The small charity I work for on a part-time basis began life as a charitable trust but has since converted to a charitable company for liability purposes.
I need to wind up the charitable trust and transfer the assets to the new charity. Our balance sheet is pretty basic:
Assets Current Account Computer Equipment
Liabilities Unearned/Deferred Income Equity (which is actually negative)
Any suggestions on what the closing and opening entries would need to be?
Hi - yes both charities are registered charities but because of the way the charity commission works, they have two different registration numbers. The new charity is a charitable company (limited by guarantee) so we are also registered with Companies House. The original charity was a charitable trust only.
We have a partner in Canada who is giving us a loan to get the charity off the ground in the UK. The loan appears in the new co books.
