unr•8trlctsd Fund5 2023 Rastrlctsd Funds 2023 Total Funds 2023 To18 Funds 2022 Interest receivab fr£¥n". Bank interest 17.177 17,177 £ 17,177 17,177 734 Nll £ 734 Comp•r•tlvg Investmenl Inconp¥ Unreslrtlgd Funds 2022 Re$lncted Funds 2022 To181 Funds 2022 Interesl r8ceN8ble Irom.. 88nk intsrnst 734 734 734 £ Nil 734 S. INCOME FROM CHARITABLE ACTNMES Unr•8trlctsd Fund¥ 2023 R¢strlcted Funds 2023 Total Funds 2023 To181 Funds 2022 Clubs and socie89 1,252,882 1,252,882 Nll £ 1252,882 £ 1252,882 £ 1,153.208 1.153.208 6. OTHeR INCOME Unr*$tvl¢t•d Funds R•$lrl¢t•d Funds 2023 Ttrtsl Funds 2023 To181 Funds 2022 2023 other InMe 18,458 18.458 18,458 18,458 2.176 2, 176 Nll £ Compw8tlve otherlncome Tor41 Funds Funds 2022 2022 2022 Olhermjcome 2.IT6 2. 176 2.176 2, 176
LONDON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 Juty 2023 7. RESOURCES EXPENDED Cost of salo5 Staff Costs Other dlrect costs Central costs Totsl 2023 Cost of charitae a¢tivil$ Trading acb'vilies Sludeni Cornrnunibes Sludenl Represenlai Support and advic8 Marketing and Communications Clubs and socieites Total charitat48 exp8ndilur8 153.381 423,301 469,489 469,051 92.194 112,094 227,TT8 40.401 98,881 574,984 591,477 591,477 1,263,760 1,288,744 1,100,929 302,213 117,895 37,673 15S,568 1,379,934 1,379,934 153,381 £ 1.571,93Q £ 1,859.008 £ 1.906,749 £ 5,491,148 C•nlral Included In the r•sourc•s expendod Support ¢osts Stff Cmts R•nt Totil Cgst of ch8ritsNe 8thvttk$ Trading actvilies Sludenl Cornrnuniti8S Student Rep$¢ni81?n Support and advi¢e Marketing and CcfflmunKabons Total chèritatle eXpelitre TT.161 82,691 82,691 15,537 5.267 417.881 447,832 447,832 84.147 28.$24 157,103 143,645 143,645 26,991 9,149 652,145 674,168 674,168 128,675 42,940 £ 263,347 £ 1.426.216 £ 480,533 £ 2.170,096
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 7. RESOURCES EXPENDED Icontlnuedl ¢omp•r0tlv¢ rn$our¢•$ 0%nI1¢d Cosl or sales Slaff Costs ou18rdict C8nfr81 costs Tot81 2022 Costolch8ri18bl8 aclivitips Trading aclivibes Stijdent CommuniÈi8S Sludent Representati¢)n Support 8nd&dvice Martefing artd Commuf)i¢81ions Clubs and soGieile$ Tot&iCh&tOb1* expenditure 153.852 4T1,738 395.535 390, 195 69.961 123,239 216.595 28,458 87,462 605.007 483.6T3 467,221 80.613 1.353.836 1.095.803 885,874 238.036 139.840 32.903 172.743 1.239.036 1.239.036 153.852 £ 1.467.269 £ 1.694.790 £ 1.669,417 £ 4,985,328 C•nlral costs IndudoLYln the resourc•8 oxp8ntsd Supoort costs &aff Costs Tot81 Cg8ldch8rll8blg activities Trading aclivffjes Studeni Comm(Jniti¢8 Stijdent Repxesentation Support 8nd8dwce Atsrkelirtg 8nd Gommunica$ Tot81 cnanto)16 expendiÈure 81,391 67, 787 65.481 11.298 4,611 461.44T 384.321 371,249 64.054 26. 144 143,560 99.352 95.973 16.559 6.759 686,398 551.460 532,702 91.971 37.514 £ 230.568 £ 1307,275 £ 362,202 £ 1,899,985 Re$wrces eynded indud6'. 2023 2022 Auditors. rernuneralh?n= Audit fee Other serwic88 Depreryab. 6.525 1,260 43,310 9,770 1.230 35,066 Detsil$ ofstaff ¢o$ts a gwen in Note 9. Dèlails of Support o)sls is gw) in Note 8.
