Accounting and reporting
IFR4NPO – Respond to the first Exposure Draft
- ICAEW consultation and response
- 21 Nov 2022
The IFR4NPO project is developing international financial reporting guidance (called INPAG) for charities and other non-profit organisations. This is only possible with input from stakeholders: preparers, auditors, and users, including donors and regulators. Exposure Draft 1 (ED1) is open for public comment until 31 March 2023.
IFR4NPO project
- Video
- 04 Oct 2022
This short video reveals that Guidance under development has been given a name: International Non-Profit Accounting Guidance (INPAG). INPAG will be stand-alone Guidance so that preparers and auditors can find what they need in one place. Using the IFRS for SMEs Accounting Standard as a starting point, changes will be made to address the prioritized non-profit issues. The application will be up to each jurisdiction, but the NPOs we have in mind during the development process need to track assets and liabilities and report on a range of transactions and activities to meet the needs of the users ...
Smaller charities, SORP and issues of financial accounting and reporting
- Article
- 22 Sep 2022
We recently asked accountants, advisers and independent examiners of smaller charities to participate in research commissioned by Power to Change, the Charities Aid Foundation and the Lloyds Bank Foundation.
ICAEW responds to consultation on charity sector Annual Returns
- Article
- 01 Sep 2022
Proposals by the Charity Commission for more detailed information to better identify risks and understand the sector raise concerns about unnecessary red tape, data reliability and confusion about the information being sought.
Audit and independent examination
Giving back as a pro bono Independent Examiner
- Article
- 02 Nov 2022
The squeeze that charities are facing at present is unprecedented. One of the ways that chartered accountants can help is by carrying out an independent examination of their annual trustee report and accounts, a ‘light touch’ alternative to an audit.
Independent examination helpsheet
- Helpsheets and support
- 31 Jan 2022
Find out what ICAEW members should consider when they take on independent examinations of charities.
Charity Commission recordings for Auditors and Independent Examiners
- Listing
- 06 Dec 2021
Short video recordings for auditors and independent examiners from the Charity Commission for England and Wales on their duty to report matters of material significance to charity regulators, and on the Charity Commission’s ‘external scrutiny benchmark.’
Exclusive
Charities - financial reporting and scrutiny (England and Wales)
- Helpsheets and support
- 14 Dec 2022
Technical helpsheet issued to help ICAEW members to understand key requirements relating to the financial reporting and scrutiny of charities registered in England and Wales.
Financial management
What to include in your charity’s investment policy?
- Article
- 10 May 2022
Why it’s important to get clear about your income and capital growth expectations, express your board’s risk appetite with a quantified risk budget and to communicate your priorities clearly to asset managers.
Going concern - Assessing financial resilience in turbulent times
- Article
- 26 Feb 2021
What should charities be considering when they prepare their annual accounts?
Charity retail in recovery
- Article
- 26 Oct 2020
Shop closures during lockdown left a hole in charities’ budgets, but continued rate reliefs and an extension to the retail grant scheme would help charity shops recover.
Fraud and cybercrime
Legacy fraud – a charity CEO’s cautionary tale
- Article
- 25 Apr 2023
Legacies are a vital source of income for many charities but the lack of control over the administration of the estate can leave charities at risk of fraud. I spoke with charity CEO Stuart Craig about his experience of fighting for a £1.5m stolen legacy and asked for his hard-won advice on how charities can mitigate the risk of legacy fraud.
Preventing Charity Fraud
- Website
- 24 Jan 2023
One-stop-shop from the Fraud Advisory Panel and the Charity Commission which shares information on how to prevent, detect and respond to fraud committed against charities and not-for-profits.
Free cybersecurity opportunity
- Website
- 06 Jan 2023
Opportunity for FREE professional cyber security advice & support for small charities (less than 50 employees). May include obtaining the Cyber Essentials Plus Certification at zero cost.
Regulation and legislation
Regulatory updates
- Article
- 03 Nov 2022
Read a summary of the key regulatory changes in the last quarter, including the implementation of the Charities Act 2022, the Commission’s new portal for charity trustees, the new 5-minute guide on campaigning and the fraud prevention resources available to charities.
Court provides clarity on value-based investing for charities
- Article
- 08 Sep 2022
The recent court case of Butler-Sloss v Charity Commission brought trustees legal clarity that they can adopt a responsible investment approach, even where this could impact on their financial returns. Tom Dupernex, Head of Charities & Foundations at UBS, explains the impact of the ruling.
What does the recent Butler-Sloss v Charity Commission case mean for your charity’s investment policy?
- Article
- 08 Jun 2022
The recent court case of Butler-Sloss v Charity Commission brought trustees legal clarity and said that charitable purposes are at the heart of investment decisions.
The Charities Act 2022 – what are the practical implications for you?
