Noticeboard

Have you got news? Share it here!

APPLY FOR GRANTS

individuals & organisations >

DOCUMENTS

download pdf resources >

GET IN TOUCH

we're happy to help >

 Committed to Excellence logo EVOC is a Investor in People

Income and Expenditure Accounts

« Back to Resources

Income and Expenditure Accounts (also sometimes called Receipts and Payments Accounts) – are the simplest format for annual accounts.  They record exactly what money your group has had coming in (income or receipts) and what has gone out (expenditure or payments) over the 12 month period of your financial year.

Which groups should prepare Income and Expenditure Accounts? 

Simple Income and Expenditure accounts are usually best suited to Unincorporated groups (without charitable status) who are handling small amounts of money over the year.

What to include in Income and Expenditure Accounts 

Income and Expenditure Accounts will usually comprise a Statement of Balance showing:-

  • the amount your group began with at the start of the financial year (in subsequent years this will be the balance carried over from the year before)
  • transactions over the year
  • the balance you have ended up with after all the expenditure has been deducted

At the end of the financial period the difference between what has been received (your group’s income) and what has been paid out (your group’s expenditure) will be balanced off to give a final figure. This is often referred to as your ‘cash in hand’. If you paid out less than you received, then the balance will be a ‘surplus’ figure. However, if the amount you paid out exceeded the amount paid in, your balance will be a deficit figure. 

Adopting your Accounts

Once prepared, your Annual Accounts should be presented for approval by the members at your Annual General Meeting. The Statement of Balances should be signed by one of your committee. Copies of the Accounts should state the name of the signatory and the date they were approved.

Unincorporated Associations (without charitable status) have no statutory obligation to submit their Accounts to a regulatory body. You may however be required to submit your Annual Accounts to a funder as part of the conditions of grants received during the financial period in question. 

Contact the Community Toolkit Editor

Conditions of Use
Last Updated 14/10/2011 15:16

_uacct = “UA-829849-2″;urchinTracker();

Contact the Community Toolkit Editor

Conditions of Use
Last Updated 14/10/2011 15:16

_uacct = “UA-829849-2″;urchinTracker();

« Back to Resources