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2020-07-31-accounts

Report of the Trustees and

Financial Statements for the Year Ended 31 July 2020

for

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Knox Cropper Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Contents of the Financial Statements for the Year Ended 31 July 2020

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Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 30
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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

The trustees present their report with the financial statements of the charity for the year ended 31 July 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Aims, Objectives and Activities

SOAS SU reviewed its constitution in June 2016 and has confirmed the aims and objectives of the SU in line with the Constitution review of 2010 which are as follows:

1) The Union's objects are the advancement of education of Students at The School Of Oriental and African Studies for the public benefit by:

i. promoting the interests and welfare of Students at The School Of Oriental and African Studies during their course of study and representing, supporting and advising Students;

ii. being the recognised representative channel between Students and The School Of Oriental and African Studies and any other external bodies; and

iii. providing social, cultural, sporting and recreational activities and forums for discussions and debate for the personal development of its Students.

In pursuit of these aims for the public benefit, SOAS SU will ensure the diversity of its membership is recognised, valued and supported and has established services for use by its members to support its work within the University. These include over 200 student-led societies, campaigns groups & sports teams, our advice service, the Course Rep programme and our shop & bar.

SOAS SU continues to represent SOAS students on relevant local, national and international issues through our Executive Committee, Sabbatical Officers and Course Reps based in academic cohorts. Student representatives sit on all the relevant decision-making committees of the School including the SOAS Board of Trustees. Student representatives attend academic departmental meetings and take part in SOAS' policy development, strategic decision-making and working groups.

SOAS SU works closely with the School in a number projects to create a better experience for SOAS students, including the Student Advice & Wellbeing Service, Careers Service and Widening Participation departments. Through SOAS SU societies and campaigns student volunteer in the community, fundraise and raise awareness of local and global concerns. SOAS SU has been working in partnership with SOAS for 4 years on the Enough is Enough campaign, creating a culture of consent and tackling sexual & gender-based violence and harassment through a programme of workshops for all new students and policy development. SOAS SU works with SOAS on the Decolonising Working Group, and Decolonising the Curriculum projects, which arose from student-led activism. This year we have been part of a 2 year Office for Students funded project to improve International Student Mental Health, alongside Nottingham & Leeds Universities and Student Minds.

When reviewing our objectives and planning our activities, we give due consideration to the Charity Commission's general and relevant supplementary guidance on public benefit.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

ACHIEVEMENT AND PERFORMANCE

We can't start this report without referring to the most significant event of the year, the Covid-19 pandemic. This fundamentally changed everything about the way SOAS SU has functioned, and our achievement and performance this year. This was a significant disruption to our normal way of working for 5 months of this year, and with nearly a month of industrial action right before national lockdown, over half the year has been unusual and challenging for us. We're proud to be able to report on our achievements, and the achievements of our members, despite the most difficult of years!

The second big change for SOAS SU was the departure of Peter Baran after 21 years, SOAS SU's first General Manager, and the new General Manager, Anna Dodridge joining at the start of the 19/20 year.

We opened the year with a fortnight of activities and over 100 events, welcoming new and returning students to SOAS and creating opportunities for students to meet people, join groups and develop their identity and belonging in the SOAS community. We greeted students and helped them move into Halls of Residence with our traditional SU pizza party, and closed out the fortnight with our Freshers Fair showcasing our 100s of diverse societies and increasing number of sports clubs.

For the fourth year running we started the year delivering our comprehensive consent training for all new SOAS students. The training is created and delivered by SOAS students, with student project leaders and workshop facilitators. This training is designed to shift the culture of sexual and gender-based violence and harassment. We worked with the Not the Only One project to deliver specific SGBV survivor workshops and a survivor support group which ran throughout the year.

We had 165 societies & 18 sports teams registered. These range from

Over 25% of SOAS students are involved in one or more student-led groups, with over 200 students directly involved in leading the groups. From the national lockdown in March all our student group activity moved online, which our groups managed brilliantly, providing students stuck in their homes with a diverse range of events and ways to stay connected with each other.

Our Welfare & Advice Caseworker supported 593 students with their problems. This year, inevitably over 25% of our advice casework was directly related to Covid-19. 34% of enquiries related to academic regulation issues such as mitigating circumstances, 30% related to disability, mental and physical health. We saw a reduction in the number of cases relating to practical issues such as money and housing, which we believe is due to students having a better understanding of the SOAS services set up to help them with these matters. Following industrial action at SOAS in February we dealt with over 50 cases relating to the strikes, including complaints and studies impacted by the action. From the national lockdown in March and for the rest of the year, we moved our advice & wellbeing service entirely online, with appointments being given via video link. The lack of presence on campus impacted the service, however the level of anxiety and pressure meant that our support for student wellbeing was more important than ever.

This year we recruited a Black Students Support Coordinator, following a UGM motion from our students. The role was initially a 1 year fixed-term position, which the Trustees decided to fund from our reserves, with the intention to seek funding from SOAS in the future. The BSSC provided welfare and pastoral support for students, and worked on creating access to SOAS and external support services and specialist organisations. The BSSC participated in a number of School committees, projects and working groups to improve outcomes and experiences for Black students at SOAS. Following a report on the impact of this role we were successful in gaining some funding through SOAS' Access, Participation and Success Plan to take this role into a second year.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

Our fourth Varsity sports competition against London Metropolitan University was held during the period of industrial action, meaning that the SU and many of our students were not on campus. Despite this, we had good attendance of supporting students at the matches and SOAS took the overall win again - with 10 matches to 4. As a small university, with around half the number of students and no on-campus sports facilities we're proud of our sports clubs and what a bit of dedication and SOAS spirit can achieve.

