Charities board update
Please note, our Forum rules no longer allow the posting of links to personal fundraising or crowdfunding pages, such as JustGiving. You can read the full set of our Forum rules here.

What is ‘total income for the year’

Options
CarpeDiem
CarpeDiem Posts: 24 Forumite
Photogenic First Post First Anniversary Combo Breaker
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.

Comments

  • Savvy_Sue
    Savvy_Sue Posts: 46,107 Forumite
    Name Dropper First Post First Anniversary
    Options
    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? 
    Signature removed for peace of mind
  • FluffityBunny
    Options
    It's all monies received (do not deduct expenses from this figure).
  • theoretica
    theoretica Posts: 12,344 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    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.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards