## **Report of the Trustees and**
**Financial Statements for the Year Ended 31 July 2022**
## **for**
## **SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
Knox Cropper LLP 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 2022**
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Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13 to 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 32
Detailed Statement of Financial Activities 33 to 35
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 July 2022. 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:
The Union's objects are the advancement of education of Students at The School Of Oriental and African Studies for the public benefit by:
promoting the interests and welfare of students at The School of Oriental and African Studies (University of London) during their course of study and representing, supporting and advising students;
being the recognised representative channel between students and The School of Oriental and African Studies and any other external bodies; and
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.
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 2022**
## **ACHIEVEMENT AND PERFORMANCE**
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.
This was the first full year back on campus following the initial Covid-19 closures, however with the Omicron variant there were some further disruptions and challenges continued to affect our commercial services and participation numbers overall.
The staff team developed new patterns of delivery around a hybrid working environment enabling us to stabilize and provide appropriate levels of support for student activities.
Our Freshers and Re-Freshers events provided a platform for our student-led activity, sports and campaigns groups to demonstrate what they do, increasing memberships and participation.
## **Community Building**
We started the academic year with a return to our in-person Freshers Fortnight. While the number of activities and societies represented were not yet back to pre-pandemic levels, there was clear enthusiasm and commitment to re-engaging with new students on campus and planning for a return to in-person activities and events.
We delivered the sixth year of our Enough is Enough consent education programme having secured an additional three years' funding from SOAS to continue with this project. This additional funding enabled us to recruit a fixed-term staff member to coordinate the workshops, expand the project to run for the full year and support the delivery of our Welfare Contacts programme. The consent education training has been created and is delivered by SOAS student 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 in a partnership with SOAS Advice and Wellbeing.
## **Opportunities & Student Development**
We had 102 societies & 8 sports teams registered. This was a slight increase from last year. Membership numbers and activities did not quite go back to pre-pandemic levels; however, we were pleased to see the number of students who committed time and energy to running groups with digital events and activities. Our student groups cover a broad range of activity which includes:
- physical activities like dance, martial arts & yoga
- creative arts like origami & world music choir
- faith & cultural groups like Malaysian society, Islamic society
- political, campaigning and fundraising groups like Water Aid, Red Cross & Marxist society.
We were not able to run our Varsity sports competitions this year, however most of our sports teams did rejoin BUCS and LUSL leagues and play competitive fixtures. 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 406 students with their issues (undergraduate 284, postgraduate 120, foundation 2). The main concerns were to do with student accessing mental health support in the school, and students feeling dissatisfied with support for chronic physical and mental health issues. The main reasons for support were applying for Mitigating Circumstances, appeals applications, and complaints against the school.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2022**
## **Democracy & Representation**
Our Autumn Elections saw 12 candidates standing and 144 students voting. In our Spring Elections we had 16 candidates in total with a voter turnout of 870 - this equates to 14% of our membership, which was an increase on 12% who voted in 2020-21 Spring elections.
The number of representation volunteers (Reps) was very good: 142 Reps were in place by the November Reading Week. Engagement was strong at the start of the year. Reps reported more difficulty with getting feedback in terms two and three. This was attributable to it being a 'hybrid' year with a mix of remote learning and being on campus. Reps are asked to report back twice - after term one and at the end of the year. Training is provided to Reps by the SU who work with the schools' student engagement staff, and we offer support and organize space for collaboration throughout the year.
The Union went through a governance audit as part of SOAS' audit committee schedule. The audit was conducted by KPMG and their key recommendations were:
• Regular management accounts be developed to ensure the SU's financial position is being monitored on a monthly basis.
• The Trustee Board should regularly review the constitution, key policies, and procedures to ensure that they continue to support, and are adequate, for the delivery of the SU's aims.
• The Trustee Board should publish an annual description of what it has done to address the diversity of the board and the charity's leadership and performance against its diversity objectives, with an explanation where they have not been met.
• The Trustee Board should keep a register of interests for trustees and agree on an approach for how these are communicated publicly.
• Update the due date for the agreed actions, to ensure that the items agreed as part of the change in forms of incorporation process are implemented.
• That the constitution be updated to address the gaps identified. KPMG recommended terms of reference be created for both Executive Committee and Trustee Board.
