EC Papers September 2018

GFTU ET

REVIEW OF ACCOUNTS AS AT 31 JULY 2018

Income:

There is income due that has not yet been invoiced for customised courses held in May 2018, June and July. Invoicing has not yet taken place partly due to incomplete information and partly because the Finance Team are behind on processing due to annual leave and the recent office move. Total income from customised courses to date is £27,264. Total spent on customised courses to date is £44,486. It came to light several months ago that we had paid for the delegates travel costs without recharging them. Total amount for 2018 is £13,490. This has yet to be recharged. Although income is circa £75k behind budget for the year, any Gift Aid income will not be received until year end.

Expenses:

Overall expenses are higher than budget mainly due to the new build expenses incurred. If the New Build costs are excluded (£442k as at 31.07.18), YTD costs are over budget by circa £65k.

The main areas of overspend are:-

 Conference expenses include £24k Yarnfield weekend package  Affiliations, Donations and Subscriptions includes £6,500 for “Learning Pool” and 2 invoices at £10,000 each for Shout Out  Repairs and Maintenance includes removal and storage costs from April invoices (Nursery closure) at £5.5k  Total amount spent on Core Courses so far is £31,737

Advertising and promotion is for the Win:Win and some Education programmes.

Other event charges are for Vietnamese trip and the International Study Visit costs includes £2k for Venezuela trip and £5.7k for Poland trip.

Suspense item relates to receipt of £2,102 from University of Wolverhampton. To be investigated.

Northern College

YTD spend with Northern College as at 31.07.18 is £5,934. There are invoices for a further £12,274 in August 18 taking the total to £18,208.

Bank:

Cash flow remains tight due to New build expenses with a third client cert fee to be paid at the end of this week (14/09/18). Bank balance as at 31/07/18 is £731.00. Negative balance on balance sheet due to a number of unpresented items at month end.