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LONDON SCHOOL OF ECONMICS STUDENTS’ UNION TRADING AS LSE STUDENTS’ UNION ANNUAL REPORT 2023/24 24
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CONTENTS
1. CONTENTS 02
2. INTRODUCTION by Tito Molokwu 04 General Secretary and Chair of the Trustee Board
3. INTRODUCTION by Grace Brockhus 06 Acting Chief Executive
4. THE UNION AND ITS TRUSTEES 0808
4. THE UNION AND ITS TRUSTEES 0808 6. OUR IMPACT 14 Statement of Trustee’s At a glance 16 Responsibilities 10 Student Voice 17 Communities 18 5. OUR GOVERNANCE 20 AND OPERATIONS 12 Sabbatical Officer Projects Employees 13 7. LOOKING AHEAD 22 Senior Leaders Salaries 13 (Key Management Personnel) 8. FINANCE SUMMARY 24 Income 24 Costs 24 Outcomes 25 Restricted Funds 25 Future Funding 26 Fixed Assets 26 Reserves 27 Reserves Policy 27 Risk Management 28 Relationship with the London School of Economics and Political Science (LSE) 29
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INTRODUCTION
BY TITO MOLOKWU,
General Secretary & Chair of the Trustee Board
LSE Students’ Union (LSESU) is
ensure every student can access the resources, opportunities, and experiences they need to succeed and thrive.
the heart of student life at LSE. Together, we empower and engage students throughout their university journey, working to advance their education and shape tomorrow. As LSE celebrates 130 years of history in 2025, LSESU is proud to be a key part of this legacy, contributing to the institution’s mission to inspire and support the leaders of the future . LSESU continues to grow as a hub of opportunity and innovation, overseeing all sports clubs, societies, and democratic functions at LSE. Our strong partnerships with LSE and increased collaborations with academic departments ensure students have more opportunities than ever to explore their passions and develop their skills. Participation in democratic processes continues to flourish, in our 2024 Winter Term Elections we had a 24% voter turn out. LSESU continues to empower students to shape the future of their community and Union. In response to current challenges such as the Cost of Living Crisis, LSESU remains committed to supporting students. From our Clubs and Societies team to all our departments—Events, Advice, and more—we work collaboratively to
This year, LSESU is embarking on an exciting new chapter under our Strategy, Shaping Tomorrow. We are focusing on strengthening our partnerships with the school and expanding collaboration across departments to deliver a more cohesive and impactful student experience. Together, our LSESU team is dedicated to realising our vision for a Union that empowers every student to thrive academically, socially, and personally.
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 tomorrow. The Sabbatical Officers and I are excited to be leading the LSE SU in advancing the education, experience of all students and championing their voices.
Tito Molokwu
LSESU General Secretary 2024/25. Chair of the Board of Trustees 2024/25.
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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 GRACE BROCKHUS, Acting Chief Executive Officer
As we close this chapter, LSESU’s achievements reflect not just organisational success, but the collective strength of our student community. The launch of new partnerships through the London Students’ Assembly and SciencePo’s Entente Cordiale project positions us strongly for future growth and collaboration. These initiatives, combined with our reformed democratic procedures and executive policy frameworks, lay a solid foundation for LSESU’s continued evolution as a leading student representative body.
The 2023/24 academic year presented LSESU with both unique challenges and remarkable opportunities for growth. Against a backdrop of significant institutional change at LSE, including three different Presidents and Vice-Chancellors, our organisation demonstrated exceptional adaptability and commitment to student support.
The year was marked by complex challenges: from navigating the impacts of the Marking and Assessment Boycott to responding to critical campus discussions around sexual misconduct, and supporting our diverse community through international conflicts that deeply affected many of our students. Throughout these challenges, LSESU remained steadfast in its commitment to representing student interests whilst fostering an environment of constructive dialogue and support.
Grace Brockhus
LSESU Acting Chief Executive
Despite the resignation of our Education Officer in the Autumn Term, our Executive Officer team delivered substantial improvements across key strategic areas. We successfully launched LSE’s new Access and Participation Plan, enhanced mental health provisions with department-specific advisers, and modernised critical systems including the new LSE for You platform. The introduction of our ‘Report + Support’ platform marked a significant step forward in our commitment to student safety and wellbeing.
Infrastructure developments, including the confirmed redevelopment of Bankside House and the reopening of the Denning Café with subsidised meal options, demonstrated our practical commitment to improving student life. Meanwhile, our new 2024-2030 Strategy sets an ambitious course for deeper integration with LSE departments and enhanced student engagement.
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THE UNION AND ITS TRUSTEES
LSESU is a not-for-profit organisation run by and for London School of Economics and Political Science (LSE) students. Our aim is to help our members make the most of all the lifechanging experiences open to them during their studies at the university.
Founded in 1897, LSESU is a charity and a company, operating under the 1994 Education Act and registered with the Charity Commission.
All LSE students automatically become LSESU members when they enrol at LSE. By joining us, our members gain access to all of our groups – such as societies, athletics union clubs, and campaigns – and services – such as our gym and independent Advice Service.
Since we are a member-led organisation, any member can step up for election in a range of elected representation posts, ranging from volunteer trustees and part-time officers to full time paid sabbatical officers. Our members can also use their voice and vote in regular elections , Union General Meetings (UGM) , and Annual General Meetings (AGM).
Our Trustee Board has overall responsibility for the legal, strategic, and financial health of the Students' Union. This means that it is the ultimate decisionmaker and has collective responsibility for all activities at LSESU. The Trustee Board makes sure we're the best we can be today, while also thinking about how we can be better for the future. Trustees are guided by three main considerations:
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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
trustees and staff teams. Newly elected or appointed trustees are invited to attend one or more board meetings before taking up their positions.
The Trustee Board consists of up to 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.
services of the Union. The Students’ Union’s governing document is its Constitution All trustees undertake an induction (Memorandum and Articles of programme and are given briefings on Association) , supported by the the organisation’s operations and LSESU Byelaws . These set out in goals. The induction programme, detail the rules that we follow. A list delivered by the company secretary, of the current trustees are available covers the nature of the trustee role, at: www.lsesu.com/union/trustees/ provides an understanding of the legal responsibilities of being a After the student led democracy trustee, and provides an appreciation review in 2022, plans are in place to of LSESU’s vision, mission and values, radically change how LSE students as well as the relationship between can input into Union activity.
After the student led democracy review in 2022, 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.
In preparing these financial statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently.
Observe the methods and principles in the Charities Statement of Recommended Practice.
Make judgments and accounting estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements 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.
The Trustees confirm that they have referred to the Charity Commission general guidance on public benefit when reviewing the charity’s aims and objectives an in planning future activites.
On behalf of the Trustee Board
Tito Molokwu LSESU General Secretary 2024/25. Chair of the Board of Trustees 2024/25.
