Charity Accounts

A Charitable Incorporated Organisation (CIO) is a corporate form of business designed for (and only available to) charitable organisations in the United Kingdom. CIO status is conferred by the Charity Commission on application by a charity, whether new or existing.

Income under £10,000

You only need to report your income and spending.

Income between £10,000 and £25,000

You must answer questions about your charity in an annual return.

You may be asked about:

• financial information, like income and spending
• income or contracts from central government or local authorities
• income from or work done outside the UK
• trading subsidiaries
• trustee payments
• staff salary bands and benefits

You do not need to include any other documents.

Income over £25,000

You must answer questions about your charity in an annual return.

You may be asked about:

• financial information, like income and spending
• income or contracts from central government or local authorities
• income from or work done outside the UK
• trading subsidiaries
• trustee payments
• staff salary bands and benefits

You will need to get your accounts checked and provide PDF copies of your:

• trustee annual report
• accounts
• independent examiner’s report

Income over £250,000 and gross assets over £3.26 million

• You need a full audit

Income over £1 million

• You need a full audit

Income over £6.5 million

• You need a full audit
• You need to file iXBRL tagged accounts as per the new charity taxonomy if the accounts are:

• • for a period of account starting on or after 1 January 2016
  • submitted as part of a Company Tax Return
  • filed with HMRC on or after 1 October 2016

Charities in the UK and the Republic of Ireland must apply FRS 102 when preparing their accounts on an accruals basis.

The Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (the SORP) is issued by the Charity Commission for England and Wales, the Charity Commission for Northern Ireland and the Office of the Scottish Charity Regulator in their role as the joint SORP-making body, recognised by the Financial Reporting Council.

This SORP provides guidance for charities on how to apply the Financial Reporting Standard applicable in the UK and Republic of Ireland (referred to as FRS 102 in this SORP).