Author: JP / / Latest News
Small charities with an annual income of less than £25,000 are unaware of their reporting requirements and more than half of annual reports and accounts filed are not up to standard, according to research published by the Charity Commission. All charities by law must prepare an annual report and accounts and make them publicly available, while larger charities with annual income over £25,000 must also submit their accounts for independent scrutiny.
Many small charities don’t appear to be aware of this requirement and the Commission’s research reveals that one in five filed some other form of report and one in six didn’t file any report.
Small charities using the Commission’s annual report and accounts template performed significantly better, with 71% filing reports and accounts to an acceptable standard.
Accordingly, the Commission had encouraged small charities to use the templates provided to satisfy their reporting requirements.