Charity accounting in the UK is based upon Financial Reporting Standard (FRS) 102 which is subject to periodic review every five years. The latest revision to FRS 102 was published in March 2024. The Charities Statement of Recommended Practice (SORP) provides...
Recent research from the eighth quarterly VCSE Sector Barometer from Pro Bono Economics has found that only 37% of charities have what they consider to be a complete board of trustees. This means that 63% of charities have an incomplete board of trustees at the time...
The development of the first International Non-Profit Accounting Guidance (INPAG) for non-profit entities has progressed into a third and final consultation. Currently, no international accounting guidance exists for non-profit organisations. What issues does...
The Importance of Diverse Funding In the UK, charities play a key role in supporting communities, addressing issues within our society and changing people’s lives for the better. But for charities to be able to deliver these vital services they need to be able to...
The fundraising platform JustGiving has announced that over £550m was raised for nearly 20,000 UK Charities through their platform in 2023. This is based on data provided by JustGiving which was taken from 1 January to 15 December 2023. This data only related to...
On the 6th December, the Fundraising Regulator announced that it is looking to review a proposed increase to the Fundraising Levy in the charity sector for the first time since 2016. What is the Fundraising Levy? The Fundraising Levy raises the majority of the...
New research has found that charity sector income in the UK has shrunk for the first time in eight years for the 2020/21 tax year. It is thought that smaller charities have been affected the most due to the impact of the pandemic. The UK Civil Society Almanac 2023 has...
Managing and investing charity funds is a delicate balancing act. Trustees have a responsibility to ensure that funds are invested in a manner that aligns with the charitable purpose of the organisation whilst maximising returns. On 1st August 2023, the Charity...
Whistleblowing plays a vital role in exposing wrongdoing, fostering transparency, and holding organisations accountable. Whistleblowing occurs when individuals within an organization bring to attention unethical or illegal practices, aiming to expose them to the...
According to a recent study by Pro Bono Economics over half of charities (54%) have vacancies they are looking to fill. Furthermore, 83% of charities are finding it challenging to recruit as they attempt to meet increasing demand. Recruitment issues These...
Hundreds of charities and social enterprises across the UK are set to receive a share of tied up and forgotten accounts worth millions. There is £800m worth of dormant assets and the government has recently announced how £76m of these assets will be distributed. The...
The first set of provisions from the Charities Act 2022 came into force on 31st October 2022. The first set of provisions can be found here: https://www.gov.uk/government/news/first-set-of-changes-from-charities-act-2022-come-into-force The Charities Act 2022 gained...