EC Meeting Papers July 2018

2.3 A copy of the GFTU accounts previously circulated in draft form to you is submitted for final approval at today’s meeting.

2.4 A copy of the Hotel’s final accounts is attached for your information and signing off by the hotel directors.

2.5 A copy of the final Pension Scheme Accounts is attached for your information and signing off by the Trustees.

2.6 Copies of the GFTU, GFTU, and Hotel latest management accounts are attached for your examination and consideration.

2.7 A copy of the latest Investment report is attached for your information and consideration. Arrangements have been made with our fund managers to draw down in a timely fashion based on the cost plan for the new build and the legal requirements to pay within certain timescales. A system of monitoring costs and invoices is in place with the Project Manager assessing invoices and authorising payments which are then double checked by the Head of Finance against the cost plan. 2.8 As agreed at our previous meeting I circulated to affiliates a request for pledges of loans on terms favourable to affiliates and the GFTU to fund the construction of the third building. I have been very heartened by the positive responses and express extreme gratitude to those unions who have so generously responded. 2.9 We have an issue in relation to this: two unions are currently considering the matter still and are not able to make a decision until the start of August. Let us say that they do make pledges and these take us to our desired threshold, there remains an issue which I cannot clarify at this stage as to whether the contractors will still be able to construct the building at the costs previously quoted. Further clarification will be sought prior to the EC. 2.10 There have been substantial discussions within the finance team and with our accountants in relation to VAT past present and future. A further report will be given at the meeting but it looks as though some retrospective reclaims may be possible and that our model of payment and VAT reclaim for the building works is sound.

2.11 Our new contract to provide union support services initially under a Service Level Agreement for the SWU has commenced.

2.12 Our Service Level Agreement drafted in December 2017 still awaits signature by TSSA to provide management and administrative support for their education system.

2.13 A potential future funding stream could open for us in relation to the Apprenticeship

Trailblazer initiative reported on below. Discussions are taking place to establish the GFTU either as the training provider for this or the assessment centre. I hope that the EC members and affiliates will support one of these eventual options and thereby assist us with a useful new funding stream and considerable status and impact.

2