Finance, Audit and Risk Committee 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 29 October 2025 and the following items were discussed:

Draft Annual Report and Financial Statements 2024/25

Every year the union’s finances are independently audited by an external auditor, and Trustees produce an annual report explaining the union’s activities and financial performance over the previous year. The financial statements show how money has been raised and spent, and what impact the Union has and how it is being governed. This ensures transparency and accountability to students and our other stakeholders like the University.

The performance in 2024/25 report shows the union remained financially stable while continuing to invest in services for students. Total income was £11.4m mainly driven by the University block grant, commercial activity and donated services such as accommodation (e.g. Beit Building). We delivered an operational surplus of £127k, which was great, but due to a one-off historic catering provision it results in a £154k accounting deficit for the year which does not reflect the Union’s underlying financial performance.

Imperial College Union (ICU) ended the year with healthy reserves, strong cash balances and sufficient resources to remain financially secure. Trustees confirmed that ICU is a ‘going concern’ meaning we have the resources we need to continue operating and delivering services for students.

The committee scrutinised the report and heard directly from the auditors who confirmed the accounts give a true and fair view of the union’s finances. To learn more, read our statement below.

We will be presenting the full report and financial statements at the Annual General Meeting (AGM) on Monday 2 February.

August and September Management Accounts

The committee reviewed the management accounts for the start of the year, this provides a snapshot of financial performance during the year rather than the year end position. At the end of September, the Union reported a year-to-date surplus of £107k. This position is £107k ahead of budget but there is some expenditure related to Welcome Week not included which would reduce this number.

Annual Reserves Review

The union trustees review the reserve policy each year. The annual reserves review ensures the union holds enough financial resilience to manage unexpected risks and continue delivering services for students if things don’t go to plan. The committee have proposed that we increase our reserve level from £620k to £640k. This reflects potential increased risks facing the union, particularly around compliance and regulatory requirements. The Committee recommended this updated reserves level for Board approval.

Strategic Risk Register

The Committee is responsible for overseeing the Union’s strategic risks and ensuring appropriate mitigations are in place. The strategic risk register was reviewed, and no risks required escalation to the Board at this time.

One key recommendation was to strengthen the register by including clearer timeframes for outstanding risk mitigation actions.

Annual Health and Safety Report

The committee is responsible for oversight of ICU’s approach to managing risks. A robust approach to health and safety is a critical part of managing risk across the union. Our Annual Health and Safety Report covers key actions to managing health and safety in ICU, and includes a detailed overview of accidents, incidents and near misses.

Trading Subsidiary

As shared in a previous blog post, ICU has set up a trading subsidiary to manage commercial activity. Due to delays in banking arrangements the trading subsidiary has yet to start trading. The committee reviewed whether ICU had followed the Charity Commission guidance on setting up a trading subsidiary, which we have.

Summer Ball 2026

The committee have looked at the options for the Summer Ball 2026 which is a significant event with financial and health and safety risk. Given the scale and potential exposure, the Committee agreed to further review this, focusing on the viability of the event and the mitigations that would be required.

Insurance Arrangements

The committee were presented with an overview of ICU’s insurance arrangements. Assurance was provided that the correct cover is in place for both ICU and the trading subsidiary.

We’ll keep publishing these summaries after each meeting so you can see how the union is being run and how decisions that affect your student experience are made.