This determines the VAT treatment, and details are set out in the VAT Directive (2006/112/EC). If the place of supply is: the UK, then

There are three corporation tax reliefs that are likely to be of interest to relevant arts charities: Theatrical productions tax relief Orchestral concerts tax

Arts organisations often seek business sponsorship, for example, to sponsor a specific theatre production or gallery exhibition; to sponsor a new building or wing;

Many arts organisations use patron, friends’ or supporter schemes to obtain financial support. Supporter schemes are often structured as different packages (e.g. “gold”, “silver”,

Under this scheme museums and galleries can claim a refund for VAT incurred in providing free rights of admission. Organisations must apply to join

Gift Aid rules do not allow Gift Aid to be claimed on donated goods, only on monetary donations, which are grossed up by 25%.

Charities are entitled to mandatory rates relief of 80% of any business rates payable but it is only available when the charity is the

As the trading company is a separate legal entity it must register for VAT if its taxable supplies exceed the VAT registration threshold. Any

Charities only retain tax relief if their income is spent on their charitable purposes and tax exemptions are not available for non-charitable expenditure. Non-charitable

The Gift Aid distribution of profits from a trading subsidiary to the parent charity can only be made from distributable profits. This means that

So that a subsidiary does not pay tax, it must shed its taxable profits by tax-effective transfer to the charity by Gift Aid. However,

You can accept the risk; this may be after controls have been put in place to manage some risk, leaving a residual risk which

The Institute of Internal Auditors has described the stages of risk maturity for organisations, with risk enabled as the top level. At this level,

The main types of risks to consider are project, operational and strategic risks. These are different and require different documentation and management: Project risks

Risk registers should draw together the key information for the highest priority risks: Clear identification of the risk Consequences of that risk becoming a

The two contributing factors are likelihood and impact. A possible approach would be that likelihood be scored 1-5 from very unlikely, unlikely, possible, likely,

Organisations are required to: 1. be aware of who their related parties are 2. actively manage any transactions with them 3. disclose any related

The annual financial statements have to include a note to the accounts for disclosure of any related party transactions. If there are no related