As part of an ongoing project, the Students’ Union is in the process of bringing all student group bank accounts in-house. This means that, going forward, all group funds will be held and managed through SU-administered accounts rather than external bank accounts. 

  

Please note that your funds will remain fully yours; they will simply be held within the Students’ Union’s central account in a designated area, known as a ‘cost centre’, that is specifically assigned to your society. 

  

Why is this change happening: 

This change follows external financial reviews and audits, which identified that student group finances need to be managed internally. This is in line with Charity Commission guidance and has been formally approved by the Trustee Board. The key reason for this decision is that the SU must be able to demonstrate to regulators and auditors where and how student group funds are used. 

  

The project is being rolled out in phases, and we are aiming to have it completed by the 31st of July 2025. Several groups have already transitioned, and the remaining groups have been contacted about the transition.

You can find the detailed procedure notes here: SU Financial Procedures 

  

If you have any questions or concerns, feel free to get in touch lusugroupsfinance@lancaster.ac.uk and we will be happy to assist.