• The segregation of duties of approval in place prior to submitting the SU financial budget proposal to the SOAS Board for approval.
• A procedure document be developed and approved to document the financial and risk management process.
• The Trustee Board should meet four times a year per the constitution. If this is not possible, evidence of agreement between the Trustee Board members should be documented and made available on the SU website.
• That skills assessment should be undertaken during the Trustee Board election process. KPMG recommends a finance committee be developed to ensure sufficient scrutiny of the SU's financial position.
Most recommendations were able to be actioned within the operations of the Union, with outstanding recommendations explored in the Governance and Democracy review.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2022**
## **Union Development**
In February 2021 the student body approved a motion for the Students' Union to become incorporated as a Charitable Incorporated Organisation. Our work this year was focused on writing a new constitution and preparing the Union for the incorporation process which would take some time. Alongside this was a separate democracy review which took place throughout Spring 2022. It was determined that whilst the Incorporation had been approved, our solicitors advised that we would likely not be able to incorporate against any version of the current constitutional arrangements (the democracy) as it was too far outside of the agreed practice in the sector. As such, the Union engaged the membership in a conversation about its democracy, eventually resolving to a forum-based system, supported by the use of preferenda in its policy processes, caucusing within liberation groups and the development of a separate trustee board which would reserve spaces for a postgraduate alongside three other students and four external trustees, all appointed by the SU Board. The Union then proceeded to recruit and appoint its external trustees and continue the processes involved in incorporation. Throughout 2021-22, the Students' Union reviewed its corporate and charitable governance as well as its democratic processes. This resulted in adopting a new Constitution and accompanying Schedules and the decision to incorporate as a Charitable Incorporated Organisation, the process for which is ongoing. The main features of the changes are:
- A newly constituted Board of Trustees with four sabbatical trustees, four appointed student trustees and four appointed external/lay trustees. The Board has the full complement of subcommittees (finance, governance, people, commercial services)
- The reserved posts for a Research Students Association nomination to both the SU Board and SU Executive
- With the exception of the sabbatical trustees, the separation of the Board and the Executive
- The opening up of the Union General Meeting Process into a digital and preferenda based system, split into interest-based forums
- The establishment of autonomous caucuses for liberation.
## **Income Generation**
This was a year of re-establishing our trading outlets on the campus after two years of severe restrictions due to the Covid-19 pandemic. The bar and the shop reopened fully from the beginning of the year. The Union also took over the running of a small coffee stall in the Paul Webley Wing, a facility that had been managed the University pre-pandemic. Although it was extremely encouraging to provide food and drink again for students on campus, as well a communal space for all members of the SOAS community, it is taking some time to re-establish the footfall and therefore the income levels approaching pre-pandemic years. As many aspects of academic life continued to be at least partly carried out online, fewer students visited the campus on a daily basis than in previous years. There were continued health concerns and issues, particularly in term one, due to the pandemic. In addition, strike action by teaching and support staff unions and a student occupation in the year necessitated the closure of our outlets for several days. The University compensated the Union for the cancellation of one particular event in the bar in March, after safety concerns had led to the building remaining closed in the evening.
Encouraging conversations continued with the Institution around the refurbishment of the bar and social spaces, with SOAS agreeing in principle to fund such developments in the 22/23 financial year.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2022**
## **FINANCIAL REVIEW**
## Income & Expenditure Account
SOAS SU's gross income from all sources this year amounted to £1,035,033. Total expenditure was £1,097,886, which meant a net loss of £62,853 for the year. The Union held £121,359 in reserves at the end of the year, of which £78,237 is unrestricted. These unrestricted reserves were comprised mainly of the fixed asset fund of £67,236, which represents the net book value of the assets the union held at year end. The general funds that can be used at the Union's discretion to fulfil its charitable objects was £11,000 at year end.
## 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 £599,405. This money primarily supports our day-to-day charitable activities, salaries of the sabbatical officers and core staff, as well as funding for sports, societies, the student representation system, and other membership services. The Union secured a 3-year grant from SOAS, starting this year, of £40,000/year to run the Consent Workshops, added as an increase to the Block Grant. This included recruiting a permanent member of SU staff to co-ordinate and manage the Consent Workshop programme, as well as an extended programme of workshops and other support services.
