Skip to main content

Budgeting and Spending

The Budget process allows the Union to:

  • check that you have sufficient funds in your club/society account
  • assess the financial risk of the event or activity to your club or society
  • ensure transparency, accountability and that your money is being spent appropriately.

Take a look at the How to Guide for drawing up an Event Budget.

The following table explains what you need to do when you want to spend money or organise an event:

Level of Expenditure

Approval Process

When?

£0-200

No approval needed; you can make your purchase without consulting the Union using the Payment Request Form.

When necessary

£200-1000

Complete an Event Budget Approval Form and submit it to  .

Minimum 2 weeks before the event.

£1,000 or more

Complete an Event Budget Approval Form and submit it to  .

Minimum 4 weeks before the event. Out-Turn Budgets should be submitted within 2 weeks after the event.

Any event involving the hire of an external venue or facility for £2,000 or more.

Complete an Event Budget Approval Form  and submit it to  . Provide the Student Activities Officer with a copy of the venue/facility hire contract. Please ensure you keep copies of all receipts for proof of purchase.

Minimum 8 weeks before the event. Out-Turn Budgets should be submitted within 2 weeks after the event.

 

What happens next?

A panel of staff and officers (including the Activities and Events Officer and the Activities and Skills Manager) will assess your event budgets and do one of three things:

  1. Approve it – you are then free to go ahead with the planned event.
  2. Defer it – you will then be contacted and asked for further clarification about the budget.
  3. Reject it – in this scenario you will not be allowed to proceed with the event.

If you are organising an event where your budget is dependent on income from ticket sales or member contributions, then you will need to make sure that the income is received before you begin making payments. Obviously if you don’t have the money available then you can’t spend it, and your accounts cannot go into deficit.

Managing expenditure

There are a variety of different ways to spend money from your accounts, and the following section is a summary of the various different expenditure methods, as well as some advice on how to properly manage your expenditure.

Firstly, when you know how much you want to spend, make sure you follow the correct spending approval procedures outlined in the section above. Once your expenditure has been approved then there are 3 ways to spend money:

1. Spend and Reclaim (up to £200, unless approval is sought beforehand)

You or one of your members spends their own money and gets receipts before reclaiming it from the Club or Society account using a Payment Request Form. If someone needs to spend more than £150 of their own money, make sure you gain approval via the event budget form. See the detailed how to guide.

2. Online Purchases

All online purchases, regardless of their value can be made via the Finance Department. Obviously if they are under £200 then you can use the above Spend and Reclaim procedure to make your purchase if its easier. However, if it costs more or if you do not have the funds available yourself, then you should complete an Order Request Form and submit it – you will then be contacted by the Finance Officer Ramesh Kerai who make the order for you or will book a time for you to go to the Finance Department to make the online purchase using the Union’s credit card if it requires your clarification of details.

3. Orders Directly to a Company

When you want to make an order directly with a company, you should submit an Order Request Form via the appropriate procedures listed here. Once your Order Request Form is submitted, the Finance Department checks to make sure you have enough money in your accounts to make the order. If you do, then the order is processed, if you don’t then it is rejected. If the order is processed, payment will either be made before the goods are delivered or after the goods are delivered. 


Guidance

When spending money, be careful! You are responsible for the financial well being of your Club or Society, so make sure you budget carefully and think about all the possibilities. Additionally, look for quotes – it is good practice and it can save you money. Don’t assume that your predecessors knew the best companies to use, have a look yourself to make sure you are getting a good deal.

Most of dealing with expenditure and budgeting is risk management. Do you really have that money to spend? Are you really going to recoup that much through ticket sales? Is your predicted income guaranteed or assumed? If it is assumed, how safe is the assumption? Budgets will only work if you are realistic – don’t try and bend the income figures to fit your expenditure desires, as you will ultimately end up in deficit and always have a 15% contingency on events

The bottom line is that the club/society accounts are your responsibility. The Union will not bail you out if you drastically overspend; your accounts will just go into deficit and your funding will be cut the following year and a repayment plan organised.