- The new Charities Act 2006 increases the gross income threshold over which a charity's financial statements must be audited, from £250,000 to £500,000.
- At this year's AGM you need to put in place the necessary provisions to ensure that your charity can benefit when the clause comes into force.
- Interest received on bank accounts representing restricted funds must be credited to the restricted fund to which it relates.
- Appoint a Money Laundering Reporting Officer and train your staff to be aware of the new Money Laundering Regulations.
- Charities with a gross income or expenditure over £10,000 must, by law, prepare accounts and an annual report as well as an annual return. Failure to submit these to the Charity Commission within ten months of the financial year end could trigger an investigation.
- All charity advertising is now ZERO rated for VAT purposes, provided the supply is one of third party advertising to a charity.
- Small scale fundraising events now qualify for VAT exemption.
What Information Should Appear On Documents?
- "Registered with the Charity Commissioners"
- "Registered Charity No. XXXX"
- "Registered as a Charity"
- "A registered Charity"
All of the above are acceptable. However, if your charity's income was more than £10,000 in the last financial year, you must include the above statement on all documents issued by or on behalf of the charity, including:
- Orders for Money
- Goods or services
- Bills issued by the charity
- Letters of credit
Please contact us for more information.