EC Meeting May 2018

GFTU

REVIEW OF ACCOUNTS AS AT 31 March 2018

Income:

Up to the end of March 2018 membership has been received from 21 unions out of 25 unions for year 2018 (24 unions affiliated in 2017)

Expenses:

Overall total expenses are £64.4K below the budget for YTD March 18.

Investment:

Managed Investment were down by £228K.

CAM down £81,078

BM down £147,694

Quoted investment remain same till year end unless there is movement of sale or purchase during the year.

Unquoted investment with Unity Trust was sold in April the following month , with profit of £55,058.

Cash : Cash remains tight due to new build expenses. Also GFTU lend £40k to Quorn Grange hotel in Feb 2018.

Debtors:

GFTU main biggest debtor is Quorn Grange Hotel.

GFTU also subsidised the Nursery’s payroll in March £8200. This amount should be passed to ET.

Contribution from the QGN £5400 is still outstanding and therefore will have to be written off as bad debt. Events: Union building conference was held on 23 rd to 25 th February 2018. Income invoices have been raised for £6875.