Over £500 million is given each year to PCCs to support their mission and ministry, and it is important we give account for that which has been entrusted to us. In other words, in producing an annual report and accounts, we not only obey the law, but also fulfil a part of the stewardship which we exercise corporately as a PCC. This exercise need not be arduous.
Receipts and Payments Accounts
Providing the Gross Income of your PCC is less than £250,000 you can choose a simpler form of accounting, the “Receipts and Payments” basis. This focuses on the cash movements in and out of the PCC’s bank accounts during the financial year. If you are looking for guidance on accruals accounts, click here.
There is detailed guidance available on producing Receipts and Payments Accounts from PCC Accountability book 5th Edition. This guidance contains the chapters relevant to Receipts and Payments Accounts, including some introductory material. (Please note: this is a pre-publication version that may contain some minor typographical errors. The book and a final online version will be available from February). This guidance will help you produce three of the four reports you will need for your annual Report and Accounts – The Trustees Annual Report, the Receipts and Payments Account, and the Statement of Assets and Liabilities.
The fourth report you will need is the Independent Examiner’s Report. Separate guidance is produced on developing this. (Click here)
If you have questions, have a look at our Frequently Asked Questions.