This post is a sideonview exclusive which reveals an error in the ECB's accounts for the year to 31 January 2021. The issue was netting off grant payments against costs rather than disclosing separately and was originally covered in this blog,  here . I also raised the point with the Financial Reporting Council who have reviewed the treatment by the ECB of grant income received.  The text of the review is  here  and is reproduced below. Grant income "We asked the company to quantify the funds received from HMRC for the furlough of staff and to explain why the payroll costs were offset by the related income, which is not permitted by FRS 102 or the Companies Act 2006. The company confirmed that the funds received of £1.7m for the furlough of staff had been incorrectly offset against administrative expenses. However, it concluded that the effect of this error and the amount to be disclosed was not material. The company provided us with an analysis to support their view. We also