## Union Generated Income
£352,140 was generated by commercial services run by the Union which this year comprised: the shop, selling mostly food and drink, along with some stationery, personal items and SOAS-branded merchandise; the SOAS bar; and the coffee pod located in Senate House. In addition, merchandise was occasionally sold at a pop-up stall on campus and was available in the SU online shop. The coffee pod was a new venture for the SU, a provision that was managed by the University prior to Covid-19 lockdowns. We run these student-facing commercial services with a low margin as a service to students, which provides safe social space within the University. It was with much relief and happiness that the SU was able to recommence running its commercial services after the closures and severe restrictions imposed by the Covid pandemic in 2020 and 2021. However, the relatively slow return to in-person life on campus and other events in the year meant that trade in the outlets was nowhere near approaching pre-Covid levels of footfall and income. Consequently, running costs were relatively high and commercial income was not able to generate the surplus that it had before the pandemic. £57,865 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, which generated income of £56,747.
## Reserves
In previous years the Union maintained three months running costs as reserves, which was 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 for the last two years, 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 2022**
## **Staffing**
The General Manager resigned and left in February 2022. An interim General Manager was brought in for the rest of the year to manage some key projects and the recruitment of a permanent General Manager (with a changing of the post name to CEO). A new fixed-term role of Enough is Enough Coordinator was introduced to provide support for our consent education and welfare contacts programmes.
## **Industrial Action**
Another year of industrial action in Higher Education led to more disruptions to our services and activities. Our students voted to support the strike action, which led to our Trustee Board after consideration of the impacts and risk deciding on the closure of our commercial, social and office spaces on strike days.
## **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.
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Report of the Trustees for the Year Ended 31 July 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **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 £599,405, the School also provides the SOAS Students' Union with utilities, office space, IT and administrative support and certain staff free of charge. 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.
## **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 2021-22
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 Street 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 2022**
## **Trustees**
## **Elected by SOAS Student Body to hold office from:**
## **1st Aug 2021 - 31st July 2022**
## **1st August 2020 - 31st July 2021**
## **Full-time (Sabbatical) Officers**
Co-President Democracy & Education Co-President Welfare & Campaigns Co-President Activities & Events Co-President Equality & Liberation
Lucia Rodriguez Pedroso Ella Spencer Khadijah Ankunda Hisham Parchment
Sabrina Shah Yasmin Elsouda Hasan Zakria Roza Atac
**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 Part-time Students Officer
## **Some roles are shared**
Neelam Aslam
Julia Soldrzynski Maxine Mallon Ellora Singh & Rbeeza Mobeen Krizzel Mapaye Alfie Makepeace Anika Chauhan Anna Löfstrand Ayat El-Naili Mahek Arora Jacynthe Roesch Post vacant Mohamed Malainine Dideolu Olufelo Lena Koch Post vacant Grace Weston & Valentine Godard Ariana Simonette
## **Some roles are shared**
Hisham Parchment & Sohane Yahya Jake Isaac Katie Saunders Emma Masing & Tara Bhat Josh Mock Lizzy Cox & Victor Smith Heleena Pankhurst Sara Lloyd-Knibbs Rima Koley (resigned) Lucia Rodriguez-Pedroso Post vacant Felix Henson Mohamed Malainine Dideolu Olufelo Ella Spencer Oscar Ward Alex Allen & Emma Thackwray Post not in existence
## **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
Commercial Services Manager Finance & Office Manager Representation & Research Assistant Advice & Welfare Caseworker Governance & Communication Co-ordinator Sports, Activities & Events Co-ordinator SOAS Radio Manager Enough Is Enough Co-ordinator
Anna Dodridge (resigned February 2022) Alan Roberts (Interim, from March 2022)
Khaled Shaheenziada Kai Simmons Antonia Bright Susanna Momtazuddin Jack Di Francesco (resigned June 2022) Jesse Dodoo (resigned June 2022) Fred Molin Heather Farley (resigned June 2022)
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Report of the Trustees for the Year Ended 31 July 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Auditors**
Knox Cropper LLP 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
## **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 2022/23 has been confirmed at £344,495 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.
Approved by order of the board of trustees on 25 May 2023 and signed on its behalf by:
G Scazza - 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 2022 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 2022 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.
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**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 Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance.
