Charity conversion
Next steps - Charity conversion agenda item 8
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Activity |
Next steps |
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Open Charity Bank account |
Application in hand |
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Register with Charity Commission |
Solicitors dealing |
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Update M&A on IWF at Companies House |
Solicitors dealing |
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Create governance policies for IW Ltd |
Report to Board and FC drafted |
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Source and arrange Trustee training |
BW investigating |
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Complete Reserves Policy statement and publish to web-site |
BW drafting |
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Check IWF internal constitutions to ensure no contradictions |
BW considering |
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Consider FC and Board governance documents under Charity rules – seek legal guidance |
BW is undertaking |
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Press release on change to charity status |
Will occur as soon as we have confirmation from CC |
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Up-date web-site on IWF status |
Will occur as soon as we have confirmation from CC |
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Update IWF boilerplate |
Will occur as soon as we have confirmation from CC |
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Liaise with IWF members to ensure their boilerplate information on the IWF is current |
Will occur as soon as we have confirmation from CC |
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Ensure all hard copy publications have our new status in next reprint |
Awaits print run |
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Update electronic templates to reflect new identity |
Will occur as soon as we have confirmation from CC |
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Set-up accounts for IWCF & IW Ltd |
Awaiting delivery of demo version of Sage multi-company accounts |
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Ensure that specific restricted funding streams are accounted for - Discovery Engine, specified sponsorship |
Will be done in new accounting practices on multi-company accounts |
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Ensure assets are assigned to IW Ltd or IWCF as appropriate and that transfers of assets are accounted for |
Will be done in new accounting practices on multi-company accounts |
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Update management accounts to provide group accounting statements |
We have been advised to move to full accounts in April 2006 |
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Maintain management accounts to provide group accounting statements |
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Ensure VAT is charged and claimed appropriately |
Work in hand with VAT specialist |
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Ensure IR and C & E are informed of change of status and that all internal information is updated accordingly |
This will be a paper exercise when we have received confirmation from CC |
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Attain Employer status for IWCF |
Will be enacted when we have received confirmation from CC |
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Update outsourced payroll company on new status |
Done |
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Arrange CPD training |
Investigating suitable courses |
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Write to all suppliers informing them of change of status and ensure company information on file is updated |
Will do so when we have received confirmation from CC |
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Ensure South Cambs District Council are informed and appropriate rate reductions are obtained |
Relevant information has been obtained, we are seeking final clarification on some areas |
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Replace existing stationery |
Awaits next print run |
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Seek advice from accountants on which company should incur certain expenditure |
Meeting held 06.10.05. Further discussion to be had on details |
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Obtain clarity from donor members on how they want their donations to be treated in 2004/05 and going forward |
See note below |
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Seek advice on SORP accounting and what is required on monthly basis |
Accountants to assist accordingly |
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Seek advice from accountants on how donators should treat their donations and claim any benefits |
See note below |
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Confirm employee status with lawyers |
Done. |
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Ensure Domain names are registered to correct entity |
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Ensure Trademarks are registered to correct entity |
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Ensure Lease is in the correct entities name |
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Create document to provide to donating members on treating donations |
See note below |
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Obtain clarity on which company does what activity so all communications are clear and invoicing is clear |
PEM to advise |
Subscriptions and donations:
This is to clarify the position as regards corporate donations and how they should be treated in company accounts.
“If a UK company makes a donation, for tax purposes this is treated as a 'charge on income' instead of a business expense. Provided the company has trading profits, this may be treated as a deduction against those profits and the company's taxable profits and hence the tax liability will be reduced.” PEM
Page Created: Thu, November 17th, 2005
Page Modified: Thu, November 17th, 2005
