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Did you know that community interest companies and not-for-profit organisations can benefit from hiring a charity accounting specialist?
Under HMRC rules, all charities must keep and maintain accurate records and prepare annual reports, and you'll need to submit figures to the Charities Commission if your income is greater than £10,000 a year.
And if this exceeds £25,000 per year, your accounts must be audited or examined independently.
So, who do you trust to handle your accounts? Accountants are easy enough to find, but have you considered hiring one that offers specialist services to the charity sector?
Here at Auditox Accountancy, we have trained a specialist not-for-profit team to deal with charities of all sizes, and we tailor our services to suit your specific needs and requirements.
When you manage a charity, community interest company or not-for-profit organisation, you need to know that every penny you raise is accounted for and used wisely.
Relying on the goodwill of the public can be as frustrating as it is rewarding; you are responsible for ensuring that their donations go where they are most needed, but some of the funds have to be applied elsewhere for things like wages, expenses, marketing, and other overheads.
Keeping track of this can be tricky and takes up valuable time that could be better spent elsewhere.
Under the Charities SORP (Statement of Recommended Practice), your accounts must be 'true and fair', and the rules are regularly updated. If you fall foul of any of these rules, your charity could be penalised or lose its charitable status entirely.
With Auditox Accountancy, you can be confident that we'll adhere strictly to all rules and regulations, keep up to date with any changes, and ensure that your accounts are kept accurately and ready for presentation when required.
Our specialist charity accountants deal with all aspects relating to the financial side of running charities and not-for-profit organisations, such as:
While management accounts aren't a legal requirement (especially for small charities), they are useful for charity trustees and governing boards as they can illustrate the current financial position and guide any future planning.
Similar to management accounts, regular financial reporting ensures that all parties are up to date with the current financial position. Year-end reports are also required by the Charities Commission for the sake of transparency and so the public can see where the money is being spent.
We will handle your day-to-day bookkeeping and maintain them for you according to the accounting requirements of the SORP.
Your accounts are subject to independent examination and audit under the following conditions:
While auditing is not a legal requirement in some cases, it is a good way of inspiring confidence and maintaining a healthy reputation with clients, board members, trustees and the public.
Charities in the UK are not exempt from VAT, but there are various concessions that can be claimed back. We will guide you through the complex process to discover which ones you are eligible for to help you make the most of your funds.
Gift aid is a scheme that allows charities to claim back 25p for every £1 donated. However, there are many rules and regulations that must be followed in order to qualify and claim the money back.
We will set up and guide you through the gift aid procedure (if applicable) and ensure that you maximise your donations.
It's essential that your charity is safeguarded against legal claims made by staff, members of the public or other businesses in cases of damage or injury to property or persons.
Sadly, being a charity does not exempt you from these situations, and your funds can be severely depleted by instances like this.
Your personal Auditox Accountancy charity specialist will explore the best business insurance to make sure you are fully covered without paying excessive premiums.
If you employ several staff, you'll need to sort out pay and pensions for them. This can be a complex process, especially for charities, so your dedicated Auditox accountant will establish a payroll and pensions system that's easy to use and allows you to access all the necessary data when needed.
Most large companies have a Company Secretary or Compliance Officer who makes sure that all business dealings and operations follow industry and government guidelines. While some of these rules are optional and flexible, though expected, others are legal requirements.
Breaking these rules can lead to severe consequences.
An accountant from the Auditox not-for-profit team will help you stay on track to avoid potential penalties that might impact your charity.
Sorting out tax affairs is challenging at the best of times, but for charities and not-for-profit organisations, it is often much more complex!
Our specialist accountants for charities will perform a tax check-up to make sure you are paying the correct amount and not a penny more.
Assurance services are offered by independent accountants and are designed to do the following:
With a dedicated Auditox Accountant, all of these aspects are covered in full.
We handle charity accounts of all sizes, including small social enterprises, academy schools and all kinds of not-for-profit organisations.
Don't gamble on the future success of your charitable concern or non-profit group.
Call Auditox Accountancy today and relax in the knowledge that your charity is in capable hands.
UK charities often face challenges such as managing restricted and unrestricted funds, ensuring compliance with the Charities SORP and other regulatory requirements, and dealing with Gift Aid claims. Additionally, they may struggle with maintaining transparency and accountability, handling donations, grants, and legacies, and managing the financial aspects of fundraising events and campaigns.
The Charities SORP is a set of guidelines that provides a framework for charity accounting in the UK, helping charities prepare their financial statements in line with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). It sets out the accounting treatments, disclosure requirements, and the format of financial statements, ensuring that charities present a true and fair view of their financial activities and position.
Charity accountants are typically involved in monitoring and reporting on a charity's investments and reserves, but they may not necessarily be responsible for managing them. The trustees of a charity usually have the primary responsibility for overseeing the charity's investments and reserves. Charity accountants, however, play a crucial role in providing financial insights, analysis, and recommendations to support the trustees in their decision-making process.
Yes, charity accountants can assist with budgeting and financial planning for UK charities. They can help develop budgets that align with the charity's strategic objectives, forecast income and expenditure, and monitor actual performance against the budget. Charity accountants also provide valuable insights and analysis to help trustees make informed financial decisions and ensure the charity's long-term sustainability.
UK charities often face challenges such as managing restricted and unrestricted funds, ensuring compliance with the Charities SORP and other regulatory requirements, and dealing with Gift Aid claims. Additionally, they may struggle with maintaining transparency and accountability, handling donations, grants, and legacies, and managing the financial aspects of fundraising events and campaigns.
The Charities SORP is a set of guidelines that provides a framework for charity accounting in the UK, helping charities prepare their financial statements in line with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). It sets out the accounting treatments, disclosure requirements, and the format of financial statements, ensuring that charities present a true and fair view of their financial activities and position.
Charity accountants are typically involved in monitoring and reporting on a charity's investments and reserves, but they may not necessarily be responsible for managing them. The trustees of a charity usually have the primary responsibility for overseeing the charity's investments and reserves. Charity accountants, however, play a crucial role in providing financial insights, analysis, and recommendations to support the trustees in their decision-making process.
Yes, charity accountants can assist with budgeting and financial planning for UK charities. They can help develop budgets that align with the charity's strategic objectives, forecast income and expenditure, and monitor actual performance against the budget. Charity accountants also provide valuable insights and analysis to help trustees make informed financial decisions and ensure the charity's long-term sustainability.