I vote for £1,000 RP disclosure. Was he a RP when he made the £4k donation - no, so no need to disclose, just a donation from Joe Public.
I would go with the £1k and then if the auditors query it argue your case. It is just a disclosure note so doesn't affect the TB figures so I don't think the auditors will be too upset - most auditors are nice people - not dragons that will roast you alive for this.
Sounds dodgy. Are the contracts not between the UK company and the Subcontractors (UK based subcontractors?). Are they rewriting history in order to get the grant?
In hindsight, could they not have applied for UK R&D grants?
In Scotland, one of the conditions is that you cannot apply for a grant for a project which you have already started - might a similar restriction apply in France. How certain are they that they would be awarded a grant in France.
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.
2 thoughts occur -
Getting permission, in writing, from either a director or the legal team sounds like too much hassle.
When I was a trainee I was always told never to discuss clients, not even name them, outside of work (ie down the pub after a few drinks). Is this much different, maybe just old fashioned thinking.
Depends on the exact circumstances and terms, but on the basis that they have been awarded £7,500 then the charity should recognise the full income, hence there is a debtor on the balance sheet.
Presumably on Accruals basis and not Receipts and Payment? Instead of the Restricted Fund being held as cash on the balance sheet, it is held as a debtor.
DR debtor (RF)
CR income (RF)
with the full award
DR expense (RF)
CR debtor (RF)
for each phone bill
My answers
I vote for £1,000 RP disclosure. Was he a RP when he made the £4k donation - no, so no need to disclose, just a donation from Joe Public.
I would go with the £1k and then if the auditors query it argue your case. It is just a disclosure note so doesn't affect the TB figures so I don't think the auditors will be too upset - most auditors are nice people - not dragons that will roast you alive for this.
Sounds dodgy. Are the contracts not between the UK company and the Subcontractors (UK based subcontractors?). Are they rewriting history in order to get the grant?
In hindsight, could they not have applied for UK R&D grants?
In Scotland, one of the conditions is that you cannot apply for a grant for a project which you have already started - might a similar restriction apply in France. How certain are they that they would be awarded a grant in France.
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.
2 thoughts occur -
Getting permission, in writing, from either a director or the legal team sounds like too much hassle.
When I was a trainee I was always told never to discuss clients, not even name them, outside of work (ie down the pub after a few drinks). Is this much different, maybe just old fashioned thinking.
"I pay you to do the accounts not to sit about posting on social media!!"
Agreed. That's what I said (sort of) .... with the addition that it is a restricted fund.
Depends on the exact circumstances and terms, but on the basis that they have been awarded £7,500 then the charity should recognise the full income, hence there is a debtor on the balance sheet.
Presumably on Accruals basis and not Receipts and Payment? Instead of the Restricted Fund being held as cash on the balance sheet, it is held as a debtor.
DR debtor (RF)
CR income (RF)
with the full award
DR expense (RF)
CR debtor (RF)
for each phone bill
What car/running costs have been incurred? I'm guessing fuel is the only cost in this situation.
Could the "payable invoice" report be using the payment due date rather than the invoice date?