Finances

The Important Legal Bit

As YUSU is a registered charity, we must keep clear and accurate records of all financial transactions. This includes all transactions made through student group accounts. Our accounts are audited every year to ensure that our finances are being used appropriately according to our objectives and values. Conducting financial transactions outside of these accounts, or just holding money outside of them, can constitute a breach of UK Charity Law. 

Because student groups are directly affiliated with YUSU, they are legally part of the charity and the laws regarding charities also apply to student groups. As a result, any and all transactions for your student group must go through our Finance Office. You may not hold any financial accounts for your student group outside the Union’s Finance Office. Doing so is in breach of your group’s constitution and will constitute grounds for de-ratification and/or disciplinary procedures. This includes using external ticketing websites or apps which have not been cleared by the YUSU Finance team first.

Legally, we are also not allowed to make any ultra vires payments. Ultra vires is a legal phrase essentially used to mean 'anything beyond our stated aims'– both of the Union and of student groups. This means that both the Union and our affiliated groups cannot spend money on things which are not achieving both the stated aims of the Union and of the group. For this reason, all expenditure is confirmed by an Activities staff member before any money is spent or reimbursed. It's also another reason why event ticket sales should be conducted through our platform, so we can ensure that the event taking place is also not ultra vires.