>[!External Links]- >[Management Accounts](x-devonthink-item://BC78F312-0D31-4DAC-A023-467A55231CF3) >[Finance Manual](x-devonthink-item://316D18D3-F14D-4222-BE51-91ED93A574BF) >[Audited Accounts](x-devonthink-item://B986B95B-5F09-4169-8B07-163C4348B3A7) >[Budget](x-devonthink-item://0785B7FC-4E84-4693-B0DA-A4659FAD19ED) USSU maintains financial oversight through engaging accountants and accounting principles, alongside regular financial audit. ## Financial Processes The Union has standardised financial processes which are detailed in the Finance Manual. Our accounting software is now [Xero](https://www.xero.com/uk/). [[Atmosphere Kitchen and Bar]] has a EPOS system, which integrates with Xero directly. ## Management Accounts Monthly Management Accounts are created and circulated to all budget holders (i.e. managers). The most recent management accounts, alongside a covering report, are scrutinised at Board of Trustees. Performance is measured against budget (or forecast) and prior year performance. Issues are addressed. [[Strategic Finance Ratios]] are used in commercial areas. A cashflow forecast and balance sheet are produced. The management accounts are produced by a Financial Controller who is supported by two Finance Assistants. The Financial Controller produces a summary report, which is the basis of the report produced by the Director of Finance seen by the Board. Both the Financial Controller and the Director of Finance are provided by external consultants [Counterculture](https://www.counterculturellp.com). This is under review in 2025 due to the [[Finance team collaboration with Manchester and Manchester Met SUs]]. ## Budgets Budgets are created annually and agreed by the Board of Trustees in June of each year. A re-forecast normally takes place in late October for approval at the November Board meeting- the first few months of the academic year gives a good indication for our commercial performance in the year ahead. Additional re-forecasts can take place through the year, particularly where there is uncertainty or risk. The majority of our income comes from the University of Salford. We call this the "block grant". As of 2020/21 it is paid annually, which helps cashflow. ## Audit As a large charity, USSU is subject to full external audit each year. Until FY 2021/22 this was provided by Dains LLC. From 2022/23 it will be provided by [Haines Watts](https://www.hwca.com). USSU has generally received favourable financial audits, with only minor recommendations regarding control issues and generally no adjustments required. Areas of Interest for the audits have been - Incorporation into a charitable company limited by guarantee. - [[Salford SU Pension Schemes]] ## Banking USSU banks with the Co-op. We also have holdings with other organisations. We also hold cash with the University of Salford. ## Payroll As of 2020/21 Payroll has been administered by [FMP Global](https://fmpglobal.com). ## Tax and Charitable status VAT is a tax on individuals and charities. Can get relief on anything that is primary purpose. See [[Non-primary purpose trading]] for more on this. Also [[Internal VAT charges in charities]] ## Prepayments and Approval Max - [[Prepayments]] - [[ApprovalMax]] ## Associated Policies - USSU also has a Whistleblowing Policy ## Links - [[Salford SU HR]] - a source of significant cost to the organisation - [[Salford SU Governance]] - oversight arrangements - [[Salford SU Insurance]] - including Directors and Officers Insurance - [[Salford SU Pension Schemes]] - a source of cost (and annoyance) to the organisation.