Abstract
Lower financial thresholds for accounting and reporting requirements for small charities were brought into effect on 1 April under the terms of the Charities Acts 1992 and 1993 (Substitution of Sums) Order 2009. The changes include raising the threshold above which charities must prepare accruals accounts from £100,000 to £250,000; raising the threshold for external scrutiny of accounts from £10,000 to £25,000; and increasing the threshold for submission by registered charities of annual accounts and trustees' annual reports to the Charity Commission from £10,000 to £25,000. The Association of Church Accountants and Treasurers particularly welcomed the higher threshold for accruals accounts, the preparation of which requires a considerable degree of expertise, since the prospect of having to master the mysteries of accruals accounting has been a considerable discouragement to potential treasurers.
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