The Charity Commission for Northern Ireland has said that for the first time, charities will have to submit annual accounts once registered.

The proposed financial reporting procedures will be subject to a public consultation process which opens on September 23rd.

Frances McCandless, CEO of the Charity Commission said that charities are not currently required to submit annual monitoring returns to the commission for inspection but said that the new reporting requirements will play “an important role” in the Commission’s regulation and monitoring work.

The charity regulator initiated a pilot phase of the registration process earlier this month with 20 charitable organisations. Full registration will begin in November of this year giving charities time to prepare and submit relevant documents.

Once charities are registered with the regulator, they will be required to submit an annual return including their annual accounts.

Source: Third Sector