Unincorporated charity transfer to CIO

Unincorporated charity transfer to CIO

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We have an unincorporated charity that has setup a CIO to take over the assets and running of the charity and I just want to check the Financial Reporting surrounding this.

Would I be right in thinking that the unincorporated charity essentially prepare cessation accounts and then the CIO simply aquire the relevant parts of the Balance Sheet on a specific day?  Is there anything that we need to watch out for?  

The unincorporated charity is running to 31st May and the CIO will run from 1st June.  Are there any notes important to each set of financial statements or is it simply a case of a 'standard' set of accounts to 31st May, then everything is disposed of and reaquired on 1st June.?

Many thanks for any insights.

Replies (4)

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Scalloway Castle
By scalloway
28th Apr 2016 19:03

Donation

I am chair of a charity that became a SCIO. It would appear looking at the first set of SCIO accounts our accountant treated everything that came from the unincorporated charity as a donation to the SCIO.

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Replying to ireallyshouldknowthisbut:
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By Pauline39
28th Apr 2016 20:28

Donation

So if they are treating everything as a donation is it then taxable in the SCIO?

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By Pauline39
28th Apr 2016 20:26

Donation

So if they are treating everything as a donation is it then taxable in the SCIO?

 

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Scalloway Castle
By scalloway
28th Apr 2016 21:15

Taxable?

If it is a charity why would it be taxable?

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