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Studio Upstairs has extended this financial year by six months, to end of March 2007. This is due to the fact that this, 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 expenses if we delay our audit and extend our financial year six months. We are advised that this could save what is to a small charity like Studio Upstairs a considerable amount of money (about £1000). We prefer to put this money to good use in the charity. Please also note that Studio Upstairs London is one of the two studios of the Studio Upstairs organisation. The other office is in Bristol and we share the same charity number – the accounts relate to figures of the two offices combined. |
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