Our Autumn Elections voter numbers were similar to the previous year (18/19 139 voters, 19/20 145 voters). However, our Spring Elections (which include our Sabbatical Officer positions) were severely impacted by the Covid-19 pandemic. We had made the decision to delay our election period in light of the industrial action, however this meant that our elections were held during the week which saw the first national lockdown, and closure of the SOAS campus including our spaces. We could not have predicted this event at the time we set the elections dates. Unfortunately, this resulted in a overall 15% voter turnout across both elections, with a 12% at the main Spring elections. We are proud of all of our 32 candidates who ran excellent campaigns, online for the first time ever, despite the circumstances.

Looking at the feedback from the 770 final year undergraduate students who completed the National Student Survey we can see that there was a small increase in students' satisfaction with SOAS SU as an effective representative (from 48% to 53%). For such a challenging year we were pleased to see this positive movement. We recognise the substantial limitations of the NSS as a measure of the SU's performance, but note that this puts us around the sector average. This year we set up a working group with SOAS' new Student Experience & Engagement department to develop a new Student Rep programme. The new scheme will be put into place for the 20/21 academic year, and will be the first time that we've run this programme in partnership with the School.

The Union achieved 'Very Good' in the NUS Green Impact Awards this year. It was disappointing that we broke our run of 'Excellent' ratings, however, we were unable to complete all the criteria as planned due to the shut down and re-focus of our work through the pandemic.

Yet again we're reporting that we had another challenging year of institution change, with SOAS undertaking Transformation & Change involving restructuring, budget cuts and changes made to programmes of study affecting a large percentage of students. This followed a period of national industrial action, which our students voted to support through the SU closing our spaces during hours the campus was picketed. Our elected representatives, in particular the Sabbatical Officer team had to devote a significant amount of time and energy to engaging students in these processes and ensuring the student voice was present in the decision-making. A large portion of time through the second half of the year, from both the Sabbatical Officers and the General Manager was involved in SOAS' critical incident response to the pandemic.

Our Commercial Services suffered this year, reflected in these accounts. Due to a number of financially healthy years where our income generating services had enabled us to build reserves we were able to survive the year without any serious budget cuts. However this reduced our reserves position to zero. We've been able to retain our commercial staff team through making use of the Coronavirus Job Retention Scheme. We're entering 20/21 with uncertainty of the future of our commercial services. We don't know when it will be possible to safely re-open the outlets, nor how national restrictions and SOAS campus openings will impact us. We have produced a very conservative budget for 20/21, anticipating a further year with little to no income generated through our commercial services.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

Union Performance

The Union's performance against our planned 19/20 priorities is set out below. All priorities were affected by the significant series of disruptions this year. As part of our Business Continuity Plans we had to re-focus our priorities to moving to remote working, the safety and wellbeing of our members & staff team, the financial sustainability of the Union, and supporting consultation as part of the SOAS Transformation & Change prorgamme.

Educational Priorities

Fight for Collective Ownership of Learning Experiences

Striving towards a collective ownership approach to learning we were proactive in drawing more students into strategic level conversations about their learning and teaching.

• We hired student course consultants to contribute to the design of the brand new Africa and African Diaspora degree programme.

• We supported students to contribute to the working groups around the Undergraduate Curriculum Review consultation period.

• We invited student reps to become members of the Student Feedback Panel, therefore feeding into formal SOAS governance structures.

Reduce Racial Attainment Gap

This year considerable progress has been made across the institution regarding innovating our response to attainment gaps. In our representative role on committees we have been part of exploring the interrelationship between access, retention and outcomes. The introduction of our Black Student Support Coordinator role this year has enabled us to work in partnership with the Widening Participation team, and to contribute towards the targets in the Access and Participation Plan relating to reducing the racial attainment gap, through the support of black students.

Promote Inclusive Teaching

We've worked closely with the SOAS Inclusive Learning working group to ensure a prominent student voice in both the design and delivery of the programme. While most of Term 1 was spent designing and upgrading the programme, the intention had been for widespread delivery to take place in Term 2. Unfortunately, with the interruptions caused by industrial action and Covid-19, this was unable to take place.

Counter the Cutting of Modules on Africa

The SU have been involved in the SOAS Africa Review and development of the plans for the Africa Institute. The conversation was particularly relevant through the Transformation and Change programme, where we raised the concerns and shared the views of students in relation to SOAS' academic specialism in this area.

Provide Extracurricular Educational Opportunities

In 19/20 we have seen the continuation of Bridging the Gap and the establishment of SOASwide Mentoring. We have worked with SOAS Widening Participation, Student Experience & Engagement and the Centre for Innovation in Learning and Teaching to strengthen this student-led work and create more opportunities going forward. Similarly, partnering with external organisations has been key in facilitating further extracurricular opportunities for students. This year, we have particularly focused on student-led mental health projects and have collaborated with

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

As part of our involvement in the "Core Unit" working group under the Curriculum Review we explored ways to recognise student activism as part of study programmes. With the nature of the studies students engage with at SOAS activism is part of the learning experience.

