Although the legal requirements have not changed, the updated guidance aims to help charity trustees better understand the requirements. All of a charity’s trustees are responsible for the preparation of the charity’s accounts, even if they are not accountants or financial experts. So it’s important that the guidance is accessible to all trustees.

The Guide to Charity Accounts explains the type of accounts that charities should prepare beforehand and the kind of external scrutiny of the accounts that is required.

In addition to this, there are also two new guides for independent examination, one aimed at trustees and the other at Independent Examiners:

• Independent Examination: A Guide for Charity Trustees
• Independent Examination: A Guide for Independent Examiners

OSCR said the development of a guide about independent examination specifically aimed at charity trustees demonstrates its commitment to communicate directly to trustees in a more straightforward way.

Head of professional advice and intelligence, Laura Anderson, said: “Getting accounting right is a vital task for charities as the annual report and accounts that each charity is required to prepare plays a huge part in public trust.

“This guidance gives an overview of the law and provides essential information regarding charities’ accounts.

“It is relevant to all charities. Trustees must make sure that whoever is dealing with their accounts knows the information but trustees also need to have a basic understanding.

“We’ve worked with experts throughout the sector to help and make the guidance as easy to understand as possible. The language is clear, and we’ve highlighted further sources of help and advice should you need it.”