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Treasurers
> Thresholds
THRESHOLDS
What the Charity Commission and Charity Law requires of you as a PCC
depends on your "gross income". (see below for how this is calculated)
Gross Income under £100,000
If the Gross Income of your PCC is less
than £100,000 you
- can choose to prepare your accounts on the Receipts and Payments
basis. (click for guidance)
- must have your accounts independently examined (click
for guidance)
- do not need to register with the Charity Commission.
Gross Income over £100,000 but less than £250,000
If the Gross Income of your PCC is more
than £100,000, but less than £250,000 you
Parishes with gross incomes greater
than £250,000 must produce "accruals" accounts, which provides a more accurate view of the PCC's financial
position. Smaller parishes may choose this option, particularly where
the treasurer has a broader knowledge of accounting practice.
Gross Income over £250,000
If the Gross Income of your PCC is more
than £250,000 you
- must prepare your accounts on the accruals basis. (click
for guidance)
- must have registered with the Charity Commission. (click
for guidance).
- can still have your accounts independently examined by a qualified
person, unless either your income exceeds £500,000 or your assets
exceed £3.26 million, when in either case you will need to have a
full audit of your accounts
Gross Income Definition:
- For accounts prepared on the Receipts and Payments basis,
gross income is the total receipts shown in the statement from all
sources excluding the receipt of any endowment.
- For accounts prepared on an Accruals basis, gross income is
the total incoming resources shown on the Statement of Financial
Activities, including any amount transferred to income funds from
endowment funds in order to be available for spending, but excluding
the receipt of any endowment.
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