Non-Educational Priorities

Improve SGBV Complaints procedures

Ensure Complaints are thoroughly dealt with at SOAS & Tackle Sexual and Gender Based Violence within the SOAS community. We held our fourth year of consent education workshops with Enough is Enough, and reviewed & updated the SU Complaint Policy & Procedure and Safer Spaces Policy. We trained & deployed Welfare Contacts at all our main late night events. In our representative roles we have served on the Committees and Working Groups developing the SOAS SGBV Policy and associated procedures.

Actively Counter the Climate Emergency on Campus

Ten months ago, SOAS publicly supported the declaration of a climate emergency and the creation of a cross-SOAS Climate Action Group to tackle and explore the different obligations and responsibilities we hold as an institution and a community.

Improve and Encourage the Use of Support Services

One of the many lessons learnt from Covid-19 is that student support is more needed than ever. Throughout the year, we have worked closely with different teams across the School to both improve the services available, as well as further promote and encourage the use of those already existing. Our collaborative approach has facilitated improvements in our mitigating circumstances policy (especially in a Covid-19 context), the diversity and tailored support of Student Advice and Wellbeing services, the inclusion of liberation discourses in CILT, and promoting a closer working relationship between Finance, Registry and SAaW when dealing with student debtors. Our Black Students Support Coordinator has been key in establishing stronger relationships between different projects at SOAS that work on Black student support.

Implement More Creative Democratic Participation Mechanisms

This year we did make some progress as to refining our current democractic processes and exploring potential alternatives. We introduced "Get Vocal", an informal discussion space hosted fortnightly. All types of conversations are brought to the table, from preferences on where to potentially place a grand piano to consultations on the EDI strategy, or getting feedback on timetabling and first academic impressions of the year. The Covid-19 pandemic challenged our democratic participation methods - we developed new online forums, and an alternative online approach for hosting our Annual General Meeting.

Reform SU Governance Structure

This year we began the initial phases of a SOAS SU strategy development. This included consultation with permanent staff and the 19/20 sabbatical officer team. We begun the process of consultation on incorporation of the SU, we believe this will stabilise the Union, and the discussion of developing a SOAS/SU Relationship Agreement. This work will continue into 20/21 to complete.

Showcase Student Talent

With a student body as diverse in cultures and talents as SOAS, it has been a priority to the SU to provide students with platforms to showcase their talents. Throughout the year we have held events and worked on structures that allow for students to showcase their talent effectively. Some of the events we have held include: Student-led late licences, open mics, The Quarantine Qrew Facebook Group, Student Musicians Showcase and Weekly Cooking Challenge, the Young Gifted and Black showcase for Black History Month, DJ Workshops and the Winter Bazaar. The SU also worked with the School of Music and Estates to have a new baby grand piano set up in the Paul Webley Wing to provide students with a space to practice.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

FINANCIAL REVIEW

Income & Expenditure Account

SOAS SU's gross income from all sources this year totalled £1,121,301. Total expenditure was £1,331,176 which left a loss for the year of £209,875. The Union held £185,901 in reserves at the end of the year, of which £97,888 is unrestricted. The Fixed Asset Fund represents the net book value of assets funded from unrestricted reserves.

Whilst the unrestricted reserves are £97,888 at the year end it is worth nothing that this is represented by two things. Firstly, the fixes asset fund, which is £100,988, which represents the net book value of the assets the union has made. Secondly the general funds that can be used at the Union's discretions to fulfil its charitable objects. This fund currently is in deficit by £3,101.

SOAS Grants

SOAS SU has continued to benefit from the recognition and support of the University, who are our principal funders, and this year the Block Grant was £395,991. This money primarily supports our day-to-day charitable activities, salaries of the sabbatical officers, core staff, as well as funding for sports, societies, the student representation system and other membership services.

The Union secured a 5-year grant from SOAS, starting in 16/17 of £13,000/year to run the Consent Workshops, added as an increase to the Block Grant. This will continue to fund this work for 19/20 and 20/21 academic years.

At the end of 2017-18, the Union were given two restricted funds to spend in 2018-19 in two areas: A Mental Health and Welfare Fund of £25,000 and an Innovation and Entrepreneurship Fund of £20,000.

Union Generated Income

£687,481 was generated by commercial services and events run by the Union which are a student bar and social space, a snack shop and coffee sales, SOAS branded merchandise and stationary sales.

We run most of these student facing commercial services with a low margin as a service to students, which also provides safe social space within the University, however the Union has a reserves policy for any profits made.

£37,829 is generated by student societies and clubs, which goes directly back to those groups.

Some money is raised from contracting work through the SU Radio Studio. The Union set SOAS Radio a target of £35,000 income for the year to break even on operating costs, however at the beginning of the year we were advised that our main source of income for the Radio was being cut. In the past the majority of the income for the Radio is from our support of teaching delivery on 2 programmes in the SOAS School of Arts. SOAS developed a new Studio which the School of Arts is now using for their teaching. Our other sources of income, internal academic and external clients for audio production work, was also limited due to the lack of access to the studio from March and reduction of budgets across all departments and institutes following Transformation & Change. Radio income was reduced to £12, 318 this year.

