2021-06-30-accounts - Beechwood Architecture Charity

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The London School of Architecture

Trustees’ Report and Financial Statements for the year ended 30 June 2021

Overview	Crispin Kelly (Chair of Board of Trustees) The School community has been weathering the intense efects of the
	Covid storm with remarkable agility, patience and resourcefulness.
	Continuing heartfelt thanks are due to all our stakeholders and supporters.
	The LSA continues to grow, with a record number of students for
	the new academic year, and a move to larger premises at Orsman
	Road. We have a new validation partner, Liverpool University,
	which supports our vision of expansion, and our students can now beneft from the government’s student loan scheme. Our Access
	and Participation Plan has been approved by the OfS. Critical to our
	ongoing success is the appointment of Neal Shasore as our Head of
	School, and under his and his team’s leadership the new dynamic and
	inclusive chapter of the School is being constructed.
Nature and objectives	The trustees present their report and the audited fnancial statements of
	the charity for the year ended 30 June 2021.
Legal status	The London School of Architecture was established as a Charitable
	Incorporated Organisation (CIO) incorporated on 10 December 2014,
	and registered with the Charity Commission in England and Wales on
	13 January 2015.
Registered Charity number	1159927
Charitable objectives	To advance the education of the public in general (and particularly
	among the architectural profession) on the subject of architecture and to promote design and research for the public beneft in all aspects of
	architecture and to publish the useful results and proposals.
Public Beneft	The trustees confrm that they have referred to the guidance contained in the Charity Commission’s general guidance on public beneft when
	reviewing the charity’s aims and objectives, in planning future activities
	and setting a grant-making policy for the year and that they have
	complied with the duties in section 17(5) of the 2011 Charities Act. The trustees are satisfed that all charitable activities during the year are for the beneft of the public and the benefts of each and every activity are clearly identifable. The trustees are also satisfed that all
	charitable activities are in line with the Access and Participation plan.
	Further details are set out in this report.

Vision and mission

Vision

Our vision is that people living in cities experience more fulfilled and more sustainable lives. Our School educates future leaders to design innovations that contribute to this change.

Mission

Network – To bring together outstanding students, practices, professionals, educators and entrepreneurs to generate and champion essential new approaches to the design of the urban built environment.
Institution – To establish the School as independent and financially sustainable, achieving the highest standards of governance and academic delivery with the spirit of agility, openness and responsiveness.
Programme – To provide programme(s) that generate incremental and disruptive innovations in the design of architecture and cities, and which critically equip our graduates for the creative and commercial practices of tomorrow.
Talent – To be the route of choice for gifted students to become future spatial leaders, recruiting talented candidates from across the whole of society by proactively addressing soft and hard barriers to the profession/industry.
Impact – To influence the future of architecture and the city – and particularly London – by producing provocative design/research for global dissemination and by being nimble agents of change within the capital itself.

To deliver on the vision and mission, a strategic plan was developed by the executive, in consultation with the faculty and other stakeholders, and this has been agreed by the Board of Trustees.

Change model

Outcomes

The LSA has two main outputs: graduates from the MArch programme (approximately 50-70 annually to date); and published design/research (approximately 50-70 proposals, and 8-10 design/ research publications annually).

From these emerge outcomes: students are equipped with the knowledge, skills and behaviours to contribute innovations in the design of architecture and cities; while the publication of design/ research promotes knowledge that influences others to contribute. Our graduates and publications may be destined for the profession of architecture or an adjacent profession, and both of these can contribute to our ultimate goal.

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People living in cities
experience more fulfilled and
more sustainable lives
Architectural Adjacent
profession disciplines
Graduates Design/Research
First Second Public
Year Year programme
London Professional Specific
Met body Course
validation recognition Designation
Practice
Students Faculty
Network
Physical
Founders
resources
Vision
Destination
Outputs
Accountability line
Activities
Enablers
Inputs
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Activities

The LSA’s main activity is the MArch in Designing Architecture, a two-year Part 2-Level programme previously validated by London Metropolitan University and for the academic year of 2021-22 onwards, by the University of Liverpool (UoL) and supported by a distinguished Practice Network of London-based architecture firms. Our tuition fees are balanced with placement salaries from within our Practice Network. We aim to create a platform for discourse and knowledge exchange and we also have a public programme of lectures, events and a website.

Enablers

The LSA’s three primary enablers are:

relationships with the external regulatory environment that make our programme a viable alternative route into the profession;
academic partner validation (previously London Metropolitan University and for the academic year of 2021-22 onwards, by the University of Liverpool);
professional body recognition from the Architects Registration Board and the Royal Institute of British Architects; and registration with the Office for Students.

Inputs

Talented students: who will benefit from our model, which is a unique hybrid of learning at the School and at a paid practice placement, drawn from across the whole of society;

The Practice Network: a community of over 190 London practices who provide work placements, teaching, and physical resources;

Faculty: who are central to the delivery of the programme, and who drive the intellectual and creative life of the School;

Founders and supporters: who make the LSA financially viable in the mid-term by contributing donations or sponsorship;

Physical resources: where the programme delivery takes place, such as the LSA studio or the Practice Network.

Institutional Governance

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Charity
Commission
Board of Trustees
Finance &
Remuneration Audit & Risk People Bursaries
Fundraising
Committee Committee Committee Committee
Committee
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Academic Governance

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Architects Royal Institute Quality
Registration of British Assurance
Board Architects Agency
Royal Institute
Academic Board of
of British
Court Trustees
Architects
Executive External
Senate
Committee Examiners
Practice Module Course
Network Leaders Forum
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Organisation

The Board of Trustees

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet regularly to review developments with regard to the charity, its activities and to make any important decisions. When necessary, the trustees seek advice and support from the charity’s professional advisers.

There must be between three and twelve trustees in office at all times. The identification of potential new trustees is carried out by the Board through its People Committee. In selecting individuals for appointment, the Board must have regard to the skills, knowledge and experience needed for the effective administration of the CIO. On agreeing to serve the charity, new trustees are thoroughly briefed by their co-trustees on the history of the School, the dayto-day management, the responsibilities of the trustees, current objectives and future plans.

The maximum length of service as a trustee is three terms of three years, in order to avoid the problem of multiple retirements as the original trustees reach the six year mark.

Management and governance

The Board of Trustees is supported in discharging its responsibilities by its sub-committees: the Audit & Risk Committee, the Finance and Fundraising Committee, the Remuneration Committee, the People Committee and the Bursaries Committee.

The Board delegates the day-to-day operational functions to the Chief Executive/Head of School. The Chief Executive/Head of School is supported and advised by the Executive Committee, which comprises the Academic Director, Operations Director/Registrar, Finance Manager and HR Director.

The Board of Trustees assures itself of the quality of its provision with a robust system of governance. The Practice Network, Module Leaders and Course Forum (comprising students) feedback to the Executive Committee. The academic validating partner appoints External Examiners, who review the work of the School. The Executive Committee reports to the Board of Trustees, which in turn also reports to the Board of Trustees. The LSA reports externally to the Charity Commission, the Architects Registration Board, the Royal Institute of British Architects and the Office for Students (OfS).

