CIC Association

Serving Community Enterprise

Lucie Brooke
  • United Kingdom
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Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Margaret"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Andrew"
Dec 11, 2017
Andrew Fleet replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"The funds have been given to you to spend but have a caveat on them as to what they can be spent on. This shouldn't affect the accounting treatment we mentioned before."
Dec 11, 2017
Margaret Manuell replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"We understand that the grant money in hand is held on behalf of the project still to be delivered, so it is not an asset but a debt owing, like a manufacturer's order, say, that has been paid for up front, but not yet delivered.. That is how we…"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thanks Araine!"
Dec 11, 2017
Lucie Brooke replied to Lucie Brooke's discussion Grant funds balance sheet in the group Accounts Group
"Thank you Andy V helpful!"
Dec 11, 2017
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…"
Dec 11, 2017
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"
Dec 11, 2017
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
Dec 11, 2017
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
Dec 11, 2017

Profile Information

What is your postcode?
SW11 3HP
Name of organisation (if any) you are associated with?
FREE2B Alliance
Is that organisation a CIC?
Yes
If you have a website, what is your web address?
http://www.free2b-alliance.org.uk
Are you interested in representing a CIC at the CIC Association AGM?
Yes
Are you interested in working in partnership with the CIC Association?
Yes

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