For the past few years the Union has maintained three months running costs as reserves, which has been priced as £333.000. Usually the Union aims to make a small surplus through our trading activities on a year on year basis, and feed 60% of this operating surplus into the society's fund, accruing the rest for capital projects. This has not been possible this year, as our reserves had to be used to manage our financial losses for the year.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity constitution

SOAS Students' Union (SU) is a Registered Charity, Charity Number 1150717, and was registered on the 06/02/2013. SOAS SU is constituted under the Education Act 1994 as a charity with internal regulations and a Constitution approved by the Governing Body of the SOAS (the University) and the Charities Commission. SOAS SU's aims and objectives, as laid out in its constitution, are to provide representation and support for the students' of the University, and are further supplemented by the objective of helping members to develop their own charitable activities with active participation in civil society.

Recruitment and appointment of new trustees Trustee Selection Methods

SOAS SU is administered by its Executive Committee of students, elected annually by cross-campus secret ballot of the SOAS SU membership. The three Co-President posts are full-time, or 'sabbatical', posts remunerated as authorised by the Education Acts and cannot exceed two years' duration for each holder. The three full-time and fourteen part-time Executive Officers' posts are regarded as the charity trustees of SOAS SU for the purposes of the Charities Act. (For voting purposes Officers doing a job share are counted as half a vote if they are both present).

SOAS SU operates on democratic principles, with supervisory power vested in the democratically elected Trustees. The Trustees meet at least four times a year to oversee the Union finances, strategic plan, operating plan and risk register. The Trustees report to the membership via the SOAS Union General Meeting, which can question decisions made by the Trustees and holds ultimate democratic veto of no confidence over them. The Union General Meeting membership comprises all of the ordinary members of SOAS Students' Union as defined by the SOAS SU Constitution. The SOAS UGM meets monthly during term time and an Emergency Meeting can be called at three days notice by ordinary members as laid out in the constitution.

The Trustees (Executive Committee), assisted by sub-committees where appropriate, have delegated the day-to-day running of SOAS SU to a General Manager. As the charity trustees, all Executive Officers receive an induction into their legal and administrative responsibilities, with an ongoing training programme as and when needed during their term of office. In addition to this they meet as an Executive Committee weekly during term time to receive reports from individual Officers, sub-committees and the General Manager, to review the Union's performance and administration and to decide policy issues. SOAS SU also employs three additional non-student members of staff for the sake of continuity in the management of its many activities. Those staff are accountable to the Trustees for the performance of their duties.

Relationship with SOAS

The relationship between the University and SOAS SU is established in the Standing Orders of the University and detailed in the SOAS SU constitution approved by both organisations. SOAS SU receives a Block Grant from the University, agreed annually and part-occupies both the SOAS buildings. This non-monetary support is intrinsic to the relationship between the University and SOAS SU. In addition to the grant provided to SOAS SU of £395,991 the School also provides the SOAS Students' Union with utilities, office space, IT and administrative support and certain staff free of charge. The fair value of this donation was approximately £550k in 2018-2019. Although SOAS SU continues to generate supplementary funding from various mutual trading activities, it will always be dependent on the University's support.

There is no reason to believe that this or equivalent support from the University will not continue for the foreseeable future, as the Education Act 1994 imposes a duty on the University to ensure the financial viability of its student representative body.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The responsibility for Risk Management sits with the Trustees who have tasked the General Manager to prepare and update a risk register for them. Scrutiny of the risk register is a standing item on the Trustee meeting agenda, and through it the Trustees consider the major business, strategic, reputational and operational risks faced by SOAS SU. Where appropriate, systems or procedures have been established to mitigate the risks the Union faces.

Budgetary and internal control risks were minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers and participants on all activities organised by the Union. These procedures are periodically reviewed to ensure that they continue to meet the needs of the Union.

Reportable Issues 2019-20

Although the circumstances of this year have been challenging there have been no reportable serious incidents.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1150717

Principal address

Ground Floor, Main SOAS Building Thornhaugh Square Russell Square London WC1H 0XG

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

Trustees

Elected by SOAS Student Body to hold office from:

1st August 2020-1st August 2021

1st August 2019-1st August 2020

Full-time (Sabbatical) Officers

Co-President Democracy & Education Co-President Welfare & Campaigns Co-President Activities & Events Co-President Equality & Liberation

Sabrina Shah Yasmin Elsouda Hasan Zakria Roza Atac

Maxine Thomas-Asante Valeria Racu Peadar Connolly-Davey Youssra Elmagoul

Part-time (Non-sabbatical) Officers

Anti-Racism Officer

International Officer Working Class Officer

Womxn's Officer LGBTQIA+ Officer Trans* & Gender Identity Officer People Of Colour Officer

Mature Students Officer Entertainments Officer Academic Affairs Officers Environment Officer

Disabled Students & Carers Officer

Postgraduate Taught Officer

Postgraduate Research Officer Campaigns Officer Accommodation Officer Sports Officer

