Charity Accountants
Challenges are there to be overcome
It’s no easy task running a charity or not-for-profit. For starters, there are no guarantees as to where the next pay cheque is going to come from. Your time is strained between the day-to-day affairs of running the business, making sure your team is happy and able to continue their great work. It’s no surprise that despite the great stuff you’re doing, the odds can still feel stacked against you.
We’re here to level the playing field. We’re dedicated charity accountants, who understand what you need to be a success. We’ll offer you support on everything – from tax to bookkeeping. You can rest assured that once you’ve talked things through with us, you’ll feel a lot better about your affairs.
We’ll make sure you’re compliant, too. Adhering to the Charities Act, and keeping you in line with the Charities Statement of Recommended Practice (SORP) is a tough task if you don’t know what you’re doing. Thankfully, we do, so alongside dedicated legislative guidance and information, we’ll assess and understand your situation to give you the best results possible.
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What we offer you
Our range of financial services are delivered with the same care and attention, no matter where you come from, or what you do. It’s about relationships – not numbers on a page.
At Glen C Rodger we put people and the spirit of adventure at the heart of everything we do. We can open your eyes to a world of possibilities, looking at your business in a new and exciting light.
Stuck in a rut? We’ll get you out.
We bring a fresh perspective that always delivers.
Saving you time to focus on what matters
We’ll help streamline your affairs.
Getting your tax under control
You won’t pay a penny more than you should.
Plan for the success you deserve
We offer a range of business planning services.
Our Charity Accounting Guide
The charity sector faces particular challenges in terms of financial management. Specialist accounting knowledge is required to meet the unique financial needs of charities and other not-for-profit organisations. At Glen C Rodger, we offer dedicated charity accounting services to support charities and not-for-profit organisations. Our charity accountants provide specialist accounting support on all aspects of charity accounting, from tax to bookkeeping, allowing you to focus on your core work.
In addition to our charity accounting services, we also provide a range of advisory services for charities and other not-for-profit organisations, helping you to meet the challenges and complexities of the charity sector, and manage your financial outcomes and stakeholders.We don’t just want to provide you with accounting services. We want you to make informed decisions about your financial situation and how you can grow, develop and become sustainable. Our charity accounting team are dedicated to providing you with a tailored solution to help you make informed decisions about your financial situation and how you can grow, develop and become sustainable.
What is Charity Accounting?
Charity accounting requires specialist knowledge of the regulatory requirements and financial reporting standards that apply to the not-for-profit sector. Charity accounting is underpinned by the principles of transparency, accountability and good governance and ensures that charitable organisations manage their resources effectively. Specialist charity accountants can offer a range of services to help charities with compliance and governance so that they can focus on their core work.
What are the principles of charity accounting?
There are a number of principles that charity accounting is based on, including the Charities SORP (Statement of Recommended Practice), which ensures that financial reporting is consistent and transparent.
Some of the key principles include:
- Fund accounting: restricted and unrestricted funds
- Income recognition: Recording donations and grants accurately
- Expenditure allocation: Classifying expenditure between charitable activity and support costs
Charities are required to prepare annual accounts which give a true and fair view of their financial position. The accounts should clearly show the way in which resources have been used to deliver the charity’s objectives.
What is the role of accountants in charities?
Charity accountants specialising in this area can assist charities in fulfilling their regulatory obligations and maintaining good financial management practices. Some of their responsibilities include:
- Preparing annual accounts and financial statements
- Implementing good internal control
- Giving tax advice, including gift aid claims
- Assisting with budgeting and financial planning
Accountants can help trustees with their governance duties by providing the accurate financial information on which they base their decisions.
They must stay up-to-date with charity-specific accounting standards and rules, as well as the UK’s general accounting standards and rules. Their expertise is vital in helping charities to maintain the public’s trust and run efficiently.
Governance and Compliance
Effective governance and compliance is a key part of keeping public trust and ensuring that charities fulfil their legal obligations. Proper compliance with regulatory requirements also ensures transparency, accountability and ethics.
Third sector organisations, such as charities and social enterprises, also face these challenges and require specialised accounting services to navigate compliance and governance effectively.
Charity Commission Requirements
Charity accountants can help organisations meet Charity Commission requirements which include:- submitting annual returns and accounts on time
- Keeping accurate financial accounts
- Reporting serious incidents promptly
- Ensuring proper use of charity funds
The Commission expects trustees to act sensibly and prudently in managing the resources of the charity and to act in the best interests of the charity. Accountants can play an important role in helping trustees with their financial responsibilities by providing appropriate professional advice to help them make informed decisions and exercise proper oversight.
Governing Document Adherence
A charity’s governing document is the document which sets out its purpose and how the charity should operate. Key areas include:
- Charity objects and beneficiaries
- Trustee appointment and removal processes
- Decision-making procedures
- Financial controls and reporting
Accountants help ensure that financial activity complies with the governing document and advise on permitted activity, alerting the charity to the potential for a breach and helping to maintain legal status and reputation.
Charities Act Compliance
The Charities Act sets out the legal framework for charities in England and Wales. Some of the most important areas of compliance are:
- a register of trustees
- proper accounting records and financial statements
- fundraising rules
- managing conflicts of interest
Accountants can help charities comply with these regulations. They ensure financial systems meet legal requirements and offer advice on best practice in terms of transparency and accountability.
Get in touch with one of our team today to find out how we can help your charity.