Central student venue on the cards
OXFORD STUDENT Services Limited (OSSL), the commercial arm of the Student Union and publisher of this newspaper, is considering purchasing or leasing a central student venue after posting record profits for this financial year. The company's interim accounts show a projected profit of £201,699 to July 2005 – an increase of 85 per cent on the net profit for the previous financial year.
Daniel Finley, Managing Director of OSSL, told The Oxford Student: “We are delighted to be able to announce such a large increase in our revenues. It has been a remarkable year and these results are the culmination of many months of hard work.” In a statement issued with the accounts, the company said: “a number of sites are being provisionally considered as potential central student venues.
The Oxford Student understands Oxford City Council would look favourably on any application by OUSU to own and run a largecapacity venue in the city centre. It would also be possible for the Student Union to lease premises in central Oxford. Any venue would be available for use by students as a bar and restaurant during the day in addition to being used as a nightclub.
The premises on George Street for which Australian chain Walkabout was refused a licence in October 2004 are understood still to be available. When asked about the possibility of OSSL obtaining a central venue, Finley told The Oxford Student: “The huge profits posted by OSSL this year have made a central student venue potentially viable. However, we will need to fully investigate the feasibility and commercial viability of such a project.
In the financial year ending July 2004, OSSL posted losses of £6,000. However it was relaunched this year to encompass OUSU's publishing and entertainment arms. Zoo, the Student Union\'s entz provider, is predicted to post profits in excess of £68,000 – an increase of over 1,000 per cent on the 2003/4 financial year. The accounts also show OSSL made a £38,000 profit on the Freshers' Fair, and almost £80,000 on the company's publications.
The figures are contingent upon OSSL maintaining its income from both Zoo and the publications. The interim accounts' release comes in the same week that an amended budget for the Student Union will be brought to OUSU Council. When the budget is shown to Council for approval, the figures will show a £150,617 loss for the Student Union before the OSSL profits are incorporated. OUSU will therefore project a net profit of £51,282 for the financial year 2004/5.
With no deficit to pay into, this money will become directly available for use by either the campaigning or the services arm of the Student Union. However Council will also debate motions to increase the annual salaries of OUSU's sabbatical officers by between £3,000 and £15,000, and to split the vice presidential role of Access and Academic Affairs into two separate sabbatical positions.
The two motions, if voted through by Council, will result in a total increase in salary payments of approximately £36,000 annually. The feasibility of purchasing or leasing a central student venue is contingent upon the reinvestment of OSSL profits in the services arm of the Student Union. If both motions pass through OUSU Council, the increase in salaries will consume 70 per cent of the profits in the amended budget.
17th Feb 2005