Some roles are shared

Some roles are shared

Hisham Parchment & Hisham Parchment & Sohane Yahya Sohane Yahya Serena Coulson & Anirudh Jake Isaac Srivathsan Katie Saunders & Michael Shand Katie Saunders Annabelle Jones & Nare Emma Masing & Tara Bhat Hakebyan Josh Mock Hasan Zakria Lizzy Cox & Victor Smith Rachel Lindfield & Maysa Heleena Pankhurst Talya Scott-Mason Omer Wasim (elected in Sara Lloyd-Knibbs (elected in Oct 20) Oct 19) Role Vacant Charlie Keely Lucia Pedrosa Melana Antich & Ciro Puig Janat Malik (elected Nov 20) Inaki Arrizbalaga India Ayling (resigned Dec 19) Vacant from Jan - July Felix Henson 20 Mohamed Malainine (elected in Oct Nidah Kaiser (elected in Oct 20) 19) Paulien Broens (elected in Dideolu Olufelo (elected Nov 20) Oct 19) Ella Spencer Imogen Kropf Oscar Ward Oscar Ward Alex Allen & Emma Thackwray Miriam Amrani

Senior Management SOAS SU employs a General Manager to work closely with the Executive Officers and ensure effective management of the charity as head of a staff team as follows:-

General Manager Anna Dodridge (employed from Peter Baran (resigned July 2019) August 2019) Services Manager Khaled Shaheenziada Representation & Research Assistant Antonia Bright Advice & Welfare Caseworker Susanna Momtazuddin Governance & Communication Jack Di Francesco (employed Hannah Short (resigned August Co-ordinator from Sept 2019) 2019) Sports, Activities & Events Jesse Dodoo (employed from Ian Cole (resigned December Co-ordinator Jan 2019) 2018) SOAS Radio Manager Fred Molin (employed from July Miia Laine (resigned June 2019) 2019)

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Knox Cropper Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

Bankers

Nat West Bank Tavistock House Tavistock Square London, WC1H 9NA

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that SOAS SU has sufficient funds to meet all of its obligations. The Block Grant for 2020/21 has been confirmed at £239,435 and the commercial activities are expected to generate an operational profit of £40,000 for the year to be ploughed back into student facing services.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Report of the Trustees for the Year Ended 31 July 2020

Approved by order of the board of trustees on 16 March 2021 and signed on its behalf by:

S Shah - Trustee

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Report of the Independent Auditors to the Trustees of School of Oriental and African Studies Students' Union

Opinion

We have audited the financial statements of School of Oriental and African Studies Students' Union (the 'charity') for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of School of Oriental and African Studies Students' Union

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Knox Cropper Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ

Date: .............................................

Page 13

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Statement of Financial Activities for the Year Ended 31 July 2020

2020
Unrestricted
Restricted
Total
funds
funds
funds
Notes
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
325,846
70,145
395,991
Charitable activities
5
Union bar
265,972
-
265,972
Union shop
353,776
-
353,776
Clubs and societies
-
37,829
37,829
Union entertainment
5,065
-
5,065
SOAS Radio
12,318
-
12,318
Events
2,242
-
2,242
Other trading activities
3
2,273
-
2,273
Investment income
4
465
-
465
Other income
45,370
-
45,370
Total
1,013,327
107,974
1,121,301
EXPENDITURE ON
Charitable activities
6
Welfare and campaigns
16,734
6,788
23,522
Union bar
328,834
2,672
331,506
Union shop
484,710
6,677
491,387
Subscriptions and affiliation fees
84,470
3,096
87,566
Clubs and societies
122,794
112,998
235,792
Union entertainment
86,684
3,532
90,216
SOAS Radio
52,731
127
52,858
Events
18,329
-
18,329
Total
1,195,286
135,890
1,331,176
NET INCOME/(EXPENDITURE)
(181,959)
(27,916)
(209,875)
Transfers between funds
17
(19,315)
19,315
-
Net movement in funds
(201,274)
(8,601)
(209,875)
RECONCILIATION OF FUNDS
Total funds brought forward
299,162
96,614
395,776
TOTAL FUNDS CARRIED FORWARD
97,888
88,013
185,901		 2019
Total
funds
£
378,500
388,063
649,424
62,017
6,084
33,556
6,157
2,525
526
4,150
1,531,002
39,831
366,583
614,600
73,035
258,777
78,016
52,285
21,575
1,504,702
26,300
-
26,300
369,476
395,776

The notes form part of these financial statements

Page 14

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Balance Sheet 31 July 2020

Notes
FIXED ASSETS
Tangible assets
11
Social investments
12		 Unrestricted
funds
£
100,988
6,250		 Restricted
funds
£
-
-		 2020
2019
Total
Total
funds
funds
£
£
100,988
136,133
6,250
7,500
CURRENT ASSETS
Stocks
13
Debtors
14
Cash at bank and in hand		 107,238
-
40,226
4,667		 -
-
-
88,013		 107,238
143,633
-
15,271
40,226
154,011
92,680
182,839
CREDITORS
Amounts falling due within one year
15		 44,893
(54,243)		 88,013
-		 132,906
352,121
(54,243)
(99,978)
NET CURRENT ASSETS (9,350) 88,013 78,663
252,143
TOTAL ASSETS LESS CURRENT
LIABILITIES		 97,888 88,013 185,901
395,776
NET ASSETS 97,888 88,013 185,901
395,776
FUNDS
17
Unrestricted funds
Restricted funds		 97,888
299,162
88,013
96,614
TOTAL FUNDS 185,901
395,776

