Annual General Meeting (2nd May 2024)

Rebecca Would VP Education and Democracy and Deputy President opened the AGM at 13:00 on the 2^nd May. 

Rebecca explained that due to the original AGM not reaching quoracy then a reconvened meeting had been scheduled.

Rebecca then went on to explain what an AGM is, which stands for annual general meeting and where certain things are discussed annually as required by the Charity Commission.

The agenda was then explained, and how to vote on each point.  Finally Rebecca spoke through AOB or any other business which is a chance for any other issues raised to be discussed.

Rebecca reminded those present that the meeting is recorded for minuting purposes.

Finally Rebecca explained that according to SUSUs Articles of Association If no quorum is present at the reconvened meeting within 15 minutes of the time specified for the start of the meeting the members present in person or by proxy at that time shall constitute the quorum for that meeting.

At 13:15 with 63 total attendance including by proxy, Rebecca constitute this as quorum.

Agenda item 1: Minutes of the previous meeting

Minutes of the previous meeting were passed with voting results being:

For: 6

Against: 1

Abstain: 0

Agenda item 2: Annual Accounts.

Rebecca explained that the annual accounts concerned are the SUSU consolidated accounts for the financial year of 2023.

Prior to be presented at the AGM, the accounts have been inspected and passed by external auditors. Afterwards, they are reviewed by the Audit and Risk Subcommittee and then passed through to the Finance and Resources Subcommittee, both of which are subcommittees of the Trustee Board, and finally it has been approved by a full Trustee Board.

Rebecca explained that SUSU is then required to get approval on these annual accounts by student members. 

This year the 2022-23 accounts show a final deficit of £295k.  This is due to the increase in liability for the PASNAS pension scheme following completion of the 2021 valuation process for the scheme.  The outcome of this was expected and the result is due to the required accounting treatment for pension schemes and does not pose any concern to the regular operations of SUSU.  Without the pension impact, the result was a deficit of £40k, which was £118k better than expected.  The deficit is largely due to the impact of cost of living and additional expenditure to support our members with this.

Rebecca asked if anyone had any questions, as there were none, it then moved straight into voting.

Annual Accounts were passed with voting results being:

For: 4

Against: 0

Abstain: 1

Agenda item 3: Approval of Auditors

Rebecca explained that every year, as mentioned in the previous agenda item, external auditors come in and audit all financial accounts and resources.  For the past few years SUSU have been using Crowe which has been very successful. As a result, SUSU are seeking approval to appoint them for the next financial year as external auditors.

Rebecca asked if anyone had any questions, as there were none, it then moved straight into voting.

Approval of Auditors were passed with voting results being:

For: 4

Against: 0

Abstain: 0

Agenda item 4: Approval of External Affiliations

Rebecca explained that they are the affiliations that SUSU has with external organisations that need to be approved by members.

There are 3 external affiliations that SUSU is asking for approval.

The first is Advice UK which allows SUSU Advice Centre to be a member, the fee charged is the membership fee for this and it allows for the Advice Centre to work with other advice centres in the UK and other Student Unions.

The second is BUCS which is related to sports and it allows for a sports league to be formed with other Student Unions and Universities, and allows are sports clubs to compete in these leagues.

The third and final external affiliation is NASMA which stands for National Association of Student Money Advisors, which is similar to Advice UK, but it is for SUSU’s financial advisors to remain updated and informed through membership with NASMA. As a result, approval is sought for the external affiliations.

Rebecca asked if anyone had any questions, as there were none, it moved straight into voting.

Approval of External Affiliations were passed with voting results being:

For: 4

Against: 0

Abstain: 0

Finally as there was no AOB raised, Rebecca closed the meeting.