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Finances

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FINANCES

1.

The GFTU has transferred its investment portfolio

from Credit Suisse to two investment managers,

Brook MacDonald and City Asset Management

chosen after tender. The performance has improved

in line with general improvements in equity

markets. Performance reporting arrangements have

improved.

2.

The accounts of the General Federation of Trade

Unions for 2015 and 2016 have been approved by

the Executive Committee.

3.

The accounts of the Pensions Scheme have been

prepared and will be considered by the Trustees at

their next meeting.

4.

The accounts of the Educational Trust have been

prepared and will be considered by the Trustees at

their next meeting.

5.

The accounts of the GFTU ET Trading Company

and Albion Education and Training Ltd will be

considered at their next meeting.

6.

A new professionally organised finance team has

been organised which in addition to strengthening

the GFTU’s own financial management enables us

to provide financial administration, accounting and

auditing to other partners and trade unions. Already

this facility has been taken up under service level

agreements by three other parties.

7.

New financial procedures, systems and policies

have been adopted throughout.

8.

A Finance and General Purposes sub-committee of

the Executive Committee monitors the finances in

detail between EC meetings and takes necessary

external professional advice..

9.

Management accounts are produced monthly,

key performance indicator records are monitored

bi-weekly, budgets are set and performance against

budget is assessed monthly.

10. The Executive Committee has agreed to focus

investment plans and due diligence at this stage on

the expansion of the Quorn Grange site. This plan

includes new houses for rent, a new double sized

nursery facility, and 24 new rooms for the hotel.

11. Three business plans for each element of the plan

have been considered by the EC and subjected to

external professional scrutiny. A valuation of the

planned project has been obtained, a cash flow

projection and a new build time line.

12. Planning permission for the project was granted in

February 2017.

13. Affiliates are encouraged to make the most and

best possible use of Quorn Grange Hotel.

14. The GFTU’s strategy has been to ask the Educational

Trust to become more self-sufficient and reliant and

to consider new ways of raising revenues consistent

with our objectives and ethics. A range of new

services with commission and benefit to the Trust

have consequently been introduced alongside the

capacity to run union financial work and training at

cost.

15. We have returned a better financial picture over the

last two years than for some time.

16. The GFTU will be seeking to generate capital for

its new build at Quorn from a combination of

resources from its own reserves, commercial loans,

partnership arrangements with affiliates and joint

ventures. We see this as a co-operative project.