OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-07-31-accounts

24

25

2 LSE SU

LSE SU 1

24 LSESU ANNUAL REPORT

25

01

1. CONTENTS 02

2. INTRODUCTION by Tito Molokwu 04

General Secretary and Chair of the Trustee Board

Board 3. INTRODUCTION by Grace CONTENTS Brockhus 06 Acting Chief Executive

4. THE UNION AND ITS TRUSTEES 08 Statement of Trustee’s Responsibilities 10 5. OUR GOVERNANCE AND OPERATIONS 12

Employees 13 Senior Leaders Salaries 13 (Key Management Personnel)

6. OUR IMPACT 14 At a glance 16 Student Voice 17 Communities 18 Sabbatical Officer Projects 20

7. LOOKING AHEAD 22

8. FINANCE SUMMARY 24 Income 24 Costs 24 Outcomes 25 Restricted Funds 25 Future Funding 26 Fixed Assets 26 Reserves 27 Reserves Policy 27 Risk Management 28 Relationship with the London School of Economics and Political Science (LSE) 29

2 LSESU 2

LSESU 3

23

LSESU ANNUAL REPORT

24

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.

----- Start of picture text -----
LSESU 5
----- End of picture text -----

4 LSE SU

24

LSESU ANNUAL REPORT

25

Student engagement reached extraordinary heights, with 77% of LSE students actively participating in LSESU activity

INTRODUCTION

BY GRACE BROCKHUS, Acting Chief Executive

The 2024/25 academic year marked a pivotal chapter in LSESU’s history as we embarked on the first full year of our ambitious 2024-2030 strategy, “Shaping Tomorrow.” Against the backdrop of evolving student needs and an everchanging higher education landscape, LSESU demonstrated remarkable resilience, innovation, and unwavering commitment to enhancing LSE student experience. This year presented both unprecedented opportunities and unique challenges. The continuation of our leadership transition required exceptional adaptability from our entire staff team. Throughout this period, LSESU remained steadfast in its mission to represent, support, and empower LSE students whilst fostering an environment of inclusive participation and constructive dialogue.

We delivered outstanding results across all strategic priorities. We launched groundbreaking initiatives including the Big Conversation—our innovative student engagement project and launched the inaugural LSE and LSESU Summer Ball at the Natural History Museum creating an unforgettable milestone event for students. We prioritised support for underrepresented groups through our Black Student Experience Working Group, developed in collaboration with key stakeholders at LSE, directly addressing long-standing challenges in the Black student experience and demonstrating our commitment to meaningful action on equity, diversity, and inclusion. Student engagement reached extraordinary heights, with 77% of LSE students actively participating in LSESU activities—exceeding our strategic target

of 65% by over 10%. This remarkable

achievement reflects the breadth and quality of our offering. Our 247 active societies and 48 sports clubs facilitated over 2,000 events and trips, demonstrating the vibrancy and diversity of our student community. And the transformation of our student representation systems through the comprehensive Academic Representative Review, delivered in partnership with every LSE academic department, has strengthened the integration of student voice within institutional decision-making. The introduction of our new partnership department delivery model through bespoke events, departmental sport and well-being sessions, and sustained engagement initiatives, has helped to embed LSESU as a trusted and valued institutional partner, ensuring that student perspectives inform strategic decisionmaking at every level. Our commitment to student satisfaction continues to yield measurable results. LSESU satisfaction in the LSE Undergraduate Survey increased from 72% to 76%, whilst our key National Student Survey (NSS) metric improved by 4% to 74%. These results validate our strategic investments and demonstrate the tangible impact of our work on student experience.

While this year has undoubtedly presented significant challenges, the breadth and depth of our achievements demonstrate the strength and resilience of LSESU. I extend my sincere gratitude to our dedicated Sabbatical Officers, staff team and the entire student body whose collective efforts have driven this success.

Grace Brockhus LSESU Acting Chief Executive

6 LSE SU

LSE SU 7

24 LSESU ANNUAL REPORT

25

----- Start of picture text -----
04
----- End of picture text -----

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.

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:

1 2 3 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

Founded in 1897, LSESU is a charity 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.

The Trustee Board consists of up trustees and staff teams. Newly to four external trustees, four elected or appointed trustees are sabbatical officers, four students invited to attend one or more board 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 The board undertakes regular Autumn or Winter term elections, self-assessment and further serving up to two years. The trustees development initiatives as required, work closely with LSESU staff and ensuring commitment to make major decisions about the continuous improvement and governance of the Union. effectiveness.

Since we are a membermake major decisions about the continuous improvement and led organisation, any governance of the Union. effectiveness. member can step up for election in a range of elected All trustees undertake an The Students’ Union’s governing representation posts, induction programme and are document is its Constitution ranging from volunteer given briefings on the organisation’s (Memorandum and Articles of trustees and part-time operations and goals. The induction Association) , supported by the programme, delivered by the LSESU Byelaws . These set out in officers to full-time paid company secretary, covers the detail the rules that we follow. A list sabbatical officers. Our members can also use their nature of the trustee role, provides of the current trustees are available voice and vote in regular an understanding of the legal at: www.lsesu.com/union/trustees/ elections , town halls and responsibilities of being a trustee, student panels , and Annual and provides an appreciation of General Meetings (AGM). LSESU’s vision, mission and values, as well as the relationship between

8 LSE SU

LSESU 9

24

LSESU ANNUAL REPORT

THE UNION AND ITS TRUSTEES

25

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.

it is Prepare the financial statements 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.