Strategic report

Key achievements

The School produced its fifth set of graduates in 2021. The School had to switch to an entirely online existence in March 2020 in response to the Covid 19 pandemic and accordingly the 2020 end of year show could not be held physically, so was replaced by an online show on the School’s website. There was a mix of physical and online teaching in the 2020-21 academic year as regulations permitted and a physical end of year exhibition was held at our new studio in Orsman Road in July 2021 showcasing the work of 2020 and 2021 graduates.
In July 2021, our MArch programme was validated by the University of Liverpool and this has allowed us to recruit additional students who started in September 2021.
The School left Mare Street in the summer of 2021 and has moved to larger studio space in Orsman Road, London N1 with the lease starting from September 2021.
We were granted Approved (Fee cap) registration by the OfS for the 2020-21 academic year and accordingly the majority of our students took up the maximum state package of support for students.
The OfS approved the School’s Access and Participation plan in 2020 and we have made progress on our plan in recruiting 40% black, Asian and minority ethnic students for our 2021-22 intake making positive steps towards meeting the 50% target by 2030.
We recruited 53 students for 2020-21 and 66 for 2021-22. This growth in numbers is testament to the continued attractiveness of the LSA’s unique programme and the dedication and expertise of the School’s staff and tutors.
The School continued to be honoured with the support of our Founding Practices and Founding Partners, with donations made by Allford Hall Monaghan Morris and Foster + Partners in the year to 30 June 2021.

Financial objectives

The LSA’s primary financial objectives are to establish an income stream from tuition fees that covers the costs of delivery of the programme on an ongoing basis, and to secure through other revenue streams, such as fundraising, sufficient resources to fund growth and provide long-term institutional robustness.

Organogram

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Accountability line
Collaboration line
Finance The Trust
Director Partnership
Engagement Partners
Manager & sponsors
Network Practice
Coordinator Network
People Chair of the
Wellbeing Coach A mbassadors
Director Ambassadors
Design
Operations Operations
Think Tank
Director Coordinator
Leaders
Board of Chief
Trustees Executive Programme
Coordinator
Year Design
Coordinators Tutors
Design History History
Director Leader Tutors
Reader in
Tectonic Technical
Architec ture
Leader Tutors
& Urbanism
Critical
Research
Practice
Director
Tutors
Practice
Mentors
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Key performance indicators

Students

In 2021-22 we enrolled 66 students into the sixth cohort (53 students in 2020-21 – with 2 students later withdrawing or deferring – and 51 students in 2019-20 – with 5 students later withdrawing or deferring). Student outcomes are evaluated through academic achievement. Their satisfaction is reported through an annual survey.

Practice Network

Our model requires all students to be in a work placement. Our Practice Network has grown to over 190 practices. We have been successful in placing all enrolled students over the last year into work placements in London. For the academic year of 2021-22, we again successfully placed all students enrolled on the first year of the programme by the start of the year.

Regulatory requirements

The LSA was validated by London Metropolitan University from the School’s foundation to June 2021. The University of Liverpool became our validating partner for the 2021-22 academic year under an initial five year agreement.
We retained full professional recognition from the ARB and the Royal Institute of British Architects for Part 2 accreditation and validation respectively.
The LSA has been registered with the Office for Students, the regulator of higher education institutions, since the OfS became the regulator of the sector in April 2018.
At the end of March 2020, the LSA successfully applied to change category on the OfS register to the Approved (Fee cap) category, which enables the LSA’s students to access tuition fee loans from the SLC to the maximum amount of £9,000 per student. The date on which the change of category took effect was 1 August 2020.
As part of this regulatory process, the OfS approved the LSA’s Access and Participation Plan (APP) for the years 2020-21 to 2024-25 and the APP is available to be reviewed on the School’s website at www.the-lsa.org.
We successfully completed the 2019-20 statutory audit and annual submission to the Charity Commission.

Financial position

Financial results

The financial statements are prepared in accordance with Financial Reporting Standard (FRS) 102, the applicable provisions of the Charities Statement of Recommended Practices (SORP), and the Statement of Recommended Practices (SORP): Accounting for Further and Higher Education, in order to provide a true and fair view of the financial performance and position of the CIO. Income for the period was £938,738 (excluding income in kind which was nil in 20/21) (£746,489 for the year to 30 June 2020) and expenditure was £874,259 (£753,388 for the year to 30 June 2020). As a result, for the year ended 30 June 2021 there was a surplus of £64,479 (deficit of £6,899 for the year to 30 June 2020). The surplus for the 2020-21 year reflected our continued emphasis on expenditure controls and a slightly easier environment for fundraising. The marginal deficit last year was a result of the harsh fundraising climate owing to the exceptional circumstances of the lockdown, which coincided with our busiest fundraising period in the spring of 2020. The School maintained a strong cash position throughout the 2020-21 financial year.

The Charity holds its cash funds in current and deposit bank accounts with HSBC. The day-to-day management of receipts and payments is handled by the charity’s administrator and bookkeeper, The Trust Partnership, under the direction of the Chief Executive/Head of School, with close oversight from the Board’s Finance & Fundraising and Audit & Risk Committees as well as the Finance Manager.

Reserves policy

It is the policy of the Trustees to hold sufficient funds in hand such that, together with appropriately forecast and largely contracted income, commitments and expenses for the current financial year are covered and further that an appropriate budget is maintained to ensure that longer term commitments and future plans are covered. As at June 2021 the School had cash balances of £331,004 (£389,538 at 30 June 2020), which together with anticipated income, was in the opinion of the Trustees, sufficient to meet its accrued liabilities and cost commitments to run the charity effectively for at least 12 months from the date of this report.

It is the policy of the Trustees to seek to keep at least three months’ operational reserves on hand in cash or cash equivalents. Receipts from the Student Loans Company (SLC), which is now the major source of income for the School, come in three tranches at the beginning of the School’s three terms – October (25%), February (25%) and May (50%). The periodic nature of these receipts, together with the broadly even spread of the School’s expenses throughout the financial year, does create ‘pinch points’ for this reserves policy for short periods during the academic year. The School has managed to keep three months’ operational expenses reserves on average during the 2019-20 and 2020-21 financial years and to the date of this report but there have been short periods (just prior to the SLC payments) where reserves have dropped below the three months’ figure. The increase in student numbers with its associated growth in fee income means that the cash forecast for the 2021-22 financial year shows that we will continue to meet the Board’s 3 months policy on average throughout the year with similar short periods of reserves below that figure.

Financial position continued

Going concern

The Trustees of the charity believe that there are no material uncertainties that may cast significant doubt about the ability of the charity to continue as a going concern. The Covid 19 pandemic has clearly had a material effect on the School’s operations since March 2020. However, we were able to start the 2020-21 academic year with some face-to-face teaching for the first year students in Mare Street. Additionally, we have been able to offer second year students prebookable, socially distanced studio space. At the time of writing and acknowledging that the situation continues to change the Trustees are satisfied that the financial position of the School is secure for the foreseeable future as our ability to recruit and retain students has been undiminished by the coronavirus. There have been some extra costs over the summer as the studio was adapted to socially distanced learning and there will be some minor costs for additional cleaning over the coming months but the School has started the new academic year strongly with another cohort of exceptionally talented and motivated students.

