Charity Accounts Preparation Services
From asset management to taxation, the charity and NFP sector faces a number of compliance requirements. Here at Hartley Fowler, we understand the issues faced by the sector and we’re on hand to offer our professional advice and guidance.
Our dedicated charity team has the expertise and knowledge required to provide high-quality accounts preparation services. You can rely on us to produce accurate, compliant accounts that meet all the necessary deadlines and charity account requirements. When you entrust your charity accounts preparation to us, you also free up your time to focus on your organisation’s objectives.
Our charity accounts preparation services include:
- Preparing Accounts in compliance with the relevant legislation and the Organisation’s Constitution
- Filing Accounts at the Charities Commission
We will prepare and submit your accounts in a timely fashion and ensure that they meet all reporting requirements.
Preparing Charity Accounts and More…
As well as offering support with accounts preparation and filing, our experienced charity accountants can also provide expert advice on your statutory reporting needs and taxation compliance issues.
Next Steps: speak to the experts in charity accounts preparation
For all enquiries about our charity accounts preparation services, please contact us. Alternatively, if you need further advice, please book an initial free consultation.
FAQs
Yes. By law, every charity must prepare a set of accounts to provide a clear picture of the organisation’s activities and financial position.
As an experienced accountant, at Hartley Fowler, we understand the complexities that come with managing the finances of a charity. From statutory reporting to accounts preparation services, we can ensure that your charity remains compliant. To find out more, please get in touch with our team.
Charities in England and Wales typically follow the Statement of Recommended Practice (SORP) issued by the Charity Commission. This provides guidelines and standards for financial reporting and accounting, specifically tailored to the needs of charitable organisations.
There are a number of key differences between charity and business accounting, including:
Objective – The primary objective of business accounting is to provide information that can assess the financial performance and position of the business. In contrast, charity accounting focuses on providing transparency regarding the use of funds and the impact of activities on achieving charitable objectives.
Regulatory Framework – Charities in the UK are subject to specific regulations and reporting requirements. These aim to ensure accountability, transparency and public trust in the organisation. Businesses on the other hand follow accounting standards set by bodies such as the Financial Reporting Council (FPR) and comply with company law.
Reporting Requirements – Charities are required to prepare annual reports and financial statements that comply with specific standards. Business accounting also involves preparing financial statements, however, the focus is in profitability and financial position from a commercial perspective.
Taxation – Charities often enjoy tax exemptions and reliefs on income, gains and donation, subject to meeting certain criteria. Business entities are subject to corporation tax on their profits and are not eligible for the same tax benefits.
Registered charities will file their accounts with their charity regulation (Charity Commission England & Wales, OSCR or CCNI). When filing accounts through the Charity Commission, it’s necessary to use the My Charity Commission Account platform for submission.
The deadline for filing your accounts with the Charity Commission in England and Wales is 10 months after the year end. For example, March year ends typically need to be filed by the end of the following January.
Charities are only required to file a tax return if they have taxable income or gains not covered by a relief or exemption, or if they have been served with a notice from HMRC instructing them to file a return. In most cases, charities will not be required to submit a return.