Robinson Reed Layton Charity Newsletter Autumn 2016
You may well have heard of a new regulator in the charity sector. The Fundraising Regulator (FR) came into being in July 2016 and is now responsible for the Code of Fundraising Practice.
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With the increase in audit thresholds to £1,000,000 of income, significant numbers of additional charities will now fall within the bands which permit independent examination of their financial statements.
The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information and requires certain institutions to collect and report data to HMRC for exchange with other countries.
The CCEW have the statutory power to disqualify individuals from acting as a trustee, which would also disqualify such individuals from holding senior management positions within the charity or charities concerned. The power enables the CCEW to disqualify, for a proportionate period, individuals who are unfit to be a trustee so as to protect an individual charity, charities in general or other trustees and the public.
The CCEW is consulting on how they propose to use new powers to issue an official warning where they consider there has been a breach of trust or duty or other misconduct or mismanagement within a charity.
Auditors and independent examiners in England and Wales, Scotland and Northern Ireland have a duty to report to the relevant Regulator matters of material significant which they discover in the course of carrying out their audit or examination work.
The Update Bulletin 1 was issued early in 2016 and allows for small charities, those with income under £500,000 to exclude a statement of cash flows when preparing accounts under the SORP 2015 (FRS 102).