Tito Molokwu LSESU General Secretary 2024/25. Chair of the Board of Trustees

10 LSE SU

LSE SU 11

24

LSESU ANNUAL REPORT

25

05 EMPLOYEES In 2024/25, the Union employed an average of OUR GOVERNANCE 35 AND OPERATIONS STAFF { and the total number LSESU OPERATES ON DEMOCRATIC PRINCIPLES, working for and with our of student staff employed in the year was members. Our members are represented by people they elect, such as trustees, part-time officers, and full-time Sabbatical Officers. The Union holds regular Town Halls through which students are able to propose and vote on motions. 154

SENIOR LEADERS SALARIES

The remuneration of senior

Student representation is delegated to the General Secretary who, along with fellow student offcers, ensures 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 Communities Officer, Welfare Officer and Liberation, 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.

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.

Staff are employed to provide key services such as our Advice Service, support for student groups, academic representation, and our range of facilities. Staff are overseen by senior leaders.

management is consistent with human resources policies across the organisation, with the policy objective of ensuring that they are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the Union’s success.

The appropriateness and relevance of the remuneration policy is reviewed periodically including reference to comparisons with other unions to ensure that the Union remains sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of the Union’s charitable vision and purpose is primarily dependent on our key management personnel. Staff costs are the largest single element of our charitable expenditure.

12 LSESU

LSESU 13

23 LSESU ANNUAL REPORT

----- Start of picture text -----
24
----- End of picture text -----

OUR IMPACT

2024/25 LSESU maintained enhanced partnerships and stronger networks within LSE. By focusing our efforts on departments, we’ve seen our scores grow in the National Student Survey (NSS) scores rising from 72% to 76% between 2024/2025. This positive trajectory demonstrates our strengthened ability to meet student needs through targeted, collaborative approaches. We also got to celebrate the first ever LSE Summer Ball. History in the making.

14 LSESU

LSESU 15

24

LSESU ANNUAL REPORT

OUR IMPACT

25

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

LSESU strengthened democratic engagement in 2024/25,

delivering two successful election cycles. Autumn Term elections saw 841 voters, while Winter Term elections achieved 3,238 voters, representing a 250+ increase that engaged from the previous year and doubled the sector average. All positions were filled, with all but one contested, and 60.75% of voters identified as from an ethnic minority background.

Democratic activity remained robust, with three Town Halls and three Student Panels held across the year. The Democracy Committee approved eight policies; seven passed, and one progressed to an all-student referendum, attracting 1,311 votes and securing 88.6% approval.

The BME Mentoring Scheme continued its strong performance, matching 252 mentee with 117 mentors, supported by high satisfaction levels with 79% of mentors and 97% of mentees rated the . programme positively

financial awards, and 75% of surveyed

users said they would recommend the service.

To strengthen capacity, the Union appointed an additional full-time Advice Caseworker in June 2025. Work progressed on the development of a new enquiry and case-management system, replacing the legacy email-led approach and enabling faster responses, clearer triage, improved oversight, and deeper insight into student need.

Academic representation expanded significantly in 2024/25. The number of academic reps increased from 564 to 622, raising programme coverage from 79% to 89%.

To strengthen the system further, the Union conducted a six-month consultative review involving colleagues from every academic department and more than 100 academic reps. This work has established stronger School–SU partnerships and informed a more consistent, collaborative model for academic representation.

The Advice Service responded to rising demand, supporting 810 students; A 22% increase on the previous year. The team facilitated £130,190.64 in

16 LSE SU

LSE SU 17

24

LSESU ANNUAL REPORT

25

----- Start of picture text -----
06 OUR IMPACT
COM
MUN
ITIES
----- End of picture text -----

The 2024/25 academic year marked significant engagement in LSESU’s student activities programs. Our 260 registered societies attracted 5,882 student members, organizing approximately 2,000 events and 25 trips . Flagship events included the RAG Fashion Show, specialised 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, 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 47 clubs , including three newly established teams. 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-of-Year 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 2024/25 academic year saw continued growth in participation and significant programme development across LSESU Sport & Recreation. Over 3,000 students engaged in sport and physical activity through a wide range of competitive and recreational opportunities, supporting the aim of enabling every LSE student to be active in a way that suits them.

Club sport remained central to delivery, with 47 clubs competing in BUCS and LUSL alongside regular training and performance activity. Notable highlights included Women’s Football winning their league to secure promotion to Tier 1. Performance and combat sports continued to provide strong on-campus communities.

Recreational sport was fully redesigned to provide more flexible, low-commitment participation options, widening access for students unable to commit to traditional club structures.

2024/25 marked the first full year of the Inclusive Sport Programme, focused on reducing barriers for underrepresented groups through social, low-commitment opportunities and clearer progression routes into wider sport provision. Key developments included the launch of the Black Student Sport Network, Women+ gym hours, LGBTQ+ sessions, and postgraduatefocused activities.

The new Department Sport Programme introduced free, on-campus sessions at peak times, engaging 13 academic departments and over 700 students across activities such as badminton, pickleball, yoga and pilates. Student feedback was very positive.

