Understanding Trustee Remuneration
Trustee remuneration disclosure is essential for transparency and accountability in charities. It helps stakeholders understand how funds are allocated and ensures that trustees are compensated fairly for their contributions. In this section, we’ll explore what trustee remuneration should be disclosed, what specific details need to be shared, and what expenses trustees can claim.
What Should Be Disclosed?
Trustees should disclose their remuneration, including salaries, fees, and any other financial benefits received for their role. This includes payments for services rendered, as well as any additional perks or bonuses that may be provided.What Specific Details Are Required?
The disclosure should include the total amount paid to each trustee, the basis for their remuneration, and any changes in remuneration over time. It’s also important to outline the process used to determine these amounts, ensuring that it aligns with the charity’s objectives and financial health.What Can Trustees Claim For?
Trustees can claim for reasonable expenses incurred while performing their duties. This may include travel costs, accommodation, and other necessary expenses directly related to their role. It’s crucial that these claims are documented and justified to maintain transparency.Why Is This Important?
Transparency in trustee remuneration builds trust with donors and beneficiaries. It ensures that the charity operates with integrity and that funds are used effectively to further its mission.How Can We Help?
At Sterling Gate Accountants, we specialise in helping charities navigate the complexities of financial reporting, including trustee remuneration disclosure. Our expert team is here to assist you in ensuring compliance and transparency.
What We Offer
- Charity Commission Compliance
We ensure that your charity complies with the Charity Commission’s regulations, including the preparation and submission of financial statements, annual returns, and reports. We help you stay up to date with reporting requirements and ensure all your filings are accurate and submitted on time. - Annual Accounts Preparation and Independent Examination
We assist in preparing your charity’s annual accounts in accordance with the Charity SORP (Statement of Recommended Practice). For charities that require an independent examination, we provide a thorough review of your accounts and issue an independent examiner’s report, helping ensure transparency and accountability in your financial statements. - Charity Governance Support
We provide guidance on governance practices, ensuring your charity’s structure, policies, and procedures align with best practices. This includes advice on trustee duties, internal controls, and compliance with legal frameworks. - Gift Aid Compliance
We assist with the proper administration of Gift Aid claims, ensuring compliance with HMRC rules and maximising tax relief for your charity. We guide you through the process and help ensure that you claim correctly and efficiently.
Benefits of an Overall Compliance Review:
Peace of Mind
You’ll have confidence that your charity is fully compliant with all regulatory obligations, protecting both the charity’s reputation and its financial health.
Proactive Risk Management
By identifying potential issues before they arise, we help reduce the risk of penalties, fines, or legal action.
Improved Governance
We help ensure that your charity’s governance structures and processes are robust, helping trustees fulfil their responsibilities effectively
Ongoing Support
We provide continuous support to guide your charity through any changes in legislation or regulatory requirements
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