SCIO charity has prepared receipts and payments accounts for a number of years. In the current year they will as a one off receive income in excess of £250,000 therefore from my reading they need to prepare accruals accounts.
Is there any exemption from accruals accounting if the charity is confident it is a one off bumper year and next year they will revert back to significantly below the £250k income threshold, where receipts and payments accounts are acceptable?
Would rather not move to accruals accounting for a one off year if we don't need to.
Thanks , Mick