Community Interest Company Deferred Income for grant funding?

Hi, We are a micro-entity CIC that runs community sing-alongs for wellbeing. Our tax year ends 31st Dec, in Oct we were given a grant from the Co-op Local Good Causes Fund to cover the running costs of these for the next 12 months. The full amount was deposited in our bank account in Nov, this money will all be spent by Oct 2024, but shows as a profit in our current trading year. How should this be registered, is it deferred income? Thanks

Hi,
As a Community Interest Company, you may wish to consider applying for mutual trading status so that you do not normally need to file CT returns (unless you are trading).  
Further information can be found here:
BIM24000
Grant income should be shown in your accounts so would be shown in year of receipt and expenditure in year it is incurred but is not taxable unless classed as trading income.
Thankyou.