There are normally significant restrictions on Permanent Endowment funds with frequently the asset itself or the income from the asset only being available for the use as set out in the governing document.
Charity companies (including CIOs) cannot hold Permanent Endowment funds but they are able to transfer such funds to a ‘shell’ charity they own. Such transfers must be used for the original purpose of the fund. They must be kept separate from general or corporate assets.
There may be circumstances when the trustees may wish to spend a Permanent Endowment, but there are requirements which must be fulfilled. The reasons for spending the endowment must be:
• It is necessary to enable the charity to carry out its purpose
• The charity needs the money to set up a new project
• The charity has outgrown its existing premises and needs to sell
Charity Commission consent is needed if:
• The charities annual income is over £1000
• The whole of the Permanent Endowment fund is worth more than £10,000.
• Permission can be obtained by an online form providing basic information such as details of the decision making process, the resolutions proposed including the
reasons, the current market value of the endowment.
There will be requirements to hold quorate trustees meetings; vote with 2/3 of trustees voting to be in favour; and to ask the charity commission to agree.
In short despite the restrictions on them, it is possible to make use of the Permanent Endowment Funds and on occasions to transfer to a similar minded charity, provided the procedures are applied and Charity Commission permission is obtained.
Known fraud and scams
Information and advice on fraudulent activity and scams which Companies House is aware of.
Late filing penalty payment
Companies have been contacted asking for payment of a late filing penalty over the telephone. The caller says they will accept a payment of £5 by credit or debit to place a hold on any further action being taken.
Companies House will not contact you for immediate payment of a late filing penalty or request payment of a nominal fee to place a hold on any recovery action.
Payment plans are set up with the agreement of the manager dealing with your late filing penalty query. We will not cold call you to take a payment.
Bogus Companies House emails
We are aware that a number of suspicious emails are being sent claiming to be from Companies House. These emails have not been generated by Companies House.
The latest of these bogus emails claims to be a response to an online filing submission.
Bogus email claiming to be from Companies House
Companies registered at Companies House are receiving notifications asking for money to maintain their company on the register.
The companies concerned are receiving, what looks like a genuine request, from one of the following:
• New Companies Register (Digital)
• National Register of Companies
• Economic Index for Europe
These organisations are not connected to, or endorsed by, either Companies House or GOV.UK and the fee requested is not required to keep the company registered at Companies House.
Suspicious job vacancies
We’re receiving email enquiries about job adverts in the UK. These generally offer highly paid vacancies or opportunities in the oil, hotel or banking industries.
Treat all job offers with extreme caution. The contact details are usually fake, and you should avoid replying to the providers of these vacancies.
The advert might request money up front before the application can be processed, and they might also mention UK visas. Be sure to check with UK Visas and Immigration for information on applying for a UK visa.
Adverts have often been placed in print or on websites which appear to be genuine. If you are interested in working for Companies House you can check to see if we have vacancies, or on the civil service job site.
Pension liberation fraud
Pension scams are on the increase in the UK and Companies House has been made aware that under some schemes individuals have had limited companies established in their name. If you believe that you have had a company set up in your name, please see legal advice before taking any action to close it.
Scams are promoted using terms such as an offer of unique investment opportunities, free pension review, legal loophole, cash bonus or as a government endorsed scheme and victims are being approached via cold calling, text message or in person door to door. You should treat all approaches about your pension with caution if it is not from a source that you recognise and trust.
If you are approached, do not share your personal information or sign any paperwork. You are able to check whether the offer of service is genuine and the Pension Advisory Service website can help.
The Pensions Regulator also offers guidance to help individuals who think that they may have been targeted by pension scams.
Companies House telephone scam warning
Companies have been contacted by persons claiming to be from Companies House, who ask them for details of their company’s directors.
Companies House personnel will never contact you by telephone to find out who your officers are, or ask for secure information such as authentication codes.
If you anyone contacts you claiming to be from Companies House asking for this information, try to obtain a return telephone number and contact Companies House immediately on 0303 1234 500.
The first round of funding from the Countryside Productivity Scheme opened up on the 9th March 2015. The grant is worth up to 40% of the total eligible costs, and there are two types of grants available. Small grants will provide funding from £2,500 up to £35,000, and large grants will provide funding from £35,000 up to £1,000,000. Funding is available for items such as LED lighting in livestock housing, equipment to help diagnose lameness in dairy cows, oestrus detectors for suckler cows, calving detectors, static handling and weighing systems for cattle and sheep, water management, poultry litter drying system, GPS equipment, slurry injection systems, crop robotic equipment to control weeds, and more. The deadline for applications is 30th June 2015. If you would like more information or would like to apply for the grant please contact Sally on 01237 472725
The RPA have now begun the rollout of the pre-populated application form for 2015 Basic Payment Scheme (BPS) Applications.
Claimants will either be sent the form in the post along with a set of up to date RLR maps, or they will receive an email with the form attached.
If you receive your form by email and there are no changes required, there is a “apply now” web link in the email that you can use to confirm your 2015 BPS application. If changes need to be made, the form will need to be printed and changes made by hand.
If you have used an agent to help you with the registration process then please check with them that they have received the application form and maps.
The deadline for submission of the application is midnight on 15 June 2015.
The March 2015 issue of our Taking Account Newsletter is out CLICK HERE to read about Budget 2015, Enterprise Investment Schemes, Business Investment Grants and more.
With the 2015 budget just days away independent accountancy firm Thomas Westcott has issued a wish-list it believes will help businesses.
But, with a General Election looming, the experts at Thomas Westcott fear the budget announcement will be a “benign affair” focused on what has been achieved, rather than measures to further stimulate business growth.
Decision sets precedent and paves way for further claims from World Bank pensioners, say Thomas Westcott
Former World Bank employees resident in the UK can now claim partial exemption from income tax on their pensions following an important precedent set by the Tax Tribunal.
In the case of Macklin v HM Revenue and Customs (2015) the Upper Tribunal, which has equivalent status to the High Court, overruled an earlier decision by the First Tier Tribunal.
The independent firm of Thomas Westcott, chartered accountants, which has 13 offices across Devon, has recruited experienced farming consultant Sally Nicholls to join its Agricultural team.
Agricultural and farming businesses across the South West can now access expert advice about a broad range of practical issues, from important legislation changes to grant funding opportunities, at Thomas Westcott.