Running a registered charity, voluntary organisation or community group can be time and labour intensive, where impact measurement and reporting is key to an organisation’s work. Having access to an accountancy service with an in depth understanding of charity accounting is crucial.
We have the specialist expertise to meet your charity accounting needs.
We offer the following charity accounting services:
- Cash-flow forecasting, including preparation of budgets for funding and tender applications tailored to charities
- Monthly charity accounts and Management reports for trustees and management committees
- Annual charity accounts produced to Charity SORP (FRS 102)
- Fixed monthly fees so your organisation or charity can manage its costs
- An understanding of how charities and voluntary and community groups operate
- No need to employ a finance officer – use us instead to prepare your charity accounts
Accounting Requirements for Charities
Depending on the income level and type of charity you have there are different accounting requirements:
Charities with income under £25,000 are not required to file accounts with the Charity Commission, unless you are a Charitable Incorporated Organisation (CIO) – because regardless of income level you are required to file accounts with the Charity Commission.
For charitable companies if your income is less than £25,000 you must still file accounts with Companies House.
Charities with income over £25,000 must file accounts with the Charity Commission. In addition to filing accounts, an independent examination is required if your gross income is between £25,000 and £1,000,000 for accounting periods ending on or after 31 March 2015. For accounting periods before this date the maximum income for an independent examination is £500,000.
For charities with more than £3.26m of assets the income threshold is lower, and you must have income under £250,000 to be able to have an independent examination. An audit is needed if income is over £1,000,000, or if total assets (before liabilities) exceed £3.26m and the charity’s gross income is more than £250,000.
Charity Independent Examinations
For smaller charities where an audit is not required we can offer an independent examination so you meet the Charity Commission’s legal requirements.
We operate with tiered costs based on the income of the charity or organisation.
This can be combined with our accounts preparation service.
- An independent examination meets the Charity Commission requirements
- We can provide support with annual accounts preparation
- We operate with tiered costs based on the income of the charity