An amendment to the Charities Act 2011 has recently come into force which means that Charities with income below £1m will no longer require a statutory audit.
The changes affect all charity’s with a year-end of 31st March 2015 and so many will see a reduction in the regulatory burden (and cost!!) this year.
The income threshold was previously £500,000 so the increase is significant and should result in more than 100 charities across South Wales no longer needing an audit.
Charities will still be scrutinised and need an independent examination and some boards may choose to continue to have an audit to keep their funders satisfied.
If you think you might be affected by the changes please call us and we can confirm whether you still need an audit and what other options are available to you.
Bevan & Buckland Accountants Haverfordwest Tel: 01437 760666
Bevan & Buckland Accountants Pembroke Tel: 01646 682383
Bevan & Buckland Accountants Carmarthen Tel: 01267 233115
Bevan & Buckland Accountants St David’s Tel: 01437 720352
Bevan & Buckland Accountants Cardiff Tel: 02920 459960