Share this content
1

Reporting requirements - Charity converting to CIC

Didn't find your answer?

Hi, first time posting, so please be kind :-)

I have a query about the reporting requirements for a charity that has converted mid financial year to a community interest company that I haven't been able to find a satisfactory answer to and I was hoping that that the luminaries of the forum may be able to help.

The charity was previously incorporated and limited by guarantee and submitted the appropriate accounts, independently examined, prepared under the relevant SORP to the charities commission each year.  During their last financial year they applied for, and were granted, permission to convert to a CIC. The trustees all resigned and a new board of directors was appointed on conversion. This was all dealt with properly and the Charities Commission have removed the charity from their register, again before the financial year end.

My question is how to report this/what accounts format to prepare for this hybrid year? Are the accounts simply CIC accounts for the full period as the charity has been removed from the charity register? Or is the independent examination/reporting under the SORP for the period that it was a charity, required? In which case shortening the financial year to make dealing with the cut-off easier may make sense?

If CIC accounts are required for the full year how do I distinguish the charitable element on the accounts and also on the CT600 (done via CT600E)?

I'd be grateful for any assistance!  Thank you.

Replies (1)

Please login or register to join the discussion.

avatar
By DouglasN
06th Mar 2020 10:12

I would have thought your first CIC accounts are from the date it is registered as a CIC to whatever year end it has. On the first day of the CIC it received an income from the charity, being whatever was transferred from the charity to the CIC.

Thanks (2)
Share this content

Related posts