Future objectives

To ensure that the School becomes substantially self-sustaining, which will require the continued recruitment of sufficient student numbers and maintaining sufficient reserves.
To create impact and influence through the production of graduates and design/research, and to demonstrate the validity of our unique model of education.
To develop and offer further courses in Architecture so that the School can offer the full academic range for professional architecture training.

Resources

People

Will Hunter, the School’s founder and Chief Executive left the LSA at the end of the 2020-21 academic year and he has been replaced as Chief Executive/Head of School by Neal Shasore. Neal is joined by Samantha Hardingham, who has been appointed to the new post of Academic Director.

Two original members of staff also left over the summer. Our Research Director James Soane and our Operations Director Stephanie Rice. Steph was replaced by Sophie Bailey. The Trustees would like to record our enormous appreciation for the contribution James and Steph have made to the School.

Clive Sall is Design Director with overall responsibility for the quality of design across the programme, overseeing all development, briefing and delivery of design teaching. George Shaheen continues as Programme Coordinator and Heather Storry as People Director. One of the trustees, John Oliver, acted as interim Finance Director until December 2020, when Melanie Jarrett was recruited as Finance Manager.

In 2020-21, the module leaders were Steve Smith as Cities Leader and Design Direction Leader, Lewis Kinneir as Tectonic Leader and Alan Powers as History Leader. Clive Sall continued to lead Design Speculation, Design Thesis and Design Synthesis, James Soane led both Critical Practice Placement and Critical Practice Theory and Will Hunter led the Design Think Tank Module. Fulfilling the School’s ambition for 50:50 gender balance in its visiting faculty, for 2020-21 we employed 16 design tutors, with more women than men for the first time. The People Committee assists the Board of Trustees in discharging its responsibilities in relation to human resources. The Remuneration Committee is responsible on behalf of the Board of Trustees for agreeing the remuneration of the Chief Executive/Head of School and senior roles that report directly to the Chief Executive/Head of School, and keeping under review the remuneration for all roles that form part of the School’s management team.

In setting salary levels, the LSA offers fair pay to attract and keep appropriately qualified staff to lead, manage, support and/or deliver the organisation’s aims. It also conducts online research of higher education salaries and uses surveys to benchmark levels of pay. The remuneration of key management personnel is benchmarked to relevant data. The LSA does not automatically award its staff with annual salary increases, either incremental or cost of living. Key management personnel are defined as the CEO/Head of School and the trustees.

Physical resources

In the practice-based first year, students are primarily based in their practice placement. In the second year, students are normally based at the LSA studio.

In 2020-21, First Year students had access to the facilities of their placement provider within the Practice Network as part of their employment, and our agreement with the practices. We delivered lectures, seminars and crits within the Practice Network.

Students had access to London Metropolitan University facilities for the final year of the partnership, such as the library, as an ongoing commitment set out in on our contract with our validating partner. Additionally, we have agreed a discounted rate for annual library membership with the Architectural Association, which students apply for individually.

Resources continued

From March 2020 all teaching was delivered on-line. For the beginning of the 2020-21 academic year some face-to-face teaching was also undertaken as the changing regulations allowed with the appropriate safeguards of social distancing, reduced numbers and additional cleaning.

Reputation

Over the year under review, the LSA has continued to establish its reputation within the architectural and higher education communities. Highlights include –

Tim Rodber, who graduated from the LSA in 2019, won the Royal Institute of British Architects’ #ReThink2025 competition with Dominic Walker with a plan to turn London into a patchwork of food-producing landscapes.
Duncan Graham, Betty Owoo, who graduated from the LSA in 2020, and Quincy Haynes, who graduated in 2021, were named as winners the Pews and Perches design competition run by the London Festival of Architecture and the Royal Docks Team. Entering as two teams (Betty and Quincy entered as a pair), the winners saw their designs for a public bench realised, being installed around the Royal Docks area in November 2020 ahead of the LFA’s 2020 autumn season.
Cameron Lintott, who graduated in 2019, was a winner in Drawing Matter’s Writing Prize 2020.
Chiara Dognini, a 2020 graduate, won first prize at the April 2021 Alamo Awards with her team, MycoOperation, for a project that uses organic waste to replace plastic food packaging. The Alamo Award, now in its fourth year, comes from the Alamo Foundation based in Italy which encourages new, sustainable business ventures by providing financial support to young entrepreneurs.
In June 2021, one of the School’s Design Think Tanks, Spatial Justice, discussed architecture and inequality at the London Festival of Architecture. First year students Santong Li, Estefany Oropeza, Aarandeep Sian, George Wallis, Aïssatou Diallo, Mohini Devi Tahalooa and Freddie Hutchinson were part of critical conversations about the responsibility of architecture and architects to create equitable and caring environments.
The LSA’s Founder, Will Hunter left the LSA and joined The Harvard Graduate School of Design, Loeb Fellowship. Harvard GSD’s Loeb Fellowship announced the programme’s 51st class of Fellows, a cohort of ten innovators who “work across activism, urbanism, public art, film and media, technology, real estate development, and other fields that engage with the built environment and social outcomes.” The programme will run for one year.
The School launched three £1,000 teaching development bursaries in recognition that there are significant structural barriers to diversity in architectural education which are often financial. These will be used to give educators the opportunity to gain first-hand experience of our innovative Design Think Tank teaching model and potentially explore other teaching opportunities within the School.
On the 13 September 2021, on what would have been Stephen Lawrence’s 47th birthday, the LSA was privileged to announce a new collaboration with the Stephen Lawrence Day Foundation (SLDF). At the instigation of founding LSA Vice-Chair Elsie Owusu OBE and the RIBA, a sum of £30,000 was donated to SLDF which in turn has selected the LSA as beneficiary.

Risk management

In line with the requirement to undertake a risk assessment exercise and report on the same in their annual report, the trustees maintain a Risk Register. The trustees have identified five areas of principal risks and uncertainties which may occur:

G overnance and management: the risk the charity might suffer from the lack of direction, the skills and training of the trustees and the good use of its funds;
Operational: the risk inherent in the charity’s activities including continuity of staff and a disaster recovery policy;
Financial: includes risks arising as a result of poor budgetary control, inappropriate spending, poor accounting, inappropriate investment policies, unsuccessful fundraising, or loss of practice support;
Reputational: possible damage to the charity’s reputation;
Laws, regulations, external and environmental: looks at the effects of government policies and the consequences of non-compliance with the laws and regulations.

Having assessed the major risks to which the charity is exposed, the trustees believe that by monitoring reserve levels, by ensuring that controls exist over the key financial systems, and by examining the operational and business risks faced by the charity, they have established systems to identify and manage those risks, which remain under review.

The School additionally implemented a Risk Policy this year which was approved by the Audit and Risk Committee and later the Board of Trustees. This policy will be reviewed by the Audit and Risk Committee annually.

