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).
The Charities Protection and Social Investment Act 2016, which only applies to charities in England and Wales, is now law. The Act has been introduced following a number of scandals in the Charity Sector such as the tragedy associated with Olive Cooke and fundraising ethics, and the demise of Kids Company.
In April 2016, HMRC simplified and shortened the model Gift Aid declaration. However, in doing so it has clarified that if an individual has not paid sufficient tax to cover the tax reclaimable by the charity on the donation, the individual is responsible for paying the difference to HMRC.
The aim of the Gift Aid Small Donation Scheme (GASDS) is to support the charity sector in circumstances where it is not feasible or practical to obtain a Gift Aid declaration from individual taxpayers making a cash donation, for example church plate or bucket collections.
Is your charity’s legal structure that of a charitable company? If so then you need to be aware that from 6 April 2016 there is now a requirement to prepare and keep updated a Register of People with Significant Control (PSC register). This requirement applies to all companies, including charitable companies.
In England, Wales and Northern Ireland the new Fundraising Regulator (FR) will oversee standards for fundraising and deal with complaints about charity fundraising. A full complaints process is now available on the FR website, alongside a discussion paper on its proposed funding model for a levy and registration.
Now that charities have had the opportunity to work with the new SORP, the SORP making body and SORP Committee are seeking feedback, both on the structure of the SORP and its content.
The Charity Commission in England and Wales (CCEW), has as a primary aim the promotion of a charity sector in which the general public can have confidence and in which charities themselves can flourish. Recent scandals and a report show that public confidence has fallen to a new low.