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Studio Upstairs has extended this financial year by six months, to end of March 2007. This is because, given that in 2006 our income was just above £250k, the regulations would require us to carry out a full, more expensive and extensive audit than ever before. Our longstanding accountant has advised us that the income bracket at which an extensive audit is required is likely to increase at the end of February, thus exempting us from the additional expense if we delay our audit and extend our financial year by six months. We are advised that this could save what is a considerable amount of money (about £1000) to a small charity like Studio Upstairs. We prefer to put this money to good use in the charity. Please also note that Studio Upstairs Bristol is one of the two studios of the Studio Upstairs organisation. The other office is in London and we share the same charity number – the accounts relate to the combined figures of the two offices. |
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