Financial Responsibility 2022/2023

Financial Responsibility is a legal requirement you must complete before you can process any financial transactions. Financial Responsibility runs from 01 August 2022 to 31 July 2023.

Please enter your full name
Your CID number can be found on the front of your College swipe card and is 8 digits long

e.g. CGCU Mechanical Engineering
Find yours at > Finance > Transaction Pages > Use the magnifying glass to search for your group

(If you are a New Incubator Club (NAI) you will not have an account code so please write 'NAI' as your code)

Income received by cash or cheque is taken directly to the bank and deposited. Alternatively, cash should be stored in a Union safe and retrieved the next working day.

Cash is handled according to Union guidance. E.g. one (1) person can carry up to £2,500, two (2) people may carry up to £5,000. Income related to website products and event tickets with a value of £2 or greater is, where possible, received through the Union website.

When receiving cash or cheques directly from individual members, a record of that transaction is to be kept.

All income and expenditure are to go through a Union account. No external (non-ICU) bank accounts are to be opened or used for your group’s business. This includes the storing of monies in a members’ personal account.

Regarding group expenditure, the most appropriate method of payment is used. For instance, transactions above £250 should be made by raising a Purchase Order, after which a full VAT invoice must be provided.

Income received for the purpose of a charitable donation is collected in line with the Charities Acts (2011) and principles directed by the Fundraising Regulator .

An annual budget is submitted to the Union via the agreed system.

Any costs over your Union grant allocation are to be funded by self-generated income as in normal circumstances. There is no overdraft facility is available.

Membership fees are processed online, via the Union website.

All types of Contracts, including sponsorship, are reviewed and signed by the Union before being signed by the Club, Society or Project Chair or Treasurer.

Inventory equipment valued in excess of £100 shall not be re-sold, re-allocated or otherwise disposed of without the prior written authorisation of the students' unions.

It is the responsibility of all Chairs to ensure that their respective CSP asset inventory is maintained and kept up to date with any purchases and disposals.
For example, balances transferring between years which do not reconcile or transactions with no basis. This is a high-level overview and a way for us to support you over the coming months to tackle any issues you are concerned about.

Equal Opportunities Policy

Clubs, Societies & Projects Policy

Minor Election Bye Law (Bye Law I) and Major Election Bye Law (Bye Law H)

Health and Safety Policy

Under 18s Policy

Freedom of Speech and Events Approval Policy

Volunteers Policy

Imperial College Union Privacy Notice

Imperial College Union Financial Regulations

All Union policies can be found online at

I the undersigned have read, understood, and agree to abide by the Imperial College Union Financial Procedures, outlined in training available for Club, Society and Project Officers. We have read and understood the guidance relating to finance (online at

We undertake to be responsible for the financial transactions of said group for the 2022/23 academic year and understand that we may be held responsible for our actions for up to seven (7) years after the end of term in office.

Although the Union’s Financial Procedures contain no specific sanctions for non-compliance, deliberate, negligent, or repeated disregard of their provisions, this may result in disciplinary action being taken against the individual(s) concerned, under the Union or College Disciplinary Procedures.

As a volunteer within the Union, you have a legal obligation to fulfil your duties to the best of your abilities within the law. Any unlawful attempt or action taken by you as an individual or by your committee with your approval may lead to legal action being taken against you.
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