Changes to financial thresholds

Around 20 per cent of charities are expected to benefit from a reduced regulatory burden brought about by forthcoming changes to financial thresholds.
Following consulation on the current thresholds (contained in the Charities Act 2006), the Government is to recommend changes to be introduced in secondary legislation by the end of March. This will allow the measures to take effect from the beginning of the next financial year.
The most significant changes include:
• The threshold for submission of annual accounts and the Trustees Annual Report to be rasied from £10,000 to £25,000.
• The threshold for requiring accounts to be externally examined to be raised from £10,000 to £25,000.
• The threshold for preparation of accruals accounts to be raised from £100,000 to £250,000.