• We gained an understanding of how the charitable company 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 charitable company'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.
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**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 LLP Chartered Accountants and Statutory Auditors 153 -155 London Road Hemel Hempstead Hertfordshire HP3 9SQ
Date: .............................................
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**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Statement of Financial Activities for the Year Ended 31 July 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
5
Union bar
Union shop
Coffee Pod
Clubs and societies
Union entertainment
SOAS Radio
Other trading activities
3
Investment income
4
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
6
Welfare and campaigns
Union bar
Union shop
Coffee Pod
Subscriptions and affiliation fees
Clubs and societies
Union entertainment
SOAS Radio
Events
Scholarship
Enough is Enough
Black Student Support
**Total**
**NET INCOME/(EXPENDITURE)**
**Transfers between funds**
16
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward|**2022**
Unrestricted
Restricted
**Total**
funds
funds
**funds**
£
£
**£**
**463,205**
**96,200**
**559,405**
**159,068**
**-**
**159,068**
**159,149**
**-**
**159,149**
**33,923**
**-**
**33,923**
**-**
**57,865**
**57,865**
**-**
**-**
**-**
**56,474**
**-**
**56,474**
**312**
**-**
**312**
**215**
**-**
**215**
**8,622**
**-**
**8,622**
**880,968**
**154,065**
**1,035,033**
**3,864**
**-**
**3,864**
**210,691**
**1,060**
**211,751**
**322,123**
**2,649**
**324,772**
**30,038**
**-**
**30,038**
**92,326**
**1,228**
**93,554**
**101,332**
**129,351**
**230,683**
**86,682**
**1,228**
**87,910**
**74,931**
**51**
**74,982**
**2,355**
**-**
**2,355**
**-**
**3,465**
**3,465**
**-**
**34,512**
**34,512**
**-**
**-**
**-**
**924,342**
**173,544**
**1,097,886**
**(43,374)**
**(19,479)**
**(62,853)**
**41,675**
**(41,675)**
**-**
**(1,699)**
**(61,154)**
**(62,853)**
**79,935**
**104,277**
**184,212**|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)
-
(1,689)
185,901|
|---|---|---|
The notes form part of these financial statements
Page 13
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Statement of Financial Activities for the Year Ended 31 July 2022**
|Notes
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**78,236**|Restricted
funds
£
**43,123**|**2022**
**Total**
**funds**
**£**
**121,359**|2021
Total
funds
£
184,212|
|---|---|---|---|---|
The notes form part of these financial statements
Page 14
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Balance Sheet 31 July 2022**
|Unrestricted
Restricted
funds
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
11
**67,236**
**-**
Social investments
12
**3,750**
**-**
**70,986**
**-**
**CURRENT ASSETS**
Stocks
13
**12,416**
**-**
Debtors
14
**42,752**
**-**
Cash at bank and in hand
**3,729**
**43,122**
**58,897**
**43,122**
**CREDITORS**
Amounts falling due within one year
15
**(51,646)**
**-**
**NET CURRENT ASSETS**
**7,251**
**43,122**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**78,237**
**43,122**
**NET ASSETS**
**78,237**
**43,122**
**FUNDS**
16
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2022**
**Total**
**funds**
**£**
**67,236**
**3,750**
**70,986**
**12,416**
**42,752**
**46,851**
**102,019**
**(51,646)**
**50,373**
**121,359**
**121,359**
**78,237**
**43,122**
**121,359**|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|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 May 2023 and were signed on its behalf by:
G Scazza - 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 2022**
|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 provided by 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**|**2022**
**£**
**(61,240)**
**(61,240)**
**(1,414)**
**1,250**
**215**
**51**
**(61,189)**
**108,040**
**46,851**|2021
£
13,893
13,893