Key committee terms of reference

The Audit & Risk Committee

The Audit & Risk Committee is responsible to the Board for:

1. Supporting the Board of Trustees in discharging its responsibility for adequate and effective risk management and control

2. Ensuring that systems are in place for the economic, efficient and effective operation of the School and for the prevention of fraud

3. Reviewing the School’s approach to Value for Money

4. Making recommendations as to the appointment of internal and external auditors and monitoring their performance

5. Ensuring the probity of the School’s Financial Statements

6. Ensuring that systems are in place to achieve data quality

7. Undertaking such other work as the Board may require

The Audit & Risk Committee is composed of three independent trustees, not serving concurrently on the Finance and Fundraising Committee, at least one of whom should have a background in finance. Independent Trustees: Crispin Kelly (Acting Chair to December 2020), Nick Bliss, Roland Oakshett, Robert Mull and John Oliver (Chair from January 2021). Executive Committee: Chief Executive/Head of School, Finance Manager and Operations Director/Registrar.

The Finance & Fundraising Committee

The Finance & Fundraising Committee is responsible to the Board for:

1. Considering and making recommendations in relation to the School’s financial strategy, including annual and long term capital and revenue plans

2. Ensuring that systems are in place to achieve financial viability

3. Considering and making recommendations in relation to the School’s Financial Statements and management accounts

4. Advising as and when appropriate on the financial management of the School

5. Reviewing and recommending the Estates Strategy to the Board, and monitoring its application and implementation

6. Agreeing fund-raising plans in prioritised areas

7. Overseeing the coordination and promotion of fundraising through a communications strategy designed to influence key external stakeholders to assist in fundraising

8. Monitoring adherence to the Funding Acceptance Policy

9. Reporting to the Board on the progress in relation to fund-raising

The Finance and Fundraising Committee is composed of three independent Trustees: Roland Oakshett (Chair), Davina Mallinckrodt and Crispin Kelly. Executive Committee: Chief Executive/Head of School, Finance Manager and Engagement Manager. External member: Carolyn Larkin.

Key committee terms of reference The Remuneration Committee continued The Remuneration Committee is responsible on behalf of the Board of Trustees for:

1. Providing an independent view and governance check on executive pay and the School’s strategic approach to Total Reward

2. Approving the School’s reward framework and compensation philosophy

3. Approving the School’s annual cost of living award and costs pertaining to the annual Senior Managers’ salary review.

4. Agreeing the remuneration of the Chief Executive/Head of School of the LSA and roles reporting directly to him/her

5. Keeping under review the remuneration for all roles that form part of the School’s executive group

6. Approving any performance related pay (PRP) awards for all eligible members of the School

7. Reviewing issues of equality and diversity in relation to remuneration of the School’s executive team

In carrying out its responsibilities, the Committee will take into account factors such as legal and regulatory requirements, the external operating environment, the financial situation of the School, the value, breadth and complexity of all roles under consideration and the contribution of the role holder, set against national sector benchmarking data.

The Chair of the Committee shall have the authority to act on behalf of the Board (taking into account the advice of the governor representative on the appointment panel) in any case where a proposed salary fell outside the current policy.

The Remuneration Committee is composed of three independent Trustees: Roland Oakshett (Chair), Simon Allford. Crispin Kelly, Executive Committee: Chief Executive/Head of School.

Stakeholder relationships

Strategic partnerships

The LSA has a range of strategic partnerships.

London Metropolitan University was our Academic Partner, which awards the MArch, to July 2021 and has now been replaced by the University of Liverpool.
Our Practice Network provides work-based learning opportunities and spatial provision for the taught programme. These relationships are managed and monitored by the executive team.
To disseminate the work of the School, we work with Caro Communications.
To deliver on our mission to widen access to the profession of architecture, we have started working with Mossbourne Academy, our local School in Hackney.

Equal opportunities

The LSA’s full Equal Opportunity Policy is included in the Staff Handbook. The LSA is committed to ensuring that, as far as is practicable, all employees, job applicants, customers/clients and other people with whom we deal are treated fairly and are not subjected to unfair or unlawful discrimination.

Our policy is designed to ensure that current and potential workers are offered the same opportunities regardless of sex, race, age, religion or belief, sexual orientation, disability, marital status or civil partnership, pregnancy/maternity, gender reassignment or any other characteristic unrelated to the performance of the job. We seek to ensure that no one suffers, either directly or indirectly, as a result of unlawful discrimination. This extends beyond the individual’s own characteristics, to cover discrimination by association and by perception. We recognise that an effective equal opportunity policy will help all employees to develop to their full potential, which is clearly in the best interests of both employees and our School.

We aim to ensure that we not only observe the relevant legislation but also do whatever is necessary to provide genuine equality of opportunity. We expect everyone who works for us to be treated, and to treat others, with respect. Our aim is to provide a working environment free from harassment, intimidation, or discrimination in any form that may affect the dignity of the individual.

The London School of Architecture – 2020-21

Trustees

Crispin Kelly (Chair) Davina Mallinckrodt (Vice Chair) Roland Oakshett (Treasurer) Nick Bliss (Secretary) Robert Mull Deborah Saunt Simon Allford John Oliver Del Hossain (appointed January 2021)

Faculty

Founder and Chief Executive (to 30 June 2021) – Will Hunter Chief Executive/Head of School (from 1 July 2021) – Neal Shasore Academic Director (from 1 July 2021) – Samantha Hardingham Design Director – Clive Sall Research Director (to 30 June 2021) – James Soane Cities Leader and Design Direction Leader – Steve Smith Tectonic Leader – Lewis Kinneir History Leader – Alan Powers Critical Practice Tutors – Peter Buchanan, Kat Martindale, Kirti Durelle History Tutors – Neal Shasore, Samantha Hardingham Operations Director (to 31 August 2021) – Stephanie Rice Operations Director (from 9 August 2021) – Sophie Bailey Operations Coordinator (to 3 September 2021) – Daisy Tuckwell Network Coordinator – Jason Sayer Engagement Manager – John Nahar Programme Coordinator – George Shaheen Finance Manager (from 9 December 2020) – Mel Jarrett HR Director – Heather Storry

2020-21 First Year Design Tutors

Esther Escribano (Studio Weave), Ming Cheng (Urban Architecture), Maria-Chiara Piccinelli (PiM Studio), Thomas Bryans (IF_DO), Steve Smith (Urban Narrative), Heather Macey (McAslan), Fenella Collingridge (Salter + Collingridge), Chiara Barrett (Carmody Groake), Blazej Czuba (Maccreanor Lavington)

2020-21 Design Think Tank Leaders

Andrew McEwen, Yasir Azami (Orms), Deborah Saunt, Seyi Adewole, Sanket Ghatalia, Paul Bourel (DSDHA), Christophe Egret, Josh Thomas (Studio Egret West), Angie Jim Osman, Nick Keen, Karman Wan (Allies & Morrison), Petra Marko (Marko&Placemakers), Pedro Roos, Holly Harrington (PDP London), Will Hunter, Javier Quintana de Una (IDOM), Rafael Marks, Anna-Lisa Pollock (Penoyre & Prasad)

