Charities & Not for Profit

Charities and Not for Profit

Charities and Not for Profit

The Charities and Not for Profit sector has faced increasing scrutiny from the public and regulatory bodies in recent years. Spending of donated funds must now be transparent and well documented, and accountability is a top priority for the sector.

Additionally, governance of the sector is frequently updated by the Charity Commission, and changes made on requirements for the annual return has seen focus shift to safeguarding and increased public accountability.

As accounting rules and tax statutes continue to evolve, and the sector becomes increasingly complex, gaining professional advice is no longer just useful; it’s essential.

Navigate complexity and achieve your goals

From large charities in need of an audit to smaller bodies looking for an independent examiner, we work with clients to overcome challenges and help them reach their long-term goals.

The team have extensive experience and working knowledge of the specific challenges faced by charities and not-for-profit organisations, so you can turn to us for guidance that will inform your overall decision-making.

The service we deliver is tailored to the needs of each client. We take the time to understand your organisation and its priorities, building strong, valuable relationships with your key stakeholders.

In addition to assisting with the core services of bookkeeping, payroll, accounts preparation and audit, our team can provide guidance on additional needs, including:

Specialist services

  • Compliance. Our team will prepare your statutory accounts to ensure compliance with the Charities Act and Charities SORP. We’ll also conduct a review, independent examination or audit, depending on the size of your organisation.
  • VAT. Rely on our VAT experts to help you understand your obligations. Get advice on VAT applicable to the supplies you receive to avoid paying unnecessary VAT.
  • Tax. Be clear on your tax liabilities, including Corporation Tax. While this doesn’t usually apply, you need to be sure that you meet the requirements of exemption.
  • Trading subsidiaries. We will advise when you need one and set out the benefits for Corporation Tax and VAT, as well as the advantages of protection of your charity assets.
  • Land and property. Construction of Relevant Charitable Premises (RCP) is a complex area of VAT. Our charity VAT specialist is able to advise on this important area, which could make a huge difference to the cost of building.
  • Accounting systems and processes. Our team will review your existing systems and internal controls, and make recommendations that will streamline processes and increase accountability.
  • Financial services. Our colleagues at Rickard Luckin Financial Services are able to assist with investment opportunities with an appropriate risk profile for charities and can meet with trustees to provide updates on performance and revisit the risk profile.

Case Study

The WPC has always existed as a not-for-profit organisation. However, from a legal and financial standpoint, the organisation did not officially exist in the UK. Its finances were held in offshore bank accounts, which meant that all finance-related meetings and decision-making had to take place outside of the UK.

Dr. Riemer was appointed as Director General in 1999, and was immediately uncomfortable with these complicated financial arrangements. He felt that there was clear scope for the WPC to operate as a UK charity.

To begin the process of officially becoming a charity, the The World Petroleum Council (WPC) initially received some free advice from an accounting firm with experience in such matters. Despite this, the organisation’s first proposal was rejected by the Charity Commission.

Dr. Riemer believed that there remained a strong case, and engaged Rickard Luckin to provide in-depth professional support, in addition to the regular auditing services they already undertook for the WPC.

> Find out how Rickard Luckin assisted WPC in successfully being awarded UK charity status.

View more of our Case Studies here

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To find out more about how our services can benefit your business, please contact us for an informal introductory meeting.

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