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The rules and regulations for those who run and account for registered charities and similar not for profit organisations are evolving and changing rapidly.
In March 2005 a revised Statement of Recommended Practice (SORP 2005) was issued. This is the book of rules for those preparing charity accounts and it applies to accounting periods starting on or after 1st April 2005. Usually this will mean accounts for March 2006. SORP 2005 involves some subtle and some not so subtle changes to previous requirements and now is the time to catch up with these changes.
Also due in 2005 is a new Charities Bill. This is completely unrelated to the SORP but will involve just as many changes to how charities are managed and run.
One key proposal of interest to accountants is the Charitable Incorporated Organisation. This is an entirely new concept of a limited company specifically for registered charities (and some others) which will be administered and regulated by the Charity Commission only. There will no longer be any need for a charitable company to present accounts to both the Commission and Companies House.
You need to know how to convert your existing structure into one of these.
Cases on VAT and Gift Aid continue to fill the courts. You will of course be familiar with the London Zoo and St Paul's cases and how they might affect you….?
I have an extensive series of notes on all matters charitable and am available to give presentations to groups of any size. Of course, if you engage me as your accountant, you can have most of it as part of the deal!
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