News | Union reveals nearly £30,000 of missing money
The Union has revealed that nearly £30, 000 has disappeared from its accounts.
The discrepancy was first discovered last June. When asked how a sum of £29, 576 of money went unaccounted for a period of two years, Union Affairs Officer Bradley Escorcio told LS: “it was because it was small amounts that accumulated.”
Investigations by PWC and the Police have failed to tack down a source for the shortfall.
Union Development Director Rebekah Smith said that the investigation was “difficult because it involves other organisations as well, who were also looked in to. It was about looking at the whole cash transit, as well as what was going on within the organisation.”
The Union has not changed any of the companies it uses for its cash transit and financial procedures.
LS reported on the discrepancy last year when the Union declined to reveal a figure due to ongoing internal and police investigations.
The Union is now tightening up internal procedures to ensure that a similar incident does not occur again. Note counting machines have been introduced and an external audit company has now been hired to come in and do regular checks.
Rebekah Smith stated that the investigation will not be pursued further, adding: “if we can’t find responsibility elsewhere, it comes to us as the trustees and the board to accept as our responsibility to make sure it doesn’t happen again.”