[foundation-board] Fwd: Accounts - updated

Tue Feb 22 14:25:04 UTC 2011

OK, in that case can people *please* respond asap to give they approval or
to state the issues that would prevent approval.

Rufus

On 22 February 2011 14:08, Becky Hogge <becky.hogge at gmail.com> wrote:

> On 22 February 2011 11:42, Rufus Pollock <rufus.pollock at okfn.org> wrote:
>
>> Thanks for this feedback Becky. I will pass this on. As no-one else has
>> responded I am going to take it that, modulo these changes, the Accounts are
>> approved by the Board for submission to Companies House.
>
>
> Although I appreciate it's frustrating that no-one else on the Board
> responded to this email in the timeframe you gave, I for one am not happy
> proceeding in this fashion. I think approval of the Company accounts
> requires positive assent of a quorum of Board members, not least because
> I suspect otherwise the accounts may well be invalid as an official
> document. I'm happy to give my approval modulo my comments (which shouldn't
> require much if any substantive change anyway) - they now have James'
> approval and presumably yours, so it shouldn't be too hard to secure a
> quorum.
>
> Becky
>
>
>
>
>> (We are now on a relatively tight timeline as they are due in by next
>> Monday).
>>
>> Rufus
>>
>> On 17 February 2011 14:32, Becky Hogge <becky.hogge at gmail.com> wrote:
>>
>>> Hi Rufus
>>>
>>> Thanks for these, I'll take a look at them over the weekend.
>>>
>>> I certainly don't have the expertise to say for certain whether we are
>>> liable for corporation tax or not. I remember that ORG was not liable
>>> (although we did pay it once, and subsequently reclaimed it) but I don't
>>> know whether this was because we held all "profits" on account for
>>> activities the following year, or because we had not-for-profit conditions
>>> in our Mems and Arts.
>>>
>>> OKF may need to state explicitly that we have such terms and are
>>> therefore not liable. See, for example, p20 of ORG's review of activities
>>> 2005-2007
>>> http://www.openrightsgroup.org/wp-content/uploads/org_reviewofactivities2007.pdf,  which
>>> includes the statement "It is our understanding that corporation tax is not
>>> payable by Open Rights as it is a not-for-profit company." They appear to
>>> have used this wording consistently up until 2010, when it no longer appears
>>> in the version of their accounts republished in their Annual report,
>>> although it could still appear in the accounts they have submitted to
>>> Companies House, I haven't checked.
>>>
>>> Rufus, do you want a second opinion beyond Urban Ledgers, in which case,
>>> I suggest that unless someone from the Board wants to step forward with more
>>> expertise than I have, we solicit one from a professional accountant, or
>>> would a reconfirmation from Urban Ledgers be sufficient?
>>>
>>> Cheers
>>>
>>> Becky
>>>
>>> On 15 February 2011 17:46, Rufus Pollock <rufus.pollock at okfn.org> wrote:
>>>
>>>> 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/
>>>>
>>>>
>>>>
>>>> _______________________________________________
>>>> foundation-board mailing list
>>>> foundation-board at lists.okfn.org
>>>> http://lists.okfn.org/mailman/listinfo/foundation-board
>>>>
>>>>
>>>
>>
>>
>> --
>> Co-Founder, Open Knowledge Foundation
>> Promoting Open Knowledge in a Digital Age
>> http://www.okfn.org/ - http://blog.okfn.org/
>>
>>
>>
>

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