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Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Araine!"
12 minutes ago
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thank you Andy V helpful!"
12 minutes ago
Ariane Mercurius-Taylor replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Unspent funds should be shown as deferred income on the balance sheet as rightly pointed out in Andrew's post.  It will reduce your overall surplus - logic behind this is that the funds will be used in following years on projects…"
34 minutes ago
Andrew Fleet replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Hi Lucie, absolutely you should show them on the balance sheet as a creditor (Deferred Income). Then as you use them in the following years you will release them (Dr Deferred Income, Cr Income) to match against the expenditure. Hope that helps. Andy"
54 minutes ago
Lucie Brooke added a discussion to the group Accounts Group
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Grant funds balance sheet

HiWe are in the process of preparing our year end accounts, prepared by our Treasurer and verified by an accountant not linked to our organisation (as is often required by grant funders) We can not get agreement as to whether unspent grant funds (to be used in the next financial year) should be included in the balance sheet (with same amount reported as a creditor in the balance sheet too) or not - on the basis they are not owned by us and therefore not an 'asset'Clarification would be much…See More
1 hour ago
Lucie Brooke joined Heidi Fisher's group
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Accounts Group

For any accounting related queries, including accounts software package questions, grants and trading income treatment, HMRC or Companies House queries/issues, tax reliefs for CICs, links to useful finance information etc
1 hour ago
John Mulkerrin replied to Mason Woodhams's discussion Microsoft software
"We tried to get a review of this a while back with no joy, definitely something we should try and get CIC included in and maybe worth a go again in 2018. "
4 hours ago
Profile IconAdewale, Adriana Eyzaguirre and Stephen Sutton joined CIC Association
4 hours ago

Forum

£240m health contract awarded to CIC 1 Reply

Started by John Mulkerrin in CICs in the News. Last reply by Eoin Heffernan Aug 15, 2015.

Barlinnie inmates to build Glasgow social housing through £2 million CIC Bond 1 Reply

Started by John Mulkerrin in CICs in the News. Last reply by Catriona Nason Nov 15, 2015.

CIC offers new 50% SEIS tax relief to investors 2 Replies

Started by John Mulkerrin in CICs in the News. Last reply by John Mulkerrin Sep 21.

Association Logos for CIC members 4 Replies

Started by John Mulkerrin in Introduce yourself. Last reply by Lucy Nov 4.

Blog Posts

Peoples Millions finalist!

Fantastic news! - Horses Helping People CIC in Buckinghamshire have won through to the final round of ITV's The People's Millions, where worthy projects compete for public votes to win a cash donation of £50,000 from the National Lottery Big…

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Posted by Debbie La-Haye on October 31, 2013 at 23:18 — 4 Comments

 
 
 

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