Targeted Regulation!

Get ready – charity reporting is changing! 

Targeted Regulation is now a reality, and OSCR are making some changes procedures and provide more information to the public. The good news is that your charity won’t have to take major steps to meet new requirements – but there are some key changes that you do need to be aware of, and make sure that you as charity trustees understand.  So, here’s a handy checklist setting out what Targeted Regulation involves. 

What’s happening?

Your submissions and the information OSCR will display will change from noon on 29 March.  Targeted Regulation means:

• A revised Annual Return form
• Charity accounts published on the Register
• A new ‘notifiable events’ requirement for charities.

What are the changes?

These are straightforward for most charities.

You’ll be completing an Annual Return form that has some different questions.  Most charities will find they’re answering fewer questions than before.

If your charity is a SCIO or has an income at or over £25,000 we’ll begin publishing your accounts on the Register, as we receive them.

If a ‘notifiable event’ has taken place in your charity, there’s a new requirement for you to tell OSCR about it. This is when something serious has happened or is happening to the charity, which threatens to have a significant impact on the charity or its assets. Please have a look at the OSCR website if you have concerns over this as it covers in detail some examples of the events they deem notifiable.

Why are OSCR making these changes?

As set out over a year ago, and welcomed by the charity sector during widespread consultation, OSCR reflected on their experience as Regulator to make sure that reporting procedures and overall approach are as effective as possible, and that they were focusing  resources and attention on the right areas.

Also, it’s clear that the public welcomes transparency – remember, your accounts and Trustees’ Annual Report are a great opportunity to spell out your charity’s activities and impact. 

Where can I find out more, or get help?

You shouldn’t find the new approach presenting any significant issues.  Indeed, most charities will find the Annual Return forms ask fewer questions. 

If you require any further information please do not hesitate to contact Fiona Haro – fharo@thomsoncooper.com

For more charity related news visit Third Force News.