Company Accounting Charity Charity Charity and Charity accounting accounting accounting company requirements requirement requirements accounting requirements Preparation of receipts Preparation of Accrued accounts & payments or of only regardless of receipts & accrued accounts receipts & payments or income level depending largely on payments accrued body’s income level or accounts accrued depending accounts largely on body’s depending income level Discretion for largely on charity trustees body’s income Discretion for to choose to level charity exceed minimum Discretion for trustees to requirements if charity choose to accrued accounts are trustees to exceed more suited to the minimum choose to body’s operations exceed requirements Extent of Unlimited Unlimited Unlimited Limited powers minimum if accrued powers powers in powers in powers in requirements accounts are furtherance of furtherance of furtherance of if accrued more suited to purposes purposes purposes the body’s accounts are Powers set out in more suited to operations Subject to Subject to any Subject to any governing document – the any body’s restriction in the restriction in the these vary from very operations restriction in governing governing restrictive to very wide the document document governing Powers may be document supplemented by Subject, in certain those set out in trust circumstances, to law any restrictions in company law
Company Accounting Charity accounting of receipts & payments or accrued accounts depending largely on body’s income level Discretion for charity trustees to choose to exceed minimum requirements if accrued accounts are more suited to the body’s operations Charity accounting requirements Preparation of receipts & payments or accrued accounts depending largely on body’s income level Discretion for charity trustees to choose to exceed minimum requirements if accrued accounts are more suited to the body’s operations Charity and company accounting requirements Accrued accounts only regardless of income level Charity accounting requirements Preparation of receipts & payments or accrued accounts depending largely on body’s income level Discretion for charity trustees to choose to exceed minimum requirements if accrued accounts are more suited to the body’s operations Extent of powers Unlimited powers in furtherance of purposes Subject to any restriction in the governing document Unlimited powers in furtherance of purposes Subject to any restriction in the governing document Unlimited powers in furtherance of purposes Subject to any restriction in the governing document Subject, in certain circumstances, to any restrictions in company law Limited powers Powers set out in governing document – these vary from very restrictive to very wide Powers may be supplemented by those set out in trust law requirement
cscios_a_guide.docx