Charities and not for profit newsletter
Stay up-to-date with the latest updates in the charity sector by reading our latest newsletters from our experts at Price Bailey.
Autumn 2023 charities and not for profit newsletter
Welcome to our autumn 2023 edition of the Charity and Not for Profit Newsletter, which has continued as a blog series over the year on our website.
This edition brings together articles published on our website into a newsletter. Including:
- The Charities Act 2022 and Restricted Funds – what has changed?
- Gift Aid repayment claims – is your charity compliant?
- Removal of charitable tax relief to non-UK charities
- Internal financial controls for charities CC8
- Code of Fundraising Practice review
- The next charities SORP and FRS102
2024 looks to be a busy year for the charity sector with the forthcoming issue of the Charities SORP. Keep an eye on our website for events and guides to the changes.
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If you have any questions relating to this newsletter, please get in touch with us to discuss further using the form below.
Spring 2023 Charities and not for profit newsletter
Welcome to our Spring 2023 edition of the charity and not for profit Newsletter, which has continued as a blog series over the year on our website.
This edition brings together recent articles published on our website into a newsletter. This includes our article on fraud and the latest Economic Crime and Corporate Transparency Bill. This article reflects on the implications for businesses if this Bill is passed in its current form, making fraud a corporate criminal offence. We also look at the 2023 Charity Commission Annual Return and the new questions required to be answered from this year in its completion. Finally, we have an article on Kids Company, summarising the various findings over the last few years and the Charity Commission report issued last year and what these mean if you are a Trustee of a charity.
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If you have any questions relating to this newsletter, please get in touch with us to discuss further using the form below.
The time to act is NOW
Charities need to respond to the draft FRS 102 (FRED 82)
The FRC has proposed that for accounting periods beginning on or after 1 January 2025, a new version of FRS 102 will apply.
A revised Charity SORP will also be issued for consultation to take account of any changes that are relevant to charities. Charities do need to be engaged in the process so that we can make the accounting standard better for the sector.
FRED 82 – which is the exposure draft of the changes to FRS 102 is currently out for consultation until 30 April 2023. Whilst responding to the consultation on changes to the Charities SORP will be important, it is also vital for charities to engage with this consultation, as changes to the Charity SORP can only happen if they are consistent with FRS 102.
Helena Wilkinson, Head of the Charities and Not for Profit team at Price Bailey, has set out below some of the key areas of FRS 102 which affect charity accounting. You can download the full newsletter below.
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If you have any questions relating to this newsletter, please get in touch with us to discuss further using the form below.
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide and no responsibility for loss occasioned by any person acting or refraining from action as a result of this material can be accepted by the authors or the firm.