If the NUS is going bust it is going bust big. Last week Guido revealed how the organisation is “looking at a £3 million deficit for the group in this and future financial years.” That is an understatement…
Guido can reveal that the NUS has a pensions liability of over £12.2 million, and is £1.8 million in hock to the banks.
Close examination of the NUS’s Financial Statement further reveals that in 2017 the NUS made a loss of £3.5 million, a larger deficit than last week’s letter admitted to, a more than doubling of the previous years losses. The position is worsening…
The NUS’s parent company made a total combined loss of £5.4 million. This makes the pensions liability even more grave. There is no chance of the deficit being made up by a loss making NUS.
These are the finances of an organisation that is on its last legs. If Student Unions around the country don’t want to be on the hook for this financial mess, they should seriously think about disaffiliation.
Read the shocking accounts in full here.
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