{"id":4476,"date":"2025-01-06T10:05:29","date_gmt":"2025-01-06T10:05:29","guid":{"rendered":"https:\/\/expenseplus.co.uk\/blog\/?p=4476"},"modified":"2025-12-17T14:02:40","modified_gmt":"2025-12-17T14:02:40","slug":"what-is-the-balance-sheet-in-charity-accounts","status":"publish","type":"post","link":"https:\/\/expenseplus.co.uk\/fund-accounting\/what-is-the-balance-sheet-in-charity-accounts\/","title":{"rendered":"What is the Balance Sheet in Charity Accounts?"},"content":{"rendered":"\n<p>Have you ever wondered what a balance sheet is and how it works? Perhaps you are looking at the balance sheet for your charity, and you are not sure what it is showing, or what questions to ask. In this blog, we&#8217;ll explore the balance sheet report and how you can use it in charity accounting.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-balance-sheet\">What is a Balance Sheet?<\/h2>\n\n\n\n<p>In accruals accounting, there are 3 key financial statements:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>the Balance Sheet<\/li>\n\n\n\n<li>the <a href=\"https:\/\/expenseplus.co.uk\/blog\/what-is-the-sofa-report-in-charity-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Statement of Financial Activities<\/a> (also called SOFA report), and<\/li>\n\n\n\n<li>the Cash Flow Statement&nbsp;(which you only need to include in your statutory accounts if your income is above \u00a3500k in England and Wales).<\/li>\n<\/ol>\n\n\n\n<p>Learn more about creating your&nbsp;<a href=\"https:\/\/expenseplus.co.uk\/blog\/how-to-create-accruals-based-year-end-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">year-end accounts on an accruals basis<\/a>&nbsp;here.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background\"><em>Note: charities with an income of less than \u00a3250k* per year are typically able to create accounts on a <a href=\"https:\/\/expenseplus.co.uk\/blog\/receipts-and-payments-vs-accruals-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Receipts and Payments basis<\/a> (also known as cash accounting), rather than an accruals basis. Where this is the case, instead of a Balance Sheet report, you need to <a href=\"https:\/\/expenseplus.co.uk\/blog\/receipts-payments-year-end-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">submit the simpler Assets and Liabilities Statement<\/a>.<\/em> *The <a href=\"https:\/\/expenseplus.co.uk\/fund-accounting\/independent-examination-of-charity-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">reporting threshold will be increasing<\/a> to \u00a3500,000 for financial years ending on or after 30th Sept 2026.<\/p>\n\n\n\n<p class=\"has-pale-cyan-blue-background-color has-background\"><em>Note: <strong>charitable companies<\/strong> must prepare accounts on an accruals basis and can\u2019t use Receipts and Payments accounting.<\/em><\/p>\n\n\n\n<p>We call the Balance Sheet report a <em>balance<\/em> sheet because it has two halves that must <em>balance<\/em>.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeikzHf3gMdaEW6yUnWxDdqIK9_L91pMca2Kgf_JbXG4pRpeQqNtPSpisZaGZORltVaQ-38rCYmc8WrEhfRTM-Ba8GxilZjM2ZtINoTsUrTC3c3nMOxK1iYk7swhJYhhBDzDILL8wZbETjQ2rrhZV5k5vQCJkmPCS7i-LAK?key=vBLy-VcVkVmj9owZvntmgg\" alt=\"Balance Sheet for accruals accounting\"\/><figcaption class=\"wp-element-caption\">Balance Sheet inside ExpensePlus fund accounting software<\/figcaption><\/figure>\n\n\n\n<p><strong>The first part of the report shows both:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Assets<\/strong> &#8211; what the charity owns or is due in, including cash, investments, fixed assets, accounts receivable, and prepayments<\/li>\n\n\n\n<li><strong>Liabilities<\/strong> &#8211; what the charity owes or is due out, including accounts payable, deferred income, and loans<\/li>\n<\/ul>\n\n\n\n<p>The \u2018Net Assets\u2019 of a charity is the difference between the total assets <em>minus <\/em>the total liabilities.<\/p>\n\n\n\n<p><strong>The second part of the report shows<\/strong> a breakdown of the charity&#8217;s funds. Typically, most charities will have several different funds, which will be either unrestricted or restricted.