The new Charities Act 2006 contains a clause that the gross income threshold over which a charity's financial statements must be audited, be increased from £250,000 to £500,000. At this year's AGM you need to put in place the necessary provisions so that when the clause comes into force your charity can benefit if you so wish.
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 Money Laundering Regulations.
Charities with gross income or expenditure of 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 10 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.
For non-qualifying events aim for a basic minimum charge with the balance as a donation which is outside the scope of VAT.
Charity trading subsidiaries no longer have to covenant their profits to the Charity - a simple written agreement is all that is required.
