Audited Accounts/Audit Report
JSm explained the importance of the accounts to the trustee board and explained the concept of materiality to the board.
Sandra De Lord from Kingston Smith came to the board to present initial findings. Sandra highlighted that as a small organisation, there isn’t a requirement for large numbers of control tests to take place. However the scope of the audit looked at a number of new processes that had been implemented by UCASU this year.
Sandra commented that there were a couple of outstanding issues but that these would be rectified with Counterculture following the meeting.
Sandra then presented the management report for the board.
Section 1 sets the scene, picking up the scope of the audit, risks and issues, going concern and revenue recognition.
Sandra commented on the ongoing reliance of the relationship with the university but noted the strong relationship that exists between the university and the union.
Section 2 looks at any significant adjustments or fraud. Sandra reported no fraud or any significant adjustments required.
Section 3 looks at recommendations which were highlighted in the documents.
JS will prepare a management response to the 5 recommendations that were highlighted.
Sandra commented that having Counterculture as part of the organisation is very helpful to provide a degree of external perspective regarding controls and ensuring that there is no significant concerns regarding the finances.
Section 4 looks at any external issues and Sandra highlighted GDPR as a main issue for the sector.
JS will discuss this item at the next board meeting relating to what is in place in time for May 18.
Sandra also highlighted the Charity Governance Code that was being discussed in the away day.
Sandra stated that KS offer sessions that can support management.
JS will liaise with Sandra on what can be available.
JSm asked about timetable. It was agreed that an extra audit committee would be required to sign the accounts off. It then will go to the board in March and the AGM in April before being sent to the Charity Commission.
JSm agreed to write the finance review section for the report. JS will send any amendments to the whole board before Xmas.