## **23** 



**LONDON SCHOOL OF ECONMICS STUDENTS’ UNION TRADING AS LSE STUDENTS’ UNION ANNUAL  REPORT 2023/24 24** 

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**01** 

## **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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**THE UNION AND ITS TRUSTEES** 

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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:** 


**1** 

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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> **08 FINANCE SUMMARY** 

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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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**FINANCE SUMMARY** 

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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 Cropper**LLP**<br>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||



30 



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 reQUi￿rnents that are relevanl to our audil of the financial statements in the UK,
including the FRC'S Ethical Standard. and WÈ have fU￿illed 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 Coll￿tively. 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 a￿Va￿ 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 Repo￿ng
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 Su￿ept1b1Itty 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
EXPEND￿uRE 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 ASs￿s
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 0￿ratIng 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 FIN￿CIAL 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 sect￿Tr18) 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 reSoUr￿S 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 aCtDI￿eS atKI opp)rtunth5. The Charity meets the (lefin[￿n of a public benefft entty.
Fundaccounting
London Sch(K)l of Economics S￿dents. UnK)n ad￿Mi￿terS and a(xthnts fora nuftthr of Chantab￿ funds, as frAbws:_
Unrestricted Funds representiThg unspent incoTDe rnay be l￿ed for any acbvttylpU￿ose at the Trustees, owr
dISGret￿n..
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 FIN￿CIAL 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 ar￿UnI can reliabty quanlified.
Grants re￿iVed are credited to incorne according to the peii(yJ to whth they re￿te 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 SuPp￿ng 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
entit￿Ment to the income arises. and NUS Extra card Incon￿ which 15 ￿Unted fLY based on saks arising in the period.
Club and Srt￿t￿s' income indudes ￿￿rth￿h1p, SKM)nsotship and gtaiit in(x)me %*hich i8 treated as rèstricted.
Resources Expended
Expenditure is atcrued as soon as a liabl￿ty i% tonsideted p[obab￿. distt)untÈd to Ptèsent value for bnger tem liabl￿tieS
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 ac￿Mulated 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 F￿ingS
Computer and Office Equipment
Gym equiprnent
Improvements to BU1￿1n9S
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 ag￿ements witi
employees to make pawnents lor provide olher benefrtsl to eMplo￿e$ when the UnkM temiinates their eMplow￿nI.
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 FIN￿CIAL STATEMENTS
For the year ended 31 Juty 2024
Stock
Stock is valued atthe bwer of the c05t or net real￿b￿ value.
Debtors
Trade and other debtors are re¢￿9n￿e￿ at the setllement amunl due after any trade discount offered. Prepay￿￿nts a
V81ued at the an￿Unt 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 ￿tOon￿ed where the chanty has a present obl￿ation resulting fiY)m 8 past ev&nt that wil
probably ￿S￿lI in Iransfer of funds lo 8 Ihird paty and Ihe arrK)unl due to setue th8 obl￿atIon 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 re￿nised 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 at￿￿nted for as they fall due.
Judgements ènd key sources of estlmaiion uncertainty
Judgements and key sources of e5tirnation Un￿rtaInty 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 de￿il as disikned in ￿te 15.
39

LONDON SCHOOL OF ECONOMICS STUDENTS. UNION
NOTES TO THE FIN￿CIAL 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 FIN￿CIAL 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 CHAR￿ABLE AcTI￿lEs
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 FIN￿CIAL 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 aCtiv￿e$
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 FIN￿CIAL 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
&ctivrt￿S
Tradino actmtses
studeNyl Communibes
Student Repr8&6ntation
Support 8nd8dvic6
M8rkebng 8nd
Communic8tk)ns
Clubs anrl soC￿lt&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 ￿$0￿￿ expen(led
Rent
Supportcosts
Tot81
Cost of ch8nlab18
8ctivtt￿S
Trading adMti&s
studèffyl Communibes
Student R8pr8S8ntation
Support 8nd8dvic8
Marketing and CoNnmunKatsons
Tofal charitable
expenditure
71.160
82.691
82,691
15.537
5.267
417,881
44T.832
44T.832
84.147
28.524
757, 104
143.646
743,646
26,997
9.749
652, 145
fj74. t69
674, 169
126,675
42.940
263.346 £
1.426.216
480.536 £ 2.770.098
Resources expended include..
2024
2023
Auditors. r8rnun8rstion'.
Audit fee
Other servi￿$
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 FIN￿CIAL 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 FIN￿CIAL 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 ott￿er5 are paid as authorised in the UnN)n's goveming document. for the ￿p￿SentatiOn. 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 pr￿￿0￿ f￿thern. 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 FIN￿CIAL 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 FIN￿CIAL 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
Ar￿unt re￿aSed to incoming re￿1
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 relat￿g 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 FIN￿CIAL 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 s￿dents. 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 reqUIre￿t by each Parti￿pating Employer exp￿SSed 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 C0nthbut￿lnS 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 ECOno￿￿cS Sludents, Un￿n also pays its Sha￿ of the Scherne's levy to the Pension
Protection Fund.
In calcuL8ting this nel present value annual Ir￿aseS 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 r￿￿te io pawnenls made to a defined ￿ntributiOn pension scheme.
The charitable company's liabilty is limiied to rna￿ng 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 FIN￿CIAL 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
p￿MiSeS 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 SOc￿￿es
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 FIN￿CIAL 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[ntn￿r￿ts u[Kler￿[bCat￿pab￿ 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 FIN￿CIAL 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 wh￿h 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.,
aCcommodat￿n 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
Un￿Stricted
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