## **Report of the Trustees and**
## **Financial Statements for the Year Ended 31 July 2021**
## **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 2021**
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Report of the Trustees 1 to 12
Report of the Independent Auditors 13 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 33
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. 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 SOAS. These include over 150 student-led societies, campaigns groups & sports teams, our advice service, the Course Representative scheme in addition to curating our social spaces and events.
The Union continues to represent SOAS students on relevant local, national and international issues through our Executive Committee, Sabbatical Officers and Course Reps based at a local level in Departments. Student representatives sit on all the relevant decision-making committees of the School including the SOAS Board of Trustees. Student representatives attend departmental meetings and take part in SOAS' policy development, strategic decision-making and working groups. This year the Union and SOAS have created a Relationship Agreement to confirm the role of the Union as the channel for student representation.
The Union works with the School's professional services to create a better experience for SOAS students, including the Student Experience, Engagement & Retention Team, the Student Advice & Wellbeing Service, the Careers Service and Widening Participation department. Through our societies and campaigns students volunteer in the community, fundraise and raise awareness of local and global concerns. We continued our Enough is Enough programme, a student-led initiative delivering consent education to tackle sexual & gender-based violence. It was also the second year of our Black Student Support project, and our International Student Mental Health project. The Union has continued to work with the School on student-initiated projects around decolonising education and the institution.
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 2021**
## **ACHIEVEMENT AND PERFORMANCE**
2020/21 was another extraordinary year, with the global covid-19 situation producing an ever- changing environment at SOAS and the Students' Union. In many ways this year was more challenging than 19/20. We had some expectations over the summer of 2020 as lockdowns lifted that some return to physical delivery would be possible, and SOAS was making hopeful plans in this direction. It soon became clear that this would not be possible. Many students made the return to London, moving into student accommodation and getting ready for university life. Somewhat inevitably with this large movement of people Covid-19 cases started to rise again across the UK and students faced the miserable and isolating experience of being locked down and quarantined in student accommodation far away from their families and support networks.
The work of the Union was focused on adapting to the increasing needs of our members, representing those needs to the School, developing appropriate strategies for the volatile and uncertain context we found ourselves in whilst maintaining financial sustainability.
Despite an uncertain year full of restrictions, our Officers worked hard on their manifesto goals. It was a difficult year to do this however great steps were made to involve students, create community, support and provide representation to students at a time when they needed it most. Our staff team has also been incredibly adaptable and resourceful, working hard throughout the year to meet changing student and Union needs. We were able to make a tentative return to campus from the late Spring/Summer term. Although restrictions had been lifted the effects of the pandemic remained, and we're conscious that many of our members, particularly as a highly international student body continue to be deeply affected by covid in various ways.
Whilst acknowledging that the National Student Survey is a flawed measurement tool we also feel this data highlights one small example of how we've impacted our members this year. When asked to rate their satisfaction with the Union effectively representing their academic interests we scored 63%. This is an increase from 53% the previous year and is significantly above the sector average (also 53%). Overall the average sector rating for this question decreased by 2%, whereas we significantly increased, and were in fact one of the highest rated Unions in the country.
## **Community Building**
We started the academic year with our first ever online only Freshers Fortnight. This required our team and our student groups to think differently and be resourceful in finding ways to engage with new students. Despite this we managed over 100 events and activities, with more than 500 student taking part in our digital Freshers Fair.
We delivered the fifth year of our Enough is Enough consent education programme. This was the fifth and final year of the existing funding agreement for this project. We developed an online module to accompany online workshops delivered in January. 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 again with survivors collective Not the Only One project to deliver SGBV survivor support groups which ran throughout the year. We took part in SOAS' SGBV Policy working group and with the support of Empowered Campus developed a new SGBV Policy. The delivery of peer-led consent education was included as part of the Policy implementation plan, and we successfully submitted a project proposal for 3 years' of funding to continue and expand the work of Enough is Enough from 2021/22.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## **Opportunities & Student Development**
We had 91 societies & 8 sports teams registered. This was a decrease from last year, however we were pleased to see the number of students who committed time and energy to running groups with digital events and activities. The Sports teams were able to undertake some in-person activities from May onwards when restrictions lifted enough. All the other societies remained online for the full year. Our student groups range from
- physical activities like dance, martial arts & yoga, to
- creative arts like knitting & world music choir, to
- faith & cultural groups like Malaysian society, Islamic society, to
- political, campaigning and fundraising groups like Detainee Support, Red Cross & Marxist society.
