1. Each chapel should keep accounting records and prepare annual accounts. There is no statutory requirement to use the calendar year although many chapels do. The church rules may require more frequent accounts, e.g. on a quarterly basis.
2. Where the annual income is above £25,000 it will be necessary to have an independent examination carried out.
3. Accounts can be prepared on the basis of receipts and payments unless the income exceeds £250,000. If this threshold is exceeded the independent examination must be carried out by a qualified accountant.