Keep up to date with the latest charities news and commencement dates for legal and other requirements.
Public benefit entities and the future of UK GAAP
FRS 102 has now been published in final form. Further details about the future of the UK GAAP project and how this is likely to impact on public benefit entities, including charities, is available in the guidance section.
Charity registration in Northern Ireland to begin in the autumn
Following an amendment to the Charities Act (Northern Ireland) 2008, the Charity Commission for Northern Ireland will be able to register charities later this year. The registration of charities had been delayed by difficulties with the legal definition of charity contained within the Act, which was resolved by this latest amendment.
The Supreme Court rules against the Lloyds TSB Foundation in a dispute over funding
Following a long running dispute between the Lloyds TSB Foundation and Lloyds Banking Group, the Supreme Court reversed an earlier decision by appeal judges and said the Foundation was owed only £38,920. The Foundation had previously been awarded, on appeal, over £3.5 million. The dispute centred around how the Foundation's share of the Group's pre-tax profits was assessed under its convenant with the Banking Group, following the 2008 financial crisis. The covenant will come to an end in 2019.
OSCR publishes inquiry report on the Glasgow East Regeneration Agency
OSCR has published the results of its section 33 inquiry into the Glasgow East Regeneration Agency. The inquiry was prompted by concerns over the value of the severance package agreed by the charity's trustees for its chief executive: the charity is in the process of being dissolved. OSCR concluded that the actions of the trustees in this instance constituted misconduct in the administration of the charity. OSCR has recommended that the trustees receive training on their section 66 duties to ensure the risk of similar misconduct in other charities they are involved with is minimised. OSCR is unable to recoup any of the severance payment.
Charity Commission considers guidance on the SORP for trustees
The Charity Commission has announced that it may develop guidance on the Charities SORP for trustees to improve their financial understanding. If the new guidance is developed it will coincide with the next edition of the Charities SORP which will apply from 2015 onwards.
OSCR issues directions to three private schools to widen access
OSCR has announced its decisions on 13 of the 40 fee-charging schools whose charitable status it is currently reviewing as a 'priority group' for assessment by the Summer of 2014. Ten have met the test and have been confirmed as keeping their charitable status. The remaining three have failed to meet the test and have therefore been issued with Directions instructing them to widen access to the benefit they provide. Find out more information on the OSCR website.