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.’