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Restricted funds

  • Associate
  • Practice Licence
  • 167 posts
  • # 115745

Hello

My client is a charity and its day-to-day income and expenditure use a general fund. The took a loan to pay for a manse (a manse is jargon for a house) and set up a restricted fund for its re-payments. They called it the manse fund. The secretary has told me that previous bookkeepers seem to have thought the fund was for things like manse decoraring and the loan repayments were taken from the general fund. Obviously we are talking about years gone by and they've been examined or audited and signed off. Am I allowed to redistribute for past years?

Peter

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