-
1,250
218
1,468
15,361
92,679
108,040|
|---|---|---|
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 2022**
|**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
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors|**OPERATING ACTIVITIES**
**2022**
2021
**£**
£
**(62,853)**
(1,689)
**17,725**
17,442
**(215)**
(218)
**202**
(12,618)
**(16,732)**
14,206
**633**
(3,230)|
|---|---|
|**Net cash (used in)/provided by operations**|**(61,240)**
13,893|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank and in hand|At 1.8.21
Cash flow
**At 31.7.22**
£
£
**£**
**108,040**
**(61,189)**
**46,851**|
|---|---|
||**108,040**
**(61,189)**
**46,851**|
|**Total**|**108,040**
**(61,189)**
**46,851**|
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 2022**
## **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 2022**
## **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|**2022**
**£**
**559,405**
**2022**
**£**
**312**
**2022**
**£**
**15**
**200**
**215**|2021
£
458,581
2021
£
389
2021
£
5
213
218|
|---|---|---|
Page 19
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Bar sales
Union bar
Supplier target discount
Union bar
Snack shop sales
Union shop
Coffee Pod Sales
Coffee Pod
SOAS Detainee Support
Group
Clubs and societies
Clubs and Societies
income
Clubs and societies
Union entertainment
Union entertainment
SOAS Radio
SOAS Radio|**2022**
**£**
**157,560**
**1,508**
**159,149**
**33,923**
**21,468**
**36,397**
**-**
**56,474**
**466,479**|2021
£
1,771
1,085
22,500
-
20,496
4,239
176
28,125
78,392|
|---|---|---|
## **6. CHARITABLE ACTIVITIES COSTS**
|Welfare and campaigns
Union bar
Union shop
Coffee Pod
Subscriptions and affiliation fees
Clubs and societies
Union entertainment
SOAS Radio
Events
Scholarship
Enough is Enough|Direct
Costs
£
**3,864**
**140,958**
**147,883**
**30,038**
**11,521**
**148,650**
**5,877**
**71,601**
**2,355**
**3,465**
**34,512**
**600,724**|Support
costs (see
note 7)
£
**-**
**70,793**
**176,889**
**-**
**82,033**
**82,033**
**82,033**
**3,381**
**-**
**-**
**-**
**497,162**|Totals
£
**3,864**
**211,751**
**324,772**
**30,038**
**93,554**
**230,683**
**87,910**
**74,982**
**2,355**
**3,465**
**34,512**
**1,097,886**|
|---|---|---|---|
Page 20
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **7. SUPPORT COSTS**
|Management
£
Union bar
**67,579**
Union shop
**168,854**
Subscriptions and affiliation fees
**78,306**
Clubs and societies
**78,306**
Union entertainment
**78,306**
SOAS Radio
**3,227**
**474,578**|Governance
Finance
costs
£
£
**1,549**
**1,665**
**3,873**
**4,162**
**1,796**
**1,931**
**1,796**
**1,931**
**1,796**
**1,931**
**74**
**80**
**10,884**
**11,700**|Totals
£
**70,793**
**176,889**
**82,033**
**82,033**
**82,033**
**3,381**
**497,162**|
|---|---|---|
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
Printing and stationery
Other expenses
Travelling
Staff training & other expense
Professional fees
Insurance
Bad debt write off
Irrecoverable VAT
Depreciation - tangible assets
Bank charges
Auditors' remuneration
Other governance expenses
Carried forward|Union bar
£
**53,859**
**-**
**1,452**
**7**
**21**
**37**
**670**
**8,065**
**958**
**-**
**(13)**
**2,523**
**1,549**
**940**
**16**
**70,084**|Subscriptions
and
Union
affiliation
shop
fees
£
£
**134,576**
**62,409**
**-**
**-**
**3,625**
**1,681**
**19**
**9**
**55**
**26**
**89**
**41**
**1,673**
**776**
**20,152**
**9,346**
**2,393**
**1,109**
**-**
**-**
**(34)**
**(16)**
**6,306**
**2,925**
**3,873**
**1,796**
**2,348**
**1,089**
**43**
**20**
**175,118**
**81,211**|Clubs and
societies
£
**62,409**
**-**
**1,681**
**9**
**26**
**41**
**776**
**9,346**
**1,109**
**-**
**(16)**
**2,925**
**1,796**
**1,089**
**20**
**81,211**|
|---|---|---|---|
Page 21
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **7. SUPPORT COSTS - continued**
|Union bar
£
Brought forward
**70,084**
Democracy & election expenses
**139**
Legal and professional fees
**570**
**70,793**
Union
entertainment
