On 6 December 2024, we held our second Board of Trustees for the 2024-25 academic year and we wanted to bring you all an update on what was discussed.
Board of Trustees Update – 6 December 2024
On 6 December 2024, we held our second Board of Trustees for the 2024-25 academic year and we wanted to bring you all an update on what was discussed.
What is the Board of Trustees?
Our Board of Trustees comprises four elected Sabbatical Officers, three appointed Student Trustees and up to five external and independent Trustees. This group is legally responsible for the organisation and in addition to providing guidance and expertise, helps to set the strategic direction for RHSU.
At Board meetings, Sabbatical Officers and the Chief Executive provide updates on their work and present items which need to be discussed and potentially approved by Board. At RHSU, we want to ensure we are as transparent as possible about how decisions are made and who makes them, so let’s dive into what was on the agenda at our latest meeting.
RHSU Audited Accounts and Audit Findings
The major item on the agenda was approving our 2023-24 finical statements and receiving the audit findings report from our independent auditors.
We had another year with no high-risk issues, and the auditors concluded that we are a ‘going concern’ (essentially this means we are financially stable enough to meet our obligations and continue our business for the foreseeable future). Good news!
Strategic Review of Commercial Services
As you may be aware both RHSU and the University commissioned an external agency to conduct a university wide strategic review of commercial services on the Egham campus, presented their headline findings.
We now have some analysis of the key drivers affecting students, reflections on the operation of RHUL and RHSU’s trading outlets, complemented by an assessment of key success criteria relating to trading operations specific to each organisation.
We will next need to discuss with RHUL as to the next steps in delivering great services for students that cater to their wants and needs.
Strategic Plan - Communications Update
Now that the plan is fully launched we discussed the latest strategic plan video, alongside an updated communication plan for stakeholders across University staff, members and RHSU staff. The video will be utilised for smaller social posts to celebrate wins or promote campaigns, alongside a more dynamic web page that will be updated across the academic year.
Officer Updates
All four Officers updated the Board on our work since the last meeting, which included updates on serval campaigns looking at student safety on campus and at our events. They spoke to our engaged with national lobby activities with NUS regarding key issues facing students. The officers have also led on getting students involved in new recruitments within University Senior positions.
Strategic Risk Register
Changes to the Strategic Risk register were presented, including a new a sub-set of the original more detailed and comprehensive risk register that included operational risks.
Quarter One Management Accounts
The Quarter One Management Accounts showed we were in a good position financially. Some concerns remain related to underlying financial performance of commercial outlets and declining income.
A financial reforecast is to be completed across January to assess end of year position. The reforecast exercise will give us a chance to move to a phase approach so we that can better manage out finance monthly.
Item 10: CEO Update
The CEO provided a written update that included progress with our strategic plan, developments made to enhance our staff working culture and provide detailed context on the Senior leadership changes at RHSU.
Finance, Staffing and Risk update
Board received a written report on September management accounts, an update on the Annual Audit and had a discussion on the cycle of business and priorities for 2025.