A recently leaked document indicates that the National Union of Students could bankrupt themselves by the middle of spring next year.
This is the second major leak from the NUS this month. A previously leaked letter from the president of the organisation, Shakira Martin, had shown that they had a deficit of around £3 million, Martin wrote they needed to “get our house in order”. The letter can be viewed below:
The most recent leak suggests that crunch-time for the union may come much sooner than expected. Guido Fawkes obtained the full damning financial report, suggesting the organisation may be totally bankrupt by April. Cash available to them will fall to -£39,000 in April, and the full £3 million by June. The NUS had previously had access to an overdraft of £500,000; this, however, ran out on the 5th of November, and has not been renegotiated.
In order to tackle the impending insolvency, a “Strategic Conference” was held by the organisation in order to discuss potential options for their survival. Many of those attended seemed to be deluded about their current financial state, with some referring to the deficit as “alleged”, and others arguing that the priority should be lobbying the government and universities:
NUS President Shakira Martin has announced that “radical reforms” will be made to NUS democratic structures to “drastically simplify and modernise” the union due to an alleged £3 million deficit. These reforms will likely be gutting to democracy, liberation and campaigns.— Student Left Network (@sl_net) November 28, 2018
Never been talked down to as much as just now when I dared to suggest to a group of CEOs that NUS is a UNION and therefore it’s priorities should be protecting its members, their rights, and lobbying on a national level #NUSSC18— CUSU President (@cusu_president) November 28, 2018
At least one individual on Twitter seemed concerned about the lack of regard for the seriousness of the situation from his comrades:
We are literally debating the colour of the totum card at NUS strategic conversation. An event designed to discuss reforming an entire organisation to meet a £3m deficit. Shoot. Me. Now. #NUSSC18— Tom Flynn (@DrTomFlynn) November 27, 2018
An NUS spokesperson gave a statement to iNews:
We can confirm that the NUS is taking measures to address a number of governance-related challenges. The boards, officers and executive team are agreed that we need to deliver fundamental corporate, democratic and financial reform by Summer 2019.
About Ciaran Murray
Ciaran Murray is the Founder of Sabre’s Edge Media.