Running a charity is an incredible success, and often finding the time to complete accounts and financial reports isn’t always easy.
Here at GMP Accountants, we can undertake independent examinations of your charity and produce audits and statutory financial reports for charities and not-for-profit organisations.
Our accountancy services have the professional experience to assist with Gift Aid and tax reclaims, and offer support to charity workers and Trustees when it comes to financial legislation and guidance.
Independent Examinations
When your charity or not-for-profit organisation achieves an annual income of over £25,000, you or your Trustees must arrange for an independent examiner to undertake an examination of your accounts. GMP is a trusted, experienced accountancy firm and will provide this service to ensure your accounts are accurate. We can also carry out audits if your gross income exceeds £500,000 (or £250,000 where the charity has gross assets exceeding £3.26m).
Financial Reports
No matter the size of your charity, you must produce an annual financial report. These reports need to be readily available and accurate for checking at all times. For charities with a yearly gross income of £250,000 or less, there must be a financial report stating all money received and paid out by the organisation and details of all the assets and liabilities. For charities with a yearly gross income of over £250,000, financial reports must be in line with the SORP, and contains a balance sheet, statement of financial activities and explanatory notes.
Creating these financial reports can take time, and be difficult to produce if you don’t have much experience with accounts. GMP can produce your charity’s financial reports for you, taking away the hassle and grief if they are not formulated correctly.
Financial Guidance
GMP is a professional, experienced accounting firm and we ensure we are constantly up to date with the regulations and guidance applicable to charities and not-for-profit organisations. We understand the governing documents, Charity Commission requirements and the public interest criteria involved in the legislation regarding charitable institutions and have familiarity in dealing with these. We can guide you and your Trustees through these finances and taxes, offering support and our extensive knowledge. Working with GMP ensures you will be in safe hands.
Gift Aid Reclaims
Claiming gift aid can be extremely beneficial to your charity as it allows you to receive 25% more income from a donation. However, claiming gift aid can be tricky as there are specific rules you must adhere to, and certain processes that must be followed. At GMP we have experience with claiming gift aid, and understand the procedure well. We’ll help you to claim the right amount of gift aid in the correct way to maximise your charity’s income.
VAT Reclaims
Your charity is eligible for VAT relief when purchasing certain goods. Knowing what goods these are and how to reclaim VAT for them is essential when funding a charity or not-for-profit organisation. We have knowledge in knowing which goods you can reclaim for and how to go about this.
At GMP, we want your charity to flourish. Our expert accountants have the experience and industry expertise to help save you time, hassle and grief as we know how to keep your accounts and financial records in line with guidelines, are more than willing to offer our support as we understand you and your Trustees are not trained accountants, and we ensure everything is always completed correctly so there are no complications. Let us help your charity thrive – you do the important parts and save the numbers for us.