The financial statements were approved by the Board of Trustees and authorised for issue on 16 March 2021 and were signed on its behalf by:

S Shah - Trustee

The notes form part of these financial statements

Page 15

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Cash Flow Statement for the Year Ended 31 July 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of social investments
Interest received
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2020
£
(87,657)
(87,657)
(4,217)
1,250
465
(2,502)
(90,159)
182,839
92,680		 2019
£
113,777
113,777
(70,844)
1,250
526
(69,068)
44,709
138,130
182,839

The notes form part of these financial statements

Page 16

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Cash Flow Statement for the Year Ended 31 July 2020

1.
RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH
ACTIVITIES
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Decrease in stocks
Decrease in debtors
(Decrease)/increase in creditors		 FLOW FROM OPERATING
2020
2019
£
£
(209,875)
26,300
39,362
31,810
(465)
(526)
15,271
1,915
113,785
34,912
(45,735)
19,366		 FLOW FROM OPERATING
2020
2019
£
£
(209,875)
26,300
39,362
31,810
(465)
(526)
15,271
1,915
113,785
34,912
(45,735)
19,366
Net cash (used in)/provided by operations (87,657) 113,777
2.
ANALYSIS OF CHANGES IN NET FUNDS
At 1.8.19
£
Net cash
Cash at bank and in hand
182,839		 Cash flow
£
(90,159)		 At 31.7.20
£
92,680
182,839 (90,159) 92,680
Total
182,839		 (90,159) 92,680

The notes form part of these financial statements

Page 17

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements for the Year Ended 31 July 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Are recorded at cost. Items with a value below £1,000 are not capitalised. Depreciation is provided for at the following rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on cost Fixtures & fittings - 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are set aside by the trustees out of unrestricted general funds for specific future purposes or projects

Restricted funds can only be used for particular restricted purposes. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Restricted funds comprise of the sports and societies fund, which represents funds raised by the individual clubs and societies for their own use.

Page 18

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Retirement benefits

The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

2. DONATIONS AND LEGACIES

School grant
3.
OTHER TRADING ACTIVITIES
Commission income
4.
INVESTMENT INCOME
Deposit account interest
Social investment interest		 2020
£
395,991
2020
£
2,273
2020
£
240
225
465		 2019
£
378,500
2019
£
2,525
2019
£
288
238
526

Page 19

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Bar sales
Union bar
Supplier target discount
Union bar
Snack shop sales
Union shop
Clubs and Societies income Clubs and societies
Union entertainment
Union entertainment
SOAS Radio
SOAS Radio
Freshers Fayre
Events		 2020
£
257,883
8,089
353,776
37,829
5,065
12,318
2,242
677,202		 2019
£
380,047
8,016
649,424
62,017
6,084
33,556
6,157
1,145,301

6. CHARITABLE ACTIVITIES COSTS

Welfare and campaigns
Union bar
Union shop
Subscriptions and affiliation fees
Clubs and societies
Union entertainment
SOAS Radio
Events		 Direct
Costs
£
23,522
268,479
333,901
14,532
162,758
17,182
49,849
18,329
888,552		 Support
costs (see
note 7)
£
-
63,027
157,486
73,034
73,034
73,034
3,009
-
442,624		 Totals
£
23,522
331,506
491,387
87,566
235,792
90,216
52,858
18,329
1,331,176

7. SUPPORT COSTS

Management
£
Union bar
59,030
Union shop
147,494
Subscriptions and affiliation fees
68,400
Clubs and societies
68,400
Union entertainment
68,400
SOAS Radio
2,818
414,542		 Governance
Finance
costs
£
£
2,754
1,243
6,883
3,109
3,192
1,442
3,192
1,442
3,192
1,442
132
59
19,345
8,737		 Totals
£
63,027
157,486
73,034
73,034
73,034
3,009
442,624

Page 20

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

7. SUPPORT COSTS - continued

Activity Management Finance

Basis of allocation

Student Social Enterprise - 49.5% (split as a % of turnover)

Student representation and activities - 49.5% and 1% Governance Student Social Enterprise - 49.5% (split as a % of turnover)

Governance costs

Student representation and activities - 49.5% and 1% Governance Student Social Enterprise - 49.5% (split as a % of turnover)

Student representation and activities - 49.5% and 1% Governance

Support costs, included in the above, are as follows:

Salaries
Pensions
IT equipment and Event Manager
Telephone
Printing and stationery
Staff training & other expense
Repairs and renewals
Professional fees
Insurance
Bad debt write off
Depreciation - tangible assets
Sundries
Bank charges
Auditors' remuneration
Other governance expenses
Democracy & election expenses		 Union bar
£
48,254
245
617
54
-
1,386
204
1,846
819
-
5,605
12
2,742
826
365
52
63,027		 Subscriptions
and
Union
affiliation
shop
fees
£
£
120,570
55,914
610
283
1,542
715
134
62
-
-
3,461
1,605
509
236
4,613
2,139
2,050
951
-
-
14,005
6,495
32
15
6,851
3,177
2,064
957
913
424
132
61
157,486
73,034		 Clubs and
societies
£
55,914
283
715
62
-
1,605
236
2,139
951
-
6,495
15
3,177
957
424
61
73,034

