EC Papers September 2018

GFTU

REVIEW OF ACCOUNTS AS AT 31 JUL 2018

Income:

There were no further affiliations in the period.

Accounts/Processing Services generated £14k revenue in the month of July.

No further monies were drawn down from the Managed Investment Fund in the month of July.

Expenses:

Overall total expenses are £151k below the pro-rata budget for YTD Jul 18.

However, the following costs are anticipated before year end and must also be taken into consideration:-

Investment management fee

£35k £58k

 

Gift Aid

 Pension Scheme Audit, Accounts, Legal & Prof £20k  Pensions Recovery Payments £41k TOTAL £154k

Recharge to be raised to PCS for 2 x Mercer Ltd invoices @ value of £12,577.20 for professional services 01/12/17 – 28/02/18 regarding GFTU Pension Scheme. (Costs currently in NL 55000000 – DB Pension Legal & Professional.)

This suggests expenditure is on beam with budget with 5 months remaining of FY18.

Investment:

Latest investment reports show Managed Funds improved in the period ended 30 June 2018 to £6,007,101 (a gain of £160k). This is shown as an unrealised gain, for reference purposes.