Community Accounting.TWT

Charitable Accounts Regulations

 Reporting Rules

Annual Income

0 to £10,000 – charities are responsible to keep their information up to date with the Charity Commission. The completion of the Annual Return is the most effective way. If it is a charitable company, accounts must be submitted to Companies House (this applies to all charitable companies irrelevant of income)

£10,000 to £25,000 – The Annual Return must be completed but accounts need not be submitted to the Charity Commission.

£25,000 to £250,000 – Accounts must be prepared and submitted to the Charity Commission. Charities who are not Companies as well have the option of preparing accounts on a Receipts and Payments basis as opposed to an Accrual Basis. The Charities Accounts must be Independently Examined.

£250,000 to £500,000(£1,000,000 for 31 March 2015 year ends onwards) – All charitable accounts must be prepared on an Accruals basis and must be independently examined by a member of a recognised accounting body

£500,000 + (£1,000,000 for 31 March 2015 year ends onwards) – Accounts must be audited.