- Article
- 12 May 2022
In February, the Charities Bill received Royal Assent and passed into law as the Charities Act 2022. The recommendations from the Law Commission formed the basis for the provisions of the new legislation and the Act is designed to give trustees more flexibility to manage charities effectively. They will not have a big impact on charities’ daily operations but simplify certain areas of regulation.
Reserves and investments
Court provides clarity on value-based investing for charities
- Article
- 08 Sep 2022
The recent court case of Butler-Sloss v Charity Commission brought trustees legal clarity that they can adopt a responsible investment approach, even where this could impact on their financial returns. Tom Dupernex, Head of Charities & Foundations at UBS, explains the impact of the ruling.
What does the recent Butler-Sloss v Charity Commission case mean for your charity’s investment policy?
- Article
- 08 Jun 2022
The recent court case of Butler-Sloss v Charity Commission brought trustees legal clarity and said that charitable purposes are at the heart of investment decisions.
What to include in your charity’s investment policy?
- Article
- 10 May 2022
Why it’s important to get clear about your income and capital growth expectations, express your board’s risk appetite with a quantified risk budget and to communicate your priorities clearly to asset managers.
Top tips on cash and investments for charities
- Article
- 29 Jul 2021
What you should be doing with your charity's finances.
Sustainability
Why charities must embrace ESG reporting
- Article
- 07 Jun 2022
Higher levels of ESG reporting in the charity sector will help to support accountability, best practices and access to finance, explain Nick Sladden and Carys Tetlaw of RSM UK.
What will this new decade bring for ESG investors?
- Article
- 29 Jul 2021
The end of the last decade brought with it one of the most difficult years for investors of all hues, but ESG moved firmly from the periphery to centre stage. The E (environmental) has been prominent for several years, but it was the S (social) which had the standout year.
ESG, what can corporates learn from the charities’ reporting framework?
- Article
- 25 May 2021
We are in the middle of a boom for ESG reporting, driven by the growing realisation of the risks arising from climate change and inequality, a realisation that has now permeated into capital markets. Every day sees a new tool for ESG or SDG or Sustainability Reporting.
Taxation and VAT
Charity sector responds to mini Budget
- Article
- 05 Oct 2022
As the third sector braces itself for an increase in demand for services this winter, the recent fiscal event offers limited help to organisations but little for individuals in need.
Are there reasons for charity accountants to feel positive about tax?
- Article
- 08 Jun 2022
Are you a glass half full or a glass half empty person? I imagine that many of us who are chartered accountants would have to say that our training encourages us to be more ‘half glass empty’ than ‘half glass full’! The Chancellors’ Spring Statement may have given us a perfect opportunity to test that out for ourselves.
Spring Statement 2022
- Press release
- 24 Mar 2022
23 March 2022: Read the Charity Tax Group’s analysis of impact of the Chancellor’s Spring Statement on charities.
HMRC clarifies zero VAT rating of digital ads for charities
- Article
- 07 Sep 2020
8 September: HMRC’s latest guidance sets out its VAT relief policy for a variety of digital advertising scenarios for charities.
Technology and data
Top tips for using Excel
- Webinar
- 08 Dec 2021
Join David Lyford-Smith for this webinar exploring some Excel tips and tricks that you can use to improve your efficiency and reduce spreadsheet risk.
How to run successful virtual board meetings – for charities and SMES
- Webinar
- 03 Dec 2021
Practical tips on running successful virtual board meetings, as well as insights into how to manage board dynamics digitally.
What are the audit and risk elements that digital fundraising platforms need to consider?
- Article
- 19 Nov 2021
William Makower, founding trustee of National Funding Scheme, considers the audit control and risk elements of its DONATE fundraising platform.
Open banking and the third sector: helping charities, help others
- Article
- 01 Mar 2021
The continuing growth and maturity of open banking-enabled propositions is driving compelling new opportunities for the charitable ‘Third Sector’. Here at the Open Banking Implementation Entity (OBIE), we know that charities have felt the impact of COVID-19 lockdown in the past 12 months. Reduced high street footfall make it harder to reach donors through traditional means. Contactless card payments at checkout mean less spare change to drop into buckets across the country.
Volunteering and governance
Being a charity trustee
- Article
- 09 Feb 2023
The Charity Commission’s 5-minute guides are designed to help trustees provide the best possible oversight to their charity.
Insurance for Volunteers
- Article
- 23 Jan 2023
Please note that the management liability insurance previously provided by the Community ended 31 December 2022.
Giving back as a pro bono Independent Examiner
- Article
- 02 Nov 2022
The squeeze that charities are facing at present is unprecedented. One of the ways that chartered accountants can help is by carrying out an independent examination of their annual trustee report and accounts, a ‘light touch’ alternative to an audit.
Why accountants can help schools navigate choppy waters
- Article
- 08 Sep 2022
As pupils return to school, school governing boards are taking stock of the challenges they have faced in the wake of the pandemic and begin to look ahead to the new academic year. How can finance professionals get involved in helping schools navigate these choppy strategic seas – and what are the benefits of volunteering in education?
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