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS Forthe year ended 31 Juty 2023 SUPPORT COSTS Tr>tal 2023 Tot81 2022 Irrgcovorabb VAT Bank Ch8ry8S Insurance Consuhancy and ProfeSsal Fees Affilialk)ns and subsuiptK)ns Audilors. rernun8raln Tralning and Developmenl TePhce 08preciation Inon-comm8rcial as58t51 offi St8llonery and Minor Equipment Reciuilrnent EY4en8e5 Website cos15 Card Processing Fees Licenses Ball Debt Wrbltr OM Sundry Costs 146.139 2,980 26,856 59.794 32,953 7,785 19,108 9,580 14,312 50,251 22,674 16,115 23,067 174.347 5,638 28.054 37.362 28,853 17.000 17.276 8,300 6.326 ,062 17.806 16.970 24,072 14,775 ij 3,978 7.436 26,830 9.965 £ 480,533 £ 362,202
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 9. STAFF NUMBERS AND COSTS 2023 2022 Wages and Salaries Social sacurily costs Pension c051s- Gurrent seN15 Lx)sts Other 8taff costs 1.424.972 112,499 32,563 1,896 1.571.930 1.467.269 169,405 77.033 £ 1,741,335 £ 1,390,237 1.335.907 106.385 24.97T Pension ¢osts- past $8rvic6s L1&fKil 2023 2022 The averag8 klY number of ernOYeeS, h8adwJnl, drir the portc was, Number Number Pem)anenl slafl Student and casual stsff 37 7S 112 37 117 2023 2022 The co$1 ol key monagement W86 as f(Alokn3'. Sabbatical OffKers Senlor management 132,053 305,635 145,629 235,323 £ 437,688 £ 380,952 Nurnberof Sabbatical Offic818 One12022- e) empkjyee received remurwalh>) ofmwe Ihan £60,CK¥) The accoun15 indude 18rminalion PanIS totslling £nil12022- £nill. The key managgm•nl personnel of the Charity are Lhose p8r50ns having aulhority and responsibility for anning, directing and controlling lh8 acbYeS of the Charity. directty or Indirectty. including any Trustee ol the Charily. In addition lo the Twu51ees. key managernenl personnel indudes the S3bbatical Officers an(J $enior man8gemenl. 10. TRUSTEES REMUNERATION AJ4D BENEFITS Sabbalical officers are paid a5 aulh0ri5ed in the Uni£'S goveming document. for the repre5enl8tion. campaignlng and support work they undertake as dL8bnct from thelr trustee responslbilllles. Thls work induded voiong student okNnion the Universty and Iixal communty. defending and extending the rhL8 of students Ihrough petitions etc. and also Orgalng and suppth.ng student volunteers and Service prowsion lor them. tletats are indud8d in no18 9. FNe member5 of the Boaril of Tru51ees received reimbursernent of Iravd and e¥penses amounting to £S0712022. É1241.
LONOON SCHOOL OF ECONOMICS STUDENTS, VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 Juty 2023 11. TANGIBLE FIXED ASSETS Flxture and flttlngs Othar fixed a••ets Totsl At 1 August 20Y2 Addibons Disposals At 31 Juty 2023 153.617 28.555 17.788 164,384 134,381 287,998 28,555 17,788 298,765 134,381 D•preciation At 1 Aug¢Jsi 2022 Char9e for the ye On disposa At 31 July 2023 120.70Q 16,433 17,788 119.345 27,928 26.877 148,628 43,310 17,788 174,150 54,805 Net book value At 31 Juty 2023 At 31 July 2022 45039 £ 79576 É 124615 12. OEBTORS 2023 2022 Oue wlthln ono year Trad? deblor8 Propaymenls VAT rep8ymenl due Other debtors 88,907 240,844 36.701 2.424 £ 368.876 44,700 230.207 74,309 794 £ 350,Oto
