020 8429 9245

September 15th 2017 / BY: Wisteria

Foundation Charitable Incorporated Organisations (CIO) explained

A foundation CIO is a legal entity specifically intended for non-profit organisations. Its only members are the trustees. Quite uniquely a foundation CIO is registered with the Charity Commission only, and not with Companies House.

Setting up a CIO

To set up a CIO you must:

  • Register with the Charity Commission
  • A CIO must have a constitutional governing document. The Charity Commission provide a model foundation CIO constitution that can be amended to cater for any unique situations.
  • Choose an appropriate name
  • Choose your trustees and maintain a register of trustees
  • Trustees must sign a Trustee Eligibility Declaration
  • Complete the online application via https://www.gov.uk/government/organisations/charity-commission

 

The process can take a few weeks, since the Charity Commission need to review the application.  They may raise enquiries if they wish.

Going forward:

  • Provide annual accounts each year to the Charity Commission
  • You may require an independent examination or an audit of the financial statements
  • Maintain a register of trustees
  • Operate in a professional and fair manner
  • Respond to any enquiries posed by the Charity Commission

 

Wisteria is a firm of Chartered Accountants and Chartered Tax Advisers and they are registered to carry out audits in the UK.

Should you need assistance preparing your accounts or having them audited then please contact Andrew Millet, amillet@wisteria.co.uk or call 020 8429 9245.