Around 18% of SOAS students are involved in one or more student-led groups, decreasing from 25% in 19/20. Again, considering the circumstances of the year, that all activity was online and many students weren't in London or even the UK this is a good level of engagement overall. Members who engage with student societies are on average members of 3+ societies. Over 200 students were directly involved in leading these groups. Our groups managed brilliantly, providing students stuck in their homes with a diverse range of events and ways to stay connected with each other.
We were not able to run our League or Varsity sport competitions this year, however our Sports teams did recruit, stay active online and start back to their training and friendly matches from the end of April. The Sports committees took on additional training and responsibilities to ensure that their activities were safe and risk of spreading covid was mitigated. Our members who take part in Sport alongside their studies often report how important this is to their mental health and wellbeing.
## **Support**
Our Welfare & Advice Caseworker supported 417 students with their problems. Our Advice Caseworker was on partial furlough leave for the majority of the year so this was a high caseload and immense achievement. The continuing trend is for students with more complex and distressing issues, more concerns around mental health, and of course with a global pandemic there has been a lot of grief and trauma for our caseworker to support with.
We retained the Black Students Support Coordinator role for a second year having successfully bid for some funding towards this project. This funding partially covered the costs of this role and allowed the time for the proposal for this work to be permanently taken forward by SOAS to be accepted. The BSSC continued to provide much needed welfare and pastoral support for students and continued to build relationships with SOAS departments, 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.
## **Democracy & Representation**
We saw a bit of an increase again in our Autumn Elections engagement with 14 candidates standing and 198 students voting (18/19 139 voters, 19/20 145 voters). Our Spring Elections continued to be impacted by the pandemic and students being away from campus for the whole year. We struggled to fill some of the positions despite holding by-elections as many students were feeling overwhelmed and struggling with personal circumstances therefore not wanting to take on additional responsibilities. We also believe that voting period was disrupted by the incident with the SOAS Director on March 11th, which had a big impact on a large number of our candidates in the middle of their elections campaigns. Overall more students put themselves forward for positions, with 39 candidates in total. We saw a voter turnout of 12% of our membership.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
This was our first year establishing a refreshed Course Representation system working in partnerships with SOAS' Student Experience & Engagement team. We increased the number of reps and had high levels of engagement throughout the year. 109 students put themselves forward to be a Rep, with 500 students taking part to vote for their course rep. The Reps are volunteers that contribute many hours to SOAS developing student community and student voice in departments. We provide training, platforms for feedback and support for the Reps throughout the year.
With the amount of disruption and uncertainty throughout this academic year our elected representatives, in particular the Sabbatical Officer team had to devote a significant amount of time and energy to engaging students, getting feedback and ensuring the student voice was present in the decision-making. The Sabbatical Officers and the General Manager continued to spend a significant amount of time involved in SOAS' critical incident response and planning committees.
## **Union Development**
In February the student body approved a motion for the Students' Union to become incorporated as a Charitable Incorporated Organisation. Work has begun on writing a new constitution and preparing the Union for the incorporation process which we are hoping will be completed in 21/22.
There were a number of policy motions passed this year asking for development and changes in the Students' Union, including new part time and full time officer positions.
## **Income Generation**
This was another difficult year for our trading outlets, reflected in these accounts. Although our previous good financial health enabled the Union to survive the significant financial loss from 19/20 this left us with no reserves to use in 20/21. Our on campus trading outlets remained closed at the beginning of the year. We were able to open our shop in May 21, when the campus begun to re-open, however we traded at a loss. We felt it was important to open the outlet as we were the only providers of food and drink on campus for the small numbers of staff and students using campus. We were awarded some additional grant funding from SOAS to make it possible to run the outlet in this way. The bar remained closed for the whole year. We were able to sell some merchandise via our online shop, however this was a limited service due to restricted access to campus, staff being on furlough leave and reduced reliability of the postal service. As we had budgeted at the beginning of the year anticipating no income generated through our commercial services this did not leave us with financial losses like the previous year.
## **Performance against Union Priorities**
The Union's performance against our planned 20/21 priorities is set out below. Priorities are formed by the Co-Presidents, shared with SOAS and our members and reported against throughout the year. All priorities were affected by the significant series of ongoing disruptions this year, including the continued closure of campus, lockdowns and the partial furlough leave of the staff team and the need to focus on student support and representation around SOAS' covid-related changes to delivery.
