Category Archives: Trusts

Accounting changes for Academies – 2017

Giles Kerkham

Summary

Following the end of election purdah restrictions, the Education and Skills Funding Agency (ESFA) has issued its annual revision to the Academies Accounts Direction (AAD) 2016 to 2017, which will determine the format of accounts prepared by Academy Trusts for the year to 31 August 2017.

The changes noticed by most trusts will be limited, but there are additional disclosures and clarifications for trusts with specific circumstances.

Read More

The Charity Commission hardens their Conflict of Interest guidance

Giles Kerkham

The Charity Commission’s website includes reports on recent casework, to act as cautionary tales for trustees and encourage better practice. These reports commonly include governance failings that they feel have led to improperly handled conflicts of interest. To encourage trustees to improve in this area, the Commission have reissued CC29: Conflicts of Interest – a guide for Charity Trustees with a tougher tone.

Read More

Trusts and Foreign Account Tax Compliance Act – shock and awe

Recent years have seen a raft of agreements between the UK and other countries which involve the sharing of information. Many in the UK were affected by the UK and Switzerland agreement in 2011 which enables HMRC to receive information about bank accounts held in Switzerland by UK taxpayers.

The USA has taken a similar approach by introducing the Foreign Account Tax Compliance Act provisions (better known as FATCA).

Read More