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Charity Finance Professionals Community

Stay up-to-date with the latest developments in the fast-changing environment of charity finance, taxation and governance to support your work in the charity sector. See our content below.

Your community's content

Accounting

 

Accounting for donated goods

The requirements of FRS 102, upon which Charities SORP 2015 is based, include a requirement to recognise the income from receipts of resources from non-exchange transactions (including donated goods) at the fair value of the donated goods received.

Charities SORP Bulletin 2: An update

An update of the Charities SORP (FRS 102) issued in July 2014 to reflect amendments issued by the Financial Reporting Council in December 2017

Audit and Independent Examination

Charity regulation and legislation

Charities Act 2011

The Charities Act 2011 came into force on 14 March 2012. The 2011 Act did not change existing law or introduce new policy but simplified the structure of the existing legislation. On this page you can find articles, books and online resources providing guidance, briefings and information on the Act itself.

Governance

Kreston Academies Benchmark Report 2019

The financial position of the sector has been challenging, but 2018 could probably best be described as a steady financial year in uncertain economic times. We have seen a slight decrease in the number of in-year deficits, and this is encouraging. Reserves are still falling but with deficits being lower on average than last year, the sector can now survive for longer than the 2-3 years that we extrapolated last year.

What to make of markets

Reality can differ depending upon your perception, and perceptions can change. At Ruffer we have never tried to predict the future, but to identify the key risks and protect our clients against them.

Taxation

HMRC Gift Aid online

Online service for charities, or community amateur sports clubs, to claim Gift Aid or tax back on other income. It also contains details of how a charity can register with Charities Online before making a claim.

Charity Tax Group

The Charity Tax Group was established in 1982 to make representations to Government on charity taxation and is the leading voice for the sector on this issue. It now has over 500 members of all sizes representing all types of charitable activity.

HMRC's charities and tax pages

HMRC’s overview pages explaining the different tax reliefs that charities can claim. Provides information on how to register a charity and instances when tax may be required to be paid.

Find out more about the implications of the decision to leave the EU on charities from our feed of externally produced articles and resources.

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Listen to previous recordings from the Charity Financial Professional Community.

Charity Commission – Regulatory Roundup | 05 December 2019

In his review of the year, Nigel Davies, Head of Accountancy Services, Charity Commission for England and Wales will recap on updates to Commission guidance, research findings and case highlights relevant to auditors, independent examiners and practitioners. In particular he will look at the new benchmark for external scrutiny and its place in the Commission’s regulatory approach to charity reports and accounts. He will also provide an overview of the second edition of the charities SORP (FRs 102) and review changes to the process for developing the Charities SORP.

Charity Commission Guidance on Cyber crime | 21 November 2019

The Charity Commission publication “Preventing Charity Cybercrime 2019” highlights the findings from the largest ever survey on cybercrime against charities. In this webinar hear from the report’s author, Alan Bryce, Head of Development, Counter Fraud & Cybercrime at the Charity Commission, on the main cyber threats and learn more about the steps charities can take to avoid becoming a victim.

Governance for charities | 25 Nov 2019

A one day event looking at the major challenges and emerging issues affecting charity governance. This event will consider the impact of major developments on the charity sector. The day will also include an examination of the responsibilities and regulatory requirements of trustees in relation to cybercrime, remuneration and performance and lessons to be learnt from recent Charity Commission compliance cases.

Charity commission guidance on cybercrime | 21 Nov 2019

The Charity Commission publication “Preventing Charity Cybercrime 2019” highlights the findings from the largest ever survey on cybercrime against charities. In this webinar hear from the report’s author on the main cyber threats and learn more about the steps charities can take to avoid becoming a victim.

Charity commission annual roundup | 05 Dec 2019

In his review of the year, Nigel Davies, Head of Accountancy Services, Charity Commission for England and Wales will recap on updates to Commission guidance, research findings and case highlights relevant to auditors, independent examiners and practitioners. In particular the new benchmark for external scrutiny and its place in the Commission’s regulatory approach to charity reports and accounts, an overview of the second edition of the charities SORP (FRs 102) and a review of changes to the process for developing the Charities SORP.

Charity Finance Professionals Community newsletters

March 2019

Topics covered include: the Scottish Government's consultation into the Scottish Charity Framework, DCMS guidance for departure from the EU and ICAEW's response to the Guiding the development of the Charities SORP consultation.

January 2019

Topics covered include: the Accounting for Gift Aid information sheet issued by the SORP Committee, resources for charities preparing for MTD, results of the Cup Trust inquiry and the Charity Commission's Accounting Monitoring Review, which shows a decline in the quality of charities' annual reviews and accounts.