Guild accounts in dire straits

THE GUILD’S accounts for the 2010-11 financial year have been published online, shedding light on the financial circumstances under which the organisation operates.

The Guild suffered from a decrease in trading income (by £133,000) and a cut in the University block grant  (by £24,400).

Between 2010 and 2011 the total incoming resources fell from £2,371,986 to £2,133,795 (a 5.6% decrease). The Guild ended with a deficit of -£60,776, as opposed to a surplus of £98,772 in the previous year.

This meat that the Guild’s reserves were depleted from £238,971 to £178,195.

Such a large erosion of the reserve funding is a dangerous way to proceed, with the Guild making the losses it is currently meaning more and more of the reserve funding will be used.