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05 EMPLOYEES In 2023/24, the Union employed an average of OUR GOVERNANCE 36 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. 154
Student representation is delegated to the General Secretary who, along with fellow student ofcers , focuses on policy, lobbying and advocacy in order to ensure that LSE’s students are heard in university fora. The Sabbatical Officer team is made up of four full time officers (Education Officer, Activities and Development Officer, Community and Welfare Officer, and the General Secretary).
The Union also employs a number of non-student core staff to provide continuity, consistency and knowledge in the management of its many activities. Day-to-day operational and staff management is delegated to the Chief Executive who is accountable to the Trustee Board for strategy implementation and operational performance.
Staff are employed to provide key services such as our Advice Service, support for student groups, academic representation, and our range of catering facilities. Staff are overseen by senior leaders.
The Trustee Board meets at least five times per year to receive reports from subcommittees, officers, staff, and the Chief Executive, to review the Union’s strategic and operational performance, and to review and agree organisational policies.
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
2023/24 LSESU underwent a strategic transformation under new CEO leadership, emphasising enhanced partnerships and stronger networks within LSE. A key focus on departmental engagement has yielded measurable results, with student satisfaction reflected in the National Student Survey (NSS) scores rising from 66% to 69% between 2023 and 2024. This positive trajectory demonstrates our strengthened ability to meet student needs through targeted, collaborative approaches.
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STUDENT VOICE
“I want to particularly highlight how helpful my experience was with the Advice Service when in a desperate state, needing to access the Hardship Fund. I was quickly supported and guided on email with my application, and most importantly, was shown empathy and compassion throughout the process. Thank you!” 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.
LSESU strengthened its student representation in 2023/24 through enhanced democratic engagement and support services. We expanded our Academic Representative program to 487 reps, an increase of 77 from the previous year, achieving 81% coverage across programs with 40% of reps completing training. For 2024/25, we’re implementing a new departmental autonomy approach to improve representation further.
Electoral participation showed significant growth, with Autumn Term elections achieving 9.7% turnout (2% increase from 2022) and Winter Term elections reaching 24% - double the sector average. Both elections saw increased participation from underrepresented groups, with notably high engagement from BME (61%) and international students (59%).
Democratic processes remained robust with three Town Halls and Student Panels each term. The Democracy Committee approved six policies, with five passed through Student Panels and one achieving 89% approval in
an all-student referendum with recordbreaking participation (2,584 votes).
Our BME Mentoring Scheme continued to thrive, matching 252 mentees with 117 mentors, achieving exceptional satisfaction rates (79% mentors, 97% mentees rating it . “excellent” or “good”)
Additionally, our Advice Service handled 663 cases and facilitated £94,266.80 in financial awards, maintaining an 84% recommendation rate . Looking ahead, we’ve prepared 201 sessions for our new Consent Ed Training initiative, with 47 student facilitators ready for the 2024/25 launch.
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COM MUN ITIES
The 2023/24 academic year marked significant engagement in LSESU’s student activities and sports programs. Our 2 60 registered societies attracted 5,882 student members, organizing approximately 2,000 events and 25 trips . Flagship events included the RAG Fashion Show, specialized conferences like the China Development Forum and Law Summit, and cultural productions from the Drama Society and African-Caribbean Society.
Student initiatives received substantial support through the Students’ Union Fund (SUF), with £159,522 awarded across 133 applications, facilitating events from annual balls to sporting competitions. Leadership development flourished as over 900 students assumed committee positions, participating in our enhanced Student Leaders Conference.
Sports participation reached new heights with over 2,500 students engaged across 45 clubs , including three newly established teams. Athletic achievements included 777 BUCS and LUSL matches, highlighted by the Table Tennis team’s Southern Premiership victory and subsequent European Games qualification in Hungary. Performance clubs excelled, with the Dance showcase at the Peacock Theatre drawing over 500 spectators.
The Athletics Union’s social calendar proved particularly successful, with signature events like Welcome Week, Carol, Fight Night, and the End-ofYear Ball selling over 3,300 tickets . Weekly Sports Nights maintained consistent popularity with around 500 attendees. Additionally, recreational sports programs offered accessible activities including Football, Basketball, and Yoga, engaging approximately 200 participants throughout the year.
“The diverse sports clubs at LSESU helped me find my community and stay active! ”
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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:
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The Union championed financial LSESU led significant technological accessibility and student support and administrative improvements, through a comprehensive overhaul notably overseeing the launch of the of LSE’s support systems. Key new LSE for You platform, replacing achievements include launching a its 25-year-old predecessor. This new Access and Participation Plan, modernisation included centralising securing an enhanced bursary model examination deferrals and expanding for 2025, establishing the Gender e-exam capabilities for quantitative Expression Fund, and increasing subjects. The initiative also accommodation hardship support. encompassed new AI policies, These initiatives represent a including Microsoft Copilot. significant step toward making LSE education more accessible to all.
Student wellbeing saw substantial enhancement through the deployment of mental health advisers across all departments. The transformation included implementing a new counseling appointment system, achieving Student Minds University Mental Health Charter recognition, and launching the ‘Report + Support’ platform in 2024 to address harassment and discrimination more effectively.
Student life infrastructure expanded significantly with the confirmed redevelopment of Bankside House and the opening of Eslanda Robeson House. Campus facilities improved with the revival of the Denning Café, offering affordable £2.99 meal deals, and the launch of the HallCarpenter Room, enhancing community spaces for marginalised students.
The Union strengthened its strategic positioning through the launch of its 2024-2030 strategy, focusing on deeper departmental integration and student empowerment. This was supported by reformed democratic procedures, new Executive Policy frameworks, and enhanced partnerships through the London Students’ Assembly and SciencePo’s Entente Cordiale project.
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The next year will see: More opportunities for post graduate students to get involved in their students’ LOOKING union Implementation of the new strategy to drive LSESU towards department delivery AHEAD
Implementation of the new strategy to drive LSESU towards department delivery
A streamlined approach to supporting society and sport club events and we will make the SU Marshall Building the Home of LSE Sport on campus
We are determined to be a Union for all LSE students, to make your voice heard and to make change happen, while supporting students wellbeing.
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08 FINANCE SUMMARY
Income
LSESU unrestricted income for the year increased to £4,598,152
(£4,205,062 in 2023). This was
primarily due to a cost-of-living increase in grant income from the School; an increase in service charge and rent reimbursement from the School; and increased trading activities following the re-opening of the Denning café. Commercial income increased from
Costs
Total expenditure from
unrestricted funds before pension deficit for the year was £4,268,769
(£3,952,539 in 2023) as a result of the
increased activity. Total expenditure from unrestricted funds including pensions deficit funding was £4,404,693
(£4,121,944 in 2023).