Overall, 2024/25 represented a year of expanded provision, strengthened inclusive pathways, and continued support for student leaders delivering club sport.

18 LSE SU

LSESU 19

24

LSESU ANNUAL REPORT

OUR IMPACT

25

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.

1

In December, we launched the ‘Power Sabbatical Officers worked to increase To Speak’ campaign, exploring the LSE Guarantor Scheme’s eligibility freedom of expression and classroom rent bracket from £700 to £1,000 per dynamics at LSE. Survey findings month, aligning with external revealed 75% of respondents believe benchmarks. They also collaborated teachers define acceptable with Residential Life to expand the classroom speech, whilst 25% feel scheme to UK home students, uncomfortable speaking up. Students improving accessibility to proposed structured debates, preaccommodation support across our discussion frameworks, and skills diverse student community. This means training. Results informed LSE’s students needing support get it. Campus Relations Group strategy and departmental heads.

We delivered a well-being workshop for students, staff, and academics, attracting over 100 participants. Discussions highlighted counselling wait times, academic stress from clashing deadlines, application pressures, and inconsistent departmental adjustments. We’re now collaborating with Student Well-being Service and LSE Communications to improve service navigation, including integrating support resources into Moodle.

LSE’s Equality, Diversity and Inclusion team launched mandatory Sexual Misconduct and Harassment training for all staff in November. This represents a significant step towards a safer, more equitable campus and fulfils the primary objective of the Sabbatical Officer led Not In My Name campaign, demonstrating our commitment to tackling harassment institution-wide.

We led student focus groups on AI and assessments, co-authored a manifesto with the Eden Centre to amplify student voice in the AI era, and served on the Assessment Regulations Review panel. We advocated for flexible, accessible, and inclusive regulations, including a wildcard extension policy to address exam clustering.

20 LSE SU

24 LSESU ANNUAL REPORT

25

The next year will see:

07

LOOKING AHEAD

Greater partnership with the School

A more data driven approach across the organisation

A streamlined approach to student voice and feedback

We are determined to be a Union for all LSE students, to make your voice heard and to make change happen, while supporting students well-being.

22 LSE SU

LSE SU 23

24 LSESU ANNUAL REPORT

25

08 FINANCE SUMMARY

Income

LSESU unrestricted income decreased to £3,964,135

(2024: £4,598,152) due to lease payments for Saw Swee Hock building ending in October 2024, replaced by peppercorn rent. Commercial income rose from £750,260 to £978,318 , driven by new Summer School activities and increased event revenue.

Outcomes

Costs

Total expenditure from The outcome for the year unrestricted funds before was an unrestricted funds surplus before pension gains or pension deficit for the year was £3,888,155 (£4,268,769 in 2024), a losses of £75,980 (£329,383 in decrease due to the change in 2024). After the pension charges, lease arrangements described this results in a draft unrestricted above. funds surplus of £52,447 (£193,459 in 2024).

Restricted Funds

Restricted Funds are funds held by LSESU as custodian, including monies raised by student groups (ratified sports clubs and societies, which are branches of LSESU) through their own fundraising, grants from the School and external organisations, and membership subscriptions for specific student-facing projects. Restricted funds also include the Student Union Fund, an LSE fund available to students and groups for projects benefiting the student community. The year saw a net deficit on restricted funds of £58,838 (2024: £85,299 deficit).

24 LSE SU

LSE U 25

24 LSESU ANNUAL REPORT 25

08 FINANCE SUMMARY

Future Funding LSESU has sufficient funds to meet its future obligations for 2025-26, but an increase in funding remains a priority. The subvention grant from LSE for 2025-26 has been confirmed at £1,458,437. The Student Union Fund remains at £150,000 . Total grant income from LSE for 2025-26 is £2,455,611 , including £251,328 for the LSESU run spaces in the Marshall Building ( £2,372,599 in 2024 including £226,195 for the Marshall spaces).

Fixed Assets

£59,140 of IT equipment was purchased during the year.

Reserves

Unrestricted general reserves at the end of the year were £618,664 (£726,045 in 2024). The proposed £1,518,067 SUSS pension liability is shown as a separate designated fund as payments do not fall due immediately (2024 £1,620,781).

Reserves Policy

LSESU reserves policy is that general (unrestricted) reserves

should be £350,000 and excess reserves are £268,000. At this level, we believe that we would be able to continue the essential student-facing activities of the organisation in the event of a significant decline in non School funding, whilst allowing time to re-establish or re-focus income generating activities. The Trustees will review the reserves policy during 2025/26.

26 LSE SU

LSE SU 27

24 LSESU ANNUAL REPORT

08 FINANCE SUMMARY

25

Risk Management

The key risks for 2024/25 included changes in senior leadership; rising staff costs; and the loss-making operation in the Denning café, which trustees decided to close in the spring of 2025. Trustees have recruited a new CEO who took up the post in September 2025, providing much-needed stability. A job evaluation scheme and fair pay structure is being implemented in 2026 to improve retention and satisfaction. While staff costs continue to rise in line with the living wage, the Union has ongoing conversations with LSE about financial sustainability.

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, care-taking and cleaning staff. This support is intrinsic to the relationship between the School and LSESU. Although LSESU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the School’s support. The Trustees consider it reasonable to anticipate that this or equivalent support from the School will continue for the foreseeable future, as the Education Act 1994 imposes a duty on the School to ensure the financial viability of its student representative body in one form or another. The Trustees therefore consider the Union to be financially viable for the foreseeable future.