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 13. CREOtTORS.. AMOUNTS FLING DUE WIThIN ONE YEAR 2023 2022 Trade c11( 08ferr8d incorne Sooal 5eGurily arvj other laxe$ Other crèditors Pension c051s- Past Service Dekil A¢uuaLs 95.365 272.179 26,658 80.247 117.182 100.118 £ 691.749 66.468 213.244 25.220 69,332 177.602 61.936 £ 607,802 8alance at 1 August 2022 Amount rel8ased lo incoming r880ur Amount deferred in the year 8alanc8 at 31 Juty 2023 273,244 1273.2441 272.179 £ 272.179 269,568 1269,5681 273.244 E 273,244 Delett In¢ome indudes a prOportn of $pace grant fdabfg ¢0 lU¢U perfod of £249,054 12022 - £249.1941 and olhar items lotalling £23.12512022- £24,050). 14. CREDITORS.. AMOUNTS PLING DUE AFTER ONE YEAR 2023 2022 Pension c051s. Past ServK8 1489,129 £ 1489129 7.447,709 £ 1,447, 709 15. OEFINED BENEF PENSION SCHEME-SUSS 2023 2022 Pen8lon co8t8- Past SeThl¢e Deflctt Brought lor*Ydrd Payments made Unwinding of interest lor Ihe r Adjustment lo provisions 1,559,311 1111.6021 51.925 106,677 £ 1.606.311 1.750.605 1114.2611 58,295 735.328 £ 1.559,31 i Anaty515'. Due wilhin one par Falling éue aftèr rnoro than year 117.182 1.489,129 £ 1.606.311 177,602 1.447.709 £ 7,559,311
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 15. DEFINED 8ENEFIT PENSION SCHEME-SUSS Icontlnuedl Loncknn of Economie£ Sludenls. UThK)n partiupales In the Students. UnK)Th Superannuation S¢hÉmÉ, whh Is a d8fin8d b8n8fit sch8m8 whose membèrship consists of èmploye8s of stud8nts' union5 and rdated iK)dies throUght Ihe country. Benefits in respect of seryKe up to 30 Seplernber 2003 are a¢¢rued on a -final basis, ith benefits in wspe¢l of service from 1 October 2003 accruing on a Career Average R8valued Earnings ICAREI basis. Wilh effeci from 30 Sepl8mber 2011 the Schelne dosed to fulure accrual. The most recent vuatiOn of the Scherne wa5 carried out as at 30 Jun8 2022 and showed thai the rna81 value of th8 Scheme's assets was £106.7m Wlih Ih8se assets representi 44% of th8 valu8 of b8neffts that had accru8d to m8rnb8rs after allowing for eXted lulure increases in eamings. Tr deficit on an gOIng futbding basis arnounled to £136.6m. The 2022 Valuaiion roCcffjmortd a rnonihly conknbubon wuiremant by exh Participating Employor 8xpress8d in monetary tern intended to d88r the owoirJ funding deficit oY8r è peric4 of 14 years. increasing by 5% eh year. These conin1On$ also indu(IE w allOan for the Gosl ol the ongoi odmini8tr81ive 8nd opgrotional oxpans9$ of wr4ng tha Stheme. Full provision 18 mad& in Ihe COun18 lor the ¢oial amount of CMtritstlQn$ payable lo meei the funding deficit. The prow8ion is based on ihe di8counled value ol future conlribulions. The contribulion8 p8yabl8 11 be lom)ally revieweé following compell( of the ne ValUan due %*ilh an effective date of 3D June 2025. In addibon lo th6 above conlnbjbons. London Schoc4 of EOMS Sludgnts. Union also pays its share ol the Scheme's levy io Ihe Pension Protectn Fund. In calcutsting this ntl wosani valuo annual In¢raas•s of 5% bè•n m#d• and a diseouni rato of 5.4Q/o12022.' 3.33%1 preSents"n9 the lypical y1 of high quality oirrx)rate bond$ has th8n b88n applied. This discount ra18 is sigThilicanty higher than in the prevK)U5 y8ar and results In 8 lower liabilily than compartrd wlh tho year. Tho ne full Valuabon ol Ihe Scheme may resull in an Increase to the 16. OEF14ED CONTR18UTION PENSION SCHEME Since 1 October 2011, al psrtiryats.ng empws have b88n in 8 new defined contribution p8n81on scheme wrth Scollish Widows. Coniribubons at 3% (increasing to 4% from l August 20221 for the empkjyer and a coniribulion rate stsrtin9 at 4% for Ihe empkjyee. Contributions are accounted for a$ part of Ihe Union'5 unre51ncted lund5. 'Pension eosts - ¢urrent services ¢o$ts' in note 9 late to payments made to a defined ¢DntrlbutlDn pension scherne. The charitable Wmpar5 liaL¥'lty is limiled lo rnaking Ihe payTnents due to the scheme on a tmety ba$i$. The hability at the 31 Juty 2023 1$ E5.32412022.. E4,9141.
