Restating prior yr I&E comparatives in Charity accounts

Restating prior yr I&E comparatives in Charity...

Didn't find your answer?

HI all

Just a quick one that I hope someone can help me on. I'm doing some pro-bono work for a charity (independant examination) which is also a company ltd by guarantee and whilst I'm happy with the work I have undertaken. Both myself and the trustee I am liaising with are unhappy with the comparative information in the I&E for the prior year. Specifically the classification of some income as from charitable activities, when infact it was voluntary and some expenditure as governance when in fact it was (largely) part of the cost of generating voluntary income. At the moment we have some odd looking variances between the years and it seems sensible and, indeed, right to restate the prior year.

Any issues with this? Can I simply change, make a note under the I&E that the comparatives have been restated for the prior year and submit?  The underlying transactions have obviously not changed, its simply the presentation on the face of the I&E.

Many thanks in advance for your help.

Replies (2)

Please login or register to join the discussion.

avatar
By Neil Douglas
15th Sep 2011 14:31

Comparatives

Your solution seems to make sense to me, the balance sheet hasnt been changed in anyway so there is no need for a prior year adjustment that you would expect normally. I might be tempted to make it clear in your statement on the end of the I & E account that all that has happened is effectively some expenses have been reallocated so the reader is clear the comparative balance sheet is ok.

 

Neil Douglas

Eureka software

Thanks (1)
avatar
By zarathustra
15th Sep 2011 14:47

Just do it

Yes.

Thanks (1)