Great Value, Charity and Not-for-Profit (NFP) Audits – West London
Great Value, Charity and Not-for-Profit (NFP) Audits – West London
It’s a tough time for charities and NFPs, but we’ve enabled our charity audit clients and NFPs to increase savings and cash flow.
We have auditors with specialisms in:
- Charity audits
- NFP audits
- Grant audits
- Charity Independent Examinations
- Education sector audits (schools, colleges and universities) – including several Oxford University colleges.
- Charity VAT
Charity and NFP Audit Compliance
We are Chartered Accountants. We take a risk-based approach to reduce “misstatements” and design audit tests to ensure your audit report is factually accurate.
We help ensure you comply with UK legislation and better understand your commercial risks. We’re regulated by the ICAEW and the FRC. When required, our audits are fully compliant with the following:
- GAAP (Note: GAAP in the UK is legally FRS 102.)
- Financial Reporting Standard (FRS) 102
- International Auditing Standards (IAS)
- Charities Statement of Recommended Practice (SORP)
Benefits of Our Charity and NFP Audits
We ensure you:
- Are compliant with the Charity Commission
- Better understand your commercial risks
- Make the best use of tax savings
- Optimise your VAT
- Operate efficiently
- Increase control
Reducing Your Audit Workload
We’ll help reduce your audit workload and save you time by:
- Working efficiently
- Using the Inflo digital audit platform to aid:
- Tracking queries and emails
- Quality management
- Client collaboration
- Data analytics – to automate general ledger drill-downs
- Using our knowledge from auditing many accounts/ ERP systems
Audit Resources
- We can meet your audit needs. We’ve dozens of experienced auditors.
- We have recruited over 50% of our audit team from top-4 and top-5 firms.
- We’re a full-service, mid-sized audit firm (70 staff).
- We’re based in West London and have several UK offices.
Audit Methodology and Process
We use the Mercia audit methodology – our key processes are:
- Identify key risks
- Define audit strategy
- Prepare and plan
- Gather information and documentation
- Fieldwork, design and testing of key risks
- Review and analysis
- Reporting
- Submission and file
- Post-audit review and feedback
Working With Us
We’re relationship-driven and proactive. Our company culture is flexible, efficient, and focused on meeting your audit goals.
As far as possible, we deliver on time and ensure there are no last-minute surprises.
Charity Audit Case Studies
Case Study 1) Fund Accounting
The problem
- The charitable company had a problem with funds accounting and control over restricted funds.
How we helped
- We trained their finance team to control their charitable funds.
The result
- Our client is now able to report charitable funds and to ensure restricted funds are not overspent.
Case Study 2) Charity Shop
The problem
- The company was set up to raise funds for its parent company – but was not maximising the tax advantages available.
How we helped
- We advised their CEO to set up the retail gift aid scheme – to reclaim gift aid tax on the sale of donated goods.
- We then advised the client to register for VAT – so that they could reclaim VAT on their costs – without increasing the sale price of donated goods.
The result
- These resulted in additional income and cost savings – gift aid donations to the parent charity increased.
Case Study 3) Arts Charity
The problem
- This charitable company was not fully compliant with the Charities SORP and they needed help transitioning from the Charities SORP (FRSSE 2015) to Charities SORP (FRS 102).
- They also staged live theatrical productions but had not considered the availability of theatre tax relief incentives to improve cash flow.
How we helped
- We advised their Finance team on the requirements of the Charities SORP to ensure compliance.
- We discussed with the finance committee the incentives available under theatre tax relief.
The result
- The statutory financial statements now comply with the Charities SORP.
- The Trustees are reviewing their theatrical productions in light of the advice received under the theatre tax relief.
Case Study 4) Arts charity
The problem
- The charitable company had staged loss-making theatrical productions but required advice on whether these could be tax relieved. The charity was not complying with the legislation.
How we helped
- We advised the charity on theatre tax relief. We then filed claims for theatre tax with HMRC.
The result
- The charity received a payable tax credit of £19,000.
Senior Audit Team
Edmund Cartwright FCCA
Managing Director / Audit Partner
- Fellow of the Association of Chartered Certified Accountants (FCCA).
- Authorised by the Institute of Chartered Accountants of England and Wales (ICAEW) to conduct audits.
- Authorised as a Responsible Individual by the UK Financial Reporting Council (FRC) to conduct Public Interest Entity (PIE) audits.
Rob Wilkes FCA
Audit Director
- Rob has 34 years of audit experience.
- Worked in the UK, Ireland and Australia and at four of the top five global accounting firms.
- Advises and audits clients in the technology, professional services, leisure, hospitality, manufacturing, wholesale and NFP sectors.
- Experienced in leading the delivery of audits for listed companies, large privately owned international companies and Private Equity owned businesses.
Madhu Babu Chennupati ICAI, MBA (Finance)
Senior Audit Manager
- ICAI (Institute of Chartered Accountants of India)
- MBA (Finance) – Manchester Business School
- 10 years of experience delivering high-quality audits to clients ranging from small businesses to multinationals.
- His sector experience includes banking, technology, retail, and manufacturing, as well as public interest entity (PIE) audits.
- Led bank audits in the UK, Egypt and the Middle East.
Next Step
Contact us today to improve your charity or NFP audit and reduce your compliance and commercial risks. You’ll be pleased you did.