“Charities” Charitable and not-for-profit organisation trustees have to deal with complex challenges and a frequently altering regulatory environment.
Shipleys specialists often help charitable and not-for-profit organisations to: Ensure compliance with the latest governance advice and deliver open and responsible governance.
Address the effects of falls in income, resulting from reduced investment returns and falling disposable incomes of donors
Put the latest accounting measures in place to comply with SORP
Here is some additional information regarding our expert accounting services to the charities & not for profit sector.
SETTING UP – ESTABLISHING THE RIGHT ORGANISATION STRUCTURE
We handle all types of charity at all stages of its life. We can assist in setting up and registering a charity with the Charity Commission, including ensuring that its purpose meets the guidelines on the public benefit test. Refocusing their activity has been something that certain charities have had to do in order to meet with these.
We also advise on the most appropriate structure for the organisation.
CHARITY COMMISSION REQUIREMENTS
All CIOs have to file an annual return and Trustees Report and accounts with the Charity Commission each year. Other registered charities with more than £25,000 gross annual income have to file an annual return and Trustees Report and accounts. Less small charities of that amount are obliged to file an annual return so that they maintain their records in line with current information. Charities must deliver the required papers to the Charity Commission within ten months after their financial year ended.
Charities that produce their documents late are listed as defaulters on the register.
Our specialists can help with any or all of your annual return, whatever the size and type of your organisation to ensure you remain compliant.
“Charities” ACCOUNTING, AUDIT AND ASSURANCE
There are different requirements for audit for charities depending on size and status. We can help you meet your requirements by establishing the proper system to:
keep proper and reliable financial records,
adhere to the latest SORP (recommended practice) for charities and
ensure cost-effective preparation of accounts, independent examination or independent audit.
Our personnel also help trustees and finance officers ensure adequate internal controls and aid fraud minimisation.
TAXATION
Taxation of income is not typically an issue for the majority of charities. Our professional staff are, however, able to offer advice on the likely tax effect of a charity’s operations. This could be, for example, VAT issues surrounding any trading activities such as the sale of merchandise or goods via the internet or the selling of light refreshments. We are able to suggest that your charity form a limited company by which to trade for tax effectiveness.
We also have extensive experience in advising on the complete spectrum of Gift Aid planning to maximize charities’ opportunity to recover tax on donations. Investment income is taxable and our specialists can comment on recoverability options.
And we can also help organisations with our payroll services to prevent wrongful payment of National Insurance Contributions.
STRATEGIC PLANNING
Our employees like to take an active role in helping charities at this particularly challenging economic time. Together with you, we can look at what has been accomplished and how future goals can be met. We also look at financial and operational risk and analyze the most critical drivers of performance improvement.
Through the use of most appropriate reporting systems and management information, we can advise on budget setting, forecasts, and efficiency of fundraising. In so doing, we can help you to review use of resources and achieve cost savings where required.
Once we have developed strategic choices, we will work with your organisation to formulate an action plan pertinent to the particular requirements of your organisation. If necessary, we can also assist in successfully implementing the plan.
GOVERNANCE AND TRUSTEES’ RESPONSIBILITIES
Shipleys not-for-profit and charities specialist sector team stays on top of the latest Charity Commission, Companies Act and other regulatory changes. This enables us to support trustees in meeting Charity Governance Code obligations and advise on the correct procedure to be used for the smooth running of the financial and broader aspects of the charity. We work with boards of trustees in an effort to advise on best practice around their role, structure, leadership, performance and development.
CO-ORDINATED ADVICE
We often help to co-ordinate groups of external professional specialists. We have close working relationships with employment law, health and safety, data protection, IT and human resource professionals and can arrange an introduction to them as necessary.
OUR CLIENTS
We work with trustees and finance personnel from a broad range of charitable organizations, ranging from large national charities and their regional branch offices, to independent schools, charitable trusts, religious orders and Government training organizations.
Our seasoned team of professionals at Shipleys has considerable experience in dealing with the complex problems and changing legislation dilemmas facing the third sector. This enables us to offer appropriate, impartial advice underpinned by a thorough knowledge of the current regulatory landscape.
Our team is led by Principal, Simon Robinson, a holder of the Diploma in Charity Accounting (DCHA) of the ICAEW and specialist in the accounting, audit and governance issues of charities.
We create quarterly Charity Update bulletins for clients that provide the latest developments and regulatory matters in the sector.
CAN WE HELP?
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If you would like to discuss how we can help your organisation, please get in touch with one of our team of charity accountancy specialists listed on this page.