What is the regulatory requirement?
- Registered charities need to file annual accounts with the Charity Commission within 10 months of their period end, together with Annual return.
- Charities that are also companies need to file their accounts with Companies House within 9 months of their year end, or face automatic penalties.
The accounts should comply with:
- UK GAAP and applicable accounting standards
- Accounting and Reporting by Charities: Statement of Recommended Practice (2005) Recommended Practice (2005). The 2015 versions of the Charity SORP will apply for periods beginning 1st January 2015
Where a charity has a subsidiary (for example a trading subsidiary) it may have to prepare group consolidated accounts but does not need to prepare its own separate accounts. The subsidiary or company needs to prepare separate accounts.
Why use Slade & Cooper for charity accounts preparation?
- We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
- As members of professional bodies we are able to do the independent examination where necessary even if your annual income is over £250,000
- If we are also doing your audit there is a significant cost saving as much of the audit work is covered as part of the accounts preparation.
- We can also prepare the corporation tax return including iXBRL tagging for any subsidiary trading company.
- We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
- We aim to provide a good value service – see our pricing policy.