[foundation-board] Fwd: Accounts - updated

[Rufus Pollock]

Hi All,

Please find attached our draft accounts for 2009-2010. Since these are due
by the end of February I would ask that people aim to get comments to me to
pass on to Urban Ledgers by next Monday at the latest.

One major point to note is that we have a very substantial debtor entry (re.
DGU CKAN work) and a significant creditors entry (for £77,967). This latter
is an effort to represent anticipated liabilities or spending on projects
where we had already received funds but not spent them (primarily CKAN DGU
and WDMMG).

One question I wish to double-check is whether we will be liable for
corporation tax on the profit/loss we show. Since we are a not-for-profit
and any income we receive on projects would eventually be discharged on
those projects or related ones I do not think we are liable and Urban
Ledgers had confirmed this previously but I would like to double check.

Rufus

---------- Forwarded message ----------
From: Catherine Davis <catherine.davis at urbanledgers.co.uk>
Date: 15 February 2011 16:03
Subject: Accounts - updated
To: rufus.pollock at okfn.org


Hi Rufus,

We have now taken into account your previously emailed comments, and noted
the slight reallocation of the hosting expenses, and raised an accrual for
Software Development for £77,216.40.

Please find attached both the full and abbreviated set of accounts for your
perusal and approval.  Once you're happy with them, you'll just need to sign
and date in the various places and send either the full or abbreviated set
(your preference) to Companies House prior to the due date.

In terms of the accruals we've raised in the accounts, we haven't made any
changes in Xero (as we don't have access to do journal entries), however I
would recommend you post the following entries to bring everything in line:

*As at 31 May 2010:*

Debit   401 Audit and Accountancy Fees  £750
Credit  805 Accruals £750
(being our fees for preparing the end of year accounts)

Debit   3201 Contractor Software Development  £77,216.40
Credit  805  Accruals  £77,216,40

*As at 1 June 2010:*

Post the reversal of the two journals above, ie:

Credit   401 Audit and Accountancy Fees  £750
Debit   805 Accruals £750

Credit  3201 Contractor Software Development  £77,216.40
Debit  805  Accruals  £77,216,40

When it comes time to pay the accountancy fee invoice and the contractors in
respect of these accruals, simply post from the usual accounts, ie: for
accountancy fees you would simply post against account 401 with the other
side being Bank.

I'd also recommend closing off the period in Xero as at 31 May 2010 so that
no entries can be inadvertently backdated to the prior year, once it's been
finalised.

Just sing out if you need a hand with any of the above, or if you have any
changes you'd like to be made to the accounts.

Kind regards
Catherine





-- 
Catherine Davis*Managing Director* *M*0795 808 5386*T
* 0207 700 0355*F*0207 700 3722 *W*www.urbanledgers.co.uk





-- 
Co-Founder, Open Knowledge Foundation
Promoting Open Knowledge in a Digital Age
http://www.okfn.org/ - http://blog.okfn.org/
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