Finance, Audit & Risk Committee – February 2026 Update

I hope this update will help to show what is being discussed and keep students informed on how finances, risks and investments are being managed.

The last meeting was 18 February 2026 and the following items were discussed:

Financial Performance

The committee reviewed the financial reforecast which is projecting a £52k surplus for the year if all things continue to go to plan and budget. The position reflects prudent budgeting and expenditure control across ICU. It was noted that this final position relies on continued good performance of our commercial services which is subject to many variables.

Student Worker Pay Increase

The committee approved a 10% pay increase for casual workers. This is part of commitment to reach the true London Living Wage (exclusive of holiday pay, we currently pay London Living Wage if you include holiday pay) by April 2027. The committee are keen to get all casual pay to the London Living Wage appreciative that this is a substantial additional cost to ICU, and it was proposed that if ICU performs well financially could this allow the target date to be brought earlier, it was agreed to review in July 2026.

Critical IT Systems

The committee reviewed our critical IT systems, many of which are in house built platforms that have served ICU well but need modernisation. The systems team are working to document systems, share knowledge across the team to ensure that risk is mitigated.

The feature of the current work was to reduce the risks of single points of failure. It was agreed and acknowledged that it is a high priority that a refreshed digital strategy needs to be developed alongside the required investment to further improve systems so that they work well for student and staff users. This would include better engagement of core student users to greatly improve user experience.

VAT Inspection Update

The Union is working with HMRC to finalise the amounts owed for catering VAT. It is hoped that this will result in a final figure in the 2025/26 financial year. We expect a more definitive update within the next month.

Strategic Risk Register

The committee reviewed updates to our strategic risk register, including business continuity planning and testing, block grant funding, and VAT liabilities.

Trading Subsidiary (Imperial Union Trading) Update

Our trading subsidiary is progressing with the development of our new temp agency for students which we are aiming to soft launch in the Summer term with the full agency up and running fully for Welcome 2026.

Union Bank Accounts

ICU are working with the University to explore derisking our exposure of our bank account arrangements ie not being over exposed with a single bank. Trustees and staff have met with the outgoing and incoming University CFOs to reinforce our collaborative relationships and clarify our responsibilities.

Summer Series

The committee discussed the fact that ICU is not able to facilitate the annual Summer Ball (as students know it) on campus this year, due to site capacity and operational constraints during the month of June. The committee explored options available to the Union including alternative dates and moving the event off campus. However, the costs to deliver this event off campus would have seen the ticket prices rise by 35% - 45%, with the increased price making the event inaccessible for many students.

An on-campus suitable alternative date could not be found, so whilst it is disappointing that the Summer Ball in its traditional format can’t go ahead, staff and trustees have come up with a plan to host a whole series of fun events with different vibes that are more budget-friendly, while still celebrating the end of an amazing year together. We’re confident that the Summer Series is the best way forward to give you, as Imperial students, the end-of-year celebration you deserve. For more information, see our dedicated Summer Series 2026 webpages.

We will continue to publish these summaries after each meeting so you can see how the Union is being run and how decisions that affect your experience are made. If you have questions about anything covered in this update, please don’t hesitate to get in touch at union.president@imperial.ac.uk.