Mid Year Financial Report | March 2010 Chairman’s Committee, Court of Governors At the mid year point, it is with some pride that the Students’ Union can report activity which, as usual punches well above the weight of the organisation. Student Activities Our membership of sports clubs and societies has grown to 59 with over 1800 members. Our students are engaging in a whole range of activities from Rugby to cultural societies. The most recent activity from the Taiwanese Society saw a sell out celebration for Chinese New Year on the Thames. Buddying Scheme Following the implementation of the new Buddying Strategy in 2009, at this mid point, the annual targets have been exceeded and we have identified new opportunities for driving excellence in the next year. With over 135 buddies buddying over 381 students, this year’s scheme has been a success. The Buddying Scheme is already signing up for next year and early indications of feedback from the scheme are exceptional. Course Reps The Course Representative Scheme has been in review over this last 12 months and the partnership between the University and the Students’ Union in this activity this year has demonstrably improved the scheme. At this mid point, there is still some work to do and with firm commitments from the University stakeholders, we are confident that the work done this year will reap substantial benefits next academic year. SUEI We are on target to finish our Students’ Union Evaluation Initiative and are hopeful that after this two year process, we will gain an award at our assessment in May. Finance Unfortunately, given the 7% reduction in our annual subvention, it has been more difficult to achieve our aims within the budget constraints. Having passed a lean budget at the beginning of the year, coupled with University assurance that our fears of moving in this budget year were overstated, we find ourselves in a predicament now that we have no comfort for. The costs associated with moving have substantially contributed to our current deficit which although originally budgeted for £18k, the unbudgeted expenditure is likely to see us returning a much larger deficit. The finance team and senior managers are implementing additional measures to control expenditure however, this is a situation that we were not prepared for and given the level of fixed staff costs, we are unable to make savings that will bring us back in line with the budget. SUARTS REPORTS | Mid Year Report to Governors | March 2010
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In addition to this, the impact of the downturn in trade before the move and the impact of not trading in the central location for the majority of term 2 will inevitably affect our commercial department’s performance this year. Although we have had assurance from the University that these costs will be met this year, we are mindful that there may have to be some overhaul of our commercial activity in the future, depending on the level of trade at High Holborn. Elections An unprecedented turnout of the recent student elections saw over 2000 students vote in their new Students’ Union team. With 21 candidates contesting the 4 major positions and 36 candidates contesting 19 positions overall, this year really has been exceptional. Governance This is the first year of the new SU governance structure. We are pleased to report that the structure is working as well as we hoped for in year 1. Although there are a number of aspects that need to be developed, the recent election turnout is partly due to these changes and we are hopeful that the continued development of student engagement will demonstrate the success of the governance model. The Students’ Union is also on target to be one of the first Students’ Unions to register with the Charities Commission and we are hopeful that this registration will take place before the end of the calendar year. In anticipation of an early registration, you will note that our 2009 Year End accounts have been put into the SORP format which is a change from previous years. Future Planning The planning cycle has already begun and at this point, I can report that we intend to take advantage of the success of our collaboration with the London School of Economics Students’ Union and look to develop further areas of excellence that we can share for the benefit of our students. This is made easier by the relocation of the Students’ Union’s central office and I look forward to outlining some of future developments before my term ends.
Helen Gimber Students’ Union President president@su.arts.ac.uk
SUARTS REPORTS | Mid Year Report to Governors | March 2010
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Appendix 1 - Mid Year Financial Overview INCOME YTD Jan-10 Actual Block Grant
403,209
Buddy Income
19,000
Pathfinding Grant 1,416 Pathfinding
0
Trading Income
0
Other Income
152
Marketing
344
Bar Income, Catering Income Functions
234,659
Total Income
639,780
SUARTS REPORTS | Mid Year Report to Governors | March 2010
EXPENDITURE YTD Jan-10 Actual Democracy & Representation 72,869 Student Activities
27,835
Student Support
30,059
Course Reps
13,472
Sports & Societies
42,637
Freshers Festival
9,572
Events
35,332
Marketing
26,639
Govenance & Legal
56,970
Buddying
13,287
General Projects
58
Support Services
113,427
Bar Expenditure Catering
252,960
Total Expenditure
695,117
Surplus/(Deficit)YTD
-55,337
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