£
Salaries
**62,409**
Pensions
**-**
IT equipment and software
**1,681**
Printing and stationery
**9**
Other expenses
**26**
Travelling
**41**
Staff training & other expense
**776**
Professional fees
**9,346**
Insurance
**1,109**
Bad debt write off
**-**
Irrecoverable VAT
**(16)**
Depreciation - tangible assets
**2,925**
Bank charges
**1,796**
Auditors' remuneration
**1,089**
Other governance expenses
**20**
Democracy & election expenses
**162**
Legal and professional fees
**660**
**82,033**|Subscriptions
and
Union
affiliation
shop
fees
£
£
**175,118**
**81,211**
**348**
**162**
**1,423**
**660**
**176,889**
**82,033**
**2022**
SOAS
Total
Radio
activities
£
**£**
**2,572**
**378,234**
**-**
**-**
**69**
**10,189**
**-**
**53**
**1**
**155**
**2**
**251**
**32**
**4,703**
**385**
**56,640**
**46**
**6,724**
**-**
**-**
**(1)**
**(96)**
**121**
**17,725**
**74**
**10,884**
**45**
**6,600**
**1**
**120**
**7**
**980**
**27**
**4,000**
**3,381**
**497,162**|Clubs and
societies
£
**81,211**
**162**
**660**
**82,033**
2021
Total
activities
£
**321,331**
**590**
**5,317**
**284**
**-**
**65**
**5,759**
**3,095**
**6,033**
**400**
**1,974**
**17,442**
**1,653**
**6,000**
**240**
**400**
**-**
**370,583**|
|---|---|---|
Page 22
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **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
The average monthly number of employees during the year was as follows:
Full time management staff
Full time sabbatical officers
Part time staff
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
334,153
**Charitable activities**
Union bar
2,856
Union shop
22,500
Clubs and societies
-
Union entertainment
176
SOAS Radio
28,125
Other trading activities
389
Investment income
218
Other income
102,960
**Total**
491,377|**2022**
**£**
**638,757**
**-**
**638,757**
**2022**
**9**
**4**
**32**
**45**
Restricted
funds
£
124,428
-
-
24,735
-
-
-
-
-
149,163|2021
£
538,444
590
539,034
2021
8
4
37
49
Total
funds
£
458,581
2,856
22,500
24,735
176
28,125
389
218
102,960
640,540|
|---|---|---|
Page 23
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
**----- 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 9,105 1,500 10,605
Union bar 103,453 5,607 109,060
Union shop 169,171 14,011 183,182
Subscriptions and affiliation fees 68,746 6,498 75,244
Clubs and societies 42,270 64,584 106,854
Union entertainment 56,368 6,498 62,866
SOAS Radio 59,302 268 59,570
Events 914 - 914
-
Enough is Enough 9,934 9,934
-
Black Student Support 24,000 24,000
Total 509,329 132,900 642,229
NET INCOME/(EXPENDITURE) (17,952) 16,263 (1,689)
RECONCILIATION OF FUNDS
Total funds brought forward 97,888 88,013 185,901
TOTAL FUNDS CARRIED FORWARD 79,936 104,276 184,212
**----- End of picture text -----**
Page 24
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **11. TANGIBLE FIXED ASSETS**
|Improvements
to
property
£
**COST**
At 1 August 2021
**228,570**
Additions
**-**
Disposals
**-**
At 31 July 2022
**228,570**
**DEPRECIATION**
At 1 August 2021
**153,255**
Charge for year
**12,585**
Eliminated on disposal
**-**
At 31 July 2022
**165,840**
**NET BOOK VALUE**
At 31 July 2022
**62,730**
At 31 July 2021
75,315
**12.**
**SOCIAL INVESTMENTS**
**MARKET VALUE**
At 1 August 2021
Repayments in year
At 31 July 2022
**NET BOOK VALUE**
At 31 July 2022
At 31 July 2021|Fixtures
and
fittings
£
**82,759**
**1,414**
**(282)**
**83,891**
**74,527**
**5,140**
**(282)**
**79,385**
**4,506**
8,232||Totals
£
**311,329**
**1,414**
**(282)**
**312,461**
**227,782**
**17,725**
**(282)**
**245,225**
**67,236**
83,547
Loans
£
**5,000**
**(1,250)**
**3,750**
**3,750**
5,000|
|---|---|---|---|
Page 25
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
**----- Start of picture text -----**
13. STOCKS
2022 2021
£ £
Stocks 12,416 12,618
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 26,632 10,848
Other debtors 6,836 7,086
Prepayments and accrued income 9,284 8,086
42,752 26,020
Other debtors relates entirely to the grant received from SOAS
