Threshold Changes: Accounting and Reporting

(April 2009)

In September last year we mentioned the Government had agreed to make a number of changes to the financial thresholds in the Charities Acts following a public consultation. These changes will, as planned, take effect from 1 April 2009.

The changes to accounting and reporting thresholds are:

• the threshold for requiring accounts to be externally examined is raised from £10,000 to £25,000,
• the threshold for the preparation by non-company charities of accruals accounts is raised from £100,000 to £250,000
• the assets element of the audit threshold is raised from £2.8 million to £3.26 million and the lower income trigger for this is raised from £100,000 to £250,000, and
• the threshold for registered charities to submit their annual accounts and Trustees Annual Reports to the Commission is raised from £10,000 to £25,000

The revised thresholds will apply to financial years ending on or after 1 April 2009. For further information about these changes see:-

CC15b Charity Accounting and Reporting: The essentials - PDF | HTML

The Order making the necessary amendments and an explanatory note can be read at http://www.opsi.gov.uk/si/si200905