28 LSE SU

LSE SU 29

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2025

(registered company no. 07710669)

We have audited the financial statements of London School of Economics Students’ Union (the ‘charitable company’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

/Continued …

1

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2025

(Continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement in the Trustees' Report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

/Continued …

2

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION FOR THE YEAR ENDED 31 JULY 2025

(Continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken, so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report or for the opinions we have formed.

Shoaib Arshad (Senior Statutory Auditor) For and on behalf of:

Knox Cropper LLP

Chartered Accountants & Statutory Auditors 65 Leadenhall Street London EC3A 2AD

_______2025

Knox Cropper LLP Charterted Accountants is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

3

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 July 2025

Unrestricted
Funds
Note
2025
£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
2
2,958,427
Charitable activities
5
-
Other trading activities
3
854,018
Investments
4
27,390
Other
6
124,300
TOTAL
3,964,135
EXPENDITURE ON:
Charitable activities
3,888,155
Other costs
Pension costs - Past Service Deficit
23,533
TOTAL EXPENDITURE
7
3,911,688
52,447
NET MOVEMENT IN FUNDS
52,447
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 1 AUGUST 2024
(695,103)
TOTAL FUNDS AT 31 JULY 2025
(642,656)
£
Net Income		 Restricted
Funds
2025
£
150,000
1,803,385
-
-
-
1,953,385
2,012,223
-
2,012,223
(58,838)
(58,838)
679,327
620,489
£		 Total
Funds
2025
£
3,108,427
1,803,385
854,018
27,390
124,300		 Total
Funds
2024
£
3,961,753
1,423,178
684,655
36,138
65,606
5,917,520 6,171,330
5,900,378
23,533		 5,927,246
135,924
5,923,911 6,063,170
(6,391) 108,160
(6,391)
(15,776)		 108,160
(123,935)
(22,167)
£		 (15,775)
£

1

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

Company limited by guarantee (registered company no. 07710669)

BALANCE SHEET As at 31 July 2025

Notes
Charity
2025
£
FIXED ASSETS
Tangible assets
11
#REF!
Investments
-
#REF!
CURRENT ASSETS
Stocks
14,271
Debtors
12
505,806
Cash at bank and in hand
1,563,224
2,083,301
CREDITORS: amounts falling due
within one year
13
(701,140)
NET CURRENT ASSETS
1,382,161
TOTAL ASSETS LESS CURRENT
LIABILITIES
#REF!
CREDITORS: amounts falling due
after one year
14
1,388,874
TOTAL NET LIABILITIES
#REF!
FUNDS
Unrestricted funds:
Designated funds
17
(1,261,319)
General fund
17
618,664
(642,655)
Restricted funds
17
620,489
(22,166)
£		 Group
Charity
2025
2024
£
£
125,364
112,031
-
#REF!
125,364
#REF!
14,271
20,427
505,806
699,683
1,563,224
1,866,214
2,083,301
2,586,324
(841,958)
(1,056,356)
1,241,343
1,529,968
1,366,707
#REF!
(1,388,874)
1,497,740
(22,167)
£
#REF!
(1,261,319)
(1,421,148)
618,663
726,045
(642,656)
(695,103)
620,489
679,327
(22,167)
£
(15,776)
£		 Group
2024
£
112,032
-
112,032
20,427
699,683
1,866,214
2,586,324
(1,216,391)
1,369,933
1,481,965
(1,497,740)
(15,775)
£
(1,421,147)
726,045
(695,102)
679,327
(15,775)
£

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.

The financial statements were approved, and authorised for issue, by the Board of Trustees on _______2026 and signed on their behalf by:-

04/03/2026

OTITOCHUKWU MOLOKWU, Chair of Board of Trustees

The annexed notes form part of these financial statements

1

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

CASH FLOW STATEMENT For the year ended 31 July 2025

Cash flows from operating activities
Adjustments for:
Depreciation
Increase in stocks
Increase in debtors
Increase in creditors
Investment income
Cash flows from investing activities
Purchase of tangible fixed assets
Return on investment - interest receivable
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 August 2024
Components of cash and cash equivalents
At 1
August 2024
Cash at bank and in hand
1,866,214
£
Cash and cash equivalents at 31 July 2025		 2025
£
(6,391)
45,808
6,155
193,877
(483,299)
(27,390)
(271,240)
(59,140)
27,390
(31,750)
(302,990)
1,866,214
1,563,224
£
Cashflows
(302,990)
£		 2024
£
108,160
50,762
2,955
(330,807)
533,253
(36,138)
328,185
(38,178)
36,138
(2,040)
326,145
1,540,069
1,866,214
£
At 31 July
2025
1,563,224
£

1

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

1. ACCOUNTING POLICIES

Basis of preparation of financial statements

The financial statements of the charity, which is a public benefit entity under FRS102, have been prepared under the historical cost convention. They have been prepared in accordance with applicable United Kingdom accounting standards, the requirements of the Statement of Recommended Practice 'Accounting and Reporting by Charities' (SORP 2019), in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) applicable to smaller entities (under section1a) and the Companies Act 2006. The presentational currency of the financial statements is Pound Sterling (£).

Going Concern

After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees' Responsibilities in the Annual Report.

