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Annual General Meeting Running Order and Speech by Jay Stoll, General Secretary and
Chair of the Trustee Board
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Welcome
What the AGM is
o There are times you have to vote and times we just need your opinions
What the agenda is
1. Ratification of the previous AGM
2. Receive Trustees Report & Strategic Priorities Update
3. Receive 2012/13 Accounts
4. Appointments of the Auditors
5. Review and Approve list of affiliations
6. Discussion and Debate on the 2013/14 Financial Year
7. Discussion and Debate on the 2014/15 Financial Year
8. Open questions to the Trustees by the members
How you want the AGM to be run
o Willing to take a range of interventions as you go along
Receive Trustees Report & Strategic Priorities Update
I want to start with just rounding up from the AGM in March 2013 until the time we took office in July.
Over 1100 students completed our Annual Survey in May 2013. The survey asked in-depth questions about
students’ satisfaction with every aspect of the Students’ Union. The results of the survey have been used to
test and measure our strategy.
There was a high level of awareness of societies and sports clubs, although not necessarily the link that
these are provided by the Students’ Union.
Students told us they were better able to influence their course and their Department than the previous
year. As part of this, students asked us to focus our education lobbying working around the issues of
teaching quality, time with tutors and financial support. However, students told us they felt like they have
little opportunity to influence the School centrally. 45% said they do not feel like they are able to influence
decision making at LSE at all. Compared to 2012, students felt like they were better able to influence the
Students’ Union.
Compared to 2011 and 2012, there was greater agreement that we are achieving our mission to make the
student experience at LSE better. 67% of students say we have a positive impact on their student
experience, with similar levels of satisfaction between demographics within the School. Campaigning
continued to be a divisive issue. There are strong views that we should do considerably more, and strong
views we should do considerably less.
This informed our strategic review which concluded in May 2013. It identified we needed to continue to
plan new activities for postgraduate students, ensure that the organisation is more transparent and open
to scrutiny, that we needed to develop new ways for students to influence the School and the Union, that
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we continue to focus on digital communication as the most relevant method and stop activities which are
perceived to create divisions within the student community.
This was also the second year in which the National Student Survey included the results of a question
about student perceptions of the Union. The survey is only of undergraduate students, and has a smaller
sample size than our annual survey. Students are asked: Thinking of all the services, including support,
activities and academic representation provided by the Students’ Union (Association or Guild) at your
institution, to what extent do you agree with the following statement: 'I am satisfied with the Students'
Union (Association or Guild) at my institution'.
The results from spring 2012 identified that 59% of students agreed with the statement, with the figure
being 56% from spring 2013. This compares with a national average across all institutions of 68% of
students agreeing with the statement in 2013. The results for the organisation further demonstrate the
disconnect between levels of involvement and levels of satisfaction. Interestingly, we had the third highest
level of students who were actively dissatisfied with us.
We took office in July knowing we had a momentous year ahead for us.
Much has been achieved this year, but I want to focus on a few areas.
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Our ONE LSE campaign was inherently a community campaign, high level participation in clubs and societies
in hugely divergent fields can and will be seen in the future as a reality unique to LSE and its student
experience. 14,500 new memberships has meant the growth of incredible new societies this year. The
expansion of our Communications team has meant we can make members aware of what we truly offer –
RAG, for example has seen an unprecedented growth in publicity this year from central Union channels, and
this is no coincidence, this was a strategic priority.
A new look for the Union, complete with LSE colours to reflect our affinity with the institution – it was a
personal priority of mine to make sure the union was presentable – I’m not talking about turning up to
committees in a suit, I’m talking about giving the Union a presence befitting of its global status.
Move into new building has finally given us the infrastructure to really deliver for our members. Issues with
external promoters and horrendous fire alarms aside – who would have thought sitting in the grimy grey
quad back in December, that LSE Students Union would now look like it currently does. Zane Lowe, Ms
Dynamite, Skepta, Lethal Bizzle, the alumni series of public lectures currently ongoing and lots more to come
have shown the Venue, once functioning, is capable of holding some of the biggest club nights in London. A
gym – with machinery not made in the late 70s. Expanded welfare provisions and a platform for our advice
team to grow. A one stop shop of careers, residences, catering and of course the SU which will hopefully
transform life here.
