As a registered charity and a company limited by guarantee, the Union is legally required to report its finances to the Charities Commission and Companies House each year.
The Union also has a trading subsidary company, SUSU Social Enterprises Ltd, for activity with non-students such as landlords via our Lettings Agency or external partners for business development such as technical hires and advertising
The Union's activity is broken down into four areas:
The Union is primarily funded by a grant from the University of Southampton and income generated from trading activities such as Bars, Business Development, Catering, Events and Retail. The Union is grateful for the continued support of the University of Southampton and our members - the students of the University of Southampton
The main areas of expenditure, after cost of sales for trading activity, are staffing and providing grant funding and support to our affiliated club and societies. In addition to this we also provide academic representation to our members and assorted support services.
As a charity the Union is also able to run specific fundraising events throughout the year in order to raise additional funds to support our charitable activities. A fundraiser event receives exemption from VAT. These events may include the Freshers' and Graduation Balls, as well as assorted other events during the year. These events are agreed annually in advance by our Trustee Board. Fundraiser events will always be clearly highlighted as such. You can find further information about fundraisers from the HMRC website. The Union does not work with any external party acting on our behalf to carry out fundraising activity in the "traditional" sense.