For Trustees’ Week 2024, one of our charity specialists, Director Rory McCall, is building on theme of recruitment and retention by sharing knowledge with trustees. Introduction to charity accounting standards The accounting rules for charities, set out in the Charities SORP (Statement of Recommended Practice) derive from Financial Reporting Standard 102 (FRS102) which is published…
For Trustees’ Week 2024, one of our charity specialists, Director Rory McCall, is supporting the theme of recruitment and retention by sharing knowledge with trustees. Here Rory looks at going concern. As many charities continue to face financial challenges in the aftermath of the pandemic, as well as ever-increasing competition for the limited funding available…
For Trustees’ Week 2024, one of our charity specialists, Director Rory McCall, is adding to the theme of recruitment and retention by sharing knowledge with trustees. Here Rory looks at a comparison between audits and independent examinations. Legal requirement for external scrutiny of charity accounts in Scotland If a charity is registered in Scotland, then…
For Trustees’ Week 2024, one of our charity specialists, Director Rory McCall, is adding to the theme of recruitment and retention by sharing knowledge with trustees. First on Rory’s list is audit thresholds. Audit thresholds for charities Currently all Scottish charities with income in excess of £500,000 are subject to an audit of their annual…
I’m Lyndsay, a Senior Payroll Administrator at Wbg. For National Payroll Week, I want to cast light on my unique journey into payroll. Past Where did your journey begin? I started as a Modern Apprentice in our business advisory services team in 2014 as a Modern Apprentice, working towards my AAT qualification. My first in-depth…
The accounting rules for charities, set out in the Charities SORP (Statement of Recommended Practice) derive from Financial Reporting Standard 102 (FRS102) which is published by the Financial Reporting Council (FRC). Previously we reported on developments in the production of a revised SORP with the expectation that it would likely be implemented with effect from…
In this month’s charity blog, Charities Manager, Rory McCall, looks at preparing the Trustees’ Annual Report. One of the most important tasks to be carried out when preparing the financial statements each year is the preparation of the Trustees’ Annual Report (TAR). The TAR is the narrative part of a set of financial statements which provides lots…
In our latest blog, Charities Manager, Rory McCall, looks at identifying related party transactions in your charity: Related party transactions, being transactions that a charity undertakes with a person or entity closely connected to it, must be disclosed in a set of charity financial statements. There are many examples of what constitutes a related party transaction, but some…
In our latest blog, Charities Manager, Jenna Fair, looks at reputational risk for charities and how you should be preparing to protect your charity: Has your charity considered reputational risk? Is it on your risk register? Do you have a plan of action in case something happens? The circumstances which could give rise to negative…
In this month’s blog, Rory McCall gives an overview of the methods charities use to claim gift aid on the proceeds from the sale of donated goods and recent changes HMRC have made to their standard templates: The basic principle is that the charity (or its trading subsidiary) act as an agent for a private…
