In this crowded market, Dains stands apart by listening and gaining a true understanding of your charity. We also go beyond the independent examination or statutory charity audit to support and advise your organisation by using skills honed through years of working extensively in the Not-for-Profit sector.
The financial side of charities needn’t be a minefield; by adopting the best practices that the Dains team can offer, your organisation can concentrate on what you’re really there for: making a difference to other people’s lives.
Accounting for Charities
Accounting for charities involves specialised financial practices and reporting to ensure transparency, compliance with SORP and accounting standards, and effective stewardship of resources.
Fund Accounting
Charities often use fund accounting to track and manage resources designated for specific purposes. This helps ensure that donor restrictions are honoured, and funds are used appropriately.
Financial Transparency
Charities are required to maintain a high level of financial transparency. Accurate and detailed financial statements, including the statement of activities and the statement of financial position, are crucial for stakeholders, including donors and regulatory bodies.
Audit
We have a specialised charities team which is well placed to meet all of your statutory audit requirements and ensure delivery of an efficient audit process. The service delivered by the team is based on providing support throughout the year to both management and Trustees as and when required.
Tax Compliance
Charities may enjoy tax-exempt status, but it's crucial to stay compliant with tax regulations. This includes filing annual information returns and understanding any tax implications related to specific activities.
Customs & VAT
Charities are exempt from paying VAT on specific goods and services, but they must prove eligibility for relief to the seller. Additionally, if you meet certain criteria, you can claim relief from duties and taxes.
Budgeting and Planning
Effective budgeting is essential for charities to plan their activities and allocate resources appropriately. It helps align financial goals with the organisation's mission and ensures sustainability.
Grants Management
Charities often rely on grants for funding. Managing grants involves proper tracking of funds, meeting reporting requirements, and ensuring that the organisation fulfils its obligations as outlined in grant agreements. In addition, our team is experienced in performing the independent accountants reporting on a wide range of grants.
