March 24, 2018 12:05 PM

Year End Reminder - Charity’s Accounting Requirements

Preparing year-end financial reports provides an important opportunity for charities to report on what they have achieved over the past year and demonstrate to stakeholders and the general public that they have managed resources effectively, made a difference to beneficiaries and have met objectives.

 

Detailed requirements depending on your charity’s size can be found on GOV UK and it is mandatory that all registered charities must produce annual reports and accounts and make them available to the public.

 

Further advice on submitting annual return and deadline is here.

 

Independent Examination

The Charity Commission has published a checklist alongside new guidance which includes three new directions that must be followed:

 

1. To check for any conflicts of interest that may prevent them from carrying out independent examination

2. To check that related party transactions in SORP are properly disclosed

3. To check that trustees have considered the charity’s financial circumstances when preparing the accounts and whether trustees have made an assessment of the charity's position as a going concern

 

These new requirements are mandatory for independent examiner reports signed and dated on or after 1 December 2017. Charities with annual income between £25,000 and £1M are able to opt for their accounts to be scrutinised by independent examination rather than full audit.

 

CommUNITY Barnet is here to help you deal with the technicalities by providing independent examination; prepare your year-end accounts in the required format; submit your annual return returns; and advice and guidance to effectively manage your finances.

 

Please contact us on 020 8364 8400 or email finance@communitybarnet.org.uk

News date: 
Saturday, 24 March, 2018
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