Charity Audits – London W1
It’s a tough time for charities, not-for-profits and the third sector.
But we’ve enabled our charity audit clients to reduce their audit costs – and increase savings and cash flow.
We have auditors with specialisms in:
- Charity audits.
- Charity Independent Examinations.
- Charity VAT.
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:
- 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 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 your 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 (60 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 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 having to increase the sale price of donated goods.
- These resulted in additional income and costs savings – gift aid donations as 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 improve your charity audit. You’ll be pleased you did.