Work on under-represented groups (taught & research PGs, BME students and Chinese students) – this is a
work in progress and whilst there have been significant leaps forward on this – we still have a long way to go
to make LSE a representative and accessible university for all. I would like at this point to urge people to vote
YES for the BME officer motion and secondly I would like to extend my solidarity with our Feminist Society
for their amazing mobilisation this week. I want to see LSE as an arena of the fiercest debates, but I don’t
want our members excluded from them in the future for fear of a triggering environment. Let’s hope a
rethink in who we invite onto our campus.
Following research with our members as to what they want from sporting life at LSE, we are putting together
an application to Sport England that will result in 10 semi-competitive inter-mural leagues, 4 beginner
courses and social lessons, 22 one off sports festivals, four drop in sessions (athletics courses and boot
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camps) over the course of three years. This equates to £390k being invested in Sports at LSE over the next
three years. This is in addition to extensive lobbying at Council and other committees to make sure that the
School reserve the three storey basement of 44 LIF for a sports hall. This is the Sabb team that has put sports
campaigning on the agenda – no team in recent memory has even attempted this, let alone seen the
successes we are seeing. I am extremely proud
Wins for students (NYT, FT, Record Annual Fund Awards) – further smashing the idea that LSE students union
can’t deliver tangible successes for its members whilst continuing to stand out on the national stage.
Influencing TTF2 – through the work done by our Education Officer, lectures capture are now opt-out rather
than opt-in. Our consultative efforts through ONE LSE: One Standard of Education, receiving around 2800
responses, has been given national press attention in this regard and we will not give up until the School
backs down on removing the upper limit of class sizes.
Imminent launch of new accommodation resources – manifesto promises of housing network will soon be
delivered, we are also still battling on the Rent Guarantor Scheme – it remains a horrible injustice that our
international students have to pay 6 months’ rent up front – the School are currently using recent guidelines
from the OFT to derail this process, but we will win.
Happy to take questions.
Accounts 2013/14
Our accounts were received by the School’s Finance Committee in December 2013.
We continue to make excellent progress on managing our finances and it can be considered a particularly
positive year.
The financial year to 31 July 2013 was completed with a reported surplus of £142k. This was following a
small surplus of £20k in 2012 and a deficit in 2011.
LSESU’s gross general fund income was £3.3m during the year. This included annual grant from the
University (totalling £833k), other grants including Annual Fund income of £184k, an estimated value of the
space which is granted by the University (valued at £668k) and income from commercial venues.
Total expenditure of £3.2m on the wide-ranging student benefits we provide, as well as on the modest
fundraising and other revenue-generating activities we undertake, resulted in a general fund surplus of
£142k. This included the impact of a transfer of some unutilised historic club and society balances, betterthan-expected performance in relation to retail and is reflective of a continued focus on efficient cost
management, including some one-off savings. The impact of this surplus was to increase the Union’s
general fund balance from a £43k deficit balance to a £99k surplus balance.
Total reserves, which also include Club and Society balances of £163k, were therefore £261k. Improving
the reserves position continues to be a priority for the Trustee Board. The Union has a strategy to build up
its general fund balances over the medium term, through generation of annual surpluses over a five year
period, to ensure that general funds are set aside to enable the Union to cope with any unexpected
downturn in funding or additional calls on our resources without immediately curtailing activities.
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A clean audit opinion was issued in November 2013 in relation to these accounts, which were concluded to
be materially correct.
To help ensure close budgetary control, the Union’s Trustee Board continues to implement financial
processes and controls, including a Scheme of Delegation, monthly management accounts including
detailed departmental reporting and analysis, and financial training. We also work with the School via the
Finance Committee and regular meetings with the Chief Financial Officer.
VOTE
Appointment of the Auditors
Although private limited companies require rotation of engagement leader and manager every five years,
the requirement is for a change in external auditor to occur at least every 10 years for companies of the
size of LSESU.
The external auditors are Crowe Clarke Whitehill (CCW).
CCW are a mid-tier firm but are charity specialists ranked #1 in Charity Finance Audit Survey for charity
expertise and market share and =2 for overall service (after Hays Macintyre). CCW write the guidance for
SUs including provision of template accounts and also provide seminars for SU finance managers. They
provide specific technical briefings for NUS and individual SUs which have been the subject of national
debate (e.g. on accounting for pension deficits), and will be subject to significant technical changes for
multi-employer schemes (including LSESU).
