Financial Statement to Members June 2017

To all members.



The above act requires theISUto publish annually to all its members within a prescribed time limit the following information.

  1. The total income and expenditure of the trade union for the period to which the return relates.
  2. How much of the income of the union for that period consisted of payments in respect of membership.
  3. The total income and expenditure for that period of any political fund of the union.
  4. The salary paid, and other benefits provided to or in respect of:

a)     each member of the executive

b)     The President

c)     The General Secretary

  1. The full report of the auditor of the union on the accounts contained in the return.
  2. The irregularity statement.

Please find attached a statement under the terms of this Act.

Andy Cole

Finance Officer





Income and Expenditure

The total income of the union for the period was £348,641. This amount included payments of £343,330 in respect of membership income of the union. The union’s total expenditure for the period was £366,488.

Political Fund

In respect of the union’s political fund, its total income was £NIL and total expenditure was £NIL.

Salary paid to and other benefits provided to the General Secretary

The General Secretary of the union was paid £ 66,001 in respect of salary and £NIL in respect of benefits.


Irregularity statement

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 such 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.


Report of the Independent Auditors to the Members of the ISU

We have audited the financial statements of the Union which have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and on the basis of the accounting policies set out in the accounts.

This report is made solely to the Union’s members, as a body, in accordance with the United Kingdom Trade Union and Labour Relations (Consolidation) Act 1992. Our audit work has been undertaken so that we might state to the Union’s members those matters we are required to state to them in an 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’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of Officers and Auditors

The officers’ responsibilities for preparing the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) are set out on page three.

We have been appointed as auditor under section 33 of the Trade Union and Labour Relations (Consolidation) Act 1992 and report in accordance with section 36 of that Act.
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 Ethical Standards for Auditors.
Scope of the audit of the financial statements

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 officers; and the overall presentation of the financial statements.
We read all the financial and non-financial information in the financial statements to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the Financial Statements

In our opinion the financial statements:

give a true and fair view of the state of the Union’s affairs as at 31 December 2016 and of its deficit 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Trade Union and Labour Relations (Consolidation) Act 1992 requires us to report to you if, in our opinion:

proper accounting records have not been kept;

a satisfactory system of control over its accounting records, cash holdings and receipts and remittances has not been maintained; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit

M Sheehy ACA FCCA MBA (senior statutory auditor)

The Fish Partnership

Chartered Accountants & Statutory Auditor

The Mill House

Boundary Road


High Wycombe  Bucks HP10 9QN