Company status

The London School of Economics Students' Union is an incorporated charity: a private limited company limited by guarantee and charity registered in the UK (Charity number 1143103. Company Number: 07710669). Its registered office is at LSE Students' Union, Saw Swee Hock Student Centre, 1 Sheffield Street, London, WC2A 2AP.

The principal activities are campaigning, representation, provision of social activities and the organisation of sporting and recreational activities and opportunities. The Charity meets the definition of a public benefit entity.

Fund accounting

London School of Economics Students' Union administers and accounts for a number of charitable funds, as follows:-

Unrestricted Funds representing unspent income which may be used for any activity/purpose at the Trustees' own discretion;

Restricted funds raised and administered by the Union for specific purposes as determined by students, such as Club and Societies Accounts, as well as revenue received for purposes specified by the donor and also (if not material enough to require a separate column in the SoFA) any small capital grants received from the School.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

Incoming resources

All income and capital resources are recognised in the accounts when the entitlement to the income or endowmen arises, there is probable economic benefit to the Union and the amount can be reliably quantified.

Grants received are credited to income according to the period to which they relate and treated as unrestricted unless restrictions are specified by the provider relating to spending of that income, in which case they are treated as restricted.

Income from commercial activities includes amounts received in exchange for supplying goods and services through the Union's bar, catering, gym and retail outlets, with amounts recognised based on the date of sale.

Media sale income includes sponsorship relating to Welcome Fair stalls, which is accounted for when the contractua entitlement to the income arises, and NUS Extra card income which is accounted for based on sales arising in the period.

Club and societies' income includes membership, sponsorship and grant income which is treated as restricted.

Resources Expended

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities Expenditure includes irrecoverable VAT and comprises the direct and indirect costs of delivering public benefit Governance costs are those incurred for compliance with constitutional and statutory requirements, such as the annua audit, annual elections and training for sabbatical officers.

Other central overhead costs, as well as governance costs, are apportioned to charitable and other projects/activities on a usage basis, pro rata to the total costs of each project or activity undertaken.

Tangible fixed assets and depreciation

Fixed assets are stated at cost less accumulated depreciation. Assets are not capitalised below £4,000 cost per item/set Equipment, fixtures and fittings are included at cost. Depreciation is provided at the following annual rates in order to write the cost of assets off over their estimated useful lives:-

Fixtures and Fittings 25% per annum on cost Computer and Office Equipment 25% per annum on cost Gym equipment 20% per annum on cost Improvements to Buildings 10% per annum on cost

Termination benefits

Termination benefits are accounted following a commitment by legislation, by contractual or other agreements with employees to make payments (or provide other benefits) to employees when the Union terminates their employment.

Leased assets

Rentals payable under operating leases are charged as expenditure on a straight line basis over the period of the lease.

2

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

Stock

Stock is valued at the lower of the cost or net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that wil probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured o estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial Instruments

The charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include cash debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at fair value. Cash is cash at bank and in hand.

Pensions

Retirement benefits to employees of the Union are provided through two pension schemes, one defined benefit (SUSS) the other defined contribution (Scottish Widows).

In relation to the multi-employer defined benefit scheme which is closed to future accrual, as set out in note 15, ful provision is made for the total agreed contributions payable to meet the fund deficit. The provision is based on the tota contributions payable at the year end, discounted to net present value.

In relation to the defined contribution scheme, as set out in note 16, contribution are accounted for as they fall due.

Judgements and key sources of estimation uncertainty

Judgements and key sources of estimation uncertainty are detailed in the above accounting policies, where applicable The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financia statements are that of the SUSS pension scheme deficit as disclosed in note 15.

3

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

2. DONATIONS AND LEGACIES

University Block Grant
University other grants
Other Grants
Space Grant
Capital Grant
Comparative donations and legacies
University Block Grant
University other grants
Other Grants
Space Grant
Capital Grant		 Unrestricted
Funds
2025
£
1,512,275
892,829
67,102
486,221
-
2,958,427
£
Unrestricted
Funds
2024
£
1,168,796
901,614
5,000
1,736,343
-
3,811,753
_£ _		 Restricted
Funds
2025
£
-
150,000
-
-
-
150,000
£
Restricted
Funds
2024
£
-
150,000
-
-
-
150,000
_£ _		 Total
Funds
2025
£
1,512,275
1,042,829
67,102
486,221
-
3,108,427
**£ **		 Total
Funds
2024
£
1,168,796
1,051,614
5,000
1,736,343
-
3,961,753
_£ _
Total
Funds
2024
£
1,168,796
1,051,614
5,000
1,736,343
-
3,961,753
_£ _

3. INCOME FROM OTHER TRADING ACTIVITIES

Unrestricted
Funds
2025
£
Trading income
806,659
Other generated income
47,359
854,018
£
Comparative income from other trading activities
Unrestricted
Funds
2024
£
Trading income
625,655
Event income
59,000
684,655
_£ _		 Restricted
Funds
2025
£
-
-
Nil
£
Restricted
Funds
2024
£
-
-
Nil
£		 Total
Funds
2025
£
806,659
47,359
854,018
**£ **		 Total
Funds
2024
£
625,655
59,000
684,655
_£ _
Total
Funds
2024
£
625,655
59,000
684,655
_£ _

4

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

4.
INVESTMENT INCOME
Unrestricted
Funds
2025
£
Interest receivable from:
Bank interest
27,390
27,390
£
Comparative investment income
Unrestricted
Funds
2024
£
Interest receivable from:
Bank interest
36,138
36,138
£
5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2025
£
Clubs and Societies
-
Nil
£
6.
OTHER INCOME
Unrestricted
Funds
2025
£
Other income
124,300
124,300
£
Comparative other income
Unrestricted
Funds
2024
£
Other income
65,606
65,606
£		 Restricted
Funds
2025
£
-
Nil
£
Restricted
Funds
2024
£
-
Nil
£
Restricted
Funds
2025
£
1,803,385
1,803,385
£
Restricted
Funds
2025
£
-
Nil
£
Restricted
Funds
2024
£
-
Nil
£		 Total
Funds
2025
£
27,390
27,390
£
Total
Funds
2025
£
1,803,385
1,803,385
£
Total
Funds
2025
£
124,300
124,300
**£ **		 Total
Funds
2024
£
36,138
36,138
_£ _
Total
Funds
2024
£
36,138
36,138
_£ _
Total
Funds
2024
£
1,423,178
1,423,178
_£ _
Total
Funds
2024
£
65,606
65,606
_£ _
Total
Funds
2024
£
65,606
65,606
_£ _

5

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

7.
RESOURCES EXPENDED
Cost of
sales
£
Cost of charitable activities
Trading activities
236,800
Student Communities
-
Student Representation
-
Support and advice
-
Marketing and
Communications
-
Clubs and socieites
-
Total charitable
expenditure
236,800
**£ **		 Staff Costs
£
472,587
742,757
456,890
147,043
194,762
-
2,014,039
**£ **		 Other direct
costs
£
133,994
327,444
32,411
155,130
-
1,854,676
2,503,655
**£ **		 Central costs
£
326,460
442,702
268,886
85,887
21,949
-
1,145,884
**£ **		 Total
2025
£
1,169,841
1,512,903
758,187
388,060
216,711
1,854,676
5,900,378
**£ **

Central costs included in the resources expended

Cost of charitable activities
Trading activities
Student Communities
Student Representation
Support and advice
Marketing and Communications
Total charitable
expenditure		 Staff Costs
£
92,920
146,486
89,276
28,423
7,288
364,393
**£ **		 Rent
£
110,178
173,692
105,857
33,701
8,641
432,069
**£ **		 Support costs
£
216,282
269,010
163,029
51,903
13,308
713,532
**£ **		 Total
£
419,380
589,188
358,162
114,027
29,237
1,509,994
**£ **

6

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

7.
RESOURCES EXPENDED (continued)
Comparative resources expended
Cost of sales
£
Cost of charitable
activities
Trading activities
195,163
Student Communities
-
Student Representation
-
Support and advice
-
Marketing and
Communications
-
Clubs and socieites
-
Total charitable
expenditure
195,163
_£ _		 Staff Costs
£
437,134
536,083
414,426
107,049
197,329
-
1,692,021
_£ _		 Other direct
costs
£
181,553
239,982
35,463
98,731
-
1,499,802
2,055,531
_£ _		 Central costs
£
574,389
695,173
539,744
135,849
39,376
-
1,984,531
_£ _		 Total
2024
£
1,388,239
1,471,238
989,633
341,629
236,705
1,499,802
5,927,246
_£ _
Central costs included in the resources expended
Staff Costs
£
Cost of charitable
activities
Trading activities
72,601
Student Communities
90,241
Student Representation
70,045
Support and advice
17,639
Marketing and Communications
5,113
Total charitable
expenditure
255,639
£
Resources expended include:
Auditors’ remuneration:
Audit fee
Other services
Depreciation
- on owned assets
Details of staff costs are given in Note 9.		 Rent
£
418,564
520,257
403,826
101,693
29,476
1,473,816
_£ _		 Support costs
£
155,825
174,916
135,635
34,156
9,900
510,432
£
2025
11,752
1,260
45,808		 Total
£
646,990
785,414
609,506
153,488
44,489
2,239,887
_£ _
2024
10,740
1,260
50,762

Details of Support costs is given in Note 8.

7

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

8. SUPPORT COSTS

SUPPORT COSTS
Irrecoverable VAT
Bank Charges
Insurance
Consultancy and Professional Fees
Affiliations and subscriptions
Auditors’ remuneration
Training and Development
Telephone
Printing and Photocopying
Depreciation (non-commercial assets)
Office Stationery and Minor Equipment
Recruitment Expenses
Website costs
Card Processing Fees
Licenses
Bad Debt Write Off
Sundry Costs		 Total
2025
£
40,256
3,357
32,943
233,768
54,907
13,012
11,502
5,072
2,739
31,039
38,172
19,531
45,040
30,462
8,454
74,906
68,372
713,532
**£ **		 Total
2024
£
116,695
4,149
31,516
100,076
54,143
12,000
15,048
3,984
-
17,199
25,138
15,134
15,016
15,240
16,005
(12,290)
81,379
510,432
_£ _

8

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

9. STAFF NUMBERS AND COSTS

Wages and salaries
Social security costs
Pension costs - current services costs
Other staff costs
Pension costs - past services deficit
Permanent staff
Student and casual staff
The cost of key management was as follows:
Sabbatical Officers
Senior management
Number of Sabbatical Officers
The average weekly number of employees, head-count, during the period was:		 2025
£
1,812,921
145,365
40,673
15,080
2,014,039
23,533
2,037,572
£
2025
Number
39
202
241
2025
£
144,086
247,088
391,174
£
4		 2024
£
1,424,972
116,253
36,365
1,896
1,579,486
135,924
1,827,946
_£ _
2024
Number
36
132
168
2024
£
62,080
314,444
376,524
£
4

No (2024 - no) employee received remuneration of more than £60,000 The accounts include termination payments totalling £79,794 (2024 - £nil).

