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Post Info TOPIC: who is a charity's shareholders or owner


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who is a charity's shareholders or owner
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Hi

I work for a charity. but I am confused who is actually the owner of our charity. As we mainly are funded by Council . is Council our owner then?

 

Best regards



-- Edited by Grace2015 on Monday 22nd of February 2016 10:31:34 PM

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Grace


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Does the council fund the charity?

I don't believe anyone owns a charity

Is it not run by trustees and a executive director?



-- Edited by abacus12345 on Monday 22nd of February 2016 10:53:55 PM



-- Edited by abacus12345 on Monday 22nd of February 2016 10:54:11 PM

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Johnny is correct. No-one owns a charity.

There will be a document when the charity was originally formed which explains how its set up and run. It may even have separate rules. The founders may have started it by "guarantee", which is their liability should it fold as they are members rather than owners.



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Frauke
BKN Book-keeper of the year 2011



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Hi Frauke and Johnny

Thank you so much for your reply.

Kind regards

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Grace


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abacus12345 wrote:

Does the council fund the charity?

I don't believe anyone owns a charity

Is it not run by trustees and a executive director?



-- Edited by abacus12345 on Monday 22nd of February 2016 10:53:55 PM



-- Edited by abacus12345 on Monday 22nd of February 2016 10:54:11 PM


 Hi Abacus

 

charities are run by trustees and CEO. 

When it comes to annaul audit, who will sign off the audit report? Boards members, any members of trustees or CEO?

 

Kind regards



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Grace


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Hi Grace
BTW Abacus is called Johnny (on his signature bar, unless you are accessing this from a mobile phone when you can't see that).

Each charity will be set up in a different way, but each should have some kind of governing document (might be called by another name) which will lay down the rules of that particular charity including who will sign off the Annual Accounts.

I've enclosed a link for some useful information, plus it is also worth having a look at the Charities Commission website.

www.gov.uk/topic/running-charity/setting-up

HTH

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position



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Hi. Thanks Joanne. The best person to ask would most likely be your boss at the charity where you work. Not all employers bite lol

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