The Union has made a small deficit of £12,115 on a turnover of £5.22 million. The Union has sufficient reserves to absorb the loss without affecting the services to students.
The Union made a small deficit of £12,115 against the budget of a surplus of £5,700. This follows the small deficit in the previous year of £23,436.
The principal funding sources are the University block grant and the Union’s normal trading activities.
The increase in the block grant funding from the University for 2009/10 was 1.5% to £931,700 and the trading areas contribution saw a further decrease this year of £95,228 (43%) to £123,692.
Charitable & Governance salary costs have increased by 2.3% to £1,143,467. Charitable other expenditure decreased by 6.3% and Governance other expenditure decreased by 11.3%, demonstrating that costs are reduced to match the reduction in income.
The only significant operational change from the previous year was the continuing growth of the new nursery at the Frenchay Campus and the closure of the nursery at the St. Matthias campus. This resulted in a £37,017 surplus this year from the nursery operation compared to a deficit in the previous year of £40,285.
There was a decision to significantly reduce expenditure on capital items, the total for the year of £36,910, a decrease of £107,872 from the previous year’s total of £144,782. This has resulted in an improved cash position. The only main item of expenditure was £11,400 for a Stone Willy Pizza Oven for the Red bar at Frenchay.
The present level of funding is sufficient to support the charity's activities and the trustees consider the financial position of the Union to be adequate.
The Union is very aware that it has to achieve a surplus this year and the budget has been set to achieve that objective.
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