Charity and not-for-profit sector support
Staffords has a long and well-established heritage of helping charities and not-for-profit organisations across a diverse range of sectors to optimise their financial position.
In recent years, the regulatory environment for charities and not-for-profit organisations has undergone a number of changes and become increasingly complex. For the non-specialist, keeping up to date with the statutory requirements can be increasingly challenging and time consuming. This can be seen across all of the following areas:
- Tax, VAT and compliance
- Statements of recommended practice for charity accounting
- Audit and independent examination thresholds
- The range of trading activities with which charities are involved
- Reserves and risk policies
- Guidelines on good governance
- The public benefit test.
While the sector has grown and diversified, there is also an element of consolidation underway within the sector as charities seek both economies of scale and the ability to deliver an enhanced offer. Also, as core funding becomes harder to obtain, many organisations are turning to grant applications as the way to fund specific projects. This carries a number of consequences, not least the auditing of grant awards, which is particularly onerous in the context of grants from the EU and other international organisations.
At Staffords, our key principle is to ensure that charities and not-for-profit organisations have robust systems and internal controls in place such that they can produce the necessary statutory information in a timely and accurate fashion and thus maximise the benefits they derive from their operations.