Many charities are due to file their annual return and for many charities this will be their first experience of the new and improved return.
Charities that have an annual income of over £10,000 or is a charitable incorporated organisation, are required to file an annual return with the Charity Commission, no later than 10 months after the end of their financial year. The annual return has changed in the last couple of months and after a consultation process with the sector the new return has been published.
The new return includes a number of new questions including questions on senior executive pay, bonuses, pensions and benefits in kind for people earning greater than £60,000. A breakdown of the salaries across income bands is to be provided, there are also questions on the highest paid employee however these details are not published.
Another new question the return asks the charity is to provide details on overseas income and expenditure. The Commission wish to know how Charities transfer and monitor funds sent overseas and ask for details of any sources of income from outside the UK, asking for a breakdown of income from each country.
Some of the new questions were optional last year but will be compulsory for 2019.
If you have any questions on the new annual returns please contact Lucy Hatton.