ANNUAL FINANCIAL STATEMENT
The Trade Union and Labour Relations (Consolidation) Act 1992 requires unions to provide members with an annual statement containing financial information summarised from the annual return (AR21) to the certification officer for trade unions. The required information for the year ending 31 December 2014 is set out below. For a full financial statement write to: Union Accountant, NUT, Hamilton House, Mabledon Place, London WC1H 9BD.
|SUMMARY EXTRACT FROM THE ANNUAL RETURN|
|Income||General Fund||Sustentation Fund||International Develop fund||Pension Reserves||Legacy Fund||Branches Fund||Stoke Rochford Fund||Intergroup transactions||Total Excluding Political Fund||Political Fund||Total Funds|
|Subscription from members||31,949,241||323,970||-||-||4,043,340||36,316,551||429,127||36,745,678|
|Transfer between funds||(2,426,635)||-||-||2,121,000||-||310,658||5,023||(5,023)||(0)|
|Surplus for the year||2,494,484||378,723||(188,105)||3,461,000||-||139,093||(775,060)||-||5,510,135||(143,619)||5,366,516|
|Funds at beginning of year||29,039,019||5,252,405||602,045||(9,411,015)||14,248||5,991,078||10,661,764||42,149,544||728,684||42,878,228|
|Funds at end of year||31,533,503||5,631,128||413,940||(5,950,015)||14,248||6,130,171||9,886,704||47,659,679||585,065||48,244,744|
This meets the costs of providing benefits and services to members or groups of members as entitlements.
It funds the day-to-day running costs of the Union, including property, equipment, vehicles, materials and staffing.
Subscription income shown is net of local fees. Other income derives from rent, commissions, advertising and sales.
This is regulated by union rules. It meets costs incurred in industrial action and other campaigns to promote and protect the pay and conditions of members. Income includes 1 per cent of national subscription income.
This fund is managed in conjunction with the Teacher Support Network.
Entries for this fund are the consolidated income and expenditure totals of all the Union’s divisions and associations. Income is through local fee determined at local level, together with other income generated by division or association sources from the national union.
Expenditure within the national and local rules is determined by divisions and associations themselves.
|Employer's Superannuation Fund||42,402||42,736|
|EXECUTIVE HONORARIA & IT GRANTS 2014|
|JULIE||LYON - TAYLOR||58||580||638|
STATEMENT TO MEMBERS
NATIONAL UNION OF TEACHERS
STATEMENT TO MEMBERS ISSUED IN CONNECTION WITH THE UNION’S ANNUAL RETURN FOR THE PERIOD 31 DECEMBER 2014
AS REQUIRED BY SECTION 32 OF THE TRADE UNION AND LABOUR RELATIONS (CONSOLIDATION) ACT 1992
Income and Expenditure
The total income for the period was £44,350,854. The amount included payments of £36,316,551 in respect of membership of the union. The union’s total expenditure for the period was 38,840,719. In respect of the union’s political fund, its total income was £429,287 and the total expenditure was £572,906.
Salary paid to and other benefits provided to the General Secretary, President and members of the Executive.
The General Secretary of the union was paid £103,574 in respect of salary and £42,402 in respect of benefits.
A member who is concerned that some irregularity may be occurring, or have occurred, in the conduct of the financial affairs of the union may take steps with a view to investigating further, obtaining clarification and, if necessary, securing regularisation of that conduct.
The member may raise any such concern with one or more of the following as it seems appropriate to raise it with: the officials of the union, the trustees of the property of the union, the auditor or auditors of the union, the Certification Officer (who is an independent officer appointed by the Secretary of State) and the police.
Where a member believes that the financial affairs of the union have been or are being conducted in breach of the law or in breach of the rules of the union and contemplates bringing civil proceedings against the union or responsible officials or trustees, he should consider obtaining independent legal advice.
- In the opinion of the auditors or auditor do the accounts they have audited and which are contained in this return give a true and fair view of the matters to which they relate?
(See section 36(1) and (2) of the 1992 Act and notes 83 and 84)
If “No” please explain below.
- Have the auditors or auditor carried out such investigations in the preparation of their audit report as will enable them to form an opinion as to:
- whether the trade union has kept proper accounting records in accordance with section 28 of the 1992 Act;
- whether it has maintained a satisfactory system of control over its transactions in accordance with the requirements of that section; and
- whether the accounts to which the report relates agree with the accounting records?
(See section 36(3) of the 1992 Act, set out in note 83)
- Are the auditors or auditor of the opinion that the union has complied with section 28 of the 1992 Act and has:
- kept proper accounting records with respect to its transactions and its assets and liabilities; and
- established and maintained a satisfactory system of control of its accounting records, its cash holding and all its receipts and remittances.
(See section 36(4) of the 1992 Act set out in rule 83)
If “No” please explain below.
- Please set out a copy of the report made by the auditors or auditor to the union on the accounts to which this AR21 relates. The report is to set out the basis upon which the audit has been conducted and/or such other statement as the auditor considers appropriate. Such a statement may be provided as a separate document.
(See note 85)
Independent Auditors Report to the members of the National Union of Teachers
We have audited the financial statements of the National Union of Teachers for the year ended 31 December 2014 which comprise the Consolidated and Union Income and Expenditure Accounts, Consolidated Statement of Total Recognised Gains and Losses, Consolidated Statement of Historical Surpluses and Deficits, the Consolidated and Union Balance Sheets, the Consolidated Cash Flow, and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the members of the as a body, in accordance with the Trade Union and Labour Relations (Consolidation) Act 1992. Our audit work has been undertaken so that we might state to the members of the Union those matters we are required to state to them in an independent 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 work, for this report, or for the opinions we have formed.
Respective responsibilities of the Union’s Executive and auditors
As explained more fully in the Executive’s Responsibilities Statement, the Executive Council is responsible for the preparation of the financial statements, which have been prepared in accordance with applicable law and accounting standards and for being satisfied that they give a true and fair view.
We have been appointed as auditors and 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 (APB’s) Ethical Standards for Auditors.
Scope of the audit of the accounts
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 Union’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Executive Council; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Report of the Examiner to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
In our opinion the financial statements:
- give a true and fair view of the state of the Union’s affairs as at 31 December 2014 and of its surplus 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 Trade Union and Labour Relations (Consolidation) Act 1992.
Chartered accountants & Statutory auditors
Date: 26 February 2015