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade creditors 9,066 20,550
Taxation and social security 14,727 13,146
Other creditors 27,853 17,317
51,646 51,013
**----- 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 2022**
## **16. MOVEMENT IN FUNDS**
|Net
movement
At 1.8.21
in funds
£
£
**Unrestricted funds**
General fund
**(3,612)**
**(25,648)**
Fixed Asset
**83,547**
**(17,725)**
**79,935**
**(43,373)**
**Restricted funds**
Sports ground fund
**34,182**
**(16,383)**
Transport fund
**6,640**
**(3,126)**
Clubs and Societies
**11,591**
**(749)**
Consent Training Programme
**-**
**5,488**
Welfare
**25,000**
**-**
Professional fees
**1,245**
**(1,245)**
Innovation & Entreprenueur fund
**15,203**
**-**
Student Development Fund
**1,472**
**-**
**8,944**
**(3,465)**
**104,277**
**(19,480)**
**TOTAL FUNDS**
**184,212**
**(62,853)**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**880,968**
Fixed Asset
**-**
**880,968**
**Restricted funds**
Sports ground fund
**59,049**
Transport fund
**-**
Clubs and Societies
**48,816**
Consent Training Programme
**40,000**
Professional fees
**6,200**
**-**
**154,065**
**TOTAL FUNDS**
**1,035,033**
Sanctuary Scholarship Programme
Sanctuary Scholarship Programme|Transfers
between
funds
£
**41,675**
**-**
**41,675**
**-**
**-**
**-**
**-**
**(25,000)**
**-**
**(15,203)**
**(1,472)**
**-**
**(41,675)**
**-**
Resources
expended
£
**(906,616)**
**(17,725)**
**(924,341)**
**(75,432)**
**(3,126)**
**(49,565)**
**(34,512)**
**(7,445)**
**(3,465)**
**(173,545)**
**(1,097,886)**|At
31.7.22
£
**12,415**
**65,822**
**78,237**
**17,799**
**3,514**
**10,842**
**5,488**
**-**
**-**
**-**
**-**
**5,479**
**43,122**
**121,359**
Movement
in funds
£
**(25,648)**
**(17,725)**
**(43,373)**
**(16,383)**
**(3,126)**
**(749)**
**5,488**
**(1,245)**
**(3,465)**
**(19,480)**
**(62,853)**|
|---|---|---|
Page 27
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **16. MOVEMENT IN FUNDS - continued**
## **Comparatives for 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
**TOTAL FUNDS**
Sanctuary Scholarship Programme|At 1.8.20
£
(3,101)
100,989
97,888
-
2,002
34,637
25,000
755
15,203
1,472
8,944
88,013
185,901|Net
movement
in funds
£
(511)
(17,442)
(17,953)
34,182
4,638
(23,046)
-
490
-
-
-
16,264
(1,689)|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|
|---|---|---|---|
Page 28
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **16. MOVEMENT IN FUNDS - continued**
Comparative 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)|
|---|---|---|
Page 29
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **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
Consent Training Programme
Welfare
Professional fees
Innovation & Entreprenueur fund
Student Development Fund
Sanctury Scholarship Programme
**TOTAL FUNDS**|At 1.8.20
£
(3,101)
100,989
97,888
-
2,002
34,637
-
25,000
755
15,203
1,472
8,944
88,013
185,901|Net
movement
in funds
£
(26,159)
(35,167)
(61,326)
17,799
1,512
(23,795)
5,488
-
(755)
-
-
(3,465)
(3,216)
(64,542)|Transfers
between
funds
£
41,675
-
41,675
-
-
-
-
(25,000)
-
(15,203)
(1,472)
-
(41,675)
-|At
31.7.22
£
12,415
65,822
78,237
17,799
3,514
10,842
5,488
-
-
-
-
5,479
43,122
121,359|
|---|---|---|---|---|
Page 30
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **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
**Restricted funds**
Sports ground fund
Transport fund
Clubs and Societies
Consent Training Programme
Stationery fund
Professional fees
Black History Month
Black Student Support
Finance Support
**TOTAL FUNDS**
Sanctuary Scholarship Programme|Incoming
resources
£
1,372,345
-
1,372,345
103,536
4,638
73,551
40,000
284
25,719
-
1,500
24,000
30,000
303,228
1,675,573|Resources
expended
£
(1,398,504)
(35,167)
(1,433,671)
(85,737)
(3,126)
(97,346)
(34,512)
(284)
(26,474)
(3,465)
(1,500)
(24,000)
(30,000)
(306,444)
(1,740,115)|Movement
in funds
£
(26,159)
(35,167)
(61,326)
17,799
1,512
(23,795)
5,488
-
(755)
(3,465)
-
-
-
(3,216)
