EC PAPERS NOVEMBER 2017

EC Minutes September 20 2017

3.

Corrections to the minutes.

These were agreed as a true and accurate record.

No Corrections declared.

Bro. Nicholls brought attention to the Pension scheme decision for the benefit of the new EC members. The would be proposed at the October meeting of the Pensions Trustees.

4.

Finances: GFTU, ET, Hotel, Nursery.

4.1 Bro. Nicholls gave new EC members a brief financial overview and structure of hotel, nursery, ET and GFTU accounts. Bro. Nicholls reported EC members are legally responsible for GFTU accounts, Pensions Trustees for the Pension scheme, but this can have a big impact on the GFTU as he main employer, the Education Trust Trustees are responsible for the Trust account and the Hotel Directors currently for the nursery and hotel.

4.2

Sis. Cheung, GFTU Finance Manager reported on GFTU and ET finances iin detail.

4.3 Bro. Linn questioned the surplus amounts and Sis. Cheung explained this was due to preparing for the new build development funding.

4.4 Bro. Nicholls reported that £4000 is given to the ET from nursery and hotel each month in gift aid as well as a contribution towards salary. 4.5 Sis. Dave, GFTU Senior Finance Manager reported on Nursery and hotel finances. In summary both performing well. Sis. Dave reported that the hotel had held 80 weddings this year and already had 52 weddings booked for 2018. Hotel had suffered costs of boiler, I.T and dishwasher.

4.6 Bro. Lawrence asked if we could appeal against the high rateable value.

4.7

Sis Cheung explained appeals had taken place and they would continue, Nikki Sharpe, Solicitor, was assisting.

4.8 Bro. Nicholls reported the target profit figure for the new hotel is £200k, for the rental income from houses £85k and from the nursery £70k and the business modelling for the new build was all dependent on these.

5.

New Build. See General Secretary’s report.

5.1 Bro. Nicholls gave an overview of the history of the new build development for the benefit of the new EC members. Bro. Nicholls

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