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Last updated: 02 March 2010
Since February 2007 charities with annual incomes of less than £5,000 do not have to register with the Charity Commission. For those that are already registered, this means that they can ask to be removed and avoid the responsibility for keeping their register entry up to date.
Since November 2007, the Charity Commission’s Register of Mergers and other measures introduced around the same time make it easier for charities that want to merge to enable them to achieve their purposes more effectively to do so. The Government has provided £16.5 million to help third sector organisations collaborate or merge through the Real Help for Communities Modernisation Fund and there are already over 530 charities entered on the Register of Mergers.
For accounting periods ending on or after 1 April 2009:
• Non-company charities with incomes of less than £250,000 can now prepare receipts and payments accounts instead of the more complicated accruals accounts.
• Charities with incomes below £25,000 no longer need to have their accounts independently examined.
• Charities with incomes below £25,000 no longer need to routinely send their annual accounts and the trustees’ annual report to the Charity Commission.(external link)
The Charitable Incorporated Organisation (CIO) will be the first incorporated legal structure designed specifically to meet the needs of charities. It will be an entirely new type of charity that will provide charity trustees with protections similar to those given to directors of limited companies. Charities can currently incorporate as companies, but this means dual registration with the Charity Commission and Companies House, and dual regulation under charity law and company law. The CIO will reduce red tape, as it will be both registered with and regulated by the Charity Commission.
Following consultation with the sector, the Office of the Third Sector and the Charity Commission have agreed to make a number of important changes to initial proposals that will improve the form and make it even better suited to charities’ needs. We expect this new legal form to be available during 2010.