Earlier this week, the Union released the 2013⁄14 Annual Report. This document, prepared by Union managers and officer trustees, provides a summary of the activities of the Union over the last financial year.

As with previous editions, the report was opened by the exiting Union President, in this instance David Goldsmith.

In his opening statement, David highlighted the Union’s main achievements from last year. Opening with the Union’s successful lobbying of the House of Lords over the Immigration Bill, he continued onto the Residential Experience Review and Student Academic Choice Awards.

Meanwhile, Chair of the Board of Trustees Dame Julia Higgins praised the Union’s new governance arrangements as brought in as part of the new constitution.

Aside from detailed coverage of the Union’s achievements and statistics over the past financial year, which also included the Representation Conference and improved satisfaction in the Union survey, coverage has also been given to the Union’s plans for this financial year.

As the year is still in its infancy, it gives some insight as to what the Union has planned going forward.

These include new “exit interview” and “development plan” schemes to increase the support given to Club, Society & Project (CSP) officers, a new report on “diversity, inclusion, and liberation”, expansion of customer promises, and proposals from a Democracy Review by March 2015.

The Annual Report also contains the Union’s financial statements, which are produced and audited each year in line with Charity Commission guidelines.

This year, the Union reported an overall profit of around £55,000, although this is partially due to an increase in grant from College and an increased value of the services College provide free of charge to the Union.

Once CSP finances have been excluded, as they are held in a restricted fund separate from other operations, the actual profit is closer to £160,000.

Expenditure has hugely increased in the activity of “Social Enterprise” – a somewhat arbitrary label referring to the bars and retail outlets. This year, the Union’s commercial operations have run at a loss almost twice the value of last year’s, being subsidised by other operations, although this is likely due to an increase (of 23) in the number of student staff.

In a welcome page to the report, the Union’s Managing Director noted that “Together we have taken the Union from a precarious position in 2011 to an organisation with a strong balance sheet, three successive years of strong surpluses and a clear vision for the financial future for the organisation,” reflecting the significant improvements the Union has made financially since a number of deficits in the early part of the decade.

The report is available for download from the Union’s website.