Outcomes
The outcome for the year was a general funds surplus before
pension gains or losses of £329,383 (£252,523 in 2023). After the pension charges, this results in a general funds surplus of £193,459 (£83,118 in 2023).
Restricted Funds
Restricted Funds are funds for which LSESU acts as a custodian. These include monies held for student groups (ratified sports clubs and societies, which are branches of LSESU). These funds are raised by groups for themselves, raised through grants received from LSE and other external organisations for specific student-facing projects. Restricted funds also include the Student Union Fund, which is a fund from LSE that students and groups can apply to in order to support projects positively impacting the student community. During the year there was a net deficit on restricted funds of £85,299 (£135,727 deficit in 2023), giving a year end balance of £679,327.
£648,642 in 2023 to £750,260 in 2024.
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Future Funding
LSESU has sufficient funds to meet its future obligations for 2024/25, but an increase in funding remains a priority. The subvention grant from LSE for 2024/25 has been confirmed at £1,365,527. The Student Union Fund remains at £150,000. Total grant income from LSE for 2024/25 is £2,372,599, including £226,195 for the LSESU run spaces in the Marshall Building (£3,831,521 in 2023 including £181,261 for the Marshall spaces).
Fixed Assets
£38,178 of café equipment, furniture, and IT equipment was purchased during the year
Reserves
Unrestricted general reserves at the end of the year were £726,045 (£505,532 in 2023) . Of these general reserves, £400k has been earmarked for investment to fund Partnership activities with LSE; to make significant improvements to the SU’s spaces to the benefit of its members; to invest in the implementation of new systems; and to cover the cost of strategic change initiatives. The proposed £1,620,781 SUSS pension liability is shown as a separate designated fund as payments do not fall due immediately ( £1,606,311 in 2023 ).
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 whilst allowing time to reestablish income-generating activities. Excess reserves of £426k have been accumulated and will be spent down over the coming financial to cover costs of strategic change and improvements to our spaces.
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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 documents major risks and mitigating measures, and presents these to the Audit and Risk Committee for review on a quarterly basis. The key risks for 2023/24 were poor governance, and a finance platform that was not fit for purpose. Mitigating steps were identified such as a board effectiveness and governance review, which will taking place in the 2024/25 financial year, and a migration to a new finance platform, which took place in January 2025.
Relationship with the London School of Economics and Political Science (LSE)
The Union receives a block grant from the School and occupies spaces in School-owned buildings. The occupation and use of these spaces is set out in a Memorandum of Understanding between LSESU and the School. In addition to the provision of space, the School also pays for utilities, caretaking and cleaning staff. This support is intrinsic to the relationship between the School and LSESU. Although LSESU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the School’s support. The Trustees consider it reasonable to anticipate that this or equivalent support from the School will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the School to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.
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LONDON SCHOOL OF ECONOMICS STUDENTS' UNION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 July 2024
| Board of Trustees | Sana Agarwal | Appointed 1 July 2024 |
|---|---|---|
| Lauren Amdor | Appointed 1 July 2024 | |
| Marie-Helene Blattment Lenoir | ||
| Helen Bourne | Appointed 1 July 2023 | |
| Zarli Dickinson | Appointed 1 July 2024 | |
| Robel lyassu | ||
| Otitochukwu Serene Molokwu | Appointed 1 July 2024 | |
| Eva Okunbor | ||
| Rosa Scoble | ||
| Vaidahi Sharma | Appointed 1 July 2023 | |
| Wajiha Umar | Appointed 1 July 2024 | |
| Reese Wong | Appointed 1 July 2024 | |
| Christopher Adewoye | Resigned 30 June 2024 | |
| Onkyeka Aghatise | Resigned 30 June 2024 | |
| Joshua Goldman | Resigned 11 October 2023 | |
| Sarah Onifade | Resigned 30 June 2024 | |
| Linea Francesca Petrela Paiement | Resigned 30 June 2024 | |
| James Edgar Relf | Resigned 30 June 2024 | |
| Company Secretary | Nicholas Smith | |
| Principal Officers | Ben Whittaker | Chief Executive |
| Grace Brockhus | Head of Student Communities | |
| Freda Chisambi | Head of Communications and Marketing | |
| 7710669 | ||
| Company reg. no. | 1143103 | |
| Charity reg. no. | ||
| LSE Students' Union | ||
| Registered office | Saw Swee Hock Student Centre | |
| 1 Sheffield Street | ||
| London, WC2A 2AP | ||
| Auditors | Knox CropperLLP 65 Leadenhall Street |
|
| London EC3A 2AD | ||
| Solicitors | Bates Wells and Braithwaite | |
| 2 - 6 Cannon Street | ||
| London, EC4M 6YH | ||
| Bankers | NatWest | |
| Connaught House | ||
| 65 Aldwych | ||
| London, WC2B 4DS |
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LONDON SCHOOL OF ECONOMICS STUDENTS. UNIOM INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 {registered company no. 077106691 We have audited the financial slalements of London Scl¥)ol of Economics Students. Union Ilhe 'charitable companll for the year ended 31 Juty 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash fbws and notes to the financial statements, including a summary of significant accounting policiés. The financial rèporting framéwork that has been applied in their prèparation is applicable law and United Kingdom Accounting Standards. including Financial Reporb"ng Stsndard 102 The Fin8ncial Reporting Standard applicable in the UK and Republic of IreLgnd (United Kingdom Generalw Accepted Accountina Practice). In our opinion, the financial stalements.. give a true and fair view of the state of the charitable compan$ affairs as at 31 July 2024 and of its income and expenditure for the year then ended- have been properfy prepared in accordance wilh Untted Kingdom Generalty Accepted Accounting Practice,. and have been prepared in accordan wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wtth International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor s responsibilities for Ihe audit of the financial statemenis section of our report. We are independent of the charitable company in accordance wth the ethical reQUirnents that are relevanl to our audil of the financial statements in the UK, including the FRC'S Ethical Standard. and WÈ have fUilled our other ethical résponsibilib.es in accordancè wth these requirernents. We believe that the audrt eviden we have obtsirhed is sufficient and 8ppropri818 to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that thè Ttustees. use of Ihe going ¢oncem basis of accounting In the preparation of the financial statements is appropriate_ Basèd on thè work wè havè 0mled. we havè not idenbfied any material uncÈrtainb"ès rèlating to èvents or conditions that, individually or Colltively. may cast signtficant doubl on the charitsble company's ability lo continue as a going concern for a pen(Kl of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of Ihis report. Other infomiation The other inforTnalion comprises the informalion induded in the annual report. other than the fin8ncial statements and our auditor's report thereon. The trustees are resFK)nsible for the other irrformation. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial siatements or our knowledge obtained in the audit or othewse appears lo be malerially missiated. If we identify such malerial inconsistencies or apparent material misstatements, we are qUired to detem)ine whether there is a material misstalemenl in the financial 5tstemen15 or a material mi55tstement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Icontinued 31
LONDON SCHOOL OF ECONOMICS STUDENTS. UNIOM INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 (Continued} Oplnlons on othèr mattèrs prÈscrfbÈd by the CompanlÈs Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomation given in the trustees, rerK>rt, vA)ich includes the directors, report prepared for the PLJrposes of company law, for the financial year for whi¢h the financial slatements are prepared is ¢onsi$tenl with the financial stslemenls.. and the directors. report included within the tnjslees. repx)rt has been prepared in accordance with applicable al requirements. Matters on which we are required to report by exception In the light of the knowledge 8nd understsnding of the Gharrtable company and ils environment obtained in the course of the audit, we have not identified rnaterial misstatements in the directors. report included wlhin the trustees, report. We have nothing to report in respecl of the folbwing matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- dequate accounting records have not been kept. ¢y retums adequate for our audit have not been received from branches not visited by us.. or the financial statements are nol in agreement with the accounling records and returns,. or certain disclosures of tnjstees, remuneration specrfied by law are not made,. or wè havè not receivèd all thè infom)ation and explanations we require for our aLJdit. the trustees were not entitled to prepare the financial ststements in accordance with the STnall companies regime and lake advantsge of the small companies. exemptions in preparing the trustees. rew)rt and from the requirement to prepare a stralegic report. Responsibilities of trustees As explained more fully in the trustees. responsibilrties ststement in the Trustees, Report. the trustees (who are also the directors of the charitable company for the purFM)ses of company lawl are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enab the prepafabon of financial stalements that are free from material misstatement, whether due to fraud or error. In prepanng the finanei81 statemen15, the trustees 8re responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic allemative but to do so. Auditorfs responsibilities for the audit of the finan¢ial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an aLJdit conducted in accordance wth ISAS IUKI will aVa detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Icontinued 32
LONDON SCHOOL OF ECONOMICS STUDENTS. UNIOM INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS, UNION FOR THE YEAR ENDED 31 JULY 2024 (Continued} Irregularities, including fraud, are Instan of non-complian laws and regulations. We design procedures in line Tmth our responsibilities. outlined above, to detect material misstatements in respect of irregLJlarities, inclLJding fraLJd. The extent to which our procedures are capable of detecting irregularities, in¢luding fraud is detsiled below= We obtained an understsnding of the legal and reguLgtoryframeworks that are applicable lo the charitable company and determined that the most significant are the Stalement of Recornmended Practice 'Accounting and Reporbng by Chariiies. ISORP 20191, in accordance with the Financial Repong Standard applicable in the UK IFRS 1021 appli¢able to smaller entities and the Companies Act 2006. We understiy)d how the Charitab company is complw'ng wih Ihose frameworks wa communication with those charged with governance, together with the review of the charity's documented policies and procedures. The charitable company is required lo comply wilh both company law and charity law and, based on our knowledge of its activiiies. we identrfied that the legal requirement to accLJrately account for restricted funds was of key signtfi¢an¢e. The audrt team. which is experienced in the audtt of charib"es. consi(lered the Chartys Suept1b1Itty lo material misstatement and how fraud may occur. Our considerations included the risk of management override and allocation of costs to charitable activities and restricted funds. Our approach was to check that the income from grants and donations were properfy identified and accurately disclosed. that expenditLJre complied wtth the control procedurès and was appropriately charged. We also reviewed the transactions wlh the subsidiary cotllpany. major journal adjustfflenls ak)ng wth unusual transactions and considered the idents"fication and disclosure of related party transactions. A further dèsciiption of our responsibilitiès for the audit of thè financial statéménts is locatèd on the Finan¢ial Reporting Council's website at.. h l/bvww frc.o .uk/aoTdrtciwe nsibtiltibos This descriptK)n forms part of our auditor's report. Use of our report This report is made solely to the charilable compan$ members. as a bc¥ly. in accordance th Chapter 3 of Part 16 of the Companies Act 2006_ Our audit work has ben undertaken, so that we might state to the charitable company's members those matters we are required to stale lo them in an auditor's report and for no other purpose. To the fullest extent perniitted by w, we do not accept or assume responsibilty to anyone other than the chariiable company and Ihe charitable companys members as a body, for our audil work, for ihis report or for the opinions we have lom)ed. Shoaib Arshad Isenior Statutory Auditor) For and on behaK of.. Knox Cropper LLP Chartered Accountants & Statutory Audrtors 65 Leadenhall Street London EC3A 2AD 28 ril 2025 Knox Cropper LLP Charterted Accountants is eligible to act as an audttor in lemis of sectK)n 1212 of the Companies Act 2006 33
