[foundation-board] Fwd: Accounts - updated

Tue Feb 22 21:41:48 UTC 2011

I have reviewed the account documents sent through, and with Becky's comments, I also approve.  That should be a majority of 4 out of our 7 directors.

Thanks everyone for their hard work.

Jordan

On 22 Feb 2011, at 14:25, Rufus Pollock wrote:

> 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/
> 
> 
> 
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> 
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> 
> -- 
> 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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____
Mr. Jordan S Hatcher, JD, LLM

More at: <http://www.jordanhatcher.com>
Co-founder:  <http://www.opendatacommons.org>
Open Knowledge: <http://www.okfn.org/>

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