(64,542)|
|---|---|---|---|
## **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.
Page 31
continued...
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
**Notes to the Financial Statements - continued for the Year Ended 31 July 2022**
## **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, 2022
**----- Start of picture text -----**
||||
|---|---|---|
|Salary|Expenses|
|Sabbatical Officers|£155,971|£-|
**----- 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.
Page 32
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2022**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
School grant
**Other trading activities**
Commission income
**Investment income**
Deposit account interest
Social investment interest
**Charitable activities**
Bar sales
Snack shop sales
Union entertainment
Coffee Pod Sales
SOAS Detainee Support Group
Supplier target discount
SOAS Radio
Clubs and Societies income
**Other income**
Other Income
Welfare income
HMRC CJRS Grant
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Salaries and wages
Other operating leases
Carried forward|2022
£
**559,405**
**312**
**15**
**200**
**215**
**157,560**
**159,149**
**-**
**33,923**
**21,468**
**1,508**
**56,474**
**36,397**
**466,479**
**190**
**-**
**8,432**
**8,622**
**1,035,033**
**260,523**
**-**
**260,523**|2021
£
458,581
389
5
213
218
1,771
22,500
176
-
20,496
1,085
28,125
4,239
78,392
19
10
102,931
102,960
640,540
217,113
1,595
218,708|
|---|---|---|
This page does not form part of the statutory financial statements
Page 33
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2022**
|**Charitable activities**
Brought forward
Union bar purchases
Snack shop purchases
Union affiliations
Entertainments
Campaigns
Licences
Coffee Pod purchases
Small equipment & repairs
SOAS Radio
Sport clubs expenditure
Clubs and Societies
Sports travel
Publications
Pitch hire
Freshers events
Scholarship
Enough is Enough expenditure
**Support costs**
**Management**
Salaries
Pensions
IT equipment and software
Printing and stationery
Other expenses
Travelling
Staff training & other expense
Professional fees
Insurance
Bad debt write off
Irrecoverable VAT
Improvements to property - Depreciation
Fixtures and fittings - Depreciation
**Finance**
Bank charges|2022
£
**260,523**
**66,141**
**82,057**
**11,521**
**5,877**
**3,864**
**-**
**15,707**
**1,160**
**12,743**
**6,513**
**45,892**
**3,126**
**2,548**
**68,919**
**2,136**
**3,465**
**8,532**
**600,724**
**378,234**
**-**
**10,189**
**53**
**155**
**251**
**4,703**
**56,640**
**6,724**
**-**
**(96)**
**12,585**
**5,140**
**474,578**
**10,884**|2021
£
218,708
2,044
(5,403)
14,097
1,719
4,281
3,133
-
-
618
900
13,391
27
846
10,278
683
-
6,324
271,646
321,331
590
5,317
284
-
65
5,759
3,095
6,033
400
1,974
12,585
4,857
362,290
1,653|
|---|---|---|
This page does not form part of the statutory financial statements
Page 34
**SCHOOL OF ORIENTAL AND AFRICAN STUDIES STUDENTS' UNION**
## **Detailed Statement of Financial Activities for the Year Ended 31 July 2022**
|**Finance**
**Governance costs**
Auditors' remuneration
Other governance expenses
Democracy & election expenses
Legal and professional fees
Total resources expended
**Net expenditure**|2022
£
**6,600**
**120**
**980**
**4,000**
**11,700**
**1,097,886**
**(62,853)**|2021
£
6,000
240
400
-
6,640
642,229
(1,689)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 35