Balance sheet help ~ property
A small company (by guarantee) that is run by volunteers has been formed to provide affordable housing for local people.
Land has been leased to the company by the local council at a peppercorn rent for 125 years.
Grants have been received to pay for some of the developement ( say £30K)
This money has been paid to a housing association who have built properties at a cost of approx £400K. In return for this they will administer the properties and collect all rents for the next 30 years. After that all income and expense will revert to the company.
How should this be reflected in the balance sheet?
Many thanks in advance for any replies.
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