ICYS help

Kelly7Kelly7 Well-KnownPosts: 218Registered
Hi all

I know no one on here knows the company where I work or may not be able to help but I am in a bit of a predicament and this seems the only place I can think that may be able to give me some help.

I have pretty much finished my ICYS report but there are a couple of points which I don't know how to answer. I have asked my manager at work but she is really busy and hasn't really got time to help. I work for a charitable trust. The first is to explain the SFP, I.S and cash flow and how your company uses them. I can explain them but I don't know how the company uses them so was wondering if anyone could maybe tell me how their company uses them and I can think if it would relate to us too. I seem to remember last year that my manager said we don't produce a cash flow but not sure I can say that?

Also - 'Explain the types of controls that are in place to ensure compliance with statutory requirements' and my teacher has said as we are a charity how are charity commission requirements are upheld but I don't even know what this is.

I'm a bit stressed that I have spent hours and hours on this report and because of 2 points I am going to have to start again on one of the case studies.

If anyone could give any help at all I would be very grateful. I feel I've been working on it for so long now I want to submit it and whatever feedback I get I will at least know that whatever is not mentioned is ok.

Thanks in advance for reading this.

Kelly xx

Comments

  • sdvsdv Experienced Mentor Posts: 585Registered
    google "AAT Charity Accounts" and you will get plenty of useful websites that will answer both of your above points
  • CeeJaySixCeeJaySix Well-Known Posts: 645Registered
    And don't stress Kelly, they're both fairly minor points that should only take a paragraph or so each to clear up.

    Uses of SOFP etc, I just put in a 'technical note' in the appendices as it didn't really fit nicely into my report. If there's somewhere natural for you to put it in yours then that would be preferable. If you just google 'uses of SOFP' etc you will quickly find the general uses for each, and using common sense you should be able to relate them to your organisation. I essentially stated the main uses of each, followed by a few lines relating them to facts & figures specific to the organisation (as an example for income statement, the fact that net profit and profit margin were healthy would support an application for further lending from the bank, which would ease the cashflow shortfall the organisation is currently suffering from).

    The Charities Commission regulates (nearly) all charities in the UK - if you go to their website you should be able to find the financial reporting requirements that relate to the size/nature of your organisation has to adhere to (as well as other regulations); from your own knowledge or with a couple of questions at work you should be able to state how they are implemented within your charity. You don't need to go into massive detail, just pick the main points and show how they're enforced/monitored.

    I was surprised at the lack of negative feedback on mine despite me feeling it was weak in a couple of the more minor areas - stick in a couple of paragraphs as above and submit it, at least then you'll get feedback on what needs improving.
  • Kelly7Kelly7 Well-Known Posts: 218Registered
    Awww thank you both. I will definitely be doing those things you've suggested CeeJay, booked a day off work so going to hopefully get these points sorted or at least partially sorted so I can move forward. & yes, even if it isn't all completely ok, at least I'll get feedback on what I need to work on.

    Thanks again for the help, greatly appreciated.

    Kelly x
  • Kelly7Kelly7 Well-Known Posts: 218Registered
    Ive started mapping and adjusting paragraphs so they're hitting the points properly but I'm having a bit of a problem with 3.2 - Review record keeping systems to confirm whether they meet the organisations requirements. Not too sure what that means.

    Also, for the charity commission, I have thought to say a reminder is set on the company diary every week for a month before the annual return is due and the company has a form with all people who have to be notified if any company details change. Do you think that would be sufficient?

    Thanks guys

    Kelly x
  • sdvsdv Experienced Mentor Posts: 585Registered
    Some where in your project you will have reviewed your accounting system and identified a weakness showing that it does not meet not meet your organisational requirement. I would go to that paragraph and add a sentence what that activity or process meets the organisational requirement and claim criteria 3.2.

    for example

    It was discovered that the invoices are not issued at the time of delivering good to customers but are issued 5 to 7 days after the delivery of goods. It is recommended that all invoices should be issued to customers at the same time when goods are delivered to reduce the credit terms to customer.

    to meet criteria 3,2 I would add a sentence to say some thing like this

    When invoices sent to customer it includes a copy of a delivery note and reference number of customer' PO. This complies with company policy and helps to reduce quires from customers.

    Hope this helps
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