2020-21 Second Year Design Tutors

Matthew Whittaker, Samantha Hardingham, James Mak, Jesper Henriksson, Hannah Lawson, Rebecca Muirhead, Akari Takebayashi, Theo Games Petrohilos

Academic Court

Professor Nigel Coates, Chair – resigned June 2021 Professor Farshid Moussavi – resigned in January 2021

The London School of Architecture – 2020-21 continued

Professor Lesley Lokko – resigned in December 2020

Practice Network	Practice Network	51.Astronaut Kawada Architecture
1.AHMM		52.Charlton Brown
2.Studio Egret West		53.Groupwork
3.Allies and Morrison		54.HollowayLi
4.Orms		55.Julian McIntosh
5.Idom		56.Kiran Curtis Architects
6.Grimshaw		57.Mailen Design
7.Carmody Groake		58.Practice Benchmark Architects
8.Kingspan Insulation		59.Price Parizi
9.DrMM		60.Russian for Fish
10.	Pensaer	61.Ryder
11.	Foster + Partners	62.William Russell
12.	Wright & Wright	Architects Ltd
13.	GPAD,	63.Zac Monro Architects
14.	Gray,	64.Studio Weave
15.	Jack Carter Architects	65.Whittaker Parsons
16.	TP Bennett	66.DSDHA
17.	John McAslan + Partners	67.Mica
18.	Maccreanor Lavington	68.Hawkins \ Brown
19.	RSH+P	69.Marko & Placemakers
20.	Jestico + Whiles	70.Salter + Collingridge
21.	PDP	71.Tata Steel
22.	Haworth Tompkins	72.Jan Kattein Architects
23.	Prewett Bizley	73.Savills
24.	Hopkins	74.Stanhope
25.	Cullinan Studio	75.Ash Sakula
26.	Erect Architecture	76.Parti
27.	HOK	77.Carl Turner Architects
28.	Piercy & Company	(Turner Works)
29.	Squire & Partners	78.RCKa
30.	Wilkinson Eyre	79.Scott Whitby Studio
31.	IF_DO	80.Wimshurst Pelleriti
32.	Penoyre & Prasad	81.Solid Space
33.	Urban Narrative	82.daab Design
34.	Minotti	83.De Matos Ryan
35.	Flokk	84.HUT
36.	Murphy Philipps Associates	85.Make
	LLP	86.NBBJ
37.	Pedder Scampton	87.Scott Brownrigg
38.	SkyRoom	88.Simpson Studio
39.	ACME	89.Alan Higgs Architects
40.	Astudio	90.Facture Architects
41.	Farrells	91.Hesselbrand
42.	Karakusevic Carson	92.Hobhouse Niall
	Architects	93.Red Deer
43.	Morris + Company	94.Schlüter-Systems Ltd
44.	PiM	95.Stanton Williams
45.	Urban Architecture	96.SUSD
46.	WestonWilliamson+Partners	97.Unknown works
47.	Denizen Works	98.We Made That
48.	Assemble	99.AckroydLowrie
49.	Clive Sall Architects	100.AL_A
50.	UnderCover Architecture

The London School of 101. Chris Dyson 146. Something & Son Architecture – 2020-21 102. Chris Mew Architects 147. Takero Shimazaki Architects continued 103. Dennis Sharp Architects 148. Tate Harmer 104. GRID Architects 149. vPPR 105. Jo Cowen Architects 150. Walters and Cohen 106. Langstaff Day 151. AOC 107. Neil Kahawatte Architects 152. Arney Fender Katsalidis 108. POD 153. Brady Mallalieu 109. Pringle Richards 154. Eric Parry Architects Sharrat Architects 155. FreeHaus Design 110. Richard Parr Associates 156. Surman Weston 111. RPA 157. Waugh Thistleton 112. Smith & Newton Architects 158. Benoy 113. SmithBrooke 159. Aedas London 114. Stead 160. Alan Baxter 115. ZCD Architects 161. Beasley Dickson 116. 51% Studio 162. Burrell Foley Fischer 117. 5th Studio 163. Coffey 118. aLL Design 164. Common Ground 119. Alma-nac Architecture 120. Apt 165. Dallas Pierce Quintero 121. Aukett Swanke 166. Dow Jones 122. BDP 167. Drake Trust 123. Ben Adams Architects 168. Elsie Owusu 124. Benedetti Architects 169. Feilden Clegg Bradley 125. Buckley Gray Yeoman Studios 126. C.F. Moller 170. Feilden Fowles 127. Citizens Design Bureau 171. Formation Architects 128. Coppin Dockray 172. Gensler 129. David Kohn Architects 173. HAT Projects 130. Daykin Marhsall Studio 174. Henley Halebrown 131. Delve 175. Herzog & de Meuron 132. EVA Studio 176. Interrobang 133. Henning Stummel 177. Knoll Architects 178. Mills Power Architecture 134. Jonathan Tuckey Design 179. MoBo 135. Liddicoat & Goldhill 180. Nick Wilson Architects 136. Lipton Plant Architects 181. PriceGore 137. Marcus Beale Architects 182. Red White Architects 138. Mikhail Riches 183. REMI CT 139. NG Architects 184. Skene Catling de la Pena 140. One Works 185. Square Feet Architects 141. Outpost 186. Studio Octopi 142. Populous 187. The Klassnik Corporation 143. Scott Tallon 188. Tonkin Liu Walker Architects 189. What Architecture 144. Sharp Architects 190. William Smalley Architect 145. SODA. 191. Lynch Architects

The London School of Architecture – 2020-21 continued

Founding Patrons

Niall Hobhouse, Crispin Kelly, Sir Terry Leahy, Davina Mallinckrodt, Nadja Swarovski

Founding Practices

Allford Hall Monaghan Morris, Allies and Morrison, Grimshaw, Foster + Partners, IDOM, Orms, PDP London, Rogers Stirk Harbour + Partners, Scott Brownrigg

Founding Partners

Kingspan Insulation, Stanhope, Savills, Tata Steel

Founding Benefactors

Richard Collins, Martin Halusa, Sir Peter Mason

Independent Auditor

MHA MacIntyre Hudson, Sixth floor, 2 London Wall Place, London, EC2Y 5AU

Administrators

The Trust Partnership, 6 Trull Farm Buildings, Tetbury, Gloucestershire, GL8 8SQ

Bankers

HSBC, 60 Queen Victoria Street, London, EC4N 4TR

Solicitors

Withers LLP, 16 Old Bailey, London, EC4M 7EG

Academic Partners

London Metropolitan University and the University of Liverpool

Registered offices

141A Mare Street, London, E8 3RH until September 2021 6 Orsman Road, London, N1 5RA from September 2021

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 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 constitution require 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 Statement of Recommended Practice Accounting for Further and Higher Education;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company’s auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information

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 constitution. 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 are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.

