"Horrifically mismanaged"
The Guild Society will reveal within the next two weeks that it will be reforming and downsizing in an attempt to stop a massive slide in profits from previous committees. Neil Mahapatra, Oxford Union President, said the Society's accounts had been left "shockingly bad".
Sources around Oxford have revealed that the current committee of the Guild Society has been seeking support from some of the biggest student interest groups in and outside the University, including the Oxford Union and OUSU, to support their failed finances.
Eleanor Fletcher, OUSU Vice-President (Finance) confirmed that members of the Guild Society had discussed serious proposals for a merger with OUSU in June and July with the then VP (Finance), Steph Gray and the Business Manager, Tom Mackrell.
"Some of the things they do would be very good for OUSU members," she said, "but it would be irresponsible of OUSU to do what they asked, which was to financially underwrite their operations."
"We looked at their accounts," she added. "They were deeply disturbing and clearly showed a great deal of irresponsible use of Guild funds."
Rikhil Shonchhatra, new Director of the Guild Society, said that they had been planning to reshape it for a while, and explained: "We could continue as we are, and we have the money to do that, but we are looking round and seeing what's best for the Guild Society. We just want to make sure that the Guild Society remains the best and largest student society in Oxford."
The current committee has been working throughout the summer to redress the balance in the society's accounts and met on Tuesday to finalise plans to sell the Guild's offices in George Street. The Society's headquarters will move to a more manageable two-room office with the intention of recouping massive savings through lower rent.
Shonchhatra said that he and his committee had been working hard over the summer to come to a successful arrangement, and that his committee was in no way responsible for the decline in the society's accounts.
The Guild is the largest student society in Oxford. It was formed as a student business guild in 1993, and aims to give students the best view of the working world from top graduate recruiters through presentations and publications. It produces Oxbridge Publications and Future Flyers, as well as organising the Oxford Careers Day.
Its social events, such as the Champagne and Chocolate parties, are known across the University and a few years ago it was one of the most financially successful student societies.
Union President Neil Mahapatra said on Monday that the Union was still considering their relationship to the Guild Society, but was scathing about the state of the Guild's accounts. He said: "On presentation of the accounts it was abundantly clear that they had been horrifically mismanaged."
He made it clear, however, that this was nothing to do with the present committee, and that they should not be blamed for past mistakes out of their control. Shonchhatra agreed, and reiterated that his committee had worked hard to repair some of the damage.
The Guild had four meetings last term with the Finance Committee of the Oxford Union and several discussions with Mahapatra. He revealed that they have also been in contact since then over the matter.
Union Press Officer Daniel Johnson revealed that if the Guild did enter into partnership with the Union, presentations would become a part of the Union's remit, which he said would work in its favour. Publications would probably become a separate offshoot, he said.
Johnson stressed that plans were still "very liquid", but revealed that if Guild events were held in the Union, Oxford Union members would automatically be allowed to attend. Members of the Guild who were not members of the Union would not be allowed into the Union at other times, he added.
Shonchhatra said that a merger of services with the Union was not the only option for the Society, and that they had been in talks with several "major groups" about transferring services.
4th Oct 2001