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Comment by Ian Burnett on July 31, 2012 at 21:05

Hi Angela - a few snippets for you, I found myself in a very similar position 6 months ago ! First ensure you understand what your organisations objectives are and where funding support is required, else you will get pulled left right and centre and apply for lots of things you won't get ! To help avoid this I registered on the National Funding Central website which is funded by the Government ( http://www.fundingcentral.org.uk/) to help steer charities and CIC's to grant sources. You can set up a weekly e-mail feed that will notify you of grant opportuntiies in your area. You can also do a customised search for different types of grants so you can understand what might be relevant.

I also made contact with our County Council who have a full time External Funding Officer and a Community Engagement Officer whose jobs are to help community and charity groups get off the ground. They also had a drop in service where they will search the national grants databases and recommend suitable grant funding routes for you.

Hope useful.

Rgds, Ian

Comment by John Mulkerrin on July 31, 2012 at 12:29

@Angela, good luck with your journey taking things forward.

That project with your local GP would definitely constitute an Industry Link/Sector partner, but Id suggest you actually ask the person who said it to expand as nobody else will really be able to give you an answer as to what was meant.

A wealth of funding is 'available' to everyone, mostly you will have to compete for it and understanding what is and isnt worth pursuing can make all the difference.

Comment by Jane Kite on December 7, 2011 at 13:48

Hello - I am preparing the first years accounts for a music therapy CIC and this is also my first time at preparing accounts for a CIC. I have modelled them on "Jones Sample Accounts Limited" from HMRC and we do not need an audit. My question is - is this the correct format for the P&L ie with turnover etc as per Company Law?  It's just that I am used to preparing charity accounts with incoming resources and unrestricted/restricted funds etc.  Also, as we are limited by guarantee what is the correct heading on the balance sheet for Capital and reserves as all we have is a profit and loss account?  Please don't suggest I go to an accountant as these are my only questions and we have very little cash.

Thank you in advance

Jane

Comment by COJOSA UK-IRL on November 1, 2011 at 13:01

Hi- I am looking for help within areas of fundraising. If you have any suggestions regarding getting grants and which organisations to approach will very much appreciate it. thanks

 

Comment by Terry Atkinson on October 24, 2011 at 13:32

Hi everyone

We are an accountancy c.i.c. based in the north east of England. We provide low cost accountancy support for third sector organisations in Durham, Northumberland & Tyne & Wear tel 0191 3874469

Comment by Dick Maule FCA on September 30, 2011 at 11:15

For small tax issues in the not for profit sector IR regulations will allow 5 year exemption from filing when a dormant signal is appropriate.[i.e. CT is due on bank interest only and the CT is under £100].

I am finding a surprising lack of hassle getting the revenue to agree to this....

 

Comment by Margaret Manuell on September 28, 2011 at 19:46

Hi Alastair. We actually don't make a profit - what comes in is what goes out. Technically we made a loss in each of the last two years. We hold a small reserve for emergencies. Most of our income is from funding; otherwise we charge our services at cost.

Comment by Alastair Irvine on September 28, 2011 at 15:25

Margaret, what you describe sounds like you're claiming that the CIC is "not trading with a view to making profit" and thus is taxed only on interest income.

I would be careful with this, as most social social enterprises do trade with a view to making a profit, they just do nice things with the profit. HMRC is unlikely to question this but could, so this will not apply to all CICs.

Comment by Margaret Manuell on August 17, 2011 at 15:03

Hi 

Our problem was eventually solved by an accountancy firm acting as our tax agent pro bono. Because of the nature of our activities and the fact that directors/members are volunteers and receive no share payments, all income being returned to further our community work, we are counted as non-trading and only have to pay tax on any interest (if any) we earn from reserves.  I thought this might be of interest to other similarly set-up c.i.c.s

Comment by Margaret Manuell on June 4, 2011 at 0:03

Hi Heidi

Thanks for your reply.  Unfortunately this year they have changed CT600 and it no longer looks like it did.  It's no longer an online form but a downloaded Adobe pdf with encrypted permissions, which requires either Adobe 9 or 10X. I filled the old online form without problems last year & sent up the pdf documents in support.  This year the form is more complex.  It asks for full details of directors. It also requires information about accounting models and depreciation rules and lots of other stuff in supplementary boxes, before going on to profit & loss (by which time it's reached number AC 12, and instead of a simple turnover and expenses declaration, each is broken down into sub divisions that mostly don't have anything to do with our activities.  I will try just putting in our gross figures and see if the form will accept them, if not we'll have to pass the hat round to pay for an accountant. 

Margaret

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