The short answer is Yes. The Office of the Scottish Charity Regulator (OSCR) requires regular accounts to be submitted within a specified timescale.
There are specific rules and guidelines setting out how charity accounting must be reported.
Charity trustees are custodians of other people’s money and are accountable in terms of how the funds are managed and applied.
Regular accounts, if accurate and well presented, provide a useful mechanism for the charity trustees to assess the performance of the charity and make sure that funds are being managed and applied in line with their legal duties and charitable objectives.
Let us take the accounting burden from you
The receipts and payments basis of accounting is most appropriate for many smaller charities, but if the charity grows, the accounting requirements may change such that accounts prepared on an accruals basis are required.
Our team of qualified and experienced accountants analyse each charity’s financial records and prepare an account in the format required by OSCR which complies with all the applicable regulations including the charities SORP (Statement of Recommended Practice) where appropriate.
In cases where the accounts must be audited or independently examined we can arrange that also. We are happy to answer any queries the trustees may have in order to help them understand the accounts andcarry out their legal duty to keep accounts and apply the funds appropriately.
We work closely with our tax team who can advise you on issues such as Gift Aid and can set up and operate a payroll system for paid staff, should you wish to outsource that function.
Contact us to discuss what support you would like.