Finance, Audit & Risk Committee | Imperial College Union

One of the key outcomes of our recent Democracy Review was the need for the Union to be more transparent with students about how the organisation makes decisions.

We know that finance, commercial operations, and some Union decision making especially at the Board can sometimes feel hidden away, yet these decisions have a big impact on the student experience.

Union decisions shouldn’t feel distant. With integrity as a core value, and a belief that student voices make decisions better, we’re opening up how our committees work. This term we’ll communicate more transparently, sharing how decisions are made across our committees. Starting now, you’ll see regular updates from the Finance, Audit & Risk Committee (FAR).

The Committee’s role is set out in its terms of reference, but in short: FAR is where trustees and student representatives look closely at the Union’s finances, commercial services, risks, and investment decisions to make sure the Union is being well run for its members. A graphical presentation of the Union’s income and expenditure for the Financial Year 2024-2025 is presented below:

Here’s a summary of what was discussed at the 27 August 2025 meeting:

Strategic Risk Register – the Committee reviewed the Union’s key risks and the plans to manage them, agreeing some updates to reflect emerging financial pressures.
Risk Escalation Procedures – new processes were approved to make sure that when a risk materialises (for example an incident in a venue), the right people are informed quickly so the Union can respond properly.
Trading Subsidiary Update – the Union has now established Imperial Union Trading Limited to manage our commercial services. A bank account is being opened, contracts are transferring, and information has been published on our website.
Finances – the Committee reviewed the July accounts and draft year-end position, noting that the Union is on track to deliver an operational surplus for 2024/25, which will be reinvested back into services for students.
Strategic Investment Fund –The Strategic Investment Fund enables the Union to respond to strategic priorities and one-off opportunities beyond the scope of annual grant funding. It is resourced through:
Accumulated surpluses from commercial trading
Unplanned underspends from core-funded activity (e.g. vacancy savings)
Surplus free reserves above the Union’s agreed reserves target

The approach for how we’ll invest any financial surpluses into student priorities was approved.

Catering– the Committee were updated on catering in the Union and future plans.
Commercial Deep Dive – trustees received a presentation on the Union’s commercial services, looking at how they support students and how we can strengthen them further.

This update is just one step in a wider commitment to open up the Union’s decision-making and keep you informed about the choices we’re making – especially when it comes to finances, commercial operations, and issues that directly affect your student experience. We’ll keep publishing these summaries after each meeting so you can see how we’re working to make ICU stronger for all students.