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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.

Data Protection and Brexit - Is your organisation prepared?

Article from GOV.UK reminding businesses and charities which share personal data with organisations in the EEA that they will need to take steps to ensure they continue to comply with data protection laws if the UK leaves the EU without a deal. The article provides pointers to the practical guidance available to help businesses and charities with this task.

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Events

Webinar: Reserves reporting

This webinar will look at the main issues and pitfalls surrounding the creation of financial reserves for charities. It will also cover policy and guidance in that domain.

Fundamentals of Accounting and Tax for Charities

This introductory event is aimed at those who are newcomers or those returning to the charity finance sector. The course covers the basics of charity accounts and tax.

Webinar: Key issues arising from recent Commission operational reports

This webinar will look at a number of recent Operational Case reports published by the commission and consider how these would inform internal and external audit work in the sector. The topics covered will include conflicts of interest and how to manage them, property purchase and sale, charity rationalisation and merger, and the charity governance code.

PD Leake Lecture - Acting in the public interest: accounting for the vulnerable

We know very little about some of the most vulnerable people in society – until recently we didn’t even count the deaths of homeless people. If society is going to act meaningfully, shouldn’t we know a lot more? How can accounting help? Accounting offers a potentially powerful tool to throw light on something we know little about. Please join us to hear from Professor John Burns and Dr Stephen Jollands on how accounting can provide insights into the concerns, perspectives and needs of the vulnerable and how the profession can drive change. Nicki Deeson, Finance Director of Amnesty International will provide the practitioner response.

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.