Charity Briefing - Autumn 2014
Welcome to the autumn edition of Charity Briefing.
After a long wait, consultations, discussions, debates and more, we finally received the approval of the revised Charity SORP this summer. The new Charity SORP, the interpretation of Financial Reporting Standard 102 for charities, has received a lot of press coverage. In this edition we identify some of the key themes and changes being introduced for you to consider. Whilst the new SORP will not impact many until their 2016 year ends, there are a number of areas where you will have to consider the implications for the current years financial reporting to be prepared for the change. For many the changes are likely to be presentational only, although there are certain areas of the new guidance that will require additional thought. Perhaps provide a paper to your trustees to advise them on the most appropriate way of complying with the new guidance.
Social Investment Tax Relief has also been introduced as a tax efficient model of funding for charities. Whilst it seems attractive, the article highlights more of the detailed considerations that you need to weigh up to determine whether or not it is suitable for your operations.
We include an update on topical VAT matters covering friends schemes, VAT on temporary staff, direct mailing and relevant residential purpose buildings. Finally a topic that we are being increasingly ask to comment on, Data Protection. Simon Bulleyment, Director of haysmacintyre IT Consultants Limited, addresses the key components of the legislation, and the areas that charities should consider in order to assess whether they have robust policies and procedures in place to meet the requirements of this onerous piece of legislation.
We hope that the articles are thought provoking and should you wish to discuss any of the topics in more detail, please contact Richard Weaver, editor of the Charity Briefing.
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