Ocean King
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Hi all
I am looking for chart of accounts or account codes template. Please kindly share the template with me if you have one.
Many thanks
Nick
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Brian Seaton Staff PANEL
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Hi Nick,
Thanks for your enquiry.
Oh dear. You seem to have been getting some rather "odd" (I'm trying to be polite) guidance on the preparation of your accounts. For a charity with a turnover less than £50,000 (as per your most recent TAR&FS to the Charity Commission) you don't need a complicated Chart of Accounts.
It's a pity that when you registered the charity with the Charity Commission in 2017 you didn't take the opportunity to register it as a Charitable Incorporated Organisation rather than as a charitable company. That would have provided the opportunity to submit just simpler Receipts & Payments accounts to the Charity Commission rather than full Accruals accounts. Not that your accounts seem to me to be compliant with the SORP requirements for charity Accruals accounts (though, of course, I haven't been able to look at them in detail). And I notice from the Companies House web-check service that you have submitted simple Micro accounts - which is not permitted by section 8.2 of the Companies House guidance https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts.
For further information on the preparation of accruals accounts for charitable companies, search the internet for Charity Commission guidance CC17 https://www.gov.uk/government/publications/charity-accounting-templates-accruals-accounts-cc17-sorp-frs-102-for-charitable-companies
You can also see some information on "Charity Accounts Made Easy" on the Small Charity Support website - just search the internet for us.
Sorry to be the provider of information you probably won't be pleased to hear.
Best wishes for what looks like a great charity.
Regards,
Brian Seaton, Principal Trustee, Small Charity Support
It's a pity that when you registered the charity with the Charity Commission in 2017 you didn't take the opportunity to register it as a Charitable Incorporated Organisation rather than as a charitable company. That would have provided the opportunity to submit just simpler Receipts & Payments accounts to the Charity Commission rather than full Accruals accounts. Not that your accounts seem to me to be compliant with the SORP requirements for charity Accruals accounts (though, of course, I haven't been able to look at them in detail). And I notice from the Companies House web-check service that you have submitted simple Micro accounts - which is not permitted by section 8.2 of the Companies House guidance https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-accounts.
For further information on the preparation of accruals accounts for charitable companies, search the internet for Charity Commission guidance CC17 https://www.gov.uk/government/publications/charity-accounting-templates-accruals-accounts-cc17-sorp-frs-102-for-charitable-companies
You can also see some information on "Charity Accounts Made Easy" on the Small Charity Support website - just search the internet for us.
Sorry to be the provider of information you probably won't be pleased to hear.
Best wishes for what looks like a great charity.
Regards,
Brian Seaton, Principal Trustee, Small Charity Support
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Nicholas Nunayon Staff PANEL
CEO at Kingsgen Foundation
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Nicholas Nunayon Can I add, Nick, that I apologise if my reply sounded rude or critical.
It WASN'T intended to be.
It's just that Small Charity Support sees far too many examples of trustees of small charities trying, like you, to do their best to do the right thing in the best interests of their charity and being led in the opposite direction by confused and often contradictory advice/guidance. And that is not just Small Charity Support's view. The Charity Commission's own reviews of charity accounts show that more than half - YES! more than 50% - fail to meet the benchmark standard, even though most of them have been Independently Examined (and often also prepared) by professional accountants. And I know that the ACIE is also finding something similar. So if my comments were rather blunt that is not a criticism of the Kingsden Foundation but of the fundamentally flawed financial reporting system that it is trying faithfully to implement. ie: more a case of trying "to speak Truth to Power".
Regards,
BrianS
It WASN'T intended to be.
It's just that Small Charity Support sees far too many examples of trustees of small charities trying, like you, to do their best to do the right thing in the best interests of their charity and being led in the opposite direction by confused and often contradictory advice/guidance. And that is not just Small Charity Support's view. The Charity Commission's own reviews of charity accounts show that more than half - YES! more than 50% - fail to meet the benchmark standard, even though most of them have been Independently Examined (and often also prepared) by professional accountants. And I know that the ACIE is also finding something similar. So if my comments were rather blunt that is not a criticism of the Kingsden Foundation but of the fundamentally flawed financial reporting system that it is trying faithfully to implement. ie: more a case of trying "to speak Truth to Power".
Regards,
BrianS
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Hi Nicholas,
Does the accounting software used by your organisation provide a number of Chart-of-Accounts that can be used with different types of organisation? If so, it is better to use one of those as a starting point as it will suggest numeric ranges to be used for the different account classifications e.g. Current Assets ; Bank Accounts ; 5000-5999 etc
This is relevant if the accounting software runs automated services (e.g. bank reconciiations, control accounts and year end procedures) and expects to find the appropriate accounts within certain numeric ranges.
I would not recommend the Chart of Accounts on Wiki as the numbering convention of 1.1.1 is not particularly helpful for keyboard input and the order is different to the order that items are presented in the Balance Sheet. This is why I would suggest using the Chart of Accounts provided by your accounting software.
Regards
Aleem
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Nicholas Nunayon Staff PANEL
CEO at Kingsgen Foundation
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Aleem