How to run your group financially Tip: Not like this -> Overview of Funding How to run your group financially Tip: Not like this ->

Money, money, money… SU is a charity funded by: Block grant from University Commercial activities (bar/shop) Memberships (gym, Associate members, club/socs) Advertising (beer mats, student guide etc) Grants/Project funds - Sportivate

Students’ Union (dept 30) pays for: Affiliation to BUCS Insurance – Public Liability & personal cover First Aid training & kits Other training –eg driving the minibus End of year awards

Your Club/Society pays for: Referees/Officials Equipment for your activities Competition entry fees Transport/petrol costs Uniforms or kits - available for any members Kit laundry (in most cases – especially when they end up like this…) Photocopying Event costs Venue hire

Individuals pay for: Weekly subs/match fees Personalised clothing Tour tops Social events Trips & tours Tickets for awards nights

Other things you need to know… AU Membership £31 minimum £30 allocated to your club’s department £1 for online fees & card processing Society Membership £3 minimum £2 allocated to your society’s department £1 for online fees & card processing Balance from 15-16 is brought forward (even if it’s in minus) Financial year is August 1st – July 31st Match fees £3 per match (regardless of how much of the match someone plays in)

Setting budgets: Expenditure = Income

Setting budgets: Expenditure greater than Income

Step 1: What do you want to do? Example 1: Basketball team 6 x home matches (3 in Term 1 and 3 in Term 2) 6 x away matches (3 in Term 1 and 3 in Term 2) Train 1x week at hired facilities Need new basketballs Send 1 player on a coaching course Spectacular Freshers Fair – merchandise & fliers

Step 2: How much will that cost? Example 1: Basketball Nominal code Sept Oct Nov Dec Facilities hire   £200 £100 Transport £400 Umpires £30 £60 Coaching course £250 Equipment £80 Printing £10 Gifts and samples

Example 2: Surf Society Recruit loads of keen new members 1 x weekend surf trip away each term for <10 people Enter the BUCS National Surf competition in Oct Run weekly socials at the SU and around Bath

Step 2: How much will that cost? Example 2: Surf Society Nominal code Sept Oct Nov Dec Transport   £800 Comp entry fees £100 Accommodation £1500  Equipment £300 Printing £10 Gifts and samples

Sources of Income (because money doesn’t grow on trees) Match fees/ Weekly Subs Sponsorship Memberships Extra-Curricular Activities Fund (EAF) Positive balance from 15/16 (or deficit) Fundraising – eg bag packs, Bath Half, car washes, events, SU cashback SU Donation

Funding from the Students’ Union The SU has a fixed amount to donate to clubs/societies Donation is based on how much you need But: unlikely to be 100% of what you need – you will need to fundraise the rest

Budgeting: Top Tips Costs – be pessimistic! Income – be pessimistic! Don’t forget that costs will have gone up from 15-16 Save money in your spending – not in your budgeting Fundraising trumps saving Don’t forget to budget for equipment We love talking about money – come and chat to us

Oh no! Time to talk about VAT… Athletic Union Club Sports Societies Non-sporting societies Membership VAT exempt Receive all membership income VAT exempt – Receive all membership income Not VAT exempt – Receive 80% of membership fees Eg you charge £2, you receive £1.66 Expenditure You pay the VAT: eg if an item is £100 + VAT, you pay £120 You reclaim VAT: eg if an item is £100 + VAT (£120), you pay £100 (you pay the £120 and we reclaim the VAT on your behalf)

If only it were that simple! The following items are not VAT exempt (AU & sports societies only) Socials and Trips Kit/equipment for resale Income including sponsorship, tickets, weekly fees (excluding sports) will have VAT deducted Try to use VAT registered companies – you may be able to reclaim the VAT

VAT… …Is really complicated! Ask if you’re not sure Assume you’ll have to pay it Remember to factor it in to your budgets

Spending your ££££ To spend money: Order items through the SU – invoice Order items yourself – send the invoice to the SU SU’s credit card If there is no alternative it may be possible to claim back cash on expenditure of up to £50. Ensure there are sufficient funds in your club or society’s account complete a Cash Request Form (available from the Students’ Union) attach the VAT receipt (no receipt = no money)

Common mistakes: Spending ££££ Losing the receipt Only keeping the card receipt: we need the itemised part – we need to see what you actually bought Spending money on things that aren’t in your budget (where is that money going to come from?) Trying to reclaim money for alcohol Relying on getting money back the same day

Next Steps Think through what you want to do – detail Work out your costs Find out if you are carrying over any funds from 15-16 Think about whether your membership rate is right Introduce yourselves to Melissa – she’s your new BFF Dates to return budgets: 31st August – Blank template available on Committee Resources

Thank you!