LONDON SCHOOL OF ECONOMICS STUDENTS, UNIOM STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating thè Incoma and Expanditurn knunt) For the year ended 31 July 2024 Unr•strictèd Funds 2024 R•strlct•d Funds 2024 Total Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Charitable activities Other trading aclivities Investments Other TOTAL 3,811,753 150.000 1.423,178 3,961,753 1,423,178 684,655 36.138 65.606 6,171.330 3,6TO,785 1,252,882 648,642 17,177 18,458 5,60T,944 684,655 36.138 65,606 4.598,152 1.573.178 EXPENDuRE ON: Charitable a¢tivilies Other costs Pension costs - Past Sèrvicè Dèficit 4.268.769 1,658,477 5,927.246 5,491, 147 135.924 4.404,693 135.924 6,063.170 169,405 5,660,552 TOTAL EXPENDITURE 1.658.477 Net Income 193,459 185,2991 108,160 (52,608) NET MOVEMENT IN FLINDS 193.459 185,2991 108,160 {52,608J RECONCILIATION OF FUNDS: TOTAL FUNDS AT 1 AUGUST 2023 (888.561) 764.626 (123.935) (Tl.326J TOTAL FUNDS AT 31 JULY 2024 695,102 15.775 723,934 34
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION Company limited by guarantee Iregislered (x>mpany no. 077106691 BALANCE SHEET As at 31 July 2024 Notes 2024 2023 FIXED ASss Tangible assets Investments 112.032 124,815 112.032 124,615 CURRENT ASSETS stocks Debtors Cash at bank and in hand 20.427 699,683 1,866,214 23,383 368,876 t,540.069 12 2.586.324 t,932,328 CREDITORS: amounts falling due within one year 13 (1.216.391) (691.749J NET CURRENT ASSETS 1.369,933 t,240,579 TOTAL ASSETS LESS CURRENT LIABILITIES 1,481,965 1.365, 194 CREDITORS= amounts falling due after one year 14 (1.497.740) (1,489, 129) TOTAL NET LIABIL lEs £ (15.7751 £ (123,935) FUNDS Unrestricted funds.. Designated funds General fund 17 17 (1.421.147) 726,045 1695,102) 679.327 (1,394,093J 505,532 (888,561) 764,626 Restricted funds 17 15,775 123,935 The financial statements have been prepared in accordance vMh the special provisions in Part 15 of the Companies Act 2(M)6 relating to small companies and section la of the Financial Reporting Standard 102. The financial statements were approved. and aLrthorised for issue, by the Board of Trustees on 2025 and signed on Iheir behalf by.- Tito Molokwu, Chair of Board of Trustees The annexed notes fomi part of these financial stalements 35
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION CASH FLOW STATEMENT For the year ended 31 July 2024 2024 2023 Cash flows from 0ratIng actSviti•s 108,160 152,6081 Adjustments for. Depreciation Increase in stocks Increase in debtors Increase in creditors Investment income 50.762 2,955 {330,8071 533,253 36,138 328,185 25,522 13,2431 118,8661 125,367 17.177 58,995 Cash flows from investing activities Purchase of tsngible fixed assets Retum on Investment- interest recewable 138,1781 36,138 12.0401 110,7671 17.177 6,410 Net Idecreaselllncrease In cash and cash equlvalents 326.145 65,405 Cash and cash equwalents a11 August 2023 1.540,069 1,474,664 Cash and cash equivalents at 31 July 2024 £ 1,866,214 £ 1,540,069 Components of cash and cash equivalents A11 Augusl 2023 At 31 July 2024 Ca$hflow$ Cash at bank and in hand £ 1.$40.069 326,145 £ 1.866,214 36
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 1. A¢COUNTING POLflES Bas ofprepardtiorj of firjancial statements The financial slalernents of the charity, which is a public benefft efitty under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicab United Kingdorn accounting standards. the requiretnents of Ihe Statetnent of Re(x)trYnended Pratbts 'A(tounting and Rew>rhng by Charities. ISORP 20191, in accordanee wlh Ihe Financial Reporbng Stsndard appli(2ble In the UK IFRS 1021 applicable lo smalbr entiti88 (under sectTr18) and the Corw$ Act 21. The presentational currency of the financial ststements is Pound Sterling 1£). Golng Concwn After making enquiries. the tru5fees have a reasonab expecfathon Ihat Ihe chartty has adequate reSoUrS to continu its activities for the foreseeable future. Accordingly. they contnue to adopt the going concern basis in preparing th( financial ststements as oudined in Ihe StatemÈTrt of Trustees. ResrM)n*bilities In IhÈ Annual Report. Company status The London School of Econotnr5 Students. Union 15 an incowraled tharity. 3 private litnited cotnp3ny litnited by guarantee and chanty registered In the UK (Charity number 1143103_ Company NumbÈr." 077106691 its r&gister&d office is at LSE Students. Unk)n, Saw Swee Hock Student Centre, 1 Sheffiek1 Street London, WC2A 2AP. The principal activities are campaKJning. representation. prowsion of social activibe5 and the organisation of sporting and recrealional aCtDIeS atKI opp)rtunth5. The Charity meets the (lefin[n of a public benefft entty. Fundaccounting London Sch(K)l of Economics Sdents. UnK)n adMiterS and a(xthnts fora nuftthr of Chantab funds, as frAbws:_ Unrestricted Funds representiThg unspent incoTDe rnay be led for any acbvttylpUose at the Trustees, owr dISGretn.. Restricted funds raised and adminislered by Ihe Union for specific purposes as rJetem)ined by slurjents, such as Clul and Soaeties Accounts. as well as revenue receNed for wryjoses specffied by the donor and also Irf not material enougl to qUIre a separate coknmn in the SOFAI any srDall capital grants recewed fr(Yn the School. Designated funds cornprise unresthcted lunds that have been set aside by the Trustees for p8itioJLqr purposes. The ain and use of each designated fund is set in the notes to the finanual staterTEnts. 37
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 Incomirtg rèsourcès All income and capitsl resources are recogrbi5ed in Ihe accounts when Ihe entitlernent to the incotne or endowrnen arises. there is Probab econornic benefft to the Union and Ihe arUnI can reliabty quanlified. Grants reiVed are credited to incorne according to the peii(yJ to whth they rete and treated a5 unrestricted unles.. resthcbons are stEctfied by Ihe prowder relating to spending of th incorne. in whth case they are treated as re5thcted. Income from commercial activities includ&s amounts received in exchange for SuPpng goods and s8rvic8s through thÉ Union's bar. catering. gyTn and tall (¥JLÈts. arnounts recognised based on the date of sale. Media saK8 income includ&s sponsorship relab.ng to wel[ Fair stalk, which is accounted for wh&n the contractu8 entitMent to the income arises. and NUS Extra card Incon which 15 Unted fLY based on saks arising in the period. Club and Srtts' income indudes rthh1p, SKM)nsotship and gtaiit in(x)me %hich i8 treated as rèstricted. Resources Expended Expenditure is atcrued as soon as a liablty i% tonsideted p[obab. distt)untÈd to Ptèsent value for bnger tem liabltieS Expenditure includes Irrecoverable VAT comprises the direct and indirect costs of d&livering public b&nefil Govem8nce costs ar8 those Incurred for compliance with rx)nsbLubonal and stAtsJtory r8quirern8nts, such as the annu8 audit. annual elections and trdinin9 for sabbatical officers. Other cenlral overhead costs. as well as governatKe costs. a apwjrboned b) charitable and other projeclslactivitie5 OT a usage basis. pro tata to Ihe totsl rosts of each ptt¥Kioractivity undertaken. Tangible fixed assets and depreciation Fixed assets ar8 slated at cost less acMulated depreciation. Assets are not capitalis8d below £4,000 cost per it8mlsel Equipment, fixtures and fittings are Included at cost. Deprecialion is provided at lJ)e f<Alowing annual rates in order ts write the c05t of assets off overth8irestirna18d us81ul IN8S".- Fixture5 and FingS Computer and Office Equipment Gym equiprnent Improvements to BU11n9S 25QA per annurn on cost 25*A per annurn on cost 20trA per annurn on cost 10trA per annurn on cost Termination b8nefrts Tem)Inalion benefrt8 are aecounted folknmng a c(xnmitment by gi8L11th. by contrathjal or other agements witi employees to make pawnents lor provide olher benefrtsl to eMploe$ when the UnkM temiinates their eMplownI. Leased assets Rent81s payable under operating leases are Charged as expendilure on a straight line basis over the period of the lease. 38
