A number of changes and improvements have been made to the new annual return as a result of feedback from charities and interested parties. This follows a consultation over the summer.

The annual return is the online form that all charities with yearly incomes of £10,000 or more complete within 10 months of the end of their financial reporting period. It must also be completed by all charitable incorporated organisations (CIOs).

The new reporting requirements are likely to cost an estimated £500,000 across the charity sector in terms of additional data collection, according to the impact assessment, and will affect around 90,000 charities.