Highlights from Charity Finance news, September 2019.

Wednesday, September 11, 2019 9:06 AM | Farah Mendlesohn (Administrator)
  • This is the first of a series of posts where we will summarise the news from industry relevant magazines.
  • ·      Charity Kind Direct reports that donations of goods in kind are down, as firms that usually donate are stockpiling for a No Deal Brexit. (6)
  • ·      Action Fraud: Charities report annual fraud losses totalling £8m (7)
  • ·      Government raises the society lottery sales to £50 instead of the £100m anticipated (7)
  • ·      Humentum and the Chartered Institute of Public Finance and Accountancy (Washington), launch an International financial reporting standards project (7)
  • ·      July: the Court of Justice of the European Union, ruled in favour of HM Customs & Revenue that VAT on investment management fees may not be recoverable; Civil Society has asked if this may be extended to fundraising costs (13)
  • ·      Rob Preston of Charity Finance reports on the Reforming Charity Taxation Report (10):
  • o   All charities to report on the amount of Gift Aid received;
  • o   Donors who pay higher tax rates should have tax relief automatically passed to the charities they donate to (an opt out, rather than an opt in);
  • o   Suggestions that VAT charged to other charities for use of premises to become recoverable.
  • ·      Smee and Ford’s contract to read wills and notify charities of legacies has been extended for 12 months (14);
  • ·      Sarah Miller, of the MSc in Voluntary Sector Management at Cass, argues that Trustees should go beyond the compliance recommendations of SORP 2015 and declare the origins of donations, and the wishes of donors where expressed. Two useful tools for achieving financial transparency are Glasspockets.prg and 360Giving https://www.threesixtygiving.org/. (35)

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