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 Stock Stock is valued atthe bwer of the c05t or net realb value. Debtors Trade and other debtors are re¢9ne at the setllement amunl due after any trade discount offered. Prepaynts a V81ued at the anUnt prepa net of arry trade discounts due. Cash 47tbank and in hand Cash at bank and cash in hand includ8s cash and short t8rm htrjhly liquid investments with a short maturity of thr8 months orless fr(xn the date of acquisits.on opening of Ihe derM)sitor similar account. Creditors andpmvisions Creditors and provisions are tOoned where the chanty has a present oblation resulting fiY)m 8 past ev&nt that wil probably SlI in Iransfer of funds lo 8 Ihird paty and Ihe arrK)unl due to setue th8 oblatIon can be measured o estimated reliably. Creditors and provisK)ns are K)mialty recognised at their setdement ar(K)unt after allowing for ani trade discounts due. Flnancl•l Instruments The charity hold5 only finanoal assets and finanoal liabi1th5 of a kind that qualrfy as basic fin3noal in5trutnents. Basil financial instruments include cash debtors and creditors. Debtors and creditots are initially renised at tffjnsadioi value and subwuenlty measured at fair value_ Cash i8 (2sh al bank army in hand. Pènsions Retirement benefits lo employees of the Union are prowided Ihrough Iwo pension schetnes, one defined benefft ISUSSI the other defined contribution Iscotbsh Widows). In rela*"on to the mulb-employer defined b8n&fit sthem& whith is ck)sed to future accrual, as set out in not8 15, ful pmvisK)n is made for the total agreed contributions paydble to meet the lund defKiL The Provisi( is based on the tot8 contributions payable al the year end. di5c(¥Jnted to net present value. In relation to the defined (xjntribution sthemÈ, as sel out in r#)te 16, Ix)ntributs"on are atnted for as they fall due. Judgements ènd key sources of estlmaiion uncertainty Judgements and key sources of e5tirnation UnrtaInty are dets1 in the above accounting policies. where applic3ble The key sources of estimaiion unortainty thai have a synrfi¢ant effect on the atTh)unt5 cOgnised in the finan¢ia statements are that of the SUSS pensKJn sthemÈ deil as disikned in te 15. 39
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 DONATIONS AND LEGACIES Unrestrlcted Funds 2024 Restslcted Funds 2024 Totsl Funds 2024 Tot81 Funds 2023 University Block Cr8nt University other grants Other Grants Space Grant Caprtal Grant 1.168.796 901.614 5.000 1,736.343 1,168,796 1,051,614 5,000 1,736,343 1, 140,289 876, 144 150.000 1,654,352 3.811.753 150.000 3.961,753 E 3.670.785 Comparative donations and legacies Total Funds 2023 Funds 2023 Funds 2023 Unriersity Block Gr8nt Universtyothergrants SpaGe Grant apiÈal Granl 1,140,289 T26.144 1.654.352 1, 140,289 8T6. 144 1.654.352 150.tX)O 3,520.785 £ 150,0(X) £ 3,670,765 INCOME FROM OTHER TRADING ACTivmES Unrestdcted Funds 2024 ReS¢ted Funds 2024 Totsl Funds 2024 Total Funds 2023 Trading income Other generated income 625.655 59,000 684.655 £ 625,65S 59,000 684,655 598. 102 Nil £ 648,642 Cofflp•rdlive in¢ome from oth¢r trading athilies Total Funds 2023 Funds 2023 Funds 2023 TFHding inGome Evènl in¢om 598.102 50.540 648.642 £ 598. 102 50.540 648,642
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 4. INVESTMENT INCOME Unrestrictsd Funds 2024 Restricted Funds 2024 Totsl Funds 2024 Tot81 Fund5 2023 Interest receivable from.. Bank interest 36.138 36.138 36,138 36,138 17,177 17.177 Nil £ ompar41ive irtve$tmentin¢¢me Total Funds 2023 Funds 2023 Funds 2023 8aftykinte$t 17.177 17. 177 17,177 17,177 5. INCOME FROM CHARABLE AcTIlEs UnrÈ$tsittÈd Funds Restricted Funds Total Funds 2024 Total Funds 2024 2024 2023 Club5 and Sweties 1,423,178 1,423,178 1,252.882 1,423,17B £ 1,252.882 Nil È 1A23.178 6. OTHER INCOME Unrestrictsd Funds 2024 Restricted Fund5 2024 Total Funds 2024 Total Fund5 2023 Other income 65,606 65,606 £ 65,606 65,606 18,458 18.458 Nil £ omparolive otherin¢ome Total Funds 2023 Funds 2023 Funds 2023 othorin¢oft 18.458 18,458 18.458 16,456 Nftl 41
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 RESOUR¢ES EXPENDED Cost of sa$ Other direct ¢osts Total 2024 staff Costs ¢ntral ¢osts Cost of charitable activ$ Trading activitie5 Student CotntnunitE5 Student Represeniation Support and adwce Marketing and Communitaknons ClJbs ancl soaeite5 Total chantabie expenditure 195,163 437,134 536.083 414.426 107.049 181,553 239,982 35,463 98.731 574,389 695.173 539,461 136.132 1,388,239 1,471.238 989,350 341,912 197.329 39,376 236,705 1,499,802 1,499,802 195,163 1.692.021 2.055,531 1.984.531 £ 5,927,246 Central costs included in the resources expended Staff Costs Rent Support costs Total Cost of charitable aCtive$ Trading acliv1tres Student Communities Student Representation Support and advice Marketing and Comrnunication5 Total chantsble eypenditure 72.601 90.241 70.045 17.639 5.113 418.564 520.257 403.826 101.693 29,476 155,B25 174,916 135,635 34,156 9,900 646,990 785,414 609,506 153,488 44,489 255.639 1.473,816 £ 510,432 £ 2,239,887 42
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 RESOUR¢ES EXPENDED Icontlnuedl Comparative resources expended Otrwdirect costs Tot81 2023 Costof s81es Centr8lcosls Cosl of ch8nl8b18 &ctivrtS Tradino actmtses studeNyl Communibes Student Repr8&6ntation Support 8nd8dvic6 M8rkebng 8nd Communic8tk)ns Clubs anrl soClt&S iotai expenditu 153.38Q 423.3 469.489 469,051 92,794 112.096 22T.7T6 40,399 98,881 5T4.985 591.478 597,478 717,738 1.263.761 1,288.743 1, 100,928 302,213 117.895 37.673 155.568 1,379,934 1.379,934 153,380 1,571,929 1,859,086 1,906,752 £ 5,491,747 Central¢osts indude¢Y in Ihe $0 expen(led Rent Supportcosts Tot81 Cost of ch8nlab18 8ctivttS Trading adMti&s studèffyl Communibes Student R8pr8S8ntation Support 8nd8dvic8 Marketing and CoNnmunKatsons Tofal charitable expenditure 71.160 82.691 82,691 15.537 5.267 417,881 44T.832 44T.832 84.147 28.524 757, 104 143.646 743,646 26,997 9.749 652, 145 fj74. t69 674, 169 126,675 42.940 263.346 £ 1.426.216 480.536 £ 2.770.098 Resources expended include.. 2024 2023 Auditors. r8rnun8rstion'. Audit fee Other servi$ D&precialion 10,740 1.260 50,762 6.525 1,260 25,522 . on owned assets Detai15 Of stsff c05ts aTe given in Nole 9. D&lails of Support eosts is given in Note 8. 43
