SCOTS charities require to ensure they keep up-to-date on recent regulations – at the risk of being less able to deliver frontline services.
Says Jeremy Harper, director at Chiene + Tait Chartered Accountants: “There are a number of steps that charities can take now to manage the raft of regulatory changes in the pipeline. These include: 1. Review your pension structure. Do you need to change your set up in order to stay solvent?
“2. Get up to speed with financial reporting changes and Financial Reporting Standard 102 (FRS102). If you have yet to get to grips with how you need to report under the revised Statement of Recommended Practice (SORP), speak to your accountant who should be fully aware of how your organisation will be affected.
“3. Assess how the National Living Wage (NLW) will impact on you and your organisation. How will the NLW impact on statutory costs? Have you planned for this change? Do you need to change your staffing structure to help ensure your long-term survival?
“4. Consider your reserve levels. Do you need to change your spending plans to build up funds to better cope with lean periods?”
Jeremy adds: “Change can be a catalyst for good, encouraging efficiency and therefore securing the future of charities.
“With the right plans in place, the right advisers to help and the right team to deliver, charities in Scotland should manage change well and plan for future growth.”
Chiene + Tait’s non-profit collective experience of over 80 years has resulted in providing clients with a personal, trustworthy service, delivered by Jeremy and his team of experts.
Any charity concerned about changes to financial regulations such as FRS 102 should speak to Jeremy at firstname.lastname@example.org.
Notes to editors:
Jeremy Harper was promoted to the role of audit director in June 2015. He qualified as a chartered accountant with a mid-tier Edinburgh firm before joining Chiene + Tait in May 2011. Since joining, Jeremy has progressed to the position of director within the Audit Assurance Department and has a varied audit portfolio with charities, business owners and independent schools.
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