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A key role in the effective governance of most charities is that of the Honorary Treasurer (treasurer) as an ‘office-holder’ among the charity trustees. This helpsheet defines the treasurer’s role and provides guidance on how this role should be carried out.
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Supporters of a specific charity frequently establish a friends’ organisation to channel their support to the charity. This helpsheet explains the reasons for setting up a friends' organisation and also outlines some of the potential issues.
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An independent examination is less onerous than a full audit and only provides a form of negative assurance. It is a personal appointment – which means that it cannot be carried out by a partnership or company as such, although an individual within such a firm can act in a personal capacity as an independent examiner.
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This helpsheet is intended primarily for accountants who are asked to report on the proceeds of charitable street collections.
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The VAT exemption for charitable fund raising is based upon Article 132(1)(o) of the Principal EC VAT Directive. It is designed to allow charities, and other qualifying bodies, to exempt supplies of goods
and services which they make as part of an event held to raise funds for their activities. The current UK law on the VAT exemption for fund-raising events is set out in Group 12, Schedule 9 of the Value Added Tax Act 1994.
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We have produced this helpsheet as a reminder of common problems or issues so that the Annual Report and Accounts are prepared to a minimum standard. Since the last issue of this helpsheet (April 2010) we have carried out research on a stratified sample of 356 charities to identify areas where charities are failing to comply fully with SORP 2005.
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The 2000 Statement of Recommended Practice for Charities (SORP) introduced the requirement for a risk review.
This requirement has not significantly changed with the new 2005 SORP. However, it does represent best practice for smaller charities as well as required practice for larger ones.
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The purpose of this helpsheet is to explain why reserves and a reserves policy are important and provide guidance on developing a well structured and supported reserves policy.
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This helpsheet is intended to summarise for the ICAEW practitioner how charity law affects charitable companies under the Companies Act 2006 for annual reporting.
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This help sheet looks at what is meant by an internal control framework and why any charity needs one. It also touches on the importance of risk management as a key part of the internal control framework.
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The charities SORP follows FRS 9 to the letter in describing how to account for interests in separately accountable undertakings in which a charity either shares control with a third party (as distinct from having sole control, which defines wholly owned and partly owned subsidiaries) or actively participates in its management to a lesser degree.
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During this economic crisis there is one message which comes through loud and clear – charities need the confidence of those who support them. Although not an exhaustive list, this helpsheet provides practical pointers aimed at assisting charities in surviving the current economic downturn.
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This helpsheet looks at setting investment policy, the role of the investment manager and understanding performance and fees.
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Charities’ statutory exemptions from income tax (corporation tax, for a corporate body) on all profits derived from ‘primary purpose’ trading, and also from any non-charitable trading within a specified turnover limit, are conditional on all the charity’s income being applied for charitable purposes only.
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The Gift Aid scheme has been in existence for some years. If an individual is thinking of making a donation to a charity they should consider the benefits of Gift Aid.
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It is clear that employment legislation does not cover volunteers. However, in some circumstances volunteers can be employees or workers, and therefore do have statutory rights. Much will depend upon the arrangement between the organisation and the volunteer.