All Students Meeting
May 2017
Previous Students Meeting
Approval of minutes required.
Trustees Report
Finance Report
Finance Report
The UCSU is a Charity
registered with the Charity Commission
and is a separate legal entity to the
University
Finance Report
We have a number of statutory duties and
obligations to comply with:
• Health & safety,
• Dealing with HMRC
• Creating our own annual
accounts/financial statements
• Having our accounts audited
Finance Report
Our financial year runs from
1st August – 31st July.
The financial year closed with a deficit of £1,221 after an
additional under-write from the University of £39,340. Despite being
a deficit this is a good result as we had budgeted for a deficit
(after the under-write) of approx. £40K
Finance Report
Due to changes in accounting requirements under
FRS (Financial Reporting Standard) 102
The way we have to recognise pension deficits and
holiday pay
Our accounts for the year ending were re-stated
The Union is now in an overall deficit (net liability)
position.
This is not of particular concern as we have
recognised almost £200K of pension liability and is
what is known as a non cash adjustment.
Finance Report
Clubs and societies do not loose any money that
they have left at the end of the year
All funds are carried across to the next year as
long as the club/society remains active.
Central
Income
We have negotiated a Block Grant from the University of
£300,000 for the year 2016/17 plus the safety bus subsididy.
A full copy of the accounts is available on the Charity
Commission website
Expenditure
NUS Extra Cards & Website and Advertising costs - £57K
Safety Bus - £65K = (maintenance, depreciation, salaries)
STATEMENT OF FINANCIAL ACTIVITIES
Note
Unrestricted
funds
Restricted
funds
Total funds
2016
2016
2016
£
£
£
Total
20
£
INCOME FROM:
Incoming resources from generated
funds
Voluntary income
2
257,972
92,630
350,602
Activities for generating funds
3
1,098,460
-
1,098,460
4
96
-
96
5
186,711
4,586
191,297
1
1,543,239
97,216
1,640,455
1,5
Investments
Incoming resources from charitable
activities
Total incoming resources
3
1
RESOURCES EXPENDED
Costs of generating funds
Fundraising trading
6
996,244
92,630
1,088,874
1,1
Charitable activities
Clubs/societies &
community/volunteering
Student representation &
welfare
7
313,876
3,168
317,044
2
8
225,749
-
9
10,009
-
10,009
1,545,878
95,798
1,641,676
(2,639)
1,418
(1,221)
(367)
-
(367)
(3,006)
1,418
(1,588)
External representation
Net incoming resources
Funds as at 1 August 2015
Funds as at 31 July 2016
225,749
1
1,5
Appointment of Auditors
Crowe Clark Whitehill have been our appointed auditors for
over 10 years. We have spoken with the partners at Crowe
Clark Whitehill and are satisfied there is sufficient
independence and therefore no issue with continuing our
audit relationship.
We propose that the Union re-appoints Crowe Clark
Whitehill as auditors for a further year.
Motions
Affiliation to NUS
Speech for: SU President, Luke Sheavyn
Speech Against: Open
Affiliation to BUCS
Speech for: SU President, Luke Sheavyn
Speech Against: Open
Change of music policy at Zee
Bar and The Hub
Speech for: SU Vice President Welfare,
Pauline Stephenson
Speech Against: Open
Any Other Business
Date of Next Meeting