## Fit for purpose Mitigating Circumstances procedures
We took part in a series of meetings and committees to represent student needs around assessments with the ongoing conditions of the pandemic. There were a number of changes to the policy during the year and we worked on communicating the policy to make the processes as clear and accessible as possible. We pushed to ensure that deadlines for final assessments were fair and reasonable.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## Wellbeing and Support in the Pandemic
Circumstances of the pandemic and changing government restrictions meant that a large number of students were left isolated, either locked-down in halls of residence, living away in a family home or remaining overseas. This had a serious impact on student mental health and our priority was to ensure that we created opportunities for students to meet online and provide spaces for student wellbeing.
We worked with the SOAS Student Advice and Wellbeing service to create wellbeing events and activities. We held online speed-friending events. We supported students in isolation through the efforts of our British Red Cross on Campus society preparing care packages.
## Tackling structural anti-Blackness at SOAS
We worked with our Black student representatives, forums and communities to provide spaces and opportunities for Black student voices to be heard, for their lived experiences and knowledge to be centred especially in conversations around decolonizing the university and addressing the retention and racialized awarding gap.
We would like to recognise the welcome change to assessment submissions in making them anonymous so that students are not disadvantaged or marked down during the grading process.
We took part in the consultation for the SOAS Teaching and Learning pushing for decolonising the university to be at the heart of the strategy, to encourage an institutional commitment and approach to creating a fair, free, decolonised university and curriculum.
We took part in the Access Participation Planning group to continue the work on closing racialised awarding gap.
We supported the work of the Widening Participation team to see the Black Student Support Coordinator role secured permanently within SOAS.
## Prioritising Trans* Students' demands
We committed to supporting the continuing work of the Trans* Dignity campaign, and we recognise the labour of this campaign in creating the demands and ensuring that the SU keep these demands as a priority.
The work on introducing gender-neutral toilets for basic safety & respect of Trans* and non-Binary students was continued, although as the campus was closed for the year this has yet to be fully realised.
After a long period of work in this area confidential and specialised counselling for Trans* and non-Binary students was put into place through the Student Advice and Wellbeing team partnering with a specialist organisation. This will support Trans* and non-Binary students mental wellbeing and help to make their experience at SOAS safer.
Work was undertaken with SOAS Registry department to enable students to make changes so that their chosen name is used in official SOAS documents.
A partnership was agreed with a specialized organisation to develop a new Trans* and Gender-Identity policy, making sure that this centered the voices of our Trans* and non-Binary students and staff. This outcome of this work is due to be completed in 21/22.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## Improve SGBV Complaints procedures
The work to create a consent culture and tackle sexual and gender-based violence continued with our central involvement in the development and completion of the SGBV Policy. Our consent education programme Enough is Enough was successfully moved online, developing new online content and workshops. As this was the final year of agreed funding for the project a new project and funding proposal was submitted and approved through the SGBV Steering Group to further increase the Union's work for the next 3 years.
## Reform SU Governance Structure
We took a motion to incorporate the Union to our members which was passed and we have set out a plan to complete this work in 21/22.
We approved changes to our governance that enabled us to hold Union General Meetings and pass Union policy online. We hosted 3 online UGMs, one extraordinary UGM and students passed 11 policy motions throughout the year.
We worked with SOAS to create and approve a SOAS/SU Relationship Agreement, setting out the scope, nature and expectations of the relationship between the University and Students' Union.
## Preventing Prevent
We continued our work around educating students and the School on the Prevent duty and organizing nationally to ensure that the classroom is a safe space for all students including Muslim students. We ran training sessions with student reps to educate them on how the Prevent Duty operates within HEI's.
## Declared a Housing Emergency
Our Accommodation Officer worked with our Co-Presidents to provide ongoing welfare support for students isolating in halls of residence and provided a channel for student concerns about their housing conditions to be heard by SOAS and the Halls providers. This got to the point where students organised a rent strike as the provision was inadequate and conditions during the pandemic unreasonable. We took a policy motion about the state of the housing conditions to our members who voted to approve it. The motion was taken to SOAS management and they agreed to work with us to develop an Accommodation Strategy.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## **FINANCIAL REVIEW**
## Income & Expenditure Account
SOAS SU's gross income from all sources this year totalled £640,540. Total expenditure was £642,229 which left a net loss for the year of £1689. The Union held £184,212 in reserves at the end of the year, of which £79,936 is unrestricted. The Fixed Asset Fund represents the net book value of assets funded from unrestricted reserves.
