Do your charity accounts comply with the latest regulations? Our team have been specifically trained to deal with charity accounts and receive continued training to ensure that they are kept up to date.
Charities are a specialist area of accounts preparation and audit for which an individualistic approach is required.
As a leading independent firm of Chartered Accountants in Essex Lambert Chapman LLP have a range of Charity clients and have recently seen this to be a positive growth area.
Charities offer opportunities to get accounts and disclosures incorrect. Some examples of these are as follows:
- Misinterpreting the distinction between Unrestricted and Restricted Funds.
- Being unable to distinguish assets and liabilities between Unrestricted and Restricted Funds at the
year end. Capitalisingassets without question when specific donations exist to fund them thus creating large surpluses and then regular deficits thereafter.
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Charity Trustees have a legal duty to ensure that the charitable assets held are both invested appropriately and used for carrying out the charity’s objects. The Charity Commission are currently in the process of writing to Trustees in respect of their ‘Revitalising...
I was recently asked to run a training session for a local charity regarding common accounting issues and, whilst preparing for this, I was surprised to discover the number of sets of financial statements submitted to the Charity Commission that they deem to be...
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