New limits for auditing charity accounts

Wed, 24 Aug 2011

Charities can now have an income of up to £25,000 without having their figures checked.

From this month, Manx registered charities don't need their books checked when their gross income is below £25,000, which is an increase on the previous threshold of £5000.

When charities are earning between £25,000 and £250,000, the accounts must be independently examined or audited, and those with an income over £250,000 must have their figures audited.

Previously, those with incomes over £100,000 had to undergo a full audit.

More information on the changes is available from the General Registry or the Government's website.