Charity Accounts: New Independent Examination Rules

5th December 2017

 

For many years now, many mid-sized UK charities have been required to subject their annual statutory accounts to independent examination. For such charities, with income within the range of £25,000 to £1m and gross assets of less than £3.26m, an independent examination is a lighter touch of independent scrutiny than a full audit. As many charities fall within these size criteria, independent examinations are very common, so it comes as no surprise that the Charity Commission have now updated their guidance on what is involved:

Compared to the previous 2015 guidance, Independent Examiners are now required to:

  1. Check for any conflicts of interest that may prevent them from carrying out the independent examination.
  2. Check that related party transactions in ‘SORP accounts’ are properly disclosed.
  3. Check whether the trustees have considered the charity’s financial circumstances when preparing the accounts, and for ‘SORP accounts’ whether the trustees have made an assessment of the charity’s position as a going concern.
  4. Report matters of material significance to the respective charity regulator.

As we live in an age of poor charity governance becoming news worthy, perhaps no surprise.



 
Other items in Blogs
 
Adrian Mackenzie
25th March 2019 When doing nothing is best

From time to time, stock markets go through periods of uncertainty. This could be down to some poor economic news or perhaps due to a political crisis.  The sharp falls that can be experienced at such times are understandably unsettling for investors. They can even tempt some to change their long-term plan by selling their…

Read More »

Thomas Carter
21st March 2019 Preparing for Brexit – Do you trade within the EU?

Your UK business may need an Economic Operator Registration and Identification (EORI) number if we leave the EU with no deal.   What is an EORI number?   An EORI number is a unique identifying number assigned to individual importers and exporters to track trade between the EU and non-EU countries. It’s used during Customs…

Read More »

Lisa Mason
18th March 2019 Payroll update: March 2019

  The team at Whiting’s payroll bureau have produced their latest newsletter, to keep clients updated on relevant recent changes to payroll and related legislation.   Edition 10 – March 2019  

Read More »

Fiona Mann
18th March 2019 High scoring Hannah wins award

Many congratulations to Hannah Shales from our Wisbech office who has achieved a world topping score of 95 in the December 2018 Financial Report exams, set by the Association of Chartered Certified Accountants.   Hannah worked extremely hard with her studies and has been rewarded with an ACCA certificate, cash prize and a bottle of…

Read More »

Lisa Smith
11th March 2019 Revised rates for the Annual Tax on Enveloped Dwellings

The charges made under the Annual Tax on Enveloped Dwellings (ATED) regime increase in line with inflation on 1 April 2019:   Property value From 1 April 2018 From 1 April 2019   £ £ More than £500,000 up to £1 million 3,600 3,650 More than £1 million up to £2 million 7,250 7,400 More…

Read More »

Lisa Smith
11th March 2019 UK residents with UK residential property gains – new obligations from 6 April 2020

From 6 April 2020, UK residents disposing of UK residential property will have new capital gains tax (CGT) reporting and payment obligations. The introduction of a 30-day reporting and payment window, i.e. within 30 days of completion of the sale, marks a significant change to the administration of CGT.   The changes do not apply…

Read More »