<\/p>\n\n\n\n<p>In fund accounting, funds are not bank accounts. Find out more about <a href=\"https:\/\/expenseplus.co.uk\/blog\/what-is-fund-accounting-uk-charities\/\" target=\"_blank\" rel=\"noreferrer noopener\">fund accounting and funds here<\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-assets\">What are Assets?<\/h2>\n\n\n\n<p>Assets are everything the charity owns that helps it to operate. This includes property, money, land, vehicles and equipment.<\/p>\n\n\n\n<p>Assets are typically classified as either:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Current Assets<\/strong> &#8211; Assets that are either cash, or that we expect to convert into cash (generally within 12 months)<\/li>\n\n\n\n<li><strong>Non-current Assets<\/strong> &#8211; All other assets that aren\u2019t current assets (such as fixed assets)<\/li>\n<\/ul>\n\n\n\n<p>Current Assets can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cash &#8211; <\/strong>This is the most liquid asset of a charity. It is important in enabling the charity to pay expenses and invoices. The term cash typically includes money in the bank as well as physical cash. A charity needs to hold reserves of cash for a number of reasons (see \u2018reserves\u2019 below).<\/li>\n\n\n\n<li><strong>Accounts Receivable <\/strong>&#8211; Money owed to the charity. You may also know them as \u2018trade debtors\u2019. For example, Gift Aid due in from HMRC that relates to one accounting period, but that you don&#8217;t receive from HMRC until the next accounting period.<\/li>\n\n\n\n<li><strong>Prepayments<\/strong> &#8211; Money paid in advance, which relates to a later accounting period. For example, payments of deposits, prepaid expenses, or insurance costs paid in the current accounting period, but all, or part of which, relate to the next accounting period.<\/li>\n<\/ul>\n\n\n\n<p>Non-current Assets can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Fixed Assets<\/strong> &#8211; For example, a long-term tangible piece of property or equipment that a charity owns and uses in its operations, such as IT equipment, vehicles, land or buildings. Fixed assets form part of what a charity owns. A charity\u2019s balance sheet includes fixed assets.<\/li>\n\n\n\n<li><strong>Investments<\/strong> &#8211; A charity holds investments with the intention of providing a financial return. It can use the return to help deliver its charitable purposes. For example, the charity may own a building, which it rents out, and therefore receives rental income. Or it may own a portfolio of stocks and shares.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-liabilities\">What are Liabilities?<\/h2>\n\n\n\n<p>Liabilities are debts which the charity owes. These can include mortgages and loans, credit card balances, and other money owed (accounts payable). Also, liabilities include money received in advance (deferred income).<\/p>\n\n\n\n<p>Liabilities are typically classified as either:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Current Liabilities <\/strong>&#8211; A current liability is a debt which the charity expects to settle (generally within 12 months).<\/li>\n\n\n\n<li><strong>Non-current Liabilities<\/strong> &#8211; All other liabilities that aren\u2019t current liabilities (such as long-term loans)<\/li>\n<\/ul>\n\n\n\n<p>Current liabilities can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Accounts Payable<\/strong> &#8211; Money which the charity owes, that it needs to pay to suppliers, individuals or other organisations for goods or services. You may also know this as \u2018trade creditors\u2019 or \u2018trade payables\u2019. For example, PAYE owed to HMRC that relates to one accounting period but that isn\u2019t paid to HMRC until the next accounting period.<\/li>\n\n\n\n<li><strong>Deferred Income<\/strong> &#8211; Money received in advance, which relates to a later account period. For example, ticket income received now for an event your charity is organising, which will take place in the next accounting period.<\/li>\n<\/ul>\n\n\n\n<p>Non-current liabilities can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Loans <\/strong>&#8211; A debt incurred by the charity when a lender (such as a mortgage provider) lends money to the charity. When a charity borrows money the \u2018cash\u2019 line in the assets section of the charity\u2019s balance sheet increases by the amount borrowed. At the same time, the \u2018loan\u2019 line in the liabilities section of the balance sheet also increases by the same amount. Thus, the overall net assets of the charity remain unchanged.