AnnualMembersMeeting2012 - University of Surrey's Student Union

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UNIVERSITY OF SURREY STUDENTS UNION SABBATICAL OFFICERS’ RESPONSIBILITIES for the year ended 31 July 2011 Charity law requires the Sabbatical Officers to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Union and of the surplus or deficit for that year. In preparing the financial statements the Sabbatical Officers are required to select suitable accounting policies, as described on page 9, and then apply them on a consistent basis, making judgments and estimates that are prudent and reasonable. The Sabbatical Officers must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Union will continue to operate. The Sabbatical Officers are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Union. They are also responsible for safeguarding the assets of the Union and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Risk Management The Sabbatical Officers have introduced a formal risk management process to assess business risks and implement risk management strategies. This has involved identifying the types of risks the Union faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As part of this process the Sabbatical Officers have reviewed the adequacy of the Union’s current internal controls and the costs of operating particular controls relative to the benefits obtained. Procedures have been established for reporting failings immediately to appropriate levels of management and to the Sabbatical Officers. The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, the Trustees are required to: • select suitable accounting policies and then apply them consistently; • make judgments and estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
UNIVERSITY OF SURREY STUDENTS UNION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF UNIVERSITY OF SURREY STUDENTS UNION We have audited the financial statements of University of Surrey Students Union for the year ended 31 July 2011 set out on pages 7 to 20. These have been prepared under the accounting policies set out therein. This report is made solely to the Union's members as a body in accordance with section 43 of the Charities Act 1993 and regulations made under section 44 of that Act. Our audit work has been undertaken so that we might state to the Union's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Union and the Union's members as a body, for our audit work, for this report, or for the opinion we have formed. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND AUDITOR The responsibilities of the Trustees for preparing the Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the statement of Sabbatical Officers’ responsibilities. We have been appointed as auditors under section 43 of the Charities Act 1993 and report to you in accordance with regulations made under section 44 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: • give a true and fair view of the state of the charity’s affairs as at 31 July 2011 and of its incoming resources and application of resources for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Charities Act 1993. Page 5
Page 1 and 2: Annual Members Meeting 2012 (Former
Page 3 and 4: UNIVERSITY OF SURREY STUDENTS UNION
Page 5: UNIVERSITY OF SURREY STUDENTS UNION
Page 9 and 10: UNIVERSITY OF SURREY STUDENTS UNION
Page 11 and 12: Approval of the Budget Union Budget
Page 13 and 14: This budget requires approval from
Page 15 and 16: Society Affiliation Cost Ahlul Bayt

AnnualMembersMeeting2012 - University of Surrey's Student Union

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