Charities & Not-for-Profit Plus Blog
Charity Commission (cc) consultation on draft regulations affecting permanently endowed trusts (pet)
Date: Tuesday 7th May, 2013 | Author: Louise Giles
These draft regulations mean that trustees of pets will be able to adopt a total return approach to investments without seeking prior permission from the cc. This means that investment returns will not be labelled capital or income, but that trustees who adopt the new power will be able to allocate the return in the way that they feel best furthers the charity’s aims now an in the future. The draft regulations are out...
Gift Aid Small Donation Scheme (GASDS)
Date: Tuesday 7th May, 2013 | Author: Wendy Bambrick
HMRC have published their guidance for charities and community amateur sports clubs (casc) on the new gift aid small donation scheme. This scheme allows eligible charities and cascs to claim top-up payments to a maximum of £5,000 in any one tax year from HMRC on small cash donations that they receive. The scheme applies to cash donations of £20 or less, received after 6...
Education Funding Agency (EFA) 2013/2014 Budget Forecast Return
Date: Friday 19th April, 2013 | Author: Wendy Bambrick
The Education Funding Agency (EFA) has published the 2013/2014 Budget Forecast Return on its website, together with guidance notes on completing the return. The return is used to: Consolidate academies financial results into the Department for Education’s budgets. Ensure the estimates of the future funding requirements for academies are accurate. Assess the on-going financial health of academies. All academy trusts open as at 31...
New financial reporting standard
Date: Tuesday 2nd April, 2013 | Author: Louise Giles
On 14 March 2013 the Financial Reporting Council issued FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. This standard is effective from 1 January 2015 but may be adopted early for accounts periods ending on or after 31 December 2012 (but see below). The standard applies to unlisted companies and subsidiaries of unlisted companies as well as public benefit entities (i.e. charity and not for profit). The Charities Statement of Recommended Practice (SORP) will be revised to take FRS102 into account...
How will the March 2013 budget effect the charity and not for profit sector?
Date: Tuesday 2nd April, 2013 | Author: Wendy Bambrick
Gift Aid and online donations Currently donors must make an individual gift aid declaration each time they give online, in order for a charity to receive gift aid on their donation. It was announced in the budget that there will be a consultation with regard to online giving which would propose that online giving platforms would be able to collect just one single declaration for all donor’s future gifts through that website. Employment...
Charity Commission Workshops
Date: Tuesday 5th February, 2013 | Author: Wendy Bambrick
Charity Commission Workshops for recently formed charities working internationally The Charity Commission is running events in Manchester (7 February 2013) and London (12 February 2013) with the aim of helping trustees of recently formed (less than five years old) charities working internationally to manage the associated risks. The events will cover trustees responsibilities, legal requirements, due diligence...
Charity Commission Annual Return 2013
Date: Tuesday 22nd January, 2013 | Author: Wendy Bambrick
The Charity Commission has released the new annual return for 2013 which is now available to complete online. The new annual return is similar to previous versions with only minor changes. Charities this year will be additionally asked if the charity is registered for Gift Aid, whether the charity owns or leases any land or buildings, and whether any of the charity’s land or buildings are used for the charity’s purposes. Previously voluntary questions on overseas...
Academies Commission
Date: Monday 14th January, 2013 | Author: Wendy Bambrick
The commission was established in 2012, it is chaired by Christine Gilbert, a former Chief Inspector of Schools. The academies commission website states that: Good schools are vital to our individual and collective wellbeing and prosperity, and are vital for the foundation of a fair and cohesive society. Strong schooling enables us to cope with the uncertainties of life, develop our potential, and extend our opportunities. Good schools also work to correct underlying inequalities, and to advance other shared social...
Charities and charity trustees – an introduction for school governors
Date: Wednesday 9th January, 2013 | Author: Wendy Bambrick
The Department of Education, the Charity Commission and the SGOSS (Governors for Schools) published a new guidance for the governors of mainstream or special foundation schools, voluntary aided schools and Academies which briefly explains the responsibilities as a charity trustee and where to find out about being a company director (for academies). The document also gives guidance on who has to register with the Charity Commission,...
Applications for registration as a Charitable Incorporated Organisation
Date: Wednesday 19th December, 2012 | Author: Louise Giles
The Charitable Incorporated Organisation (CIO) is a new legal form for charities (registered with the Commission, not with Companies House) that provides some of the benefits of being a company, without all of the associated burdens. Trustees of incorporated charities will have limited or no liability as the charity will be able to enter into contracts in its own right. According to the Commission, this structure will be most beneficial for small to medium sized charities which employ staff or...
