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Annual Audited Accounts
Submitted by Ruth Elmer on 15 October, 2008 - 10:13.
As a small charity we have been informed that we do not have to have a full audit done, and that an Accounts Report is acceptable.
We are now considering this, but are keen to find out any other charities experience of this. Even though we do not have to have a full report is is detrimental not? Would this go against us when applying for large donors, eg. trusts and foundations?
If anyone has any experience or thoughts on this I would really appreciate hearing from you.
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Horses for Courses
Hi, Ruth
You don't say how big your charity is. I am a trustee for one which turns over £2000 in a busy year, and we produce a one page accounts which are inspected and signed by a tame accountant. It works for us.
I think that what most funders want to see is evidence that you are stewarding your resources well; a major Trust would be just as likely to be put off by a full audit, knowing that it costs quite a lot of money and ties up your office staff for a considerable amount of time.
That said, another organisation on whose Board I serve was on the cusp of needing a full audit, and we chose to go for the full monty, on the basis that funders might be reassured by the extra level of scrutiny. We'd need it the following year anyway.
Check the Charity Commission guidance, and go with what is appropriate for the scale of your organisation.
Cheers
Gerry
Gerry Beldon FInstF
Director, 26-01 CIC
www.26-01.com