Hi Everbody,
Please could anybody help me on this issue ?
A charitable company with Incoming Resources £175,000 and period end Nov 2009.
I need to confirm whether Compliance with Charity Act 1993 or 2006 would be required
and is there any SORP issued after SORP 2005 ?
Is Charities Act 1993 effective despite having Charities Act 2006 now?
I have lokked at Charity Commissions website and have some understanding , but still
a bit confusing.
I would appreciate your help.
Related resources
Replies (4)
Please login or register to join the discussion.
Don't panic
OK here goes.
First point is keep a clear mind.
Gross income > 175k, therefore no audit until it reaches 500k (or 250k if the charity has assets of 3.26m). OR, it is required by the governing document - mem and articles or charity trust deed.
Under Charities Act, an independent examination is required, and Charity Commission give very clear guidelines on what needs to be done for this.
Both Charities Act 2006 and Companies Act 2006 apply. Thus you would prepare a Statement of Financial Activities, as required by the SORP, but in brackets, the heading will say '(incorporating income and expenditure account)' in order to comply with Companies Act. You will need to get disclosure checklist to make sure that you cover all such points.
SORP 2005 is still the SORP to comply with, but do review the CC website, as the SORP was updated in 2008.
Hope this helps to start with.
SA
CCH
Last time I looked, even though the CC website is excellent, I think it keeps off giving disclosure advice on incorporated charities, presumably because it thinks (hopes) Co's Hse will do it (dream on).
So I agree with SA, a disclosure checklist is a must and, ironically CCH's is very good.