Unreliable funding increases OSSL losses

first_imgNewly published financial statements from Oxford Student Services Ltd (OSSL), the commercial arm of OUSU, show that gross profit fell by almost £40,000 between 2005 and 2006.OUSU sabbatical officers have warned that guaranteed funding from the University is the only way to avoid the Student Union’s current financial crisis. Overall turnover is down by around £100,000 and operating profit has fallen by £7,000.Ed Mayne, OUSU Vice-President (Finance) and OSSL Chairman, said that finances were volatile and prone to fluctuating. “Although the turnover for the 2004/5 financial year was high, the income proved to be unsustainable and many changes were made in the 2005/6 academic year. Due to the way OSSL currently operates, income and turnover will always fluctuate,” he said.OSSL plans to introduce a second business manager next year in a bid to increase revenue. “I am confident that the income we will receive in this financial year will be higher than in the previous financial year. OUSU’s publication provision will not change from its current format,” he added.In 2005, OUSU predicted that it would make a profit of £50,000 but in fact incurred a deficit of £42,702. As a result, OUSU was forced to radically reform its operations for creating revenue to remain financially viable. An estimated deficit of £60,000 the following year was proved wrong when the Student Union lost only £32,904 in 2006. The University has previously stressed that it will not provide further financial assistance until OUSU stops making losses, but the University’s Joint Committee has since reconsidered its position.OUSU President Alan Strickland said that the lack of a substantial block grant comparable to those received by student unions at other universities means that OUSU will remain financially weak due to inadequate funding and few permanent staff. “The volatility of OUSU’s commercial income makes it an unreliable source of funding for welfare, representation and other core services,” he said. “Thankfully, the University’s Joint Committee, which oversees OUSU, has accepted this. We are in advanced negotiations with them to gain stable core funding. OUSU has to guarantee provision of its core services without guaranteed funding. This is a serious problem which I hope we can remedy.”He added that OUSU expected greater OSSL profits in 2007, saying, “The overhaul of OUSU’s financial management which we’ve led this year and the hard work of our Business Manager mean that profits are stronger than last year. I’m confident that our subsidiary will be able to donate a healthier profit to OUSU at the end of the year.”Louisa Brownleelast_img read more

Gü, Ginger Bakers and Asda unveil new bakery products

first_imgSource: AsdaAsdaThe retailer has launched the Strawberry Oreo Doughnut, made with Oreo cookie pieces and strawberry flavoured cream filling.Consumers can find the indulgent doughnuts in Asda’s in-store bakery for an rsp of £1 for a pack of three.Oreo has already proven to be a popular flavour, and the team is sure strawberry will be a real hit with customers, it said.Last year, Asda tapped into premium doughnuts with its Extra Special Doughnuts range comprising Salted Caramel, Chocolate Indulgence and White Choc & Raspberry variants. Morrisons joined in, with Raspberry & White Chocolate, Jaffa Chocolate Orange and Strawberry Dream. Source: Ginger BakersGinger Bakers and Asda are among the bakery brands to roll out indulgent bakery products.Gü and Regal Foods have also unveiled new bakery items, with NPD including an apple & salted caramel sponge and coconut and chocolate dipped doughnuts.Here’s the latest products to hit the UK bakery market: Source: Ginger BakersGinger BakersLake District-based Ginger Bakers has extended its vegan range with the Chocolate, Coffee & Hazelnut Cake Bake.The cake features plain chocolate, artisan coffee roasted by local coffee specialist Rinaldo’s, roasted hazelnuts and chocolate fudge & hazelnut frosting.It has an rsp of £28 and is free from egg, dairy, gluten and preservatives.“Whilst our vegan cakes are suitable for those choosing a plant-based diet, they are also suitable for those who are interested in reducing their dairy consumption, whilst providing tasty alternatives. More and more of our customers are now seeking out vegan and vegetarian options on shelf, which is why we’ve added a new cake to our existing range of vegan products,” said founder Lisa Smith. Source: GüGüThe dessert brand has launched its first three layered sponge pudding, the Apple & Salted Caramel Sponge.It comprises a caramel sponge on an apple compote, topped with its signature salted caramel sauce and Guérende salt.An addition to its Hot Puds range, it is available now in Waitrose an rsp of £3.40. It will roll out across other retailers in October.The sponge is set to help retailers meet consumer demand for indulgent after-dinner treats, with more shoppers than ever looking to add restaurant quality to at home meal occasions, said the firm.“While lockdown restrictions have been in place, we’ve seen many people turn to premium products to add that special something to their home-cooked meals, and we know hot puddings are a firm favourite as we head into the winter months,” said Amy Heap, marketing director at Gü.“Fruit flavours are consistently popular within hot desserts, with over a third of people stating apple is their preferred flavour. Combined with salted caramel, we know there will be strong consumer appetite for our latest addition as we continue to grow our extremely successful Hot Puds range.” Source: Regal FoodsRegal FoodsBakery manufacturer Regal Foods has unveiled a new ring doughnut range with two sweet flavours.Its variants comprise Chocolate Dipped Ring Doughnuts and Coconut Ring Doughnuts.Both doughnuts are available in a pack of four each at an rsp of £1.89 across convenience stores and via the Regal Foods online shop.last_img read more