Charity Accounts / Reporting
There is a legal framework that sets out the accounting requirements (and recommendations of SORP apply) for Charities, which is dependent on size and type, factors for consideration include, income, gross assets and the constitution of a Charity.
*All Charities must maintain accounting records required by part 8 of the Charities Act, or for Charities registered under the Companies Act, section 386 of the Companies Act 2006 (whether registered with the commission or not, must prepare accounts and be available upon request).
** Trustees Annual Report, as a registered Charity, must be prepared and available on request (unless exempt or excepted from registration).
The purpose of a Trustee Annual Report, not only is it a legal requirement to fully disclose, setting out the plan, aims /objectives of the Charity and how to achieve them, but also how monies / grants are spent (Restricted and Unrestricted funding), documented for transparency and highlighting overall how the charity has performed. Important for accountability to Trustees, Members, Donors, Beneficiaries and for Public viewing.
With the exception of the NHS, Charities with a gross income of more than £25,000 in a financial year are required to have Accounts Independently Examined (up to £500,000) or Audited (£500,000 plus). An Audit is also required if total assets (before liabilities), exceed 3.26 million and the Charities gross income is more than £250,000 *(Further rules do apply).
Where a charity is not required to have an Audit and gross income does exceed £250,000, then an Independent Examiner must qualify by being a member of an approved professional organisation as specified under the Charities Act, and this is where we come in…
With our specialist consultant services, and being a member of the Association of Charity Independent Examiners (ACIE) board, we can provide the help and expertise needed.
For more information:
"We would like to thank GM&Co for their support in 2021. As a Charity dealing with the effects of the pandemic on our clients. We ourselves needed help when our Finance Officer got stranded overseas. A call to Graham & Naomi quickly solved the problem. GM&Co would extend their services to WAITS by providing payroll support and making sure tax and pensions were paid. Without this help and support we would have struggled to get through the year and balance our books at the end.
GM&Co are providing an excellent service and are willing to walk the extra mile with their clients. I would recommend GM&Co to anyone who would benefit from the personal touch Thank you All."
Marcia Lewison, Chief Executive ,