CC3 THE ESSENTIAL TRUSTEE PDF

However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated. Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you. We outline the main responsibilities below, with a particular emphasis on accounting and audit requirements. Background The charities sector in England and Wales is generally overseen by the Charity Commission. The Commission is a government department that requires the registration of most charities.

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However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated.

Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you. We outline the main responsibilities below, with a particular emphasis on accounting and audit requirements.

Background The charities sector in England and Wales is generally overseen by the Charity Commission. The Commission is a government department that requires the registration of most charities.

The Commission plays an important role in the charity sector and is in place to give the public confidence in the integrity of charities. All charities need to demonstrate that their aims are for the public benefit, initially as part of their application process to the Charities Commission and subsequently each year at the time they prepare their annual report.

Types of charity Charities can be created in a number of ways but are usually either: incorporated under the Companies Act or earlier limited company charities incorporated under the Charities Act Charitable Incorporated Organisations — CIOs or created by a declaration of trust unincorporated charities.

Each of these charities need to register and file their accounts with the Charity Commission and limited companies are additionally registered with Companies House. All charities are affected by the Charities Act Who is a Trustee? This definition would typically include: for unincorporated charities and CIOs, members of the executive or management committee for limited company charities, the directors or members of the management committee.

Trustee restrictions and liabilities In addition to the responsibilities of being a trustee, there are also a number of restrictions which may apply. These provide that generally: trustees cannot benefit personally from the charity, although reasonable out of pocket expenses may be reimbursed trustees cannot be employees of the charity.

There are limited exceptions to these principles. Where trustees do not act prudently, lawfully or in accordance with their governing document they may find themselves personally responsible for any loss they cause to the charity. Before you act as a charity trustee you must ensure that you are eligible. There have been recent rule changes regarding trustee disqualification which you need to be aware of. They need to be able to demonstrate that this is the case, so they should keep records which are capable of doing this.

Fundraising The Fundraising Regulator was established to strengthen the system of charity regulation and restore public trust in fundraising. Accounting requirements There are particular requirements for most charities to: keep full and accurate accounting records and funds requirements are of particular importance here prepare charity accounts and an annual report to ensure an audit or independent examination is carried out to submit an annual return, annual report and accounts to the Charity Commission and, for limited company charities, to Companies House.

The extent to which these requirements have to be met generally depends upon the type of charity and how much income is generated. The effective management and control of fundraising is an important trustee responsibility. Essentially funds represent the income of the charity and there may be restrictions on how certain types of funds raised can be used. For example, a donation may be received only on the understanding that it is to be used for a specified purpose.

The annual report The annual report is often a fairly comprehensive document, as legislation sets out the minimum amount of information that has to be included. Audit requirements Whether or not a charity requires an audit will depend mainly upon how much income is received or generated and their year end. There are other criteria to consider, particularly regarding total assets, and we would be pleased to discuss these in more detail with you.

We are also able to advise on whether or not an audit or independent examination will be required and are able to carry this out. All rights reserved. Terms and Conditions. Cookie Policy. Privacy Policy. This site uses cookies.

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Other essentials We outline the main responsibilities of a trustee of a charity with a particular emphasis on accounting and audit requirements. It is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated. Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you.

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The essential trustee: what you need to know, what you need to do (CC3)

To view this licence, visit nationalarchives. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. About this guidance This guidance explains the key duties of all trustees of charities in England and Wales, and what trustees need to do to carry out these duties competently. They play a very important role, almost always unpaid, in a sector that contributes significantly to the character and wellbeing of the country. Trusteeship can be rewarding for many reasons - from a sense of making a difference to the charitable cause, to new experiences and relationships. Being aware of the duties and responsibilities covered in this guidance will help you carry out your role in a way that not only serves your charity well but also gives you confidence that you will be complying with key requirements of the law. You should read this guidance if you are a trustee of any charity based in England or Wales, including: a registered charity a charity that is not required by law to register a charity that is required to register, but has not yet done so You should also read this guidance if you are thinking about setting up a charity or becoming a trustee in England or Wales.

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This news article was withdrawn on 4 October The consultation has now closed and The essential trustee: what you need to know, what you need to do CC3 has been released. The new draft follows recent commission guidance on decision making and conflicts of interest. The consultation is running until February, and the responses will shape the final version of the guidance. The most significant change is a new explanation of what the commission expects of trustees. The regulator wants to make it clearer that it expects trustees to comply with specified good practice unless they can justify not doing so for example by complying in a different way. Whilst the commission will still recognise where trustees have made an honest mistake, trustees who fail to follow the specified good practice are at risk of breaching their legal duties. The commission is holding discussions with stakeholders about these changes and is keen to hear views from anyone with an interest in the governance of charities, as well as trustees and charities.

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