PracticeAuditCharities risk missing accounts deadline

Charities risk missing accounts deadline

Many charities are in danger of not submitting their financial reports to the Charity Commission on time, thereby risking a formal inquiry by the watchdog.

Link: Charity commissioner wants improved reporting

The commission said there were just a few weeks to go for charities to submit their 2001 accounts, annual returns and annual reports.

Charities with annual income and expenditure that exceeds £10,000 are compelled by law to submit these documents within 10 months of the end of their financial year.

Most charities should already have sent their 2001 accounts; those whose financial year-end was 31 December 2001 have until 31 October 2002 to meet the deadline.

The commission said failure to submit on time was a ‘serious matter’ regarded as evidence of poor management, which could result in formal inquiry action. A number of trustees have been prosecuted for persistently failing to submit their documents on time.

Charity Commission director of operations, Simon Gillespie, said:

‘Submission of accounts is a vital element in maintaining public confidence – not just for individual charities but for the sector as a whole. So this week, we’re urging charities not to get behind with their paperwork.

‘The Commission takes a robust line on non-compliance. Defaulting charities can expect to find themselves listed on our web site as not having submitted their returns on time.’

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