UCD Students’ Union nets €1.1m after first foray into corporate world

The union representing students in the largest university in the country has dipped its toes into the corporate world, presiding over a million euro business in its first year.

According to the first set of annual accounts lodged by UCD Students’ Union Ltd with the Companies Office, they show that the company recorded revenues of €1.11m in the year to the end of June 30 last.

The directors state that the year “was a successful one for UCD Students Union Ltd”.

The figures show that the firm recorded a surplus of €81,738 at the end of the year in spite of incurring losses around its flagship event, the UCD Students’ Union Ball in April 2013.

The union staged the event in Dublin’s O2 last year — the first time that the event was held off campus.

Headlined by DJ Chuckie, the event last year cost the student union body €162,519 to stage while generating income of €125,446 — a loss of €37,073.

The company was only incorporated on June 28 2012 and according to the directors’ report “the financial position reflected in these financial statements shows a significant improvement on previous trading years and in particular on operations prior to the establishment of the limited company — and this improved financial position is reflected in our overall organisational development”.

The report adds: “Our organisational re-structuring, that commenced with the establishment of the limited company, with independent directors appointed both to reflect the membership and to provide stability and continuity, has progressed with ongoing reforms at sub-committee and representative level.”

The report states that: “although its membership is a captive community, it is crucial that the company provides the range of services and activities to its membership to generate surplus income to fund day-to-day activities”.