Whilst the unrestricted reserves are £79,935 at the year end it is worth noting that this is represented by two things. Firstly, the fixed asset fund, which is £83,547, 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 discretion to fulfil its charitable objects. This fund currently is in deficit by £3,612.
## 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 £458,581. This included an additional £40,000 of emergency funding to enable the Union to deliver our activity despite the losses and demands created by the pandemic. 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 the Block Grant. This year was the final year of this funding. A new proposal for funding for an extended work plan over three years (from 21/22) was approved at the end of this year.
At the end of 2017-18, the Union were given two restricted funds to spend in two areas: A Mental Health and Welfare Fund of £25,000 and an Innovation and Entrepreneurship Fund of £20,000.
## Union Generated Income
£54,264 was generated by commercial services run by the Union which this year was solely a snack shop and coffee sales open from May - July 2021, due to the ongoing restrictions on campus.
We run these student facing commercial services with a low margin as a service to students, which provides safe social space within the University, however the Union has a reserves policy for any profits made.
£24,735 was generated by student societies and clubs, which goes directly back to support the activities of these groups.
Some money is raised from contracting work through SOAS Radio. The Union set SOAS Radio a target of £35,000 income for the year to break even on operating costs, however following last year's cut in funding and not being able to open the Studio was ran a very limited programme of work, with our Radio Manager on partial furlough leave as a result. New relationships for audio production work have been the focus this year and as a result Radio income was increased to £28,125 compared to £12,318 last 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.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **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 2021**
## **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 2020-21
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 2021**
## **Trustees**
## **Elected by SOAS Student Body to hold office from:**
1st August 2020-31st July 2021
1st August 2019-31st July 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 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) Rima Koley (resigned) Charlie Keely Lucia Rodriguez-Pedroso Melana Antich & Ciro Puig Post vacant 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
Felix Henson Mohamed Malainine (elected in Oct 20)
## **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 Services Manager Representation & Research Assistant Advice & Welfare Caseworker Governance & Communication Co-ordinator Sports, Activities & Events Co-ordinator SOAS Radio Manager
Anna Dodridge Khaled Shaheenziada Antonia Bright Susanna Momtazuddin Jack Di Francesco
Jesse Dodoo Fred Molin
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2021**
## **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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 2021**
Approved by order of the board of trustees on 20 December 2021 and signed on its behalf by:
L Rodriguez-Pedroso - 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 2021 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:
- give a true and fair view of the state of the charity's affairs as at 31 July 2021 and of its incoming resources and application of resources, 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 Charities Act 2011.
## **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**
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 charity'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 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Page 13
**Report of the Independent Auditors to the Trustees of School of Oriental and African Studies Students' Union**
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• The Charity is required to comply with 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.
• We gained an understanding of how the charity complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls.
• 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.
• Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions.
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.
Page 14
**Report of the Independent Auditors to the Trustees of School of Oriental and African Studies Students' Union**
## **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 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ
Date: .............................................
