Trustees normally need to complete a charity’s annual return as soon as you approve its latest accounts and trustees’ annual report.
Normally If your charity’s income is more than £10,000, by law, you must complete an annual return within 10 months of the financial reporting period ending.
Role of Charity Accountants
The Charity Accountant needs to make sure that the Charity reports on any grants they make separately from other charitable expenditure.
Charitable funds give grants to people in financial need who meet their eligibility criteria, using a sum of money that the grant-giving charity has set aside for this purpose.
They are generally run by charities or organisations (such as energy companies) that have grant giving as part of their aims and objectives.
All Charitable incorporated organisations (CIOs) must complete an annual return regardless of their income.
Trustees Annual report Annual Report
As trustees, you’re responsible for making sure your charity’s annual return is completed on time. If you delegate this task to a member of staff, make sure they know what to do and when it is due.
Don’t charities report less than businesses?
Not really, The opposite is true. While the basic principles of what information is reported are the same as businesses, charities are actually required to provide much more information on a range of issues including the recruitment of trustees and the state of their financial reserves.
The extra information is set out in a Statement of Recommended Practice (SORP) which applies across the UK and Republic of Ireland.
The Charity Commission for England and Wales and Office of the Scottish Charity Regulator (OSCR) are responsible for creating the statement and ensuring charities meet its requirements, including those in Northern Ireland and the Republic of Ireland.
KG Accountants understand the Voluntary and Community Sector.
At KG Accountants we provide a cost-effective, high value solution to meet all of your financial needs.
All our fees are fixed.
By giving you a fixed and competitive price, we can take the worry away when it comes to running your charity; allowing you to concentrate on transforming people’s lives.
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