Conflict of interest
gordonfgunn
Registered Posts: 2
in Bookkeeping
Hi everyone
I'm a trustee for a museum, which is registered as a Ltd Co with full charitable status. I run my own accountancy practice, and the museum are looking to outsource the bookkeeping.
Is there a conflict of interest of me being a trustee, and charging the museum for my services? I don't have access to the bank account etc
I'm a trustee for a museum, which is registered as a Ltd Co with full charitable status. I run my own accountancy practice, and the museum are looking to outsource the bookkeeping.
Is there a conflict of interest of me being a trustee, and charging the museum for my services? I don't have access to the bank account etc
0
Comments
-
You could get quotes from different bookkeepers to make sure that the price you are charging is reasonable.
Also when it comes to making the decision, remove yourself from that discussion so the other trustees don't feel pressured.AAT Level 2&3 - 2016
AAT Level 4 - 2017
Personal Tax, Business Tax and External Auditing
ACA/CTA -
Certificate Level - Jan 20190 -
Thanks. That's what we're doing, we're getting quotes from all local bookkeepers, and from a bit of background reading removing myself from the actual decision is needed.
I'm currently a sole trader, would me being a Ltd Co make any difference to the conflict of interest? In that it wouldn't be me financially benefiting directly as a person, but a company controlled by me instead? Or would this make no difference?0 -
@gordonfgunn Normally Trustees are not permitted to benefit from the Charity for the very reason that you state (conflict of interest). That is not to say it cannot be done but the Board of Trustees have to be very careful. It could be possible that the Charity's constitution doesn't permit such an appointment.
You should read the Charity Commission's guidance on conflicts of interest: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/636091/CC29.pdf
I also suggest the board contact the Charity Commission and ask for advice.1
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 319 NEW! Qualifications 2022
- 157 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 92 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 274 Tax
- 136 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership