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**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**
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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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LSESU 5
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**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
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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.**
**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
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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.**
**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
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**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.
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## 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.
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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**
**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**
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06 OUR IMPACT
COM
MUN
ITIES
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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.
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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.**
**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.
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## **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.**
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## **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).
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> **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.
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## **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.
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**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:
- give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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 …
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**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:
- the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- **•** certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
## **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 …
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**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:
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are 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 and the Companies Act 2006.
- We understood how the charitable company is complying with those frameworks via communication with those charged with governance, together with the review of the charity’s documented policies and procedures. The charitable company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
- The audit team, which is experienced in the audit of charities, considered the charity’s susceptibility to 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 properly identified and accurately disclosed, that expenditure complied with the control procedures and was appropriately charged. We also reviewed the transactions with the subsidiary company, major journal adjustments along with unusual transactions and considered the identification and disclosure of related party transactions.
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