<\/li>\n<\/ul>\n\n\n\n<p>Learn more about <a href=\"https:\/\/expenseplus.co.uk\/blog\/a-to-z-fund-accounting-terms\/\" target=\"_blank\" rel=\"noreferrer noopener\">fund accounting terminology here<\/a>.<\/p>\n\n\n\n<p>For a more detailed explanation of creditors and debtors, check out <a href=\"https:\/\/expenseplus.co.uk\/blog\/what-are-creditors-and-debtors\/\">this blog<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-the-balance-sheet-show\">What does the Balance Sheet show?<\/h2>\n\n\n\n<p>The Income and Expenditure, or Cash Flow, reports show activity over a given period of time.<\/p>\n\n\n\n<p>In contrast, the Balance Sheet shows an organisation\u2019s financial position at a particular point in time. This is typically the end of the financial period.<\/p>\n\n\n\n<p>Within <a href=\"https:\/\/expenseplus.co.uk\/blog\/how-to-create-accruals-based-year-end-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">year-end accounts<\/a>, the Balance Sheet shows the position of a charity&#8217;s assets, liabilities and fund balances on the last day of the financial year.&nbsp;<\/p>\n\n\n\n<p>Some accounting packages, like <a href=\"https:\/\/expenseplus.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">ExpensePlus<\/a>, enable you to view these balances across the financial year. This can be useful, particularly if month on month any of the asset or liability balances are increasing or decreasing over time.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"487\" src=\"https:\/\/expenseplus.co.uk\/blog\/wp-content\/uploads\/2024\/09\/image-1-1024x487.png\" alt=\"Balance Sheet (monthly)\" class=\"wp-image-4477\" srcset=\"https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1-1024x487.png 1024w, https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1-300x143.png 300w, https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1-768x365.png 768w, https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1-370x176.png 370w, https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1-760x361.png 760w, https:\/\/expenseplus.co.uk\/fund-accounting\/wp-content\/uploads\/2024\/09\/image-1.png 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Balance Sheet inside ExpensePlus showing monthly balances across the year<\/figcaption><\/figure>\n\n\n\n<p>In terms of <a href=\"https:\/\/expenseplus.co.uk\/blog\/how-to-create-accruals-based-year-end-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">year-end accounting<\/a>, the report shows balances by fund type.<\/p>\n\n\n\n<p>This is why having a fund accounting software like <a href=\"https:\/\/expenseplus.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">ExpensePlus<\/a>, that is specifically designed for charities, is so important.<\/p>\n\n\n\n<p>In contrast, packages like Sage, Xero or QuickBooks, are designed for businesses. They don\u2019t offer the fund accounting reports you need to create your accounts. They also won\u2019t have the features you need, such as donor and Gift Aid management.<\/p>\n\n\n\n<p>Here is an example Balance Sheet from <a href=\"https:\/\/expenseplus.co.uk\/\">ExpensePlus<\/a> showing assets, liabilities, and the fund balances that represent the net assets. Below is also an example of how this might look in your statutory (year-end) accounts:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeSoNsMhbaz6WPGQ5WF4tZ0bVixg7BVLehS-kNdMsTbzQzh_Ji-uOOCGHfJkihVv3eOyCZUJsYjhHdoVZuYrM5Sl1hDfn1ItRFm5aAb4Gp7Yvc2NnF92xlFNxSjKTTgz_z5s5NVJ0gIhRQ2sbQxOJyeNTuMieU81xsYKpSFc9R1_SFQukmnipE?key=vBLy-VcVkVmj9owZvntmgg\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Balance Sheet inside ExpensePlus fund accounting software<\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdH8__AQpJxNJ72AVaaiatxHqckW7yLaZzLG-EdLd57qCQMf78gvlZIWOmimv7KwLDJzRgVmcvMyFSgLLJGVp9LBq027WI98GKEX_GCGxSh8Qnyjw7Y2_qjTkRibjYCSQ3mZ5NxoA0zwq9XZ1VqcKyvlflLVX1IQj1dbMrlrBDuCARqLJ0EeUk?key=vBLy-VcVkVmj9owZvntmgg\" alt=\"\" style=\"width:840px;height:auto\"\/><figcaption class=\"wp-element-caption\">Example Balance Sheet as seen in the statutory (year-end) accounts<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-is-a-balance-sheet-important\">Why is a Balance Sheet important?