EC Meeting November 2018

GFTU Management Accounts YTD Oct 2018

GFTU Budget Full Year 2018

Budget YTD Oct 18

Actual YTD Oct 18

Variance YTD Oct 18

Budget left to spend / achieve for the year

Notes

Income source Accounts Processing Services

35,306 Full year POA, YTD SWU & TSSA 15,766 Hotel Bookkeeping Services

109,700

91,417 35,000

74,394 26,234

(17,023)

Recharge for services provided- QGH Recharge for services provided- QGN

42,000

(8,766)

0

-

5,400

5,400

(5,400)

Contributions

194,500 194,500

195,434

934

(934)

Sponsorship/Commission

0

- -

- -

- -

- -

Investment Income -TU Unit Trusts Investment Income- Zeneca Investment Income- RBS Investment Income- Unity Trust Managed Investment Income BM & CAM

3,960 £1,368 Astra Zeneca dividends in Sept 18

8,000

6,667

4,040

(2,627)

-

-

-

-

(51,058) Profit on Sale of Unquoted Investments

4,000

3,333

55,058 96,411

51,725

118,589 Unrealised gain as at end of Q3

215,000 179,167

(82,756)

Bank Interest Received

- - - - - - - -

- - - - - -

- - - - - -

- - - - - -

Misc Income- intercompany recharge

Gift Aid-GFTU Gift Aid- Albion Gift Aid-QGH

Customised Course Fees

Union Conference Building/ BGCM Grant/Arts Festival/Spon'ship/Project

6,875

6,875

(6,875)

-

-

-

Other Income

12,000

10,000

2,534

(7,466)

9,466

Extra Ordinary Income

-

-

Total income

585,200

520,083

466,379

(53,704)

118,821

Expenditure Staffing

31,301 Staff salaries have been split between GFTU & ET

Salary And NIC

156,607 130,506

125,306

(5,200)

Salary for shared Service

-

-

-

-

Pension

13,010

10,842

14,098

3,256

(1,088)

Redundancy & Severance

-

-

-

-

Staff Welfare

860

717

875

158

(15)

Essential Car user Allowance

1,828 2,000

1,523 1,667

3,750 1,259

2,227

(1,922)

Staff Travel and Subs

(408)

741

Staff Travel shared Service

-

-

-

-

GS Travel HOE Travel

1,500

1,250

1,843

593

(343)

-

- - -

-

-

Other employment costs Training and development

800

667

(667)

800

- -

-

-

Agency

1,194

1,194

(1,194) 69,965

Pensions Recovery Payments

70,000

58,333

35

(58,298)

Pension Scheme Cost

- -

- -

- -

- -

Pension prior year adjustment

Total

246,605

205,504

148,360

(57,145)

98,245

Premises Rent and Rates

300 250 800

250 208 667

497

247

(197)

Repair and maintenance

-

(208)

250

Utilities

1,285

618

(485)

Health and Safety

-

-

-

Insurance

500

417

564

147

(64)

Depreciation

7,500

6,250

3,897

(2,353)

3,603

(472) Nursery Fees

Cleaning

-

472

472

Total

9,350

7,792

6,715

(1,077)

2,635

Administration Stationery, Postage Courier & delivery cost Telephone & mobile

1,600

1,333

2,170

837

(570)

-

- -

-

700

583

(583)

700

Sage costs £4,614; Virgin Media £504. TSSA recharge £1,035 in Oct 18

IT, website, maintainence

4,000

3,333

7,479

4,146

(3,479)

Printing & Copying Office relocation

2,000

1,667

3,035

1,368

(1,035)

- -

- -

- -

Total

8,300

6,917

12,684

5,768

(4,384)

Management fees Executive Committee Expenses Conference expenses (BGCM/EC)

2,000

1,667

9,858

8,192

(7,858) 12,750

12,750

10,625

-

(10,625)

(6,272) BFAWU recharged in Aug for accommodation costs (-£2k)

Conference expenses (other)/Speakers

3,000

2,500

9,272

6,772

Accountancy and audit

8,500

7,083

19,502

12,419

(11,002) £6.8k in May for GFTU and Pension audit. £12k in July for 2 x Sturgess invoices for examining the Trust & Company's records.

Legal & Professional

10,000

8,333

3,600

(4,733)

6,400

Accruals W/O for Legal and Accountancy

Prior Year Adjustment

-

( 22,861 )

(22,861)

22,861

Investment management fee

60,000

50,000

-

(50,000)

60,000

PPF & Pension Regulator Levy (£30,831 in Sept 18. £3,676 recharged to PCS)

Pension scheme levy

5,500

4,583

28,827

24,243

(23,327)

Pension scheme audit and accounts Pension scheme legal & professional

5,000

4,167

-

(4,167) (11,468) (52,228)

5,000

17,301 Mercer invoices

35,000

29,167

17,699

Total

141,750

118,125

65,897

75,853