Finance, Audit & Risk Committee – March 2026 Update

Commercial Performance

The committee received an update on our commercial performance through February 2026. February saw a dip in bar sales due to poor weather, but March bounced back positively, again linked to nicer weather!

Union shop sales have been slower in the early months of 2026 but are being offset by departmental orders, and the team remain confident in meeting year-end forecasts.

Budget Framework 2026/27

The committee approved the budget framework for 2026/27. We are entering a two-year funding planning cycle due to biennial block grant negotiations with Imperial College London. Some new activities will be funded by the university, and other assumptions are consistent with previous years. More detail on the budget will be shared as plans are confirmed.

Campus Security Improvements

The committee welcomed Brindha McDonald, Imperial's Director of Security and Community Safety, who presented the university's Protective Security Plan. Brindha sets out the University strategy for centralising and strengthening security functions across campus.

ICU and Imperial are exploring how the union can work collaboratively as a pilot site for some of these improvements to make sure the Union building is aligned with University developments. The committee agreed to receive regular updates, around two or three times per year, and have invited Brindha back to the August meeting.

Student Group Finances

The committee discussed the financial management of student groups, including some groups that are carrying significant deficits. A formalised debt management policy is being developed and will be brought to the next meeting for consideration.

The committee also noted that some student groups have accumulated large surpluses from self-generated income. As a charity, ICU needs to ensure that funds are being spent on charitable purposes rather than held indefinitely, so we will be working with those groups to make sure there are clear plans for how their funds are used.

Additionally, we are reviewing the Scheme of Delegation to clarify how large student event budgets (those exceeding £50,000) should be approved, to make sure appropriate oversight is in place to manage the risk of these types of events.

Union Bank Account Strategy

The committee continues to work through the question of how best to structure ICU's banking arrangements to reduce risk. Options under consideration include talking to the university, opening new accounts, or using charity deposit schemes. A decision is expected at the next meeting. Any decision will also take into account sustainability considerations, in line with ICU's sustainability commitments.

Strategic Risk Register

The committee reviewed updates to the strategic risk register. Key highlights include:

Outdoor Activities Safety: ICU recently contributed to a report developed by a group of Russell Group students' unions on the safety of student-led outdoor activities. We are now working on an action plan to embed the report's recommendations into our operations. The committee and Board of Trustees will be updated at the next meeting.

Social Media: The committee agreed that the social media policy should be reviewed annually, even if no changes are made, to ensure it stays current.

Student Group Sponsorships: We are working with external legal advice to review contracts from external companies that are unwilling to use the ICU standard form. We aim to resolve outstanding requests and develop a longer-term process.

Organisational Agility: The committee discussed the challenge of responding quickly to internal and external demands whilst managing change across the organisation, a risk that reflects just how much ICU is working on at any one time.

Business Continuity Testing

ICU recently completed a business continuity planning test, facilitated by the university’s Head of Risk. The exercise identified some areas for strengthening, including deputy role coverage, out-of-hours communications, and ensuring that critical information is accessible offline.

An action plan has been compiled and shared with operational teams, with responsibilities and timelines assigned. The committee also discussed tracking business continuity actions within the new KPI reporting dashboard being developed for 2026/27. Progress will be reported back through the committee.

Health & Safety

The committee reviewed the Health & Safety report for the period. One area of focus was whether ICU's personal accident insurance currently only covering sports teams should be extended to all student groups. This will be reviewed ahead of next year, and insurance documentation will be presented to the June meeting.

Foreign Influence Registration Scheme (FIRS)

The committee received an update on ICU's compliance with the Foreign Influence Registration Scheme. Two ICU student groups have been identified as carrying the highest risk of non-compliance, and plans are in place for annual updates and integration into the union's risk management framework.

External Audit

The committee discussed whether to re-tender the audit contract at this time. It was agreed to postpone re-tendering until after the first year of ICU's trading subsidiary (Imperial Union Trading Ltd) consolidation, to ensure continuity. The plan is to tender next year, with a focus on sector specialists. Students will be informed of the rationale for this decision.

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.