The key management personnel of the Charity are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity, directly or indirectly, including any Trustee of the Charity. In addition to the Trustees, key management personnel includes the Sabbatical Officers and senior management. The key management personnel costs above do not include termination payments.

10. TRUSTEES REMUNERATION AND BENEFITS

Sabbatical officers are paid as authorised in the Union's governing document, for the representation, campaigning and support work they undertake as distinct from their trustee responsibilities. This work included voicing student opinion with the University and local community, defending and extending the rights of students through petitions etc. and also organising and supporting student volunteers and service provision for them. Details are included in note 9.

No members of the Board of Trustees received reimbursement of expenses (2024 - £507).

9

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

11. TANGIBLE FIXED ASSETS

Cost
At 1 August 2024
Additions
At 31 July 2025
Depreciation
At 1 August 2024
Charge for the year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
12. DEBTORS
2025
Due within one year
£
Trade debtors
426,956
Prepayments
17,704
VAT repayment due
53,175
Other debtors
7,971
505,806
**£ **		 Fixture and
fittings
£
202,562
59,140
261,702
143,231
18,932
162,163
99,539
£
59,331
£
2025
£
426,956
17,704
53,175
7,971
505,806
**£ **		 Other fixed
assets
£
134,382
-
134,382
81,681
26,876
108,557
25,825
£
52,701
£
2024
£
360,403
266,197
63,102
9,981
699,683
_£ _		 Total
£
336,944
59,140
396,084
224,912
45,808
270,720
125,364
**£ **
112,032
_£ _
2024
£
360,403
266,197
63,102
9,981
699,683
_£ _

10

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

13.
14.
**15. **		 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
£
Trade creditors
364,074
Deferred income
19,563
Social security and other taxes
45,210
Other creditors
32,044
Pension costs - Past Service Deficit
129,193
Accruals
111,056
701,140
£
Deferred income
Balance at 1 August 2024
281,090
Amount released to incoming resources
(281,090)
Amount deferred in the year
19,563
Balance at 31 July 2025
19,563
£
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Charity
2025
£
Pension costs - Past Service Deficit
(1,388,874)
(1,388,874)
£
DEFINED BENEFIT PENSION SCHEME – SUSS
Pension costs - Past Service Deficit
Brought forward
Payments made
Unwinding of interest for the year
Adjustment to provisions
Analysis:
Due within one year
Falling due after more than one year		 2025
2024
£
£
364,076
536,406
19,563
281,090
45,210
29,071
172,860
37,266
129,193
123,041
111,056
49,482
841,958
£
1,056,356
£
281,090
(281,090)
-
19,563
281,090
19,563
£
281,090
£
Group
Charity
2025
2024
£
£
1,388,874
(1,497,740)
1,388,874
£
(1,497,740)
£
2025
2025
£
1,620,781
(121,453)
30,441
(11,702)
1,518,067
£
129,193
1,388,874
1,518,067
**£ **		 2024
£
536,408
281,090
29,071
197,299
123,041
49,482
1,216,391
_£ _
269,568
(269,568)
281,090
281,090
_£ _
Group
2024
£
1,497,740
1,497,740
_£ _
2024
£
1,559,311
(111,602)
51,925
121,147
1,620,781
_£ _
123,041
1,497,740
1,620,781
_£ _

11

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

15. DEFINED BENEFIT PENSION SCHEME – SUSS (continued)

London School of Economics Students’ Union participates in the Students’ Union Superannuation Scheme, which is a defined benefit scheme whose membership consists of employees of students’ unions and related bodies throughout the country. Benefits in respect of service up to 30 September 2003 are accrued on a “final salary” basis, with benefits in respect of service from 1 October 2003 accruing on a Career Average Revalued Earnings (CARE) basis. With effect from 30 September 2011 the Scheme closed to future accrual. The most recent Valuation of the Scheme was carried out as at 30 June 2022 and showed that the market value of the Scheme’s assets was £106.7m with these assets representing 44% of the value of benefits that had accrued to members after allowing for expected future increases in earnings. The deficit on an ongoing funding basis amounted to £136.6m.

The 2022 Valuation recommended a monthly contribution requirement by each Participating Employer expressed in monetary terms intended to clear the ongoing funding deficit over a period of 14 years, increasing by 5% each year. These contributions also include an allowance for the cost of the ongoing administrative and operational expenses of running the Scheme.

Full provision is made in the accounts for the total amount of contributions payable to meet the funding deficit. The provision is based on the discounted value of future contributions. The contributions payable will be formally reviewed following completion of the next valuation due with an effective date of 30 June 2025. In addition to the above contributions, London School of Economics Students’ Union also pays its share of the Scheme’s levy to the Pension Protection Fund.

