Finance Essentials

Managing your club or society’s finances is a great responsibility which directly affects your members’ experience. Below we have listed some essential areas which need to be in place as a minimum standard to ensure the successful management of your finances. 

Essential Admin 

• Account is in the club or society name (not an individual's name)
• Signatories of account are current committee members
• Only one account per club or society. This will either be a bank account or a Money Hub account (not both)
• Update Group Hub to ensure correct bank details are on the system. Any financial transaction between your club or society and SUSU will use these details
• Ensure that account is correctly handed over to the new committee at the end of the year, including change of signatories

Planning and Budgeting 

• Financial forecasting for the year ahead should be uploaded to Groups Hub (see templates here)
• External bank statements should be uploaded to Groups Hub
• Record all income and expenditure (see templates here)
• Ensure use of funds complies with club or society objectives
• We strongly advise not to use your personal finances to make purchases. If you are having difficulties making a purchase/payment please contact accounts@soton.ac.uk

Charitable Fundraising 

If your club/society chooses to fundraise, all activity must comply with SUSU charitable guidance, and all charitable donations MUST be processed through SUSU Raise And Give (RAG).  This is a legal requirement under charity law. Please contact susurag@soton.ac.uk for further information. 

VAT

Clubs/societies are not registered for VAT so you cannot recover VAT on expenditure but also do not have to declare VAT to HMRC on your income.  Whilst SUSU IS registered with HMRC, it cannot help your club/society recover VAT.

Financial Reporting 

• Regular updates to committee on current financial situation
• Annual Financial Report presented at the AGM and submitted to Groups Hub