Finance Report 2018
Request from the Board of Freegle
The Board would like the AGM to approve the disapplication for a full audit for the Freegle Ltd accounts 2017/18 and and instead accept Independent Examination from a qualified accountant. This would be in line with procedure used previously.
The reason we are asking for disapplication of audit is due to the level of expense for an external auditor and time required from the volunteer Treasurer required for a full audit.
Under the laws governing Industrial and Provident Societies you must have a full audit if you are a charitable society type IPS and have a turnover of over £250,000 or assets in excess of £2,800,000. As we don't get anywhere close to these figures the expense and time for a full audit seems excessive when our transparency is confirmed by a qualified accountant through Independent Examination.
More information can be found in plain English from the Co-op here:
An Audit Tale | Co-operatives UK http://www.uk.coop/blog/lindabarlow/2013-04-29/audit-tale
...and in the legal explanatory note here: http://www.legislation.gov.uk/ukpga/2014/14/section/84
