Charities

Tax / Charitable donations cut inheritance tax bills by £880m

The amount of inheritance tax (IHT) saved by leaving money to charity has hit a record £880m, as donors look to reduce their tax bills and donate to good causes on their death

Insight / Commission puts boxing charity on the hook

The Charity Commission has opened a statutory inquiry into the Jack Raine Community Foundation, following serious concerns over financial controls and other regulatory issues at the charity, which runs a boxing club in York amongst other activities

Audit / FRC to revise charity audit practice note PN11

The Financial Reporting Council (FRC) is planning significant revisions to Practice Note 11: The audit of charities in the United Kingdom (PN 11), including a renewed emphasis on reporting matters of material significance, to reflect changes in the regulatory landscape and increased public interest and concern over governance in the sector

Insight / Commission issues cyber alert to charities

The Charity Commission has issued an alert to charities and has provided regulatory advice on cyber attacks under the Charities Act 2011, following the recent ransomware attack on NHS services

Accounting / Failures in quality of charity reporting highlights trustee trust issues

Poor financial management and accounting failures continue to be a problem for the charity sector, with double defaulters continually failing to meet governance requirements on financial reporting, according to the annual review of charity accounts by the Charity Commission

Accounting / Investigation into charity’s late accounts filing

The Charity Commission has opened a statutory inquiry into Islamic Trust (Maidenhead), which has repeatedly failed to file its accounts on time

Accounting / NAO calls for tighter scrutiny of charity funding

The National Audit Office (NAO) is warning that the government’s supervision of the grants it gives to charities remains inadequate and says it needs to improve its monitoring, particularly in light of plans to give an additional £102m from fines from criminal activity in the banking sector (the LIBOR fines) to charities and good causes over the next four years

Insight / West Midlands charity under financial investigation

The Charity Commission has opened a statutory inquiry into a Christian religious charity, Bethel United Church of Jesus Christ Apostolic UK based in the west Midlands, over what it describes as ‘serious concerns’ related to its financial controls and governance

Accounting / Charities SORP: financial reporting - NEW CPD module

This month's CCH Daily CPD module focuses on charity reporting under the charities SORP, the only SORP available to charities from 1 January 2016, outlining how to plan for the transition from using FRRSE to FRS 102 reporting

Insight / Regulator looks into cash courier concerns at Leicester charity

The Charity Commission has opened a statutory inquiry into Leicester-based Aid for the Needy & Oppressed (ANO) over concerns about the charity’s financial controls after it was found to have used cash couriers to handle funds, which is counter to current advice

Insight / Charity Commission finds failings in accounts quality

Over half of charity accounts still fail to explain how the charity is meeting its objectives, while a quarter do not meet basic standards for users, rising to almost half in the very smallest charities, according to research from the Charity Commission

Tax / ICAEW runs through charity rules on London Marathon donations

Ahead of this year’s London Marathon on Sunday, which holds the Guinness World Record for the largest single annual fundraising event, ICAEW has issued advice reminding accountants and others of the options to claim tax relief on any charitable donations for those taking part

Insight / CABA reports 20% increase in calls for help

CABA, the charity supporting chartered accountants, helped over 15,000 people last year, a 20% increase on the previous twelve months, according to its 2016 impact report published in its 130th year of operation

Audit / Revised guidance for charity auditors on material significance

The three UK charity regulators have issued new joint guidance setting out what auditors and independent examiners must report, including a revised list of matters of material significance

Insight / Investigation into children’s charity’s trustee governance

The Charity Commission, has opened a statutory inquiry into children’s charity Believe in Magic, and has frozen its bank account, over concerns about possible trustee mismanagement and the failure to file annual accounts
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