10 Acronyms Every Charity Founder Can’t Live WithoutBlogs Published: March 18, 2016 12:37 pm
Area Based Grant
A grant allocated directly to local authorities as additional revenue to geographical areas. The local authority is given discretion to use the ABG as they see fit to achieve a goal.
Area Based Initiative
An ABI is used by the UK Government to address issues surrounding urban deprivation. The ABI will typically address a particular issue or number of problems within a locality.
Association of Charitable Foundations
The ACF is a membership association for foundation and grant-making charities in the UK. The ACF helps trusts and foundations in utilising their resources.
A ministerial department of the UK Government that deals with many aspects of economic growth, business, trade, exports, company law etc. Whilst you’re unlikely to have direct contact with the department, decisions made can impact on charities and charitable organisations.
Community Interest Company
A business structure that allows a limited company to commit to trading with a view to achieving a positive social impact. Operating as a CIC has a number of advantages over operating as a Charity.
Charitable Incorporated Organisation
An organisational structure introduced in 2013 in England and Wales as a means by which Charities can be set up with their own legal identity with limited liability and a level protection for the trustees commonly afforded to limited company directors.
The DBS replaced the previous organisation, CRB, and is responsible for conducting criminal records checks and providing relevant documentation for those who need to provide a disclosure. DBS checks will often be performed on those looking to work with children or vulnerable adults.
Running a charity will mean routine dealings with the tax administration department of the UK Government. HMRC collect and administer any tax due and will provide necessary paperwork to establish a charity correctly.
A large umbrella organisation which supports the voluntary and community sector in England. This would be of particular interest to charities who use volunteers to further their aims.
Statement of Recommended Practice
SORPS are recommendations on accounting practices. Charities have an obligation to regularly report financial matters and when doing so on an accruals basis, a SORP will be a matter of discussion.
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