1. SGSU Financial Position
2016/17 Academic Year
August 2016 – July 2017
Gill Gibson, Chief Operating Officer
May 2018

2. 2016/17 Audited financial position – summary figures
Gill Gibson, Chief Operating Officer
May 2018

3. Key Messages about the 2016/17 financial performance:
The Trading company, which encompasses the shop, bar and rental of the café space on floor 2 increased its surplus for the year by £15k compared to 2015/16
The Charity, under which all other non-trading activities of the Students’ Union are accounted for, made a deficit for the year of £246k – this was £152k worse than in 2015/16.
It should be noted that the Charity ended the year with a stronger cash balance, and that the higher loss last year is considered in accounting terms as being a “paper loss”. This means that the loss was not caused by increased spending, or lower income, but was the result of writing off assets that were obsolete/no longer owned.
As a result of writing these assets off the Students’ Union ended the year in a better position overall, with a clean set of accounts that appropriately represents the assets and liabilities of SGSU, even though it looks like we closed last year worse off financially.
Gill Gibson, Chief Operating Officer
May 2018

4. Update on the 2017/18 financial performance in the year to date:
This year budgets were introduced for the first time at SGSU, and all Clubs and Societies were presented with their budget for the year in August/September 2017
All Clubs and Societies were also presented with their end of year position for the 2016/17 financial year – if anybody would like to be resent this information, or view the information for any SU Club or Society please or and we will happily share that information with you. The end of year position for 2016/17 formed the basis for any carry forward income targets/expenditure budgets awarded
This year also saw the introduction of a bidding process for one off/large purchases by the Students’ Union for any Club or Society. This meant all bids were considered using the same criteria, and that purchases were made on an ‘as needed’ basis rather than at arbitrary intervals
As a result of these new budget setting and monitoring measures, and in large part due to the increase in subvention grant secured by the Sabbatical Officers in 2016/17, we are now, for the first time in many years, on course to generate a surplus in 2017/18
Gill Gibson, Chief Operating Officer
May 2018

5. Plans for the 2018/19 academic year:
Budgets will again be released as early in the year as possible to all Clubs and Societies, alongside the full year financial performance this year which will set any carry forward
Another fund will be created for a bidding process to be undertaken again throughout the year for large/one off purchases – if we can maintain and continue to improve the financial position overall it is hoped this fund will increase year on year
Clubs and Societies will continue to be encouraged to fully utilise the Students’ Union and ensure all spending/fundraising passes through the SU accounts – this is vital to ensure that the Students’ Union remains compliant with Charities Law and has appropriate governance arrangements in place. Measures will likely be put in place to suspend SGSU support for Clubs/ Societies that actively choose to operate outside the oversight of the Students’ Union
There will also be some additional requirements under the General Data Protection Regulations (GDPR) that Clubs and Societies will have to comply with to ensure that the personal details of members are appropriately protected. Information and training on this will be rolled out over the coming months
Gill Gibson, Chief Operating Officer
May 2018

6. QUESTIONS?
The full audited Group Accounts of St George’s Students’ Union, along with governance information and a summary of our performance are publically available on the Charities Commission website at
For any further information or if you have any questions about the financial performance/monitoring processes of the Students’ Union, please contact or pop in to the COO’s office, which is on L2 Hunter Wing.
Gill Gibson, Chief Operating Officer
May 2018