What is ‘total income for the year’

CarpeDiem

Hi I am Trustee of a small Dementia Support Charity (CIO) and am looking to try and get funding.  One question is ‘total income for the year’ - sorry to be obtuse but what exactly is that ?  money in bank or money in pre or post expenditure ?  not been asked this particular question before and need to make sure I supply correct information.  Thanks.

Savvy_Sue

I'd have said that 'income' was what has actually arrived into the charity's control - not what is in the bank at any given time, and ignoring your expenditure, but what's actually arrived. 

So you might have £100 per month in Standing Orders, and a monthly coffee morning at which supporters pay £1 per tea or coffee which takes anything from £20 to £30 per month, depending on how many turn up and how much they drink. Obviously you have to pay for the tea and coffee, and possibly for the hire of the hall where you hold it, but those are expenditure and nothing to do with your income. 

'income for the year' - again I'd expect that to cover a particular 12 months. The charity I work for has a financial year which runs from 1st May to 30th April, so if someone asked for our 'total income for the year', I'd give the amount which arrived in the bank between those dates, regardless of when you asked me, but I'd make it clear which year I was referring to. At the moment I can't tell you what our 'total income for the year 2021-22' is, because we're still checking it before we have the auditors in. 

Does your treasurer have a better grasp of these terms? And the amounts? 

FluffityBunny

It's all monies received (do not deduct expenses from this figure).

theoretica

How long has the charity been established?  You will need to submit annual accounts to the charity regulator, and if you have been running long enough all these numbers should be already compiled by the treasurer.