Page 15
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Statement of Financial Activities for the Year Ended 31 July 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Union bar
Union shop
Clubs and societies
Union entertainment
SOAS Radio
Events
Other trading activities
3
Investment income
4
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Welfare and campaigns
Union bar
Union shop
Subscriptions and affiliation fees
Clubs and societies
Union entertainment
SOAS Radio
Events
Enough is Enough
Black Student Support
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**334,153**
**2,856**
**22,500**
**-**
**176**
**28,125**
**-**
**389**
**218**
**102,960**
**491,377**
**9,105**
**103,453**
**169,171**
**68,746**
**42,270**
**56,368**
**59,302**
**914**
**-**
**-**
**509,329**
**(17,952)**
**97,888**
**79,936**|Restricted
funds
£
**124,428**
**-**
**-**
**24,735**
**-**
**-**
**-**
**-**
**-**
**-**
**149,163**
**1,500**
**5,607**
**14,011**
**6,498**
**64,584**
**6,498**
**268**
**-**
**9,934**
**24,000**
**132,900**
**16,263**
**88,013**
**104,276**|**2021**
**Total**
**funds**
**£**
**458,581**
**2,856**
**22,500**
**24,735**
**176**
**28,125**
**-**
**389**
**218**
**102,960**
**640,540**
**10,605**
**109,060**
**183,182**
**75,244**
**106,854**
**62,866**
**59,570**
**914**
**9,934**
**24,000**
**642,229**
**(1,689)**
**185,901**
**184,212**|2020
Total
funds
£
395,991
265,972
353,776
37,829
5,065
12,318
2,242
2,273
465
45,370
1,121,301
23,522
331,506
491,387
87,566
235,792
90,216
52,858
18,329
-
-
1,331,176
(209,875)
395,776
185,901|
|---|---|---|---|---|
The notes form part of these financial statements
Page 16
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Balance Sheet 31 July 2021**
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
11
**83,547**
Social investments
12
**5,000**
**88,547**
**CURRENT ASSETS**
Stocks
13
**12,618**
Debtors
14
**26,020**
Cash at bank and in hand
**3,763**
**42,401**
**CREDITORS**
Amounts falling due within one year
15
**(51,013)**
**NET CURRENT ASSETS**
**(8,612)**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**79,935**
**NET ASSETS**
**79,935**
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
**-**
**-**
**-**
**-**
**-**
**104,277**
**104,277**
**-**
**104,277**
**104,277**
**104,277**|**2021**
**Total**
**funds**
**£**
**83,547**
**5,000**
**88,547**
**12,618**
**26,020**
**108,040**
**146,678**
**(51,013)**
**95,665**
**184,212**
**184,212**
**79,935**
**104,277**
**184,212**|2020
Total
funds
£
100,989
6,250
107,239
-
40,226
92,679
132,905
(54,243)
78,662
185,901
185,901
97,888
88,013
185,901|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2021 and were signed on its behalf by:
L Rodriguez-Pedroso - Trustee
The notes form part of these financial statements
Page 17
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Cash Flow Statement for the Year Ended 31 July 2021**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by/(used in) operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Sale of social investments
Interest received
Net cash provided by/(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**|**2021**
**£**
**13,893**
**13,893**
**-**
**1,250**
**218**
**1,468**
**15,361**
**92,679**
**108,040**|2020
£
(87,657)
(87,657)
(4,218)
1,250
465
(2,503)
(90,160)
182,839
92,679|
|---|---|---|
The notes form part of these financial statements
Page 18
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Cash Flow Statement for the Year Ended 31 July 2021**
|**1.**
**RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM**
**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest received
(Increase)/decrease in stocks
Decrease in debtors
Decrease in creditors|**OPERATING**
**2021**
**£**
**(1,689)**
**17,442**
**(218)**
**(12,618)**
**14,206**
**(3,230)**|**ACTIVITIES**
2020
£
(209,875)
39,362
(465)
15,271
113,785
(45,735)|
|---|---|---|
|**Net cash provided by/(used in) operations**|**13,893**|(87,657)|
|2.
**ANALYSIS OF CHANGES IN NET FUNDS**
At 1.8.20
£
**Net cash**
Cash at bank and in hand
**92,679**|Cash flow
£
**15,361**|**At 31.7.21**
**£**
**108,040**|
|**92,679**|**15,361**|**108,040**|
|**Total**
**92,679**|**15,361**|**108,040**|
The notes form part of these financial statements
Page 19
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements for the Year Ended 31 July 2021**
## **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 20
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **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|**2021**
**£**
**458,581**
**2021**
**£**
**389**
**2021**
**£**
**5**
**213**
**218**|2020
£