<\/h2>\n\n\n\n<p>In accruals accounting, your fund balances are more than cash balances.<\/p>\n\n\n\n<p>It is really important that you understand what makes up your fund balances:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>for understanding the health of your charity&#8217;s finances and;<\/li>\n\n\n\n<li>for managing cash flow.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-example-scenarios\">Example scenarios<\/h3>\n\n\n\n<p>Here are a few example scenarios of where looking at the balance sheet can help you understand your charity accounts better:<\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\">Your charity might have a bank balance of \u00a3100k and someone suggests purchasing a new AV system for \u00a325k. On the face of it, you have sufficient money to cover this cost. However, perhaps \u00a360k of the money in your bank is grants, which your charity received for specific projects. These funds are therefore restricted. \u00a320k is reserves set aside by your trustees (designated). Therefore, only \u00a320k is unrestricted money. Knowing this, the answer to whether you can afford the AV system is actually no!<\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\">If your charity has \u00a330k in the bank, but you\u2019ve got \u00a310k of accounts payable showing on your balance sheet. Again, this is important to understand. As soon as the \u00a310k that your charity owes is paid, then in terms of cash flow, your bank balance is going to drop by \u00a310k.<\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\">Your charity is short on cash. But your balance sheet shows that you have accounts receivable of \u00a310k relating to customer invoices you issue, but that have not yet been paid. You can chase the payment for these. You can also consider shortening your payment terms to reduce your accounts receivable balance and increase your cash balance.<\/p>\n\n\n\n<p class=\"has-light-green-cyan-background-color has-background\">You\u2019ve seen that the balance of one of your funds is \u00a31m, and you are thinking &#8216;wow&#8217;. But when looking at the balance sheet for that fund, you see that the fund balance is made up solely of fixed assets &#8211; these relate to the main building your charity owns. Therefore, you have a high net asset balance, but you may still have cash flow issues. To release cash from the asset of the building, you would need to sell the building, or release capital from the building by taking out a mortgage on it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-using-your-balance-sheet\">Using your balance sheet<\/h3>\n\n\n\n<p>In accruals accounting, income and expenditure is accounted for in the period it relates to, rather than on the date it comes into or goes out of the charity bank account.<\/p>\n\n\n\n<p>This means that your income and expenditure reports and your fund balances show an accurate picture of what has been received in and spent out, and what net assets your charity holds.<\/p>\n\n\n\n<p>The balance sheet is important because it shows a breakdown of the assets and liabilities that make up your fund balance totals.<\/p>\n\n\n\n<p>Therefore, it\u2019s really important for charity finance teams to have an understanding of the balance sheet report in order to make informed decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-further-resources\">Further Resources<\/h2>\n\n\n\n<p>If you want to find out more about Fund Accounting, check out our other <a href=\"https:\/\/expenseplus.co.uk\/blog\/\">fund accounting blogs<\/a>, or visit the&nbsp;<a href=\"https:\/\/www.stewardship.org.uk\/resource\/making-sense-fund-accounting\">Stewardship Resources Hub<\/a>,&nbsp;which has lots of helpful information and resources.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this blog we explore the balance sheet report and how you can use it in charity accounting to track your assets, liabilities and cash flow.<\/p>\n","protected":false},"author":1,"featured_media":4680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-4476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fund-accounting"],"yoast_head":"<!-- This site is optimized with the 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