In calculating this net present value annual increases of 5% have been made and a discount rate of 5.6% (2024: 5.0%) representing the typical yield of high quality corporate bonds has then been applied. This discount rate is lower than in the previous year and results in a higher liability than compared with the previous year. The next full Valuation of the Scheme may result in an increase to the liability.

16. DEFINED CONTRIBUTION PENSION SCHEME

Since 1 October 2011, all participating employees have been in a new defined contribution pension scheme with Scottish Widows. Contributions are at 3for the employer and a contribution rate starting at 5% for the employee. Contributions are accounted for as part of the Union’s unrestricted funds.

'Pension costs - current services costs' in note 9 relate to payments made to a defined contribution pension scheme. The charitable company’s liability is limited to making the payments due to the scheme on a timely basis. The liability at the 31 July 2025 is £8,158 (2024 : £5,738).

12

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

17. STATEMENT OF FUNDS

Brought
Forward
£
DESIGNATED FUNDS
Pension Fund Deficit
(1,620,781)
Fixed Assets and
Premises Fund
112,031
Refurbishment fund (Gym,
Marshall, Denning, EPOS)
87,603
DIFF - Please check
(1,421,148)
£
RESTRICTED FUNDS
Clubs and Societies
571,306
Clubs and Societies:
Annual Fund
-
Other University grants
108,021
679,327
£
SUMMARY OF FUNDS
Designated Funds
(1,421,148)
General Funds
726,045
(695,103)
Restricted Funds
679,327
(15,776)
£
Comparative statement of funds
Brought
Forward
£
DESIGNATED FUNDS
Pension Fund Deficit
(1,606,311)
Fixed Assets and
Premises Fund
124,615
Refurbishment fund (Gym,
Marshall, Denning, EPOS)
87,603
(1,394,093)
£
RESTRICTED FUNDS
Clubs and Societies
647,930
Other University grants
116,696
764,626
£
SUMMARY OF FUNDS
Designated Funds
(1,394,093)
General Funds
505,532
(888,561)
Restricted Funds
764,626
DIFF - Please check
(123,935)
£		 Incoming
Resources
£
-
-
-
Nil
£
1,803,385
-
150,000
1,953,385
£
-
3,964,135
3,964,135
1,953,385
5,917,520
£
Incoming
Resources
£
-
-
-
Nil
£
1,423,178
150,000
1,573,178
£
-
4,598,152
4,598,152
1,573,178
6,171,330
£		 Resources
Expended
£
-
-
-
Nil
£
(1,854,676)
(588)
(156,959)
(2,012,223)
£
-
(3,911,688)
(3,911,688)
(2,012,223)
(5,923,911)
£
Resources
Expended
£
-
-
-
Nil
£
(1,499,802)
(158,675)
(1,658,477)
£
-
(4,404,693)
(4,404,693)
(1,658,477)
(6,063,170)
£		 Transfers and
investment
gains/(losses)
£
102,714
13,332
43,782
159,828
£
-
-
-
Nil
£
159,828
(159,828)
-
-
Nil
£
Transfers and
investment
gains/(losses)
£
(14,470)
(12,584)
(27,054)
£
-
-
Nil
£
(27,054)
27,054
-
-
Nil
£		 Carried
Forward
£
(1,518,067)
125,363
131,385
(1,261,319)
£
520,015
(588)
101,062
620,489
£
(1,261,319)
618,664
(642,656)
620,489
(22,167)
£
Carried
Forward
£
(1,620,781)
112,031
87,603
(1,421,147)
£
571,306
108,021
679,327
£
(1,421,147)
726,045
(695,102)
679,327
(15,775)
£

13

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
125,364
Net current assets
(129,193)
750,047
Creditors due in more than one year
(1,388,874)
-
(1,261,319)
£
618,663
£
Comparative analysis of net assets between funds
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Tangible fixed assets
-
112,032
Net current assets
(123,041)
813,647
Creditors due in more than one year
(1,497,740)
-
(1,421,147)
£
726,045
£
OTHER FINANCIAL COMMITMENTS
2025
£
Operating leases which expire:
within one year
1,568,658
within two to five years
4,216,037
in over five years
5,784,695
£
At 31 July 2025 the Union had commitments under non-cancellable operating
leases as set out below:		 Restricted
Funds
£
-
620,489
-
620,489
£
Restricted
Funds
£
-
679,327
-
679,327
£
2025
£		 Total
Funds
£
125,364
1,241,343
(1,388,874)
(22,167)
£
Total
Funds
£
112,032
1,369,933
(1,497,740)
(15,775)
£
2024
£
2024
£
214,200
214,200
£

19. OTHER FINANCIAL COMMITMENTS

20. RELATED PARTIES

There are no related party transactions other than those disclosed in notes 9 and 10.

14

LONDON SCHOOL OF ECONOMICS STUDENTS’ UNION

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2025

21. RELATIONSHIP WITH LONDON SCHOOL OF ECONOMICS

The London School of Economics provides the Union with an annual grant as shown in the Statement of Financia Activities including a Space Grant which contributes to the costs which the Union incurs in occupying spaces owned by The London School of Economics. The Union pays market rate charges to The London School of Economics for this accommodation and associated support services.

22. CONTROLLING PARTY

Ultimate control of the Union rests with its membership, respresented by the Board of Trustees.

15