Charities & Not for Profit
The charity and not-for-profit sector has a vital role in providing a range of important services to support local communities. Yet, as demand for services rises and income falls, the sector faces many challenges.
Charities are increasingly examining ways to diversify funding given that the availability of grant funding has reduced, especially from local authorities, and grant making charities have been affected by the fall in asset returns.
Many charities are dealing with pension deficit issues arising from membership of multi-employer defined benefit schemes whilst charity-registered Housing Associations are dealing with issues arising from benefit reform. Above all, it is crucial that such organisations have strong governance procedures.
The charity and not-for-profit sector typically requires to purchase external and internal audit services to ensure compliance with regulations. It may also require assistance with preparation of annual accounts.
As the sector increases trading and income generating activities, it is important that these do not trigger unexpected tax liabilities. Tax advice should be taken early so that a tax efficient structure is established.
The sector may also require assistance with grant applications and payroll processing. To ensure the organisation is operating efficiently, a business review or help with budgeting, cashflow projections and monthly reporting to the Board of Trustees may be needed.
French Duncan has over 100 clients in this sector, including several Housing Associations. We have an experienced team which prepares and audits the accounts of charities of various sizes and types and with a wide variety of objectives.
Our team can steer you safely through all the regulatory requirements. We have assisted clients with grant applications and we provide an outsourced payroll service through our in-house payroll bureau.
We have extensive experience in advising charities of ways to control costs and to transform regular deficits into sustainable surpluses to be reinvested in service delivery.