Charity Accounts

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Charity Accounts

Effectively managing 'not-for-profit' organizations demands a practical approach. It necessitates a comprehensive understanding of compliance requirements that span key areas, ranging from fundraising practices to volunteer utilization. Navigating disclosure obligations can sometimes result in confusion, potentially impacting the organization's ability to secure funding.

Every charity is obligated to submit a report to the Charity Commission, detailing its income and expenditure within 10 months of the financial period's conclusion. The level of income received during the period determines the depth of detail required in the accounts. Leewop collaborates closely with numerous charities and possesses extensive expertise in accounting for this sector, making us well-equipped to provide professional guidance.

Accountancy

Some of the areas we can help with

Our comprehensive services offer a complete turn-key solution to meet all your accountancy obligations, including:

  • Preparing year-end charity accounts that are compliant with the Charities Statement of Recommended Practice (SORP), where required
  • Business planning
  • Cashflow management and budget planning
  • Annual audit/Internal audit
  • Independent examinations (IE)
  • Management accounts
  • Running payroll
  • Bookkeeping
  • Outsourcing
  • Fundraising
  • Specialist grant return certification audits
  • Specialist VAT advice
  • PAYE/NIC and VAT health checks
  • Advice in respect of trading subsidiaries and tax
  • Advice on gift aid
  • Financial planning and management strategies
  • Advice on forming a charity and the structure that best fits your organisation
  • Charity Commission compliance

Receipts and payments accounts

The most straightforward accounting method is the receipts and payments accounts. In this accounting approach, a set of accounts includes a Statement of Financial Activity (SOFA) detailing the income received and payments made by the charity throughout its financial period. While it may occasionally encompass a balance sheet and cash flow statement, this is quite uncommon. Non-incorporated charities with an annual income below £250,000 can utilize this method.


Accruals accounts

For all non-incorporated charities with a gross annual income exceeding £250,000 and all incorporated charities, accruals accounting is mandatory.

The set of accounts will comprise a Statement of Financial Activity (SOFA) outlining the income and expenses of the charity relevant to that reporting period. Additionally, it will include a balance sheet illustrating the charity’s assets and liabilities at the conclusion of the financial period. If the charity's gross annual income surpasses £500,000, a cash flow statement may also be incorporated.


Trustees’ Report

With the exception of those exempt or excepted from registration, every charity is obligated to prepare an annual trustees’ report and make it accessible to the public upon request. The extent of detail required varies based on the gross income, with larger charities (gross income of £500,000 or more) expected to provide more comprehensive information compared to smaller charities.

A well-crafted trustee report not only fulfills the mandatory requirements but also offers a well-rounded perspective of the charity. This, in turn, enhances the charity's potential to secure additional funding.


Benefits of being a Leewop client

Benefit from having your dedicated account manager and a team of qualified experts at your disposal.

Genuine business advice, that looks beyond your numbers

Pound

We take into account both your business and personal interests, as well as managing your tax affairs.

Leewop is part of Accelerate, an alliance of forward-thinking accounting firms that prioritize relationships, leverage technology, and uphold strong values. With global reach through Crowe Global, we offer the capabilities of a national accounting firm combined with the personalized service and close relationships of a local, independent firm.

Whether you are seeking your first accountant, looking for a new adviser to get to grips with your charity, or you need advice and assistance with a HMRC tax enquiry, call us today on +92 302 4012116 or email contact@leewopconsultancy.com.


Why choose Leewop for your Charity needs?

Leewop has a longstanding commitment to supporting charitable organizations, offering our expertise and knowledge to assist trustees in navigating the challenges of financial management and ensuring smooth operations for delivering vital services.

Managing accounting for non-profit entities can be intricate and time-intensive, but Leewop simplifies the process by handling all necessary tasks on your behalf and serving as your dedicated point of contact for any inquiries.

Our team of chartered accountants and tax advisers is equipped to provide comprehensive guidance, alleviating the burden of your financial responsibilities.

  • A service that is tailor-made for you
  • Quick response time
  • Business heritage dating back over 120 years
  • UK -based accountants with national and international reach
  • Saving you valuable time with technology solutions
  • A dedicated tax department with a wealth of experience and expertise

With Leewop, your charity not only ensures compliance with laws and regulations but also benefits from our team's identification of operational enhancement opportunities. This includes optimizing structures and leveraging technology to reduce costs and enhance efficiency.

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

Talk to Our Team

Switching to Leewop from your current accountant is a seamless process.

Leewop stands as a prominent accounting firm in the UK, extending services to clients nationwide. Regardless of your location, we offer dedicated assistance from a designated accountant to foster your business growth and enhance operational efficiency. Contact us today to discover how we can support you.

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