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 8. SUPPORT ¢OSTS Totsl 2024 Tot81 2023 Irrecoverable VAT Bank Charges Insurance Consuftancy and Profes&onal Fees AffiliatK)n5 and subscriplK)ns Auditor5. remuneration Training and Developrnenl Telephone Printing and Photocopying Depreciation Inon-commercial assets) Office Stationery and Minor Equiprpent ReGruittrEnt Expenses Website costs Card Processing Fees Licenses Bad Debt Write Off Sundry Costs 116,695 4,149 31,516 100,076 54,143 12,000 15.048 3.9B4 2,631 17,199 25,138 15.134 19.816 15,240 16,005 112,2901 73,948 510,432 146. 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 18,111 3,978 26,833 480.536
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 9. STAFF NUMBERS AI4D ¢OSTS 2024 2023 Wages and salaries Social security Gosts Pension costs- current servic*s costs Other staff costs 1,535,738 1.424.972 116,253 112.499 36,365 32,56 3,665 1,896 1,692,021 1,571,930 135,924 169,405 1,827,945 £ 7.747.335 Pension c05ts- past services defficit 2024 2023 The avefage weekly nurnberofetnpbyee5. head-counl during the per%)d was.. Number Number Permanent staff Student and cAsual staff 36 132 37 75 772 2024 2023 The tost of key managemènt was as folbws". SabbalicAI orficefs Senior management 62,080 314,444 132,053 305,635 376,524 437,666 Number of Sabbatical Officers OnE12023- one) empbyee re¢eNed Muneration of trK)re than £60.(MXI The accounts indude temiination payments tolalling Ènil12023- £nill- The key management personnel of Ihe Charty are those persons having authority and responsibility for planning, directing and controlling the activitie5 Of Ihe Charity. direcuy or indiredty. induding any Trustee of the Charity. In addition to the Trustees. key management personnel intludes Ihe Sabbatical leets and senior managÈment. 10. TRUSTEES REMUNERATION AJID BENEFITS Sabbatical otter5 are paid as authorised in the UnN)n's goveming document. for the pSentatiOn. campaigning and 8UPPDrt work they undertake as dists.nct from Iheir Iruslee responsibiliti8s. This work included voiung 8tud8nt opinion with the University and k)cal communtty. defendin9 and extending the rights of students through petitions etc. and also oryanising and 5UPPOrting studeTht volunteers and pr0 fthern. Detaib are induded in note 9. No rnembers of Ihe Board of Trustees received reirnbursement of expenses12023- £5071. 45
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 11. TANGIBLE FIXED ASSETS Fixlure fittings Other fixed assots Total Cost Al 1 August 2023 Addtbons Al 31 July 2024 164.384 38,178 202.562 134.382 298,766 38,178 336,944 134,382 Depreciation At 1 August 2023 Charge for the year Al 31 July 2024 119,345 23,886 143,231 54,805 26,876 81.681 174,150 50,762 224,912 Net book value At 31 Juty 2024 At 31 July 2023 59.331 45,039 52,701 79,571 112,032 124.676 12. DEBTORS 2024 2023 Due withln one year Trade debtors Prepayments VAT paYMent due Other debtors 360.403 266,197 63,102 9,981 699.683 88,907 240.844 36.701 2,424 366,676 46
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 13. CREDITORS.. AJAOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade creditor5 Deferred incon Social security and other laxes Other creditors Pension c05ts- Past Service Defficit Accruals 536,408 281.090 29.071 197.299 123.041 49,482 1.216,391 95.364 272. 179 26,658 80,248 117,t82 100, 118 697.749 Deferred incor Balance at 1 August 2023 Arunt reaSed to incoming re1 Amount d&ferred In Ihe year Balance at 31 Juty 2024 272.179 1272.1791 281.090 281.090 269,568 (269,568) 272, 179 2T2,179 Deferred income indudes a proporbon of Spa grant relatg io future period of £260,02612023- £257.9651 and other items totalling £21.06412023- £23.1251. 14. CREDITORS.. AAIOUNTS FALUNG DUE AFTER ONE YEAR Group 2024 Gmup 2023 Pension costs- Past Service Defiut 1.497.740 1.497,740 1,489, 129 £ 1.489.129 15. DEFINED BENEFff PENSION SCHEME-SUSS 2024 2023 Pension costs. Past Service Deficil Brought fotward Paym&nts madÈ Unwinding ol interest for Ihe ar Adjuslrnent lo provisons 1.606.311 1121.4531 30,441 105,482 1.620.781 1,559,311 1111,602) 51,925 106,677 £ 1,606,317 Analysis". Due within one year Falling due after more Ihan or* se 123.041 1A97,740 1.620.781 117. 182 1.489. t29 £ 1,606,311 47
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 15. DEFINED BENEF PENSION SCHEME- SUSS Icontinuedl London Schwl of EGonornics Stydents. Union patbcipate5 in Ihe Stydents. Union SuperBnnuation Scherne. which is a definÈd benefrt stheme whose membership tonsists of Èmpk>yees of sdents. unions and related bodies throughout the county Benefits in sp¢t of serviee up to 30 September 2003 are accrued on a "final salary" basis, with benefits in respect of servic8 from 1 October 2003 a(u1ng on a Career Averdge Revalued Eamings ICAREI basis. With effect frorn 30 Seplernber 2011 the Scheme dosed to fulure accrual. The rrkn)st recent Valuation of the Scheme was carried out as 3t 30 June 2022 and showed that the rnarket value of the Scheme 5 assets was £106.7tn with these asset5 presenting 44% of the value of benefils Ihat had a¢(Jued to membets after alknwing for expected futu in¢8$t$ in eamings. The def¢it on an ongryng fvnding basis attwnted to £136.6m. The 2022 Valuation recommended a mnthly ccffjtribJtion reqUIret by each Partipating Employer expSSed in monetary terrns inlended to ¢ar Ihe ongoing fvnding defficit over a peri of 14 years. increasing by 5% each year. These contributions a150 indude an allowance for cost of Ihe ongoing adtnini5trative and operabonal expenses of running the Scheme. Full provision is made in the accounts for the amuni of thntributions payab to meet thè funding deficrt. The provi8K)n is based on the discounted value of future (x)ntributions. The C0nthbutlnS payable will be formally r8vi8wed following completion of the next valuation due with an effective date of 30 June 2025. In sddilion to the above contributions, London School of ECOnocS Sludents, Unn also pays its Sha of the Scherne's levy to the Pension Protection Fund. In calcuL8ting this nel present value annual IraseS of 5% have been made and a discount fdte of 5.OOA12023.. 5.4%) representing the typical Yie of high quality corwrate bonds has then t)een applied. This discount rate is lower than in the previou5 year and results in a higher liabilty than cornpared with the prewous year. The next fvll Valuation of the SGherne tn3y resuh in an increase to Ihe Sability. 16. DEFINED CONTRIBUTION PENSION SCHEME Since 1 October 2011, all parbcipating employees have been in a new defined (x)ntributs"on pension scheme with Scottish Widows. Contributions a at 30A (increasing to 4% from 1 August 20221 for the empk)yer and a contribution rale starting at4QA for the employee. Contribution5 are accounted for as part of the Union's unrestricted fund5. 'Pen8ion costs - Current services costs. in note g rte io pawnenls made to a defined ntributiOn pension scheme. The charitable company's liabilty is limiied to rnang th8 pawls due to th8 schern8 on a b'mety basis. The liability at Ihe 31 Juty 2024 is £5,73812023 £5.3241.
