Not for Profits
Supporting and empowering your organisation
Today’s not for profit sector faces numerous challenges. Many charities are finding increasing pressure on their traditional sources of income. Local authorities are having to find savings in their budgets due to cuts in central government funding and with the current pandemic and political uncertainty around Brexit, there is no sign of that changing.
Our dedicated not for profit team understands that every organisation is different, so we make a point of taking time to understand your specific needs and objectives. Whatever your size, stage of development, or area of focus, you can rely on Carpenter Box to have the experience and services you need to help your organisation achieve its strategic objectives.
Considerations
Audit and independent examinations
As a charity or not for profit, you may well face complex regulation and accounting requirements. You may require assistance with your financial records, and the management and governance of your organisation.
Independent examinations and audits are both forms of ‘external scrutiny’, which will help highlight potential irregularities and errors, and provide necessary advice on how to counter these. They are required by legislation for charities with income over £25,000. The primary objective is to maintain transparency and public confidence in the work of charities and the use of their resources.
Managing risk
Charities manage risks all the time – it’s a fundamental part of operating in the sector. They operate under increasingly stringent financial and trading regulations and any breach can have a long-term damaging effect on public reputation.
The ultimate responsibility for the effective management of risk lies with the board. We can help your board identify the best risk assurance framework for your organisation, and put procedures in place to avoid or minimise the impact of any future risk.
Good governance
Good governance within a charity or not for profit is more than just ticking boxes – it is fundamental for their effectiveness. Governance ensures that an organisation has the policies, systems and procedures in place, and that these are followed.
Funding and income
Charities and social enterprises continue to face difficult times with increased demand for their services and heavy cuts to government funding. As a result, more charities are seeking to adapt their services and operating models and explore alternative sources of finance.
These can range from widening their fundraising activities to exploring social investment. Against this backdrop, charities must consider the related tax implications and opportunities arising as a result of the changing environment.
