Xiaohongshu
Club and Society Accounts
All affiliated clubs and societies have an ‘account’ with us. Unlike a bank account which can be accessed with a debit card or account and sort code, the accounts are more like a pot of money specifically allocated to your club or society.
Presidents and treasurers can use club and society accounts to:
- Make purchases for your club or society.
- Reimburse payments under £350 made by your members.
- Receive income including sponsorship, ticket income and refunds.
Grant vs Non-Grant
Your club or society account is split into two ‘pots’: grant and non-grant. These two pots are used for different types of funding and transactions.
Grant Account
- Each year clubs and societies can apply for grant funding. If approved, this funding is allocated to your grant account.
- This is a ‘grant’ because you don’t have to pay the money back, but it can only be used for the specific purpose it was allocated for within the academic year.
- Any unspent funds will be reclaimed prior to the end of the financial year.
Non-Grant Account
- Any other income which your club or society may have will be allocated to your non-grant account.
- This includes membership fees, ticket sales, sponsorship and Friends’ Trust income.
- You can only use membership fees for core activity as outlined in your constitution.
- You may use the rest of your non-grant funds for both core and additional.
- Any income you have in your non-grant account will remain in your account at the end of the year, and roll-over to the next academic year.
Accessing and understanding your financial statement
Once you’ve completed your training and registration documents, you’ll get access to check your weekly financial statement online. You’ll be able to download a transaction list which will give you a breakdown of processed transactions for the current academic year. Please note:
- Some funds (e.g. ticket sales, credit card purchases) may take time to appear in your account, and so the funds shown may be different to the funds available in practice.
- Processed credit card payments made before the 28th of that month will be reflected at the end of the month the payment was made or the beginning of the following month.
- JustGiving and Dojo card reader income will be reflected when we receive the funds.
- When you download your transaction list, negative figures show income or surplus, positive figures show expenditure or debt.
Financial Statement
Log in to the Students' Union website (top right hand corner of the website).
- Go to the Club/Society you are president or treasurer of. (You can find this listed on your profile page, via the club/soc directory, or by searching).
Click on the 'Finance' tab:
Here, you will be able to see your financial summary!
Scroll down and click on 'Download transaction list' to see a breakdown of your transactions. Make sure to select the correct dates!
Finance Codes
When completing some of our forms, you may need to know how to ‘code’ your transactions. Students’ Union finance codes are 10 digits long, and made up of three different types of code, these codes will also appear on your financial statement and will help you determine what each transaction is.
- Grant or Non-grant Code
Firstly, you will need a 2 letters code.
This code specifies if the transaction if for your grant account (G) or non-grant account (N), and if you are a club (C) or society (X):
Grant Non-Grant Club GC NC Society GX NX
- Department Code
Secondly, you will have a department code, made up of 3 letters. Presidents and treasurers can find their finance code on their club or society finance statement. These 3 letters represent your club or society, no two clubs or societies will have the same 3 letter code sequence.
- Finance Code
Finally, you will need a finance code, made up of 5 numbers. (Most forms have this as a drop-down list). This code lets us know the type of income or expenditure (e.g. sponsorship or kit).
If you are fundraising for a charity, you should use the finance code 69315. For more information you can read our guidance on charity fundraising.
The codes you are most likely to need are listed below:
Income
69301 C&S EVENT INCOME 69308 C&S MEMBERSHIP FEE INCOME 69315 C&S DONATIONS 69350 C&S SPONSORSHIP INCOME 69357 C&S KIT INCOME 69364 C&S TOUR INCOME Expenditure
99336 C&S FRIENDS TRUST 99700 C&S MISCELLANEOUS EXPENDITURE 99705 C&S TOUR COSTS 99706 C&S KIT EXPENDITURE 99170 C&S ADDITIONAL GRANT 99715 C&S PUBLICITY COSTS 99717 C&S SPEAKERS/WORKSHOPS 99721 C&S COACH/INSTRUCTORS 99723 C&S EQUIPMENT MAINTENANCE 99725 C&S EQUIPMENT PURCHASE 99729 C&S PRODUCTIONS COSTS 99731 C&S FACILITY HIRE 99735 C&S TRANSPORT 99739 C&S COMPETITION ENTRY 99742 C&S MATCH OFFICIALS
For example, if the Knitting Society paid a guest speaker from their non-grant money, the transaction will be 'NXKNI99717'.
Your club/society finance code is displayed on any emails you receive containing financial statements for your club/society. On the financial statements, the finance codes are also used in the 'GL Codes' column to indicate the type of income/expenditure.