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Charitable Incorporated Organisations (CIOs) Legal Considerations

Charitable Incorporated Organisations (CIOs) Legal Considerations. Catherine Rustomji, Head of Third Sector North – Hempsons. Agenda. What is the CIO? Detail Where are we now? Timescale. What is the CIO?. New legal form Exclusively for charities Single regulator

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Charitable Incorporated Organisations (CIOs) Legal Considerations

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  1. Charitable Incorporated Organisations (CIOs) Legal Considerations Catherine Rustomji, Head of Third Sector North – Hempsons

  2. Agenda • What is the CIO? • Detail • Where are we now? • Timescale

  3. What is the CIO? • New legal form • Exclusively for charities • Single regulator • 2 forms - Foundation CIO & Association CIO

  4. Types of CIO • Foundation CIO - Members & Trustees are the same • Association CIO - Members & Trustees are different

  5. Detail – record-keeping • Register of Trustees • Register of Members • Right to inspect and require copies • Charges over CIO property • Register of charges • Charity Commission notification

  6. Detail – model constitutions • Form specified in Regulations • Two model forms (required provisions vs best practice) • Future – sector-specific models

  7. Advantages of CIO • Single registration • Simpler reporting requirements • Simpler filing requirements • Lower costs • Simpler constitutional forms • Greater constitutional flexibility

  8. Additional requirements for CIOs • Registers of trustees and members • Register of any charges over assets • Submission of accounts and annual returns • Notification of certain property changes • Criminal offences for non-compliance

  9. Where are we now? • Consultation ended December 08 • Results published September 09 • Revised Constitutions & regulations ?

  10. Timescale • Spring 2010 ….. • 2011….. • Unincorporated charities • Guinea pigs? • Conversion

  11. Catherine Rustomji 01423 724105 or 0191 230 0669 c.rustomji@hempsons.co.uk

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