The 2018 annual returns service opened on the Charity Commission website back in August.
It sees a few changes and new questions added after consultations with the charity sector, including:
- Staff salaries and benefits
- Overseas income and expenditure
Salaries and benefits
Previously the public have been concerned about the levels of high salaries in charities, therefore increasing the disclosure of salaries and asking more questions means more accountability.
The new annual returns for 2018 will ask for breakdowns of salaries in bands.
Overseas income and expenditure
This aims to monitor the level of charitable funds being sent overseas, to find out where countries’ are receiving their funds from and for a breakdown of sources of income.
New questions are being asked about transferring money outside the regulated banking system, money being received from private institutions and individual donors outside the UK. These are optional for 2018 but will be mandatory for 2019.
For new charities this will be a new process when completing your first set of accounts and for existing charities the new questions may cause additional work.
For assistance or advise with the new annual return services, please contact 01482 427360 or email help@360accountants.co.uk
