Charity Audits – West London
It’s a tough time for charities, not-for-profits (NFPs) and the third sector.
But we’ve enabled our charity audit clients and NFPs to reduce their audit costs – and increase savings and cash flow.
We have auditors with specialisms in:
We take a risk-based approach to reduce “misstatements” and to design audit tests to ensure your audit report is factually accurate.
We are regulated by ICAEW. Our audits are fully compliant with the following:
- International Financial Reporting Standards (IFRS)
- FRS102 under the Financial Reporting Council.
- The Charities Statement of Recommended Practice (SORP)
Our staff have audited national charities as well as some Oxford colleges.
Benefits of Our Charity and NFP Audits
We ensure you:
- Are compliant with all legislation.
- Better understand your commercial risks.
- Make the best use of tax savings.
- Optimise your VAT.
- Operate efficiently.
- Increase control.
Benefits of Our Services
- We are a full-service firm based in West London – significantly less expensive than a typical firm based in Central London.
- We can audit partially remotely.
- We minimise the time required for the audit as we have significant experience auditing a wide range of systems, such as:
- Microsoft Dynamics.
- Sage Line 50 and 200.
- We’re a mid-sized firm (70 staff) with the resources to meet your charity audit requirements – and are small enough to care.
Charity Audit Case Studies
Case Studies Client 1
- The charitable company had a problem with funds accounting and control over restricted funds.
- We trained their finance team to control their charitable funds.
- The charitable company is now able to report charitable funds and to ensure restricted funds are not overspent.
Case Studies Client 2: Charity Shop
- The company was set up to raise funds for its parent company, a charity called CAPE. It was not maximising the tax advantages available.
- 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.
- These resulted in additional income and cost savings – gift aid donations to the parent charity increased.
Case Studies Client 3 Arts Charity
- This charitable company was not fully compliant with the Charities SORP. 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.
- 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 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 Studies Client 4 Arts charity
- 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.
- We advised the charity on theatre tax relief. We then filed claims for theatre tax with HMRC.
- The charity received a payable tax credit of £19,000.
Contact us today to improve your charity or NFP audit. You’ll be pleased you did.