Page 21

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

7. SUPPORT COSTS - continued

2020
Union
SOAS
Total
entertainment
Radio
activities
£
£
£
Salaries
55,914
2,304
338,870
Pensions
283
12
1,716
IT equipment and Event Manager
715
29
4,333
Telephone
62
3
377
Printing and stationery
-
-
-
Staff training & other expense
1,605
66
9,728
Repairs and renewals
236
10
1,431
Professional fees
2,139
88
12,964
Insurance
951
39
5,761
Bad debt write off
-
-
-
Depreciation - tangible assets
6,495
267
39,362
Sundries
15
1
90
Bank charges
3,177
131
19,255
Auditors' remuneration
957
39
5,800
Other governance expenses
424
17
2,567
Democracy & election expenses
61
3
370
73,034
3,009
442,624		 2019
Total
activities
£
275,487
-
6,500
-
1,429
8,364
930
3,391
4,163
5,028
31,810
170
26,801
5,700
-
2,198
371,971

8. TRUSTEES' REMUNERATION AND BENEFITS

None of the trustees were remunerated or paid expenses in respect of the performance of their duties as trustees. Trustees were remunerated in respect of their roles as sabbatical officers. See note 18.

Trustees' expenses

No trustees were paid expenses in respect of the performance of their duties as trustees.

9. STAFF COSTS

Wages and salaries
Other pension costs		 2020
£
625,540
1,716
627,256		 2019
£
566,276
-
566,276

Page 22

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

9. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Full time management staff
Full time sabbatical officers
Part time staff		 2020
8
4
37
49		 2019
7
3
39
49

No employees received emoluments in excess of £60,000.

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
294,761
Charitable activities
Union bar
388,063
Union shop
649,424
Clubs and societies
-
Union entertainment
6,084
SOAS Radio
33,556
Events
6,157
Other trading activities
2,525
Investment income
526
Other income
4,150
Total
1,385,246
EXPENDITURE ON
Charitable activities
Welfare and campaigns
21,174
Union bar
365,724
Union shop
612,451
Subscriptions and affiliation fees
72,037
Clubs and societies
133,576
Union entertainment
77,018
SOAS Radio
52,244
Events
21,575
Total
1,355,799		 Restricted
funds
£
83,739
-
-
62,017
-
-
-
-
-
-
145,756
18,657
859
2,149
998
125,201
998
41
-
148,903		 Total
funds
£
378,500
388,063
649,424
62,017
6,084
33,556
6,157
2,525
526
4,150
1,531,002
39,831
366,583
614,600
73,035
258,777
78,016
52,285
21,575
1,504,702

Page 23

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

----- Start of picture text -----
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
NET INCOME/(EXPENDITURE) 29,447 (3,147) 26,300
Transfers between funds (15,455) 15,455 -
Net movement in funds 13,992 12,308 26,300
RECONCILIATION OF FUNDS
Total funds brought forward 285,169 84,307 369,476
TOTAL FUNDS CARRIED FORWARD 299,161 96,615 395,776
11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£ £ £
COST
At 1 August 2019 255,684 119,808 375,492
Additions - 4,217 4,217
Disposals (27,114) (41,267) (68,381)
At 31 July 2020 228,570 82,758 311,328
DEPRECIATION
At 1 August 2019 144,064 95,295 239,359
Charge for year 23,720 15,642 39,362
Eliminated on disposal (27,114) (41,267) (68,381)
At 31 July 2020 140,670 69,670 210,340
NET BOOK VALUE
At 31 July 2020 87,900 13,088 100,988
At 31 July 2019 111,620 24,513 136,133
----- End of picture text -----

Page 24

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

12.
SOCIAL INVESTMENTS
MARKET VALUE
At 1 August 2019
Repayments in year
At 31 July 2020
NET BOOK VALUE
At 31 July 2020
At 31 July 2019
13.
STOCKS
Stocks
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
SOAS Current Account
Prepayments and accrued income		 2020
£
-
2020
£
8,325
9,608
12,798
9,495
40,226		 Loans
£
7,500
(1,250)
6,250
6,250
7,500
2019
£
15,271
2019
£
24,559
805
114,319
14,328
154,011

Other debtors relates entirely to the grant received from SOAS

Page 25

continued...

SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Other creditors		 2020
£
1,392
15,900
36,951
54,243		 2019
£
56,904
16,594
26,480
99,978

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Fixed Asset
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
Welfare
Professional fees
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
TOTAL FUNDS		 At 1.8.19
£
299,162
-
299,162
2,104
1,676
36,491
25,000
-
15,203
6,140
10,000
96,614
395,776		 Net
movement
in funds
£
(142,597)
(39,362)
(181,959)
(21,419)
326
(1,854)
-
755
-
(4,668)
(1,056)
(27,916)
(209,875)		 2020
£
-
Transfers
between
funds
£
(159,666)
140,351
(19,315)
19,315
-
-
-
-
-
-
-
19,315
-		 2019
£
3,300
At
31.7.20
£
(3,101)
100,989
97,888
-
2,002
34,637
25,000
755
15,203
1,472
8,944
88,013
185,901

