The new timeline for Multi-Year Funding decisions leaves just an 8-week window to the financial year end (for those organisations operating from April-March) and many organisations may now have difficulty in signing off on their accounts as ‘going concerns’. What advice or information can Creative Scotland provide on this issue?

The going concern rules which most applicants must comply with (FRS102, sections 3.8-3.9) relate to the preparation of annual accounts that organisations are required by law to send to the charity regulator, OSCR and/or Companies House. The going concern basis applies to how the financials and values of assets are accounted for and, for many but not all organisations, audited. 

Many MYF applicants are charities and going concern guidance for charity trustees is available on the ICAS website (downloads PDF).  

The circumstances of each applicant are different, therefore how the rules relating to going concern that apply to them will vary and organisations should discuss them with their auditor (if they have one) or seek other professional advice. Creative Scotland is unable to provide individual advice or assurance.