395,991
2020
£
2,273
2020
£
240
225
465|
|---|---|---|
Page 21
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Bar sales
Union bar
Supplier target discount
Union bar
Snack shop sales
Union shop
SOAS Detainee Support
Group
Clubs and societies
Clubs and Societies income Clubs and societies
Union entertainment
Union entertainment
SOAS Radio
SOAS Radio
Freshers Fayre
Events|**2021**
**£**
**1,771**
**1,085**
**22,500**
**20,496**
**4,239**
**176**
**28,125**
**-**
**78,392**|2020
£
257,883
8,089
353,776
-
37,829
5,065
12,318
2,242
677,202|
|---|---|---|
**6. CHARITABLE ACTIVITIES COSTS**
|Welfare and campaigns
Union bar
Union shop
Subscriptions and affiliation fees
Clubs and societies
Union entertainment
SOAS Radio
Events
Enough is Enough
Black Student Support|Direct
Costs
£
**10,605**
**56,289**
**51,331**
**14,097**
**45,707**
**1,719**
**57,050**
**914**
**9,934**
**24,000**
**271,646**|Support
costs (see
note 7)
£
**-**
**52,771**
**131,851**
**61,147**
**61,147**
**61,147**
**2,520**
**-**
**-**
**-**
**370,583**|Totals
£
**10,605**
**109,060**
**183,182**
**75,244**
**106,854**
**62,866**
**59,570**
**914**
**9,934**
**24,000**
**642,229**|
|---|---|---|---|
Page 22
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **7. SUPPORT COSTS**
|Management
£
Union bar
**51,592**
Union shop
**128,901**
Subscriptions and affiliation fees
**59,778**
Clubs and societies
**59,778**
Union entertainment
**59,778**
SOAS Radio
**2,463**
**362,290**|Governance
Finance
costs
£
£
**235**
**944**
**588**
**2,362**
**273**
**1,096**
**273**
**1,096**
**273**
**1,096**
**11**
**46**
**1,653**
**6,640**|Totals
£
**52,771**
**131,851**
**61,147**
**61,147**
**61,147**
**2,520**
**370,583**|
|---|---|---|
Activity Basis of allocation Management Student Social Enterprise - 49.5% (split as a % of turnover) Student representation and activities - 49.5% and 1% Governance Finance Student Social Enterprise - 49.5% (split as a % of turnover) Student representation and activities - 49.5% and 1% Governance Governance costs 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 software
Telephone
Printing and stationery
Travelling
Staff training & other expense
Repairs and renewals
Professional fees
Insurance
Bad debt write off
Irrecoverable VAT
Depreciation - tangible assets
Sundries
Bank charges
Auditors' remuneration
Carried forward|Union bar
£
**45,757**
**85**
**758**
**-**
**40**
**9**
**821**
**-**
**440**
**860**
**57**
**281**
**2,484**
**-**
**235**
**854**
**52,681**|Subscriptions
and
Union
affiliation
shop
fees
£
£
**114,329**
**53,020**
**210**
**97**
**1,892**
**877**
**-**
**-**
**101**
**47**
**23**
**11**
**2,049**
**950**
**-**
**-**
**1,101**
**511**
**2,147**
**995**
**142**
**66**
**702**
**326**
**6,205**
**2,878**
**-**
**-**
**588**
**273**
**2,135**
**990**
**131,624**
**61,041**|Clubs and
societies
£
**53,020**
**97**
**877**
**-**
**47**
**11**
**950**
**-**
**511**
**995**
**66**
**326**
**2,878**
**-**
**273**
**990**
**61,041**|
|---|---|---|---|
Page 23
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **7. SUPPORT COSTS - continued**
|Union bar
£
Brought forward
**52,681**
Other governance expenses
**33**
Democracy & election expenses
**57**
**52,771**
Union
entertainment
£
Salaries
**53,020**
Pensions
**97**
IT equipment and software
**877**
Telephone
**-**
Printing and stationery
**47**
Travelling
**11**
Staff training & other expense
**950**
Repairs and renewals
**-**
Professional fees
**511**
Insurance
**995**
Bad debt write off
**66**
Irrecoverable VAT
**326**
Depreciation - tangible assets
**2,878**
Sundries
**-**
Bank charges
**273**
Auditors' remuneration
**990**
Other governance expenses
**40**
Democracy & election expenses
**66**
**61,147**|Subscriptions
and
Union
affiliation
shop
fees
£
£
**131,624**
**61,041**
**85**
**40**
**142**
**66**
**131,851**
**61,147**
**2021**
SOAS
Total
Radio
activities
£
**£**
**2,185**
**321,331**
**4**
**590**
**36**
**5,317**
**-**
**-**
**2**
**284**
**-**
**65**
**39**
**5,759**
**-**
**-**
**21**
**3,095**
**41**
**6,033**
**3**
**400**
**13**
**1,974**
**119**
**17,442**
**-**
**-**
**11**
**1,653**
**41**
**6,000**
**2**
**240**
**3**
**400**
**2,520**
**370,583**|Clubs and
societies
£
**61,041**
**40**
**66**
**61,147**
2020
Total
activities
£
**338,870**
**1,716**
**4,333**
**377**
**-**
**-**
**9,728**
**1,431**
**12,964**
**5,761**
**-**
**-**
**39,362**
**90**
**19,255**
**5,800**
**2,567**
**370**
**442,624**|
|---|---|---|
Page 24
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **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 17.
