For those agreements that fall within the grey area, treating something as a contract when it should be treated as a grant could mean that income is significantly understated in a charity’s accounts. This could be the difference between being subject to audit or not, and may distort figures provided as part of funding applications.
Grant or contract – accounting treatment
Published on 21st March 2017
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Most importantly, make sure there is a purpose to the process – for example, don’t just keep a risk register because it is seen to be the right thing to do. If it is viewed as a box ticking exercise, then it may be time to consider a new approach to risk management and how this can work for your organisation and be of benefit.
Charity Trustees’ Responsibilities – Part 3 – Board of Trustees
Published on 16th March 2017
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They are typically used to spread wealth throughout the family or as inheritance tax efficient vehicles.
Family wealth preservation using a Family Investment Company
Published on 23rd February 2017
Updated on 10th August 2023
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There are a series of reliefs available to them enabling them to pay less or even no VAT. This can assist with cash flow for those charities which can recover the VAT they incur since they don’t have to pay the VAT and then wait to get it back again later on.
Charity VAT – Am I claiming all my reliefs?
Published on 30th January 2017
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One thing we come across many times is that charities don’t want to get involved with VAT and so deliberately try to avoid being seen to be in business. Whilst understandable because the compliance cost can be high and the potential for penalty worrying in the case of error, there can of course be advantages.
Charity VAT – Are you in business?
Published on 27th January 2017
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