Money, money, money
After labouring through the most tedious of all tedious documents, Felix is here to tell you about money; more specifically, the Union’s money. On 12th October, the report on the Union’s finances for the year ended 31st July 2007 was released by the Union Exec (Executive Committee, ie: the big dawgs who oversee the running of the Union). The report gave out a bit of a mixed message where it indicated that overall Union surplus income (dollar left in your wallet after paying your bills) was £38,715; up from the previous year (£13,372). However, expenditure was also up with Union trading (including the bars, the shop and ents) finishing around £85,000 down.
If you are still interested, or even outraged at such a loss then I will continue.
The Union trading loss (compared to the previous year’s surplus of £166,963) could be partially explained by management restructuring and staff costs which were well up from the previous year. There were also reduced sales possibly due to continued building work on the Beit redevelopment. The biggest loss makers last year were the bars (due to the aforementioned staff costs) and ents; the latter along with the Union Shop have made a loss in the last year two years. Also some of the bigger earners for the Union, such as the room lettings were down last year, which did not help plug the gap from the trading losses. Another dispiriting kick in the coffers came from an increase in clubs and societies spending (how dare they spend more money on their so-called ‘social gatherings’) and an increase in irrecoverable VAT (since the Union can claim VAT back, this reduces expenditure but if it is irrecoverable, then say bye to your new gold-plated toilet-brush).
Okay, I can hear you hollering at me, wanting me to explain how the Union actually made a profit after all this talk of loss. Well, Mr. Price-Waterhouse-Cooper-Smythe Esq. it is partly down to an increased subvention from the College – this is basically the pocket money the Union gets from College every year to buy our silence and something to look pretty in. Along with more money from the College, the Union made a significant amount of money elsewhere, such as the Centenary Ball (the Summer Ball all tarted up) which made a £12,302 surplus and was an outright success compared to the previous year’s loss of £44,697. There have been some mutterings though that the Centenary Ball did not make as much as was hoped (considering you only have one centenary), but this amount was also bolstered by a vast increase in van hiring income of over £30,000 (after expenditure) following the previous year’s loss. Other ventures allowing the sabbs to bathe in crispy ten-pound notes included a successful Careers Fair and returns on investment.
In conclusion, there can be back-slapping all around after a successful year during a period of management restructuring and other difficulties. To highlight this, since the new management has been in effect there has been a very successful Freshers’ Week including the Union being packed out with over 800 people for the Rugby World Cup Final. If one can measure happiness through material wealth then the Union has some cause for a smile but if it is found through every utterance of “HELLAAAAMASSSSHUP” then there is cause for celebration.