Our current engagement partner, since 2008 for the 2009 y/e audit (so the 2013/14 audit would be his 6th
year) was Alastair.
Therefore, whilst no rotation of auditors is required, it is good practice to review the audit service
provision periodically – e.g. through an internal assessment, formal benchmarking or full retender. This
was recently discussed at the Trustee Board and whilst we are asking for a different engagement partner,
we want to retain CCW for the forthcoming year.
The fee for the last year was £13,100 which is within the benchmark for other students’ unions
(benchmark is c.£10k-c.£15k) but we are significantly more complex because of clubs and societies so we
think it’s good value.
VOTE
Review and Approve list of affiliations
There are 14 organisations I am presented to the AGM on behalf of the Trustee Board I am proposing we
affiliate to.
These come as a package, so you need to approve all or reject all of them. I am happy to take questions on
any of them before we vote.
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VOTE
Discussion and Debate on the 2013/14 Financial Year
Overall income for this is predicted to be £2.95m with expenditure of £2.86m.
The Trustees approved a surplus budget of £49k at the start of the year. This was subsequently increased
to £69k (as reported to the December Trustee Board) following the receipt of additional funds from the
School.
A reforecast exercise was undertaken by management in February, with input from budget holders. The
overall result of this exercise is that the Union expects to exceed its (revised) surplus budget of £69k. The
Trustee Board agreed that any surpluses over and above the original budgeted figure of £49k are set aside
as a designated reserve to help finance the cost of future replacement and maintenance of gym
equipment.
The reasons for the variances on the budget at the start of the year are…
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Trading (£2k positive variance) – Increased gym surpluses offset by negative variances in catering and Three
Tuns
Development (£10k negative variance) – Mainly relates to increased staff costs (£3.5k) and correction of
estimated costs in relation to VAT on professional fees (£3.5k) and photocopier provision (£3k).
Activities & Opportunities (£7k positive variance) – A combination of small cost savings, including training,
equipment, marketing and student staff. This budget area also includes an additional £34k in club and
society spending, which is being financed directly by sponsorships (KPMG and Credit Suisse) and annual
fund, which has a cost neutral impact overall.
Engagement & Advocacy (£22k positive variance) – £16k saving in staff related costs, £4k increased grant
income and a some minor cost savings.
The move to the new building has meant we have increased spending on a range of things that we
wouldn’t have done previously. This includes plants around the building and the need for additional
reception cover. We have asked the School to cover many of these costs and will be asking for continued
funding in the future to recognise the increased costs we will need to incur to maximise the use of the
building.
If there are any questions about what we have spent this year, or why some things have been funded / or
not funded, then please let me know.
Discussion and Debate on the 2014/15 Financial Year
We will shortly begin negotiations with the School on the budget for the year ahead. I know, not just from
motions this year, that there are areas students would like to see us expand. The AGM is a great
opportunity to ensure you can be actively involved in shaping the discussions, so I’ll open to the floor to
answer some of the questions here
• Are there areas you think we should increase funding for?
• Are there areas you think we should decrease funding for?
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• Are there areas you think we should stop?
All I would ask is that you be sensitive to the fact that a lot of our expenditure is spent on staff costs, and
this isn’t an opportunity to criticise our staff team or comment on them as individuals.
Questions to the Trustee Board
1. To ask the Chair of Trustees how much funding was allocated by the Union to the Politics and
Forum society to host the George Galloway event on Wednesday 19th March; what considerations
were made when deciding to allocate that funding as to the accessibility of the event (with regard
to women, Israeli students, and other groups) and its compliance with the Union's safe space
policies; and if he will make a statement.
2. To ask the Chair of Trustees what consultation was undertaken with (a) Jewish and (b) women
students prior to the Union allocating resources to the George Galloway event
3. To ask the Chair of Trustees whether he accepts there is a difference between the Union voting
against a No platform policy and the Union expending considerable sums of money to provide a
rape apologist with a platform
4. What would he consider the greatest failure of his year in office?
5. Does he think too much money has been spent on promoting his face this year?
6. What has the Union done this year to improve the provision of study spaces for exam time?
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Mark yourself out of ten for each of these promises you made in your manifesto in Lent 2013
ensure we have standardized moodle resources across departments;
library priority for LSE students year-round;
consistent exam feedback;
more time with permanent teaching staff;
online lecture-capture for all courses;
better pay and standards for GTAs
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