## **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|**2021**
**£**
**538,444**
**590**
**539,034**|2020
£
625,540
1,716
627,256|
|---|---|---|
The average monthly number of employees during the year was as follows:
|Full time management staff
Full time sabbatical officers
Part time staff|**2021**
**8**
**4**
**37**
**49**|2020
8
4
37
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
325,846
**Charitable activities**
Union bar
265,972
Union shop
353,776
Clubs and societies
-
Union entertainment
5,065
SOAS Radio
12,318
Events
2,242
Other trading activities
2,273
Investment income
465
Other income
45,370
**Total**
1,013,327|Restricted
funds
£
70,145
-
-
37,829
-
-
-
-
-
-
107,974|Total
funds
£
395,991
265,972
353,776
37,829
5,065
12,318
2,242
2,273
465
45,370
1,121,301|
|---|---|---|
Page 25
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
**----- Start of picture text -----**
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
funds funds funds
£ £ £
EXPENDITURE ON
Charitable activities
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 (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
**----- End of picture text -----**
Page 26
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
**----- Start of picture text -----**
11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£ £ £
COST
At 1 August 2020 and 31 July 2021 228,570 82,759 311,329
DEPRECIATION
At 1 August 2020 140,670 69,670 210,340
Charge for year 12,585 4,857 17,442
At 31 July 2021 153,255 74,527 227,782
NET BOOK VALUE
At 31 July 2021 75,315 8,232 83,547
At 31 July 2020 87,900 13,089 100,989
12. SOCIAL INVESTMENTS
Loans
£
MARKET VALUE
At 1 August 2020 6,250
Repayments in year (1,250)
At 31 July 2021 5,000
NET BOOK VALUE
At 31 July 2021 5,000
At 31 July 2020 6,250
13. STOCKS
2021 2020
£ £
Stocks 12,618 -
**----- End of picture text -----**
Page 27
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
**----- Start of picture text -----**
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 10,848 8,325
Other debtors 7,086 9,608
SOAS Current Account - 12,798
Prepayments and accrued income 8,086 9,495
26,020 40,226
Other debtors relates entirely to the grant received from SOAS
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade creditors 20,550 1,392
Taxation and social security 13,146 15,900
Other creditors 17,317 36,951
51,013 54,243
16. MOVEMENT IN FUNDS
Net
movement At
At 1.8.20 in funds 31.7.21
£ £ £
Unrestricted funds
General fund (3,101) (511) (3,612)
Fixed Asset 100,989 (17,442) 83,547
97,888 (17,953) 79,935
Restricted funds
-
Sports ground fund 34,182 34,182
Transport fund 2,002 4,638 6,640
Clubs and Societies 34,637 (23,046) 11,591
Welfare 25,000 - 25,000
Professional fees 755 490 1,245
-
Innovation & Entreprenueur fund 15,203 15,203
-
Student Development Fund 1,472 1,472
-
Sanctury Scholarship Programme 8,944 8,944
88,013 16,264 104,277
TOTAL FUNDS 185,901 (1,689) 184,212
**----- End of picture text -----**
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continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **16. 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
Stationery fund
Professional fees
Black History Month
Black Student Support
Finance Support
**TOTAL FUNDS**|Incoming
resources
£
**491,377**
**-**
**491,377**
**44,487**
**4,638**
**24,735**
**284**
**19,519**
**1,500**
**24,000**
**30,000**
**149,163**
**640,540**|Resources
Movement
expended
in funds
£
£
**(491,888)**
**(511)**
**(17,442)**
**(17,442)**
**(509,330)**
**(17,953)**
**(10,305)**
**34,182**
**-**
**4,638**
**(47,781)**
**(23,046)**
**(284)**
**-**
**(19,029)**
**490**
**(1,500)**
**-**
**(24,000)**
**-**
**(30,000)**
**-**
**(132,899)**
**16,264**
**(642,229)**
**(1,689)**|
|---|---|---|
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continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **16. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 1.8.19
in funds
£
£
**Unrestricted funds**
General fund
299,162
(142,597)
Fixed Asset
-
(39,362)
299,162
(181,959)
**Restricted funds**
Sports ground fund
2,104
(21,419)
Transport fund
1,676
326
Clubs and Societies
36,491
(1,854)
Welfare
25,000
-
Professional fees
-
755
Innovation & Entreprenueur fund
15,203
-
Student Development Fund
6,140
(4,668)
Sanctury Scholarship Programme
10,000