On behalf of the Board of Trustees

Signed: Crispin Kelly Date: 12 January 2022

Independent Auditor’s Report to the Trustees

Opinion	We have audited the fnancial statements of The London School of
	Architecture (the ‘Charity’) for the year ended 30 June 2021 which
	comprise the Statement of Comprehensive Income, the Statement of
	Change in Reserves, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of signifcant accounting policies. The fnancial reporting framework that has been applied in
	their preparation is applicable law and United Kingdom Accounting
	Standards, including Financial Reporting Standard 102 ‘The
	Financial Reporting Standard applicable in the UK and Republic of
	Ireland’ (United Kingdom Generally Accepted Accounting Practice).
	The financial statements have been prepared in accordance
	with Statement of Recommended Practice Accounting for Further
	and Higher Education 2019 in preference to the Accounting
	and Reporting by Charities: Statement of Recommended
	Practice issued on 1 April 2005 which is referred to in the extant
	regulations, The Charities (Accounts and Reports) Regulations
	2008, but has been withdrawn.
	This has been done in order for the accounts to provide a true
	and fair view in accordance with the Generally Accepted Accounting Practice efective for reporting periods beginning on or after 1 January 2015. In our opinion the fnancial statements: _•_give a true and fair view of the state of the Charity’s afairs as at
	30 June 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 Auditor’s responsibilities for the audit of the fnancial 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 fnancial statements in the United Kingdom, including
	the Financial Reporting Council’s Ethical Standard, and we have fulflled our other ethical responsibilities in accordance with these
	requirements. We believe that the audit evidence we have obtained is sufcient and appropriate to provide a basis for our opinion.

Conclusions relating	In auditing the fnancial statements, we have concluded that
to going concern	the Trustees’ use of the going concern basis of accounting in the preparation of the fnancial statements is appropriate. Based on the work we have performed, we have not identifed
	any material uncertainties relating to events or conditions that, individually or collectively, may cast signifcant doubt on the
	Charity’s ability to continue as a going concern for a period of at least twelve months from when the fnancial statements are
	authorised for issue.
	Our responsibilities and the responsibilities of the Trustees
	with respect to going concern are described in the relevant sections
	of this report.
Other information	The other information comprises the information included in the Annual Report other than the fnancial statements and our
	Auditor’s Report thereon. The Trustees are responsible for the
	other information contained within the Annual Report. Our opinion on the fnancial 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. Our
	responsibility is to read the other information and, in doing so,
	consider whether the other information is materially inconsistent with the fnancial statements or our knowledge obtained in the
	course of 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 fnancial 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.
Matters on which we	We have nothing to report in respect of the following matters where
are required to report	the Charities (Accounts and Reports) Regulations 2008 requires us
by exception	to report to you if, in our opinion:
	•_the information given in the Trustees’ Report is inconsistent in any material respect with the fnancial statements; or •sufcient accounting records have not been kept; or •_the fnancial 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 fnancial
	statements which give a true and fair view, and for such internal
	control as the Trustees determine is necessary to enable the preparation of fnancial statements that are free from material
	misstatement, whether due to fraud or error. In preparing the fnancial 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.

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of staff to identify any instances of non-compliance with laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness;
Evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
Reviewing minutes of meetings of those charged with governance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor’s Report.

Report on other legal and regulatory

We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’).

In our opinion, in all material respects:

funds from whatever source administered by the Charity for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;
funds provided by the Office for Students have been applied in accordance with the relevant terms and conditions;
Expenditure on access and participation disclosed in the financial statements is not materially misstated; and
the financial statements meet the requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students.

We are also required by the Accounts Direction to report where the results of our audit work indicate that the Charity’s grant and fee income, as disclosed in notes 2 and 3 to the financial statements has been materially misstated. We have nothing to report in these respects.

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 Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

MHA MacIntyre Hudson Statutory Auditor London, United Kingdom

Date: 12 January 2022

MHA MacIntyre Hudson is eligible to act as an auditor in terms of section 1212 of the Companies act 2006.

Financial Statements for The London School of Architecture

Statement of Comprehensive Income for the year ended 30 June 2021

		Unrestricted	Restricted	Total Funds	Total Funds
		Income Funds	Funds	Year Ended 30	Year Ended 30
	Notes	2021	2021	June 2021	June 2020
INCOME
Tuition fees and educational contracts	2	820,817	-	820,817	691,627
Donations	3	68,175	49,989	118,164	52,500
In-Kind income		-	-	-	7,730
Other operating income	4	(243)	-	(243)	2,362
Total income		888,749	49,989	938,738	754,219
EXPENDITURE
Raising funds		5,225	-	5,225	-
Charitable activities - bursary costs	5	8,600	-	8,600	8,417
Staf costs	6	294,441	1,736	296,177	275,208
Other operating expenses	7	489,026	48,253	537,279	459,345
In-Kind expenditure		-	-	-	7,730
Depreciation and disposal of fxed assets	8	26,978	-	26,978	10,418
Total expenditure		824,270	49,989	874,259	761,118

Total Comprehensive Income/(Expenditure) for the period		64,479	-	64,479	(6,899)

Statement of Changes in Reserves
Balance as at 30 June 2019		217,445	-	217,445
(Defcit) from the income and expenditure account		(6,899)	-	(6,899)
Balance as at 30 June 2020		210,546	-	210,546	217,445
Income/(Defcit) from the income and expenditure account		64,479	-	64,479	(6,899)
Balance as at 30 June 2021	12	275,025	-	275,025	210,546

All of the charities' activities derived from continuing activities

The notes on pages 28 to 36 form part of these financial statements.

Balance Sheet as at 30 June 2021	Balance Sheet as at 30 June 2021
		Notes	2021	2021	2020	2020
NON CURRENT ASSETS
Fixed assets		8		10,023		27,401
CURRENT ASSETS
Trade and other receivables		9	51,076		59,941
Cash and cash equivalents			331,003		389,538
			382,079		449,479
Less: Creditors - amounts falling due within one year		10	117,077		266,334
Net current assets				265,002		183,145
Total net assets				275,025		210,546
RESERVES
Unrestricted Income Funds		12		275,025		210,546
Total Reserves				275,025		210,546
Approved by the board of Trustees on 12 January 2022:
Crispin Kelly	Roland Oakshett
The notes on pages 28 to 36 form part of these fnancial statements

Statement of Cash Flows at 30 June 2021
		Year Ended 30	Year Ended 30
	Notes	June 2021 £	June 2020 £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	11	(48,935)	122,518
CASH FLOWS FROM INVESTING ACTIVITIES:
Website development	8	(9,600)	-
Purchase of equipment		-	(1,934)
Studio improvements	8	-	(2,100)
Net cash used in investing activities:		(9,600)	(4,034)
Change in cash and cash equivalents in the reporting period		(58,535)	118,484
Cash equivalents at the beginning of the reporting period		389,538	271,054
Cash and cash equivalents at the end of the reporting period		331,003	389,538

Analysis of changes in net debt: There were no borrowings during the reporting period or prior period.

The notes on pages 28 to 36 form part of these financial statements

Notes to the Financial Statements for the year ended 30 June 2021

1. Accounting policies

In preparing the accounts the following accounting policies have been applied consistently

1.1 Basis of accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP 2019): Accounting for Further and Higher Education and the regulations of the Office for Students, and where applicable have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has included not following Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

1.2 Status

London School of Architecture is a Charitable Incorporated Organisation (Charity registered number 1159927) incorporated on 10 December 2014, and registered with the Charity Commission on 13 January 2015.

