Great Value, Charity and NFP 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 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 take a risk-based approach to reduce “misstatements” and design audit tests to ensure your audit report is factually accurate.

We are regulated by ICAEW. Our audits are fully compliant with the Charities Statement of Recommended Practice (SORP)

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.
• 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 we’re small enough to care.

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.

Next Step

Contact us today to improve your charity or NFP audit. You’ll be pleased you did.