From time to time the Charity Commission publishes a review covering some aspect of the accounts filed by the charities on its Register. Three interesting reviews that popped into my inbox in April were: The quality of charity accounts The quality of small charity accounts, and Public benefit reporting by charities. Some of the most
The finalised version of the Charities SORP (FRS 102) Update Bulletin 1 was published on 2 February 2016 on the SORP microsite. This Bulletin updates the Charities SORP (FRS 102) as issued in July 2014, for the following three areas:
In the latest scathing assessment of the scandal, the Commons public administration and constitutional affairs committee found failings by the charity itself, senior ministers, watchdogs and auditors all played a part.
The past few months have seen an unprecedented focus on the charity sector. The collapse of Kids Company, the death of Olive Cooke and the ensuing review of fundraising activities and the increasing pressure on funding from government has led to numerous front page articles, parliamentary questions and a soon to be aired Panorama programme.
A number of changes have been introduced in SORP 2015 that will affect Board reporting. Jacqueline Williams looks at what this could mean for charities.
“Kids company faces investigation over financial collapse” writes the Guardian, “Kids company closure may cost taxpayer £1.2m” says the BBC. The main concern raised in most of the media coverage is about administration, governance and financial management; all of which are ultimately the responsibility of the Board of trustees of the charity.
Charity accounting requirements can sometime appear to be complicated but we can all agree that we want them to be accurate. This week, the Charity Commission has published a report on ‘Low charitable expenditure’ suggesting that many larger charities (those with income over £500,000) are understating their charitable expenditure. Now is the time to pick
Christmas Jumpers, Christmas Jumper Day and the resurgence of knitwear manufacturing in the Midlands!
Have you wondered what this craze is, when it started and how it can benefit children? There is also the story of how this craze has regenerated manufacturing in the Midlands city of Leicester.
I think by now we are all aware that there are changes afoot in charities financial reporting but do you know what you have to do in practice now?
Financial reporting for UK charities is changing from January 2015. These developments will enable charities to comply with international reporting standards as well as with the reporting standards specific to UK charities.