Charity reporting

Charity reporting and accounting: the essentials (CC15b) now includes charitable incorporated organisations

Charity reporting and accounting: the essentials (CC15b) has been updated and now includes reference to charitable incorporated organisations (CIOs).

This includes accounting guidance and also guidance on thresholds.

For example, on external scrutiny it states that 'CIOs must have an audit if either of the following conditions are met in the financial year: 

  • 'gross income exceeds £500,000; or 
  • 'gross assets exceed £3.26m and gross income exceeds £250,000. 

'Where an audit is not required under the Charities Act or by its governing document an independent examination is required if the CIO's gross income is more than £25,000 in the financial year.

'If an independent examination is chosen and gross income exceeds £250,000 then the independent examiner appointed must be a member of a body specified under the Charities Act.'