Annual Report and Accounts 2020 to 2021
Grant-in-aid (GIA) advance for revenue expenditure
Due to the uncertainty of the Commissions income as a result of the Covid-19 pandemic, DCMS provided additional GIA funding to enable the Commission to maintain its reserves at the minimum level of £3.5m.
This funding is in substance GIA and has been treated in the same way as other GIA receipts from DCMS. In accordance with the FReM, GIA is treated as a financing transaction rather than as revenue as it is a contribution from a controlling entity. This GIA of £794k is offsetable from future GIA receipts from DCMS over the course of the coming four years.
It has been agreed that £451k will be offset early in 2021-22. DCMS have advised that of the remaining balance of £343k, 10% will be offset in 2021-22 and 30% for each of the following 3 years.Previous section
Contingent liabilities disclosed under IAS 37 Next section
Events after the reporting period
Last updated: 22 July 2021
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