§ Lord Hodgson of Astley Abbotts
asked Her Majesty's Government:
Why under the Companies Act 1985 (Accounts of Small and Medium-Sized Enterprises and Audit Exemption) (Amendment) Regulations 2004 (S.I. 16/2004) the gross income limit for charities is left unchanged at £90,000 per annum. [HL1149]
§ Lord Sainsbury of Turville
Under the Companies Act 1985 a company which is a charity must have its accounts audited if its gross income is more than £250,000 per annum. If the gross income is between £90,000 and £250,000 a company which is a charity is required to have a report prepared by a reporting accountant.189WA
Following the Strategy Unit review of the law and regulation of the charitable and not-for-profit-sector, the DTI is considering with the Home Office increasing the gross income audit threshold for unincorporated charities and charitable companies from £250,000 to £500,000 per annum.