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 17. STATEMENT OF FUNDS Transfers and Resources investment Expended gainsllkJsse51 Brought For%¥ard Incoming Carried Fowward DESIGNATED FUNDS Pension Fund Defiot Fixed Assets and Premis8s Fund RefurbishrDenl fund (Gym. Marshall. Denning, EPOSI 11.606.311) 114,4701 11,820,781) 124,615 112,5841 112,031 87.603 £ 1.394.093 87,603 1,421,147 Nil £ Nil £ 27,054 RESTRICTED FUNDS Clubs and Societies Other University grznts 647,930 116,696 764.626 1A23.178 150,000 1.573.178 11A99,8021 1158.6751 11.658.477) £ 571,306 108,021 679,327 Nil £ SUMMARY OF FUNDS Designated Funds G8n8ral Funds 11,394,093) 505,532 1888,5611 764.626 £ 1123.9351 t 127,0541 27,054 11,421,1471 726,045 1895,1021 679,327 115,7751 4,598.152 4.598,152 1.573,178 6.171,330 14A04,6931 14A04,6931 11.658.4771 16.063.170) £ Re5tricled Fund5 Nll £ Comparative statementof funds Trdnsfers investlTJent ga(lOSS&s? CaFried Forw&Fd RÈS[$ Expend DESIGNA TED FUNDS Pens? FundDefA¢ Fix8dAs88tS 8nd Premises Fund FixedAssets and pMiSeS Fund (1.559.311) (47,(ll?) (1,606,311) 139.37Q 114.755) 124.615 131.385 £ (1.288.556) £ 43,782 105,537 87,603 1,394,093 N £ Nil £ RESTRICTED FUNDS Clubs and SOces Other UnNer5tygrants 714,982 125.3TI 900,353 1,252,882 150.( 1,402.882 (1.379,934J (158.675J 1,538,609 647,930 116.696 764.626 SUMMAR Y OF FUNDS D8swn816d Funds Gener8lFunds (1.288.5561 316.8TT (977,6T9J 900,353 71,326 (105.537) 105,537 (1.394.093) 505,533 18B8,560) 764,626 123,934 4,205.062 4,205.062 7,402.882 5,607,944 (4.121,943J (4,127,943J 1,538.609 5,660,552 Reslrided Funds Nil 49
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 18. AAALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Designated General Fund5 Fund5 Restricted Funds Total Fund$ Tangits fixed assets Net current assets Creditors due in more than one year 112.032 813.647 112,032 1,369,933 11,497,7401 115.7751 1123.0411 11.497.740) 11A21.1471 £ 679,327 726.045 679.327 Comparadve 8naly$l$ ofnetassets belween fvnds Unresbicted Funds Designated General Fun¢ts Fund$ Restricted Fund$ Total Fund5 T&ng1b fix8d ass8ts Net current&ssets Creclitors clue more Ihan one year 124.615 593.135 124.615 1.240,579 (q,489.q29) (123,935? (117.182) 11.489.129) (1.394.093) £ 764.626 505.532 764.626 19. OTHER FINMCIAL COMMITMENTS 2024 2023 Al 31 July 2024 the Union had cornmitnEThts under rK>rKanCdlab operaling leases as set out beh)w'. Operating aSeS whKh expire-. Al 31 March 2023 the C(xnpany ha¢J Co[ntnrts u[Kler[bCatpab operatit¥J leases (all for land and building51 as set out below". 2024 2023 Op8rating leases whKh expire.. within one year within Iwo to five year5 in over five years 214.200 549.030 214,200 549.030 20. RELATED PARTIES Th8r8 are no rdatsd patytransactions oth8r than those disL*)58d in not8s 9 and 10. 50
LONDON SCHOOL OF ECONOMICS STUDENTS. UNION NOTES TO THE FINCIAL STATEMENTS For the year ended 31 Juty 2024 21. RELATIONSHIP WITH LONDON SCHOOL OF ECONOMICS The London School of Ewnotnr5 prt)Mdes the Union th an annual gtant a5 5h(wn in the Staternent of Financia Activities induding 2 Spate Gtant whith tontribLrtes to the <x)Sts whh IhÈ Union incuts in ottupying spates owned b, The London Sthool of Economics. The Union pays martet rate charges lo The London School of Economic8 for thi., aCcommodatn and assoriated support S8r¥ices. 22. CQNTROLUNG PARTY Uhirnate conlrol of the Union rests with its rnernbership. re5PTe5ented bythe Board of Trustees. 51
LONDON SCHOOL OF ECONOMICS STVDENTS. UNION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2024 23 COMPARATIVE STATEMENT OF FINANCIAL ACTMTIES UnStricted Funds 2023 Restricted Funds 2023 Total Funds 2023 INCOME AND ENDOWMENTS FROM: Donations and aGleS Charitable activities Other trading acb'vities Invésbnènts Other TOTAL 3.520.785 150,(A 1.252.882 3,670,785 1.252,882 648.642 17,177 18.458 5,607,944 648.642 17,177 18.458 4,205,062 1,402,882 EXPENDITURE ON: Charitsble adivities Other resources expended TOTAL EXPENDITURE 3.952.538 169,405 4.121.943 1.538.609 5,491, 147 169,405 5,660.552 1.538.609 Net expenditure 83,119 (135,727) (52,608) NET MOVEMENT IN FUNDS 83,119 (135.727) (52,608) TOTAL FUNDS AT 31 JULY 2022 (971,6T9) 900,353 (71,326) TOTAL FUNDS AT 31 JULY 2023 £ (888,560J £ 764,626 £ (123,934 52