(1,056)
96,614
(27,916)
**TOTAL FUNDS**
395,776
(209,875)
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
1,013,327
Fixed Asset
-
1,013,327
**Restricted funds**
Sports ground fund
44,488
Transport fund
4,638
Clubs and Societies
37,829
Professional fees
19,519
Student Development Fund
-
Sanctury Scholarship Programme
-
Black History Month
1,500
107,974
**TOTAL FUNDS**
1,121,301|Transfers
between
funds
£
(159,666)
140,351
(19,315)
19,315
-
-
-
-
-
-
-
19,315
-
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)|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
Movement
in funds
£
(142,597)
(39,362)
(181,959)
(21,419)
326
(1,854)
755
(4,668)
(1,056)
-
(27,916)
(209,875)|
|---|---|---|
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continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **16. MOVEMENT IN FUNDS - continued**
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
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
£
(143,108)
(56,804)
(199,912)
12,763
4,964
(24,900)
-
1,245
-
(4,668)
(1,056)
(11,652)
(211,564)|Transfers
between
funds
£
(159,666)
140,351
(19,315)
19,315
-
-
-
-
-
-
-
19,315
-|At
31.7.21
£
(3,612)
83,547
79,935
34,182
6,640
11,591
25,000
1,245
15,203
1,472
8,944
104,277
184,212|
|---|---|---|---|---|
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continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **16. 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|Incoming
resources
£
1,504,704
-|Resources
expended
£
(1,647,812)
(56,804)|Movement
in funds
£
(143,108)
(56,804)|
|---|---|---|---|
|**Restricted funds**
Sports ground fund
Transport fund
Clubs and Societies
Stationery fund
Professional fees
Student Development Fund
Sanctury Scholarship Programme
Black History Month
Black Student Support
Finance Support|1,504,704
88,975
9,276
62,564
284
39,038
-
-
3,000
24,000
30,000|(1,704,616)
(76,212)
(4,312)
(87,464)
(284)
(37,793)
(4,668)
(1,056)
(3,000)
(24,000)
(30,000)|(199,912)
12,763
4,964
(24,900)
-
1,245
(4,668)
(1,056)
-
-
-|
||257,137|(268,789)|(11,652)|
|**TOTAL FUNDS**|1,761,841|(1,973,405)|(211,564)|
## **Restricted funds comprise of the following:**
- The Fixed Asset Fund represents the net book value of assets funded from unrestricted reserves.
- Clubs & Societies Fund, which represents funds raised by the individual clubs and societies for their own
- use.
• 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 venues, buying essential kit and equipment for playing sports, costs for coaching and match officials, fees for memberships and tournaments and transport for games.
- Stationery Fund - Part of the grant ring fenced for stationery.
- Professional Fees - parts of the grant ring-fenced to pay for the annual external audit and the annual
- Enough is Enough sexual consent training programme.
- Welfare Fund and Student Innovation and Entrepreneur Fund - one off funding for specific projects on
- Welfare & Mental Health and Employability.
- Student Development Fund - one-off funding to provide a grant to students for personal development
- opportunities.
• Sanctuary Scholarship Programme Fund - one-off funding for activity associated with the Solidarity with Refugees and Displaced People Society.
• Black History Month - funding from the Santander grant to the Students Union intended for the support of activities that enable, encourage and engage diversity and inclusion across the university community.
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continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2021**
## **16. MOVEMENT IN FUNDS - continued**
• Black Student Support - funding for the salary of the Black Student Support Co-Ordinator, a post created to provide welfare and pastoral support for students and improving access to SOAS and external support services.
• Finance Support - funding for the salary of the Office and Finance Manager, a permanent position on the Students Union staff.
## **17. 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, 2021
**----- Start of picture text -----**
||||
|---|---|---|
|Salary|Expenses|
|Sabbatical Officers|£130,546|£-|
**----- 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.
## **18. 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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