1.3 Critical accounting estimates

and areas of judgement

Preparation of the financial statements requires the trustees to make significant judgements and estimates.
The main item in the financial statements where these judgements and estimates have been made is in estimating the value of deferred
income, depreciation and donations in kind at the year end.

1.4 Going concern

The Trustees have assessed the going concern and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern including the impact of coronavirus (Covid-19). The Trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the Charity’s forecasts and projections and have taken account of pressures onincome. After making inquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.” least one year from the date of the approval of these financial statements. In particular, the Trustees have considered the Charity’s forecasts and projections and have taken account of pressures on income. After making inquiries, the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

1.5 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Notes to the Financial Statements for the year ended 30 June 2021 continued

1.6 Recognition of income

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income, the receipt is probable, and the amount can be quantified with reasonable accuracy.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled. Donated facilities - where the organisation is given facilities and services
Donated facilities - where the organisation is given facilities and services for its own use which it would otherwise have purchased, these are included in the organisation’s accounts as income and expenditure when received, provided the value of the gift can be measured reliably. The main type of donated facility is space for classes which is provided by architectural practices free of charge.
Tuition fee income is recognised in the period in which tuition takes place.
Deferred income represents revenues collected but not earned as of 30 June 2021. This is primarily composed of fee income collected in advance of courses taking place and deferred until the charity is entitled to that income as and when the course takes place.

1.7 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Direct costs are allocated to the activity to which they relate.
Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure includes irrecoverable VAT which is reported as part of the expenditure to which it relates.
Bursaries are included in the statement of comprehensive income when approved and when the intended recipient has either received the funds or been informed of the decision to award the bursary and has satisfied all related conditions.
Where termination benefits are paid to employees the expense, including any legal costs, is recognised as incurred.

1.8 Foreign currency translation

Receipts and payments which occur in foreign currencies are included in the accounts at the amount into which they are converted in sterling, using the exchange rate on the day in which the transaction occurs.

1.9 Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

1.10 Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

1.11 Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Notes to the Financial Statements for the year ended 30 June 2021 continued

1.12 Tangible Fixed Assets

All tangible assets purchased in excess of £500 and that have an expected useful economic life that exceeds one year are capitalised and classified as fixed assets. Tangible fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

as follows:
Ofce premises	Straight line, over the term of the lease
Ofce equipment	33% straight line
Website development	33% straight line

1.13 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.14 Operating Leases

Rentals under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

1.15 Financial Instruments

The Charity only holds basic Financial Instruments. The Financial assets and liabilities of the Charity are as follows:
Debtors - trade and other debtors (including accrued income) are basic financial instruments
and are debt instruments measured at amortised cost as detailed in Note 9. Prepayments are not financial instruments.
C ash at bank - is classified as a basic financial instrument and is measured at face value.
Liabilities - trade creditors, accruals and other creditors will be classified as financial
instruments and are measured at amortised cost as detailed in Note 10. Taxation and social security are not included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.

1.16 Pension Policy

In accordance with it duties under the Pensions Act 2008 the LSA enrols eligible staff members in its stakeholder pension scheme with a default contribution from the staff of 5% of gross salary. The LSA will match contributions to a maximum of 3% of gross salary. The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

Notes to the Financial Statements for the year ended 30 June 2021 continued

	Unrestricted	Other Restricted	Total Funds Year	Total Funds Year
	Income Funds	Funds	Ended 30 June	Ended 30 June
	2021	2021	2021	2020
	£	£	£	£
2. Tuition fees and education contracts
Tuition fees UK	718,317	-	718,317	539,946
Discounts on tuition fees UK	(4,200)	-	(4,200)	(3,644)
Tuition fees EU	104,000	-	104,000	149,000
Discounts on tuition fees EU	(800)	-	(800)	(1,175)
Tuition fees ROW	3,500	-	3,500	7,500
	820,817	-	820,817	691,627
In 2020 all tuition fee income was unrestricted
3. Donations
Donations	68,175	24,742	92,917	52,500
Government Grants: OFS	-	25,247	25,247	-
	68,175	49,989	118,164	52,500
Included within donations
Founding Practices	36,500	-	36,500	10,000
Founding Patrons	-	-	-	25,000
General Donations	31,675	24,742	56,417	17,500
	68,175	24,742	92,917	52,500
2020 Comparative Totals, unrestricted income funds were £45,500 and other restricted funds were £7,000,			totalling £52,500.
4. Other operating income
Graduation Lunch	(108)	-	(108)	222
Other Student Fees	(140)	-	(140)	2,074
Bank Interest	5	-	5	66
	(243)	-	(243)	2,362
In 2020 all other operating income was unrestricted
5. Charitable activities - bursary costs
Bursary Funds
LSA	8,600	-	8,600	8,417
	8,600	-	8,600	8,417
	2021	2021	2021	2020
Students who benefted from bursary awards during the	9	-	9	7
accounting period
Students who benefted from bursary awards during the	7	-	7
accounting period in 2020

Notes to the Financial Statements for the year ended 30 June 2021 continued

6. Staff costs

The average number of persons employed during the period and at 30 June 2021 ,expressed as full-time equivalents, was

		‘Year Ended		‘Year Ended 30
	Average	30 June 2021	Average	June 2020
	Number	Number	Number	Number
Teaching staf	4.60	5.00	6.00	6.00
Non-teaching staf	6.50	7.00	5.58	4.00
	11.10	12.00	11.58	10.00

STAFF COSTS FOR THE ABOVE PERSONS:

STAFF COSTS FOR THE ABOVE PERSONS:
Wages and salaries Termination payments Social security costs Pension costs	Unrestricted Funds Year Ended 30 June 2021 £ Restricted Funds £ Unrestricted Funds Year Ended 30 June 2020 £ Restricted Funds £ 268,180 1,478 240,826 - - - 13,654 - 22,184 - 17,053 - 4,077 258 3,675 -
	294,441 1,736 275,208 -

The Head of Institution remuneration is disclosed below. There were no further taxable or non-taxable benefits paid.

The Trustees consider its key management personnel comprise the Head of Institution. No other staff members were considered to be higher paid.

Key management personnel	2021 £65,000 to £70,000 1		2020 £65,000 to £70,000 1

No employees received remuneration of more then £100,000 (2020 no employees). Key management were paid £68,992 during the year (2020 £68,648).

The salary of the head provider was 1.87 times the mean average of all other staff salaries in 2020/21 (2019/20 1.65 times) The salary of the head provider was 1.96 times the median average of all other staff salaries in 2020/21 (2019/20 1.55 times)

The remuneration package for the CEO of the LSA reflects the size and reputation of the school and the CEO’s overall responsibility for all aspects of the school’s performance. The CEO is required to lead the school, taking an active role in recruiting and teaching students, fund raising, motivating and inspiring staff whilst engaging with the wider architectural world.

