Part 8Charity accounts, reports and returns
CHAPTER 1Individual accounts
133Account and statement an option for lower-income charities
If a charity’s gross income in any financial year does not exceed £250,000, the charity trustees may, in respect of that year, elect to prepare—
a
a receipts and payments account, and
b
a statement of assets and liabilities,
instead of a statement of accounts under section 132(1).