Managing a charity or social enterprise in this difficult and continuously evolving economic climate is challenging. Much of the grant income that sustained many organisations for many years has been withdrawn and competition for the public’s donation is stronger than ever.
To respond to this, not-for-profit organisations are having to take a long, hard look at their plans and are employing strategies such as forming trading subsidiaries, collaborating or merging with other likeminded organisations, utilising emerging sources of financial support and using new technologies to engage with their donors, beneficiaries and volunteers.
We have a specialist, dedicated team to support the not-for-profit sector, providing audit, independent examination reports, accounting, taxation and advisory services to charities, academies, clubs and social enterprises of all sizes.
This support can involve a variety of strategies, including:
- Ensuring that Trustees understand their roles and responsibilities
- Appraising and strengthening governance procedures
- Forecasting, benchmarking and other performance related activities
- Assisting with setting accounting policies that are consistent with the Charity SORP
- Making the most of financial information through impact reporting
- Advice on setting and monitoring reserves policies
- Identifying tax planning opportunities, including maximising gift aid and creating VAT efficient trading structures
- Guidance on social enterprise structures such as CICs (Community Interest Companies)
- Providing ideas for diversification of income streams, fundraising activities and securing grant income.
The leader of this team, partner Toni Hunter, was one of the first practice accountants to be credited with the ICAEW’s Diploma in Charity Accounting (DChA) and she has extensive experience dealing with the challenges this diverse sector brings. She dedicates a significant amount of time to keeping up to date with the ever-changing regulations, attending conferences run by ACEVO, ICAEW and other key sector influencers.