The remuneration package is set by the trustees’ remuneration committee. The committee regularly reviews market data for educational institutions of a similar size, complexity, location and reputation. The committee acknowledges that the CEO must be flexible and creative, particularly in the current circumstances when the environment for higher education faces unforeseen external pressures.

The remuneration package recognises that the CEO is supported by key management personnel and trustees but is ultimately responsible for the school and its students.

The CEO’s performance is judged by the trustees in several ways including the number of students recruited and graduating from each cohort, the annual financial outturn of the school, the quality of the student output and experience, the external reputation of the school and the school’s success in meeting its vision as set out in the access and participation plan.

Notes to the Financial Statements for the year ended 30 June 2021 continued

7. Other operating costs

Teaching costs Non-teaching costs: Legal fees Consultancy fees Auditors' remuneration Events Accountancy Marketing Other Premises costs	Year Ended 30 June 2021 £ 6,200 92,112 12,900 - 22,580 2,210 75,576	Unrestricted Funds 2021 £ 202,283 211,578 75,165	2021 £ - 22,090 - - - - 916	Restricted Funds 2021 £ 25,247 23,006 -	Total Funds 2021 £ 227,530 6,200 114,202 12,900 - 22,580 2,210 76,492	Unrestricted Funds Year Ended 30 June 2020 £ Restricted Funds 2020 £ Total Funds 2020 £ 183,052 - 183,052 24,023 - 24,023 49,414 6,892 56,306 11,400 - 11,400 6,352 - 6,352 17,302 - 17,302 15,408 - 15,408 65,956 108 66,064
					75,165	79,437 - 79,437
		489,026		48,253	537,279	452,344 7,000 459,344

8. Tangible fixed assets

	Ofce	Ofce
	equipment	premises	Total
	£	£	£
COST
At 1 July 2020	13,773	38,149	51,922
Additions	9,600	-	9,600
Disposals	(7,480)	(38,149)	(45,629)
At 30 June 2021	15,893	-	15,893
DEPRECIATION
At 1 July 2020	10,533	13,988	24,521
Disposals	(7,049)	(21,608)	(28,657)
Charge for the period	2,386	7,620	10,006
At 30 June 2021	5,870	-	5,870
Net book value at 1 July 2020	3,240	24,161	27,401
Net book value at 30 June 2021	10,023	-	10,023

9. Trade and other receivables

9. Trade and other receivables
	2021	2020
	£	£
AMOUNTS FALLING DUE WITHIN ONE YEAR:
Prepayments and accrued income	17,484	33,294
Other debtors	31,755	15,555
Trade debtors	1,837	11,092
	51,076	59,941

Notes to the Financial Statements for the year ended 30 June 2021 continued

10. Creditors

10. Creditors
	2021	2020
	£	£
AMOUNTS FALLING DUE WITHIN ONE YEAR:
Trade creditors	38,147	61,982
Taxation and social security	8,020	4,928
Deferred income	32,201	49,553
Accruals	37,156	137,343
Other creditors	1,553	12,528
	117,077	266,334
Deferred income b/fwd at 1 July 2020	49,553	46,000
Amounts released in the period	(49,553)	(46,000)
New amounts deferred in the period	32,201	49,553
Deferred income c/fwd at 30 June 2021	32,201	49,553

Deferred income represents revenues collected but not earned as of 30 June 2021. This is primarily composed of income collected in advance of courses taking place and deferred until the organisation is entitled to that income.

11. Reconciliation of net income / (expenditure) to net cashflow from operating activities

	2021	2020
	£	£
Net income/(expenditure) for the reporting period per	64,479	(6,899)
the statement of fnancial activities
ADJUSTMENTS FOR:
Loss on disposal of fxed assets	16,972	-
Depreciation charges	10,006	10,418
Decrease in debtors	8,865	26,461
(Decrease)/Increase in	(149,257)	92,538
creditors
Net cash used in operations	(48,935)	122,518

Notes to the Financial Statements for the year ended 30 June 2021 continued

12. Funds

	1 July			30 June
	2020	Income	Expenditure	2021
Unrestricted Income Funds	210,546	888,749	(824,270)	275,025
Other Restricted Funds	-	49,989	(49,989)	-
Total Funds	210,546	938,738	(874,259)	275,025
	1 January			30 June
	2019	Income	Expenditure	2020
Unrestricted Income Funds	217,445	747,219	(754,118)	210,546
Other Restricted Funds	-	7,000	(7,000)	-
Total Funds	217,445	754,219	(761,118)	210,546

Other Restricted funds includes donations and grants received for specific projects, including the Collaborative Change Project funding from FT Works, November Talks programme funding from the STO Foundation and grant funding from the OFS. Funds were fully expended on the specified projects during the period.

13. Analysis of net assets between funds

13. Analysis of net assets between funds
	Fixed	Net	30 June
	Assets	Assets	2021
Unrestricted Income Funds	10,023	265,002	275,025
Total Funds	10,023	265,002	275,025
	Fixed	Net	30th June
	Assets	Assets	2020
Unrestricted Income Funds	27,401	183,145	210,546
Total Funds	27,401	183,145	210,546

14. Post balance sheet events

There have been no significant post balance sheet events.

15. Commitments under operating leases

As at 30th June 2021, the Charity had annualised operating commitments under non-cancellable operating leases expiring as follows:

	2021	2020
	£	£
Expiring within one year	95,158	68,904
‘- Land and Buildings	95,158	68,904
Expiring within two to fve years
- Land and Buildings	115,560	14,158
	115,560	14,158

The value of lease payments made during the year was £62,044 (2020 £68,250) and £68,904 (2020 £68,904) was recognised as an expense in the financial statements.

Notes to the Financial Statements for the year ended 30 June 2021 continued

16. Related party transactions

Trustee Niall Hobhouse donated £4,689 to the charity in 2017 towards an event held during prior period. A provision against this amount was made at the year end 30.06.20 and this amount was written off in the year ended 30.06.21.

The architecture firm AHMM made a donation of £5,000 in the year (2020 £5,000) and were paid £660 (2020 £3,740) for teaching time. One of AHMM’s principals, Simon Allford, is a Trustee.

17. Comparative Statement of comprehensive income for the year ended 30 June 2020

		Unrestricted
		Income	Restricted	Total
	Notes	Funds	Funds	Funds
INCOME
Tuition fees and educational	2	691,627	-	691,627
contracts
Donations	3	45,500	7,000	52,500
In-Kind income		7,730	-	7,730
Other operating income	4	2,362	-	2,362
Total income		747,219	7,000	754,219
EXPENDITURE
Charitable activities - bursary costs	5	8,417	-	8,417
Staf costs	6	275,208	-	275,208
Other operating expenses	7	452,345	7,000	459,345
In-Kind expenditure
Depreciation	8	10,418	-	10,418
Interest and other fnance costs		-	-	-
Total expenditure		754,117	7,000	761,117

Total Comprehensive Income for the year		(6,899)	-	(6,899)
Statement of Changes in Reserves
Balance as at 30 June 2019		217,445	-	217,445
(Defcit) from the income and		(6,899)	-	(6,899)
expenditure account
Balance as at 30 June 2020	12	210,546	-	210,546