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Can charity prepare receipts and payments accounts

Can charity prepare receipts and payments accounts in first year of income in excess of £250,000

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Good evening,

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

 

 

Replies (6)

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Scalloway Castle
By scalloway
17th May 2021 08:31

In my experience there are no exemptions. I am treasurer of a charity and we had to have an audit just one year due to a one off donation.

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Replying to scalloway:
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By Mick Milne
17th May 2021 21:21

Thanks for taking time to respond - you confirmed my thoughts unfortunately.

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By CJS88
17th May 2021 09:17

No. Sorry, I'vee been all round this one bfore.

Our local scout district used run an international jamboree every four years so they came to us every fourth year for a sign off.

Many times I have IEd a church for just one year because they received significant renovation grants.

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Replying to CJS88:
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By Mick Milne
17th May 2021 21:20

Thanks for feedback - I suspected as much...

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By Paul Crowley
17th May 2021 09:39

Charities are different to companies. No one year delay

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Replying to Paul Crowley:
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By Mick Milne
17th May 2021 21:19

Thanks for feedback - what I thought (unfortunately)

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