CUSU confirms £50,000 loss for 2015/16

Image credit: Charity Commission website

After a delay of 110 days, the publication of CUSU's financial accounts reveal that the student union suffered a loss of just over £50,000 in the financial year 2015/16, according to the Charity Commission website.

The delayed information, which was due for publication on 30 April 2017, became available to the public yesterday and states that the student union filed their accounts with an income of £688,300 and an expenditure of £738,600, resulting in an overall loss of around £50,300.

CUSU President Daisy Eyre told TCS earlier this month that the delay was due to “the process of getting to grips with the new charity accounting framework (the FRS 102)” and “more protracted communication between ourselves and our accountants”.

The loss for 2015/16 is slightly less than that anticipated by CUSU General Manager Mark McCormack when he told CUSU Council on 1 May that he expected a loss of £59,000.

However, this is the second year in a row that CUSU has had to use their cash reserves in order to bail themselves out of over-expenditure and at the Council meeting in May, McCormack forecasted that CUSU will sustain a much more “significant loss” for the 2016/17 financial year.

Council members voted to pass a ‘deficit budget’ into implementation for 2017/18 in May, despite the fact that CUSU’s cash reserves have been severly depleted over the past two years. Total reserves stood at £341,339 at the end of the 2014/15 financial year but are anticipated to be at around £160,000 by the end of 2016/7.

By the end of 2018, it is forecasted the reserves will have dropped to £94,989. 

In a comment to Varsity, Daisy Eyre has confirmed that CUSU will be seeking a bailout from the University, and CUSU trustee board meeting minutes suggest that trustees discussed financial aid being “at least £100,000 to support the Union to focus on strategic needs of the organisation”.

The Cambridge Student has contacted CUSU for comment.

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