Many small charities’ annual reporting are not up to standard, says The Charity Commission
Are you up to the required standard?
The Charity Commission has issued a press release stating that less than half of small charity Accounts and Annual Reports are up to the required standard.
Apparently there are many larger charities who are still producing accounts with what they call major flaws in them.
A lot of the smaller charities do not seem to understand what is required of them. Often they are simply sending in completely the wrong form of Report. Some are not sending in anything at all when they should be. Or what they are sending in bears little resemblance to what is actually required! Some are only filing an Annual Return when they should be sending in a Report and proper Accounts.
The Commission often reminds charities of their obligations, and then after that they tend to improve what they send in. Surely it is better for everyone in the long run if it is right first time? After all, Trustees are busy people and don’t really want to be going back to redo things again.
What do you need to file?
If you are a Charity Trustee, you should be aware of precisely what your charity needs to file. Furthermore you must take responsibility for ensuring the correct Report and Accounts are filed on time.
Try using the Charity Commission templates – the Commission has said that charities that do have improved their reporting significantly. The other way of making sure that you are keeping up to date with the latest rules is to employ a good Accountant!