Recently the Government announced changes to the audit threshold for charities with accounting periods ending on or after 31 March 2015:
The income and asset component of the asset threshold remains unchanged and charities with gross assets worth more than £3.26 million and gross income of more than £250,000 will still be required to have an audit.
Any charity with a period ended on or after 31 March 2015 will need to consider what impact these changes will have. Whilst these are statutory thresholds a charity will still be required to have an audit where:
The Charities Commission issued new guidance for charities in March 2015 which can be found at the Gov.UK website here.
If you have any questions over the impact of these changes for a charity then do please get in touch.