CIO accounts question

CIO accounts question

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Do CIOs need a Statement of Trustee Responsibilities in their accounts like a charitable company has?

I cannot find any guidance but I think they don't as are not fully under company regime even tho incorporated. Turnover is under audit level so will have an independent examination.

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By Marion Hayes
21st Jul 2014 15:35

What is the turnover?

A CIO is not under the company regime at all. Nor does it have to register with HMRC.

Up to £250,000 the CIO does not need to have accounts - merely a statement of receipts and payments - unless the governing document requires accrual accounts and an independent examination.

That is not to say that the Trustees would feel consider a statement of receipts and payments will be of any use to them in their management of the charity and securing further donations from a credibility point of view.

If the guidance from  the Charity Commissioners does not say the statement is necessary there is no other body involved to say otherwise. However, that does not mean it would not be best practice - you just need to find out what the Trustees want to happen.

 

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