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Welcome to our Charities Newsletter brought to you by Mark Williams, our Charities Partner. If you would like any further information on any of the posts please call Mark on 01872 276116 or email him at firstname.lastname@example.org.
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Robinson Reed Layton Charity Newsletter Autumn 2016
Fundraising Regulator Levy – The Postman is on his way!
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.
Independent Examination in England and Wales
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.
Automatic Data Exchange
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.
Power to Disqualify – Consultation
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.
Official Warnings – Consultation
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.
Report Matters of Material Significance
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.
Update Bulletin 1 and Early Adoption
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).
Changes to Legislation in England and Wales
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.
Model Gift Aid Declaration and Retail Gift Aid Scheme Changes
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 above information should not be used to make decisions in isolation without consulting a professional adviser.