Page 26

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fixed Asset
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
Professional fees
Student Development Fund
Sanctury Scholarship Programme
Black History
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
Welfare
HEFCE SLiICE Project
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
TOTAL FUNDS		 At 1.8.18
£
285,169
-
-
39,307
25,000
-
20,000
-
-
84,307
369,476		 Incoming
resources
£
1,013,327
-
1,013,327
44,488
4,638
37,829
19,519
-
-
1,500
107,974
1,121,301
Net
movement
in funds
£
29,448
2,104
1,676
(2,816)
-
(15,455)
(4,797)
6,140
10,000
(3,148)
26,300		 Resources
expended
£
(1,155,924)
(39,362)
(1,195,286)
(65,907)
(4,312)
(39,683)
(18,764)
(4,668)
(1,056)
(1,500)
(135,890)
(1,331,176)
Transfers
between
funds
£
(15,455)
-
-
-
-
15,455
-
-
-
15,455
-		 Movement
in funds
£
(142,597)
(39,362)
(181,959)
(21,419)
326
(1,854)
755
(4,668)
(1,056)
-
(27,916)
(209,875)
At
31.7.19
£
299,162
2,104
1,676
36,491
25,000
-
15,203
6,140
10,000
96,614
395,776

Page 27

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

17. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
HEFCE SLiICE Project
Professional fees
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
TOTAL FUNDS		 Incoming
resources
£
1,385,246
43,192
4,503
62,017
-
6,044
-
20,000
10,000
145,756
1,531,002		 Resources
expended
£
(1,355,798)
(41,088)
(2,827)
(64,833)
(15,455)
(6,044)
(4,797)
(13,860)
-
(148,904)
(1,504,702)		 Movement
in funds
£
29,448
2,104
1,676
(2,816)
(15,455)
-
(4,797)
6,140
10,000
(3,148)
26,300

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Fixed Asset
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
Welfare
HEFCE SLiICE Project
Professional fees
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
TOTAL FUNDS		 At 1.8.18
£
285,169
-
285,169
-
-
39,307
25,000
-
-
20,000
-
-
84,307
369,476		 Net
movement
in funds
£
(113,149)
(39,362)
(152,511)
(19,315)
2,002
(4,670)
-
(15,455)
755
(4,797)
1,472
8,944
(31,064)
(183,575)		 Transfers
between
funds
£
(175,121)
140,351
(34,770)
19,315
-
-
-
15,455
-
-
-
-
34,770
-		 At
31.7.20
£
(3,101)
100,989
97,888
-
2,002
34,637
25,000
-
755
15,203
1,472
8,944
88,013
185,901

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fixed Asset
Restricted funds
Sports ground fund
Transport fund
Clubs and Societies
HEFCE SLiICE Project
Professional fees
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
Black History
TOTAL FUNDS		 Incoming
resources
£
2,398,573
-
2,398,573
87,680
9,141
99,846
-
25,563
-
20,000
10,000
1,500
253,730
2,652,303		 Resources
expended
£
(2,511,722)
(39,362)
(2,551,084)
(106,995)
(7,139)
(104,516)
(15,455)
(24,808)
(4,797)
(18,528)
(1,056)
(1,500)
(284,794)
(2,835,878)		 Movement
in funds
£
(113,149)
(39,362)
(152,511)
(19,315)
2,002
(4,670)
(15,455)
755
(4,797)
1,472
8,944
-
(31,064)
(183,575)

Restricted funds comprise of the following:

• Sports Ground Fund and Transport Fund - funds given as part of the annual grant from SOAS to be spent exclusively on sports teams for booking pitches and transport for games.

• Stationery and Audit funding - Parts of the grant ring fenced for stationery and to pay for the annual external audit.

• Welfare, Student Innovation and Entrepreneur, and HEFCE SLiICE funding - one off funding for specific projects on Welfare & Mental Health, Employability and anti hate crime community work.

• Sanctuary Scholarship Programme Fund - one-off funding for activity associated with the Solidarity with Refugees and Displaced People Society.

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SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

18. RELATED PARTY DISCLOSURES

The Union transacts with the University of Oriental & African Studies (SOAS) their relationship is defined in the Report of the Trustees. A grant was received by the Union from SOAS as detailed in the notes to the accounts, Note 2.

The following transactions took place with sabbatical officers in the year ended the 31st July, 2020

----- Start of picture text -----
|||| |---|---|---| |Salary|Expenses| |Sabbatical Officers|£136,537|£-|

----- End of picture text -----

In 2017 a fixed asset investment loan (note 12) was made to UniSolar Ltd, a Community Benefit Society limited by guarantee. The Union made two loans to UniSolar Ltd, one of £5,000 at 0% for 5 year term and, another for £5,000 at 5% interest for 20 year term. One member of Union staff, Hannah Short was on the Board of UniSolar Ltd.

19. POST BALANCE SHEET EVENTS

IMPACT OF COVID-19 PANDEMIC ON CHARITY

Coronavirus presented the Union with significant operational challenges, as it did all organisations. Student-facing services were moved on-line immediately upon the national lockdown and a business continuity plan implemented. Close liaison was maintained between Union senior management and the Trustees and School senior management around operational and student-focussed matters.

Services that were prioritised to optimise students' experience and ability to seek help and support were advice and welfare, academic representation, and communications. Internally, the main focus was on the wellbeing of the staff and Officer team and exercising financial stewardship to mitigate the inevitable loss of income from the Union's trading operations and commercial partners. Staff remained extremely busy working from home engaging and supporting students virtually and progressing key projects and programmes of work.

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