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.
Guidance on the application of company law on distributions to charitable donations to their parent made by UK subsidiaries of registered charities.
A statement of recommended practice for charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)
Amendments to FRS 102 issued by the Financial Reporting Council in July 2015 – Small entities and other minor amendments.
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
Listen to this free webinar where Nigel Davies, Joint Chair Charities SORP Committee, and Peter Taaffe, BwMacfarlane to discuss the proposed questions to Independent Examination Directives.
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.
Technical helpsheet issued to help ICAEW members to understand key requirements relating to the financial reporting and scrutiny of charities registered in Northern Ireland.
Technical helpsheet issued to help ICAEW members to understand key requirements relating to the financial reporting and scrutiny of charities registered in Scotland.
Charity regulation and legislation
The Scottish Government is requesting responses to an open consultation into the effectiveness of Scottish charity law.
The joint SORP-making body has opened a consultation into the Charities SORP following the triennial review of FRS 102.
Auditors and independent examiners of UK charities must stay current with the latest reporting requirements.
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.
The Charity Commission’s questions provide a useful guide for trustees to identify any areas of weakness.
Reporting a modified audit or independent examination opinion as a serious incident to the relevant UK charity regulator.
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.
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.
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.
Find out what a charity is, how VAT affects charities, how to treat a charity's income for VAT and what VAT reliefs a charity can get on what it buys.
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 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.
Brexit and charities
National Council for Voluntary Organisations guidance on the potential implications of a no-deal Brexit for charities.
A NCVO blog post on how the changes to UK law being made through Brexit secondary legislation may impact charities.
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.
Blog post from Ben Westerman, senior external relations officer at NCVO, looking at the headline implications of a no-deal Brexit for charities.
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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.
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.
This full-day event is aimed at those with a working knowledge of charity accounting and tax.
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.
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
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.
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.