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 17. STATEMENT OF FUNDS Transfer5 and R•80urces Inv•8tmant Expended gainslllossesl Brought klcomlng Forward Re50urce5 CarrI6d Forward DESIGNATED FUNDS Pansion Fund DefKrt FrA£d Assets and Premises Fund Refurbishment fund (Gym. Marshall, Denning, EPOSI 11,559.3111 147,0001 11,608,311) 139.370 114,7551 124,615 131,385 1.288.550 43,782 105,537 87.603 1.394,093 Nll £ Nll £ RESTRICTED FUNDS Clubs and Societses Other University grants 774.982 1.252.882 125.371 150.000 £ 900.353 £ 1402.882 11,379.0341 158.675 1538 609 647,930 116,696 SUMMARYOF FUNDS Oesignated Funds Gener81 Fun46 11,288,SSI 316.877 1971,6791 900.353 71.326 1105,5371 11,394,093) 105,537 $05,532 188B,5611 764,626 123.935 4,205,062 4.205,062 1,402.882 4,121,944 14,121,9441 1,538.609 5,660.553 Re$Mctsd Funds Nll £ Compw8tl¥8 81•18menl of lunds Transfvrs and 8mught Inconwng ResotffC88 inv8slm&nl Forward Resources Ewndad 9ains/(loss&$l C8 Fonvard DESIGNA TED FUNDS P8nsion Fliné Deficrt FixedAssetS 8nd mise$ Fund FixedAssets and emis&$ Fund (1.750.605) 191.294 (1.559.371) 129.995 9.3T5 739.370 131,385 Nil £ 332,054 131,385 1,288,556 £ 1.620,610 RESTRICTED FUNDS Clubs 8nd So¢es Clubs So¢e&es." Annu81Fund Olher UrJi¥erstygr8rf8 860,810 1.153.200 (1,239.0361 774,982 53.261 (52.3T81 6T.592 150,000 92.221 £ 981.663 £ 1.303.208 £ 1.383,535 (9831 725.3T7 £ 900,353 983 SUAIMARY OFFUNDS DesignttttrdFund$ G8n8r81 FUJ (1.620.610) 381.083 (1.239.527) 981.663 257.664 332.054 331,OTI 983 983 (7.288.556) 316,87T (977.6791 900.353 71,326 3,791.625 3.791.625 1.303.208 £ 5,094.833 3,524 760 (3.524. 7601 1.383 535 4.908.295 ReslrKledFunds
LONDON SCHOOL OF ECONOMICS STUDENTS. uNN NOTES TO THE FINANCiAL STATEMENTS For the year ended 31 July 2023 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds O•$lgna¢ed General Funds Funds Re$irl¢ted Fund8 Tot•1 Fund8 Tangib fixed a5se15 Net current assets Creditors due in more kn one year 124,616 593.134 124,616 1,240,578 11,489,129) 123.935 1117,1821 11,489,129) 1.394,093 764,626 £ 505,532 £ 764 626 £ Compwatlvg •n•tys15 of netassets beiween lunds Unr•stYlctodFunds Designated Genwal Restrlctod Fund$ Funds Fund$ Total Funds T8npJble fixed 8ssels N8t current8ss&Is CrndlÈors In moro Ihan cvJ6 year 139.370 448.262 139,3TO 1,237,013 {1,447,709J (Ill.2) (1,44T,T09J 900,3S3 £ 316 87T £ 900 353 £ 19. OTHER FINANCIAL COMMITMENTS At 31 March 2023 Ihe Company had commitments under non-cancelatle wratiw lease5 (all for land and buiklingsl as Set out Wow". 2023 2022 Operating leases which eypn.. wrthin tsvo 10 five years 549.030 £ 549,030 2.117.686 £ 2.117.688 20. RELATED PARTIES There a no related partyirnnwDons Olherthon Ihose disclosed in notes 9 and 10.
LONOON SCHOOL OF ECONOMICS STUDENTS, VNh)N NOTES TO THE FINANCIAL STATEMENTS For the yoar ended 31 Juty 2023 21. RELATIONSHIP WITH LONDON SCHOOL OF ECONOMICS The London School of EGonomics provides Ihe Unn %Mth an annual grant as shown in Ihe Stsietnent of Flnancial Actiwtes inclIVj a Spac6 Grant ¢buteS to th8 eosls %thich the Union incurs In occupying Spaces owned by The London Schcol of Economics. The Union pay5 market rale charyes to Thè London School of Etonomits lor this atcommodakn( and assouaièd support sÈrvitÈs. 22. CONTROLUNG PARTY Ults'rnate ol the Unicffj rests with 115 membership. re5pre5ented by the Board ol Tru5tee5.