From 6 April 2016 most companies (including charity companies) will need to set-up their PSC register and identify whether they have any PSCs, and from 30 June 2016 the PSC information will have to be made available at Companies House (as part of the new confirmation statement regime that will replace the annual return). It is part of the Government’s new transparency regime although it is unfortunate that Charities have not been made exempt.
Whether there is a PSC in a charity will depend on the structure of the charity, and in particular the membership of the charity. One of the criteria for being a PSC is holding more than 25% of the voting rights in the company, so where there is a membership of 4 or more (as with most charitable companies), there is no PSC, applying that test. But other criteria may apply (including whether anyone has the right to exercise, or actually exercises “significant influence or control” over the company), and charity trading subsidiaries (if any) will be caught, so all charities will need to consider whether the regime catches them, and if so, to what extent.
