Posted 10 months ago
I am treasurer of a new organisation which is not a registered charity but is a Community Benefit Society. We have raised £18k from a crowdfunder and that has just been matched by an unexpected extra £18k donation.
As far as I understand we're looking at a significant tax bill at the end of the year. This article explains that grant income can be deferred until it has been spent for it's intended purpose. While we have assigned our own intended purpose, and have stated that to the funders before they donated, neither grants come with anything you could call conditions.
So, what do people think- will we be able to defer this grant income? I will get the 'real' answer from the auditor at the end of the year, but I would like to know now if the answer is going to be no.