## **22**
**LSESU ANNUAL REPORT 2022/23 23**
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## **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**
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## **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.
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**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
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## **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:**
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**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.
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## **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.
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**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.
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## **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.
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## **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,
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# **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.
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## **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.
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## **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**
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## **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.
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## **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.
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# **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**
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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 8ccc*dance 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 siaien*nls and for being sabsfied Ihai Ihey give a true and fair view. and for such
Intemal conlrc4 as the trustees delemine is n8c8S5ary io en*e 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 aNorn*ivts 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$ststements can arise
from fraud or 8rror and are consider8d mat8rial if, Individually tt In the aggregate, th8y could r8asonably b8
expecled lo infiuence the emnomic de(¥5ion5 01 u5er5 tsken Ihe ba515 of Ihese fivanci81518letnenl5.
Iconlinued
LONDON SCHOOL OF ECONOMICS sTuDEPs. UNION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
LONDON SCHOOL OF ECONOMICS STUDENTS. UNbJN FOR THE YEAR ENDED 31 JULY 2023
Icontinuedl
Irr8guLgribes. induding fraud, ar8 InStS of nc¢02Mpliare %41th Lgws and regulats'cffjs. We design procedures
In Iln& with our r*srK)nsibililiès, obUin8d ale. lo detect malerial misstatemenls in rèspect of irregularlti8S,
including frauij. The extent lo whKh wr procedure5 are capable of detecting irreguL9ritie5. induding fraud 15
detailed bolow..
We obtsinod an undorstsndino of Iho legal and rwaLlal(xy tramoworks Ihat are applicable lo tho ¢harilabl8
company and determined that the most &gnificant a the Statement of Recommended PraCte
Accounting and Repmng by Chariiie$' 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 bc*Jy, 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
St*ff 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 $pace grant fdabfg ¢0 lU¢U perfod of £249,054 12022 -
£249.1941 and olhar items lotalling £23.12512022- £24,050).
14. CREDITORS.. AMOUNTS PLING DUE AFTER ONE YEAR
2023
2022
Pension c051s. Past ServK8
1489,129
£ 1489129
7.447,709
£ 1,447, 709
15. OEFINED BENEF PENSION SCHEME-SUSS
2023
2022
Pen8lon co8t8- Past SeThl¢e Deflctt
Brought lor*Ydrd
Payments made
Unwinding of interest lor Ihe r
Adjustment lo provisions
1,559,311
1111.6021
51.925
106,677
£ 1.606.311
1.750.605
1114.2611
58,295
735.328
£ 1.559,31 i
Anaty515'.
Due wilhin one par
Falling éue aftèr rnoro than year
117.182
1.489,129
£ 1.606.311
177,602
1.447.709
£ 7,559,311
LONOON SCHOOL OF ECONOMICS STUDENTS. VNK)N
NOTES TO THE FINANCiAL STATEMENTS
For the year ended 31 July 2023
15. DEFINED 8ENEFIT PENSION SCHEME-SUSS Icontlnuedl
Loncknn of Economie£ Sludenls. UThK)n partiupales In the Students. UnK)Th Superannuation
S¢hÉmÉ, whh Is a d8fin8d b8n8fit sch8m8 whose membèrship consists of èmploye8s of stud8nts'
union5 and rdated iK)dies throUght Ihe country. Benefits in respect of seryKe up to 30 Seplernber
2003 are a¢¢rued on a -final basis, *ith benefits in wspe¢l of service from 1 October 2003
accruing on a Career Average R8valued Earnings ICAREI basis. Wilh effeci from 30 Sepl8mber 2011
the Schelne dosed to fulure accrual. The most recent vuatiOn of the Scherne wa5 carried out as at 30
Jun8 2022 and showed thai the rna81 value of th8 Scheme's assets was £106.7m Wlih Ih8se assets
representi 44% of th8 valu8 of b8neffts that had accru8d to m8rnb8rs after allowing for eXted
lulure increases in eamings. Tr deficit on an gOIng futbding basis arnounled to £136.6m.
The 2022 Valuaiion roCcffjmortd a rnonihly conknbubon wuiremant by exh Participating Employor
8xpress8d in monetary tern intended to d88r the owoir*J funding deficit oY8r è peric4 of 14 years.
increasing by 5% e*h year. These conin1On$ 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.