Agenda item

The Treasurer submitted a comprehensive report which provided information to Trustees on the findings of an internal VAT review carried out for the financial year 2011/12 (for copy see file of minutes).

Resolved:

The Charter Trust:

(i)           Noted the VAT review for 2011/12;

(ii)         Noted that the VAT only invoices totalling £207.13 will be raised by Durham County Council and paid by the Charter Trust, and consequently a VAT claim will be made for the full amount;

(iii)       Noted that in the case of invoice number 251659751, the coding of the invoice has been corrected and VAT of £63.60 will be reclaimed;

(iv)        Agreed that for future reporting purposes, Income and Expenditure Statements will continue to exclude VAT, but reports detailing payments made will include a summary of the VAT refunded and paid to date;

(v)          Noted that officers are now conducting a review of previous financial years and the current year in order to correct any errors which may be discovered and ensure that VAT is properly accounted for.