Specialists in the charity, social enterprise and non-profit sectors
Our services
The voluntary and not-for-profit sectors are driven by people with amazing vision, who have a passion to make a difference. There’s not always someone in their team that has the skills or mindset to deal with the mass of regulations that can engulf small organisations. Without that person it is all too easy to be baffled by the multiplicity of possible organisational structures, the different regulatory bodies, various reporting requirements, and tax issues.
We have over 30 years’ experience working with small charities, co-operatives, registered social housing providers and other social enterprises and can guide you through the maze of regulation.
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Broadly, an audit involves ensuring that the financial statements do not contain any material errors. We do this by reviewing, evaluating and testing that financial procedures and organisational processes are functioning properly. We check that numbers in the accounts accurately represent things that exist in reality. Audits must comply with the International Standards on Auditing (UK and Ireland). An audit is not to be confused with an independent examination or an accountant’s report.
Why have an audit?
External audits are legally required if:
You are a registered charity with annual income of over £1m (or income exceeds £250k and gross assets exceed £3.26m)
Your are an exempt charity (community benefit society) with annual income over £250k
Your are a co-operative or community benefit society and have not passed the appropriate resolution in general meeting
Your members have requested an audit
Voluntary audits are sometimes requested:
To satisfy existing grant funders
To make your organisation more attractive to potential grant funders
To satisfy lending requirements
To give added assurance to stakeholders
Value-added audits from Slade & Cooper
We recognise that for many small organisations audits can seem like a tiresome and expensive regulatory process with little real benefit. We aim to make this process as smooth and painless as possible, meeting your internal deadlines without stress. We will always visit you as part of the audit so as to gain an in-depth knowledge of your activities and systems. Anything we find out along the way that could be helpful we will discuss with you, for example:
We will review your income streams in relation to VAT to assess whether registration is necessary, or whether returns are being done correctly
We will review your systems and governance and let you know of any improvements that could be made
We will let you know about any regulatory changes that might affect you
And as a Slade & Cooper audit client you know you can always pick up the phone and talk to us – we do not charge for ad hoc advice.
Ensuring our independence
If we are also preparing your accounts, we would normally do this at a separate initial visit and ensure that these are reviewed by staff not involved with the audit.
Where any independence threat is perceived the file will be reviewed by a second person before finalising the audit (the ‘hot review’).
Do you need an audit?
We are happy to help to reduce the regulatory burden on our clients, and will always advise you when we think an audit is not legally required. Where the income threshold is exceeded due to exceptional circumstances, it may be possible to gain an exemption from the Charity Commission.
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As external auditors we have a dual responsibility – to you and to the regulatory authorities. As an internal auditor our responsibility is only to you – the aim is to help you to work more efficiently and effectively, with reduced possibility of error.
Internal audit has a different purpose from external audit: internal auditors look at the various risks faced by an organisation and how it manages these risks. They do this by adopting a systematic approach to analysing processes, procedures and activities with the aim of highlighting potential organisational weaknesses and recommending improvements.
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A grant audit involves checking that a grant report agrees with the underlying financial records and transactions, for the period covered by the grant report. This includes:
Sample checking some transactions to source documents
Agreeing the salaries to the payroll
Checking the overhead allocation
Any other checks the funder may require.
When do you need a grant audit?
You only need a grant audit if this has been specifically requested by the grant funder. Most grant funders do not require audits; the ones that do are usually government or European grants. If a grant needs an audit then you should apply for funding to cover the audit fee as part of the grant bid.
Even if we have audited your annual accounts, a grant audit is a separate piece of work; having audited accounts does not make a separate grant audit unnecessary.
Slade & Cooper grant audits
As registered auditors we are able to carry out grant audits for our clients. During this process we will often learn the detail of our client’s systems, and we will always give you feed back if we think any improvements can be made.
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An independent examination is a reduced form of scrutiny than an audit, and involves checking that the financial statements agree with the underlying records. As part of the independent examination we need to meet or talk to a trustee, and to examine minutes of meetings.
When do you need an independent examination?
Registered charities need to have an independent examination if their annual income is over £25,000. If annual income is over £250,000 then the independent examination needs to be done by someone who is a member of a professional body listed by the Charities Act (for example ICAEW or ACCA).
Value-added independent examinations from Slade & Cooper
We aim to make this process as smooth and painless as possible, meeting your internal deadlines without stress.
During the course of our work, if we find issues with your internal systems or governance, we will help you find practical solutions.
We will let you know about any regulatory changes that might affect you.
As a Slade & Cooper client you know you can always pick up the phone and talk to us – we do not charge for ad hoc advice.
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An audit exemption report merely confirms that the co-operative or community benefit society in the year in question satisfied the conditions for exemption from an audit. The report can only be prepared by someone who is a registered auditor.
When do you need an audit exemption report?
An audit exemption report applies only to “registered societies” that were formerly called Friendly Societies or Industrial and Provident Societies. It also applies to those formed since the passing of the Co-operative and Community Benefit Societies Act 2014, which are known as Co-operative Societies or Community Benefit Societies. These are incorporated entities not governed by the Companies Act 2006 and not regulated by Companies House; instead they are regulated by the Financial Conduct Authority.
Registered societies need an audit exemption report if:
They have passed a resolution at in general meeting to dispense with a full audit for the year in question, and
They have income of greater than £90,000 in the previous financial year.
Slade & Cooper audit exemption reports
As registered auditors we are qualified to prepare audit exemption reports. Where we also prepare your accounts, there will be no extra cost for the preparation of the audit exemption report.
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An accountant’s report is prepared where we have prepared the annual financial statements from your books and records, but we have not carried out an independent examination or an audit. The accountant’s report states that we have prepared the accounts from information supplied by you, that we have relied on your assurances, and that the accounts agree with that information.
When do you need an accountant’s report?
There is no legal requirement for an accountant’s report. It is entirely permissible to submit your accounts to the relevant authorities with no external report.
Having an accountant’s report prepared by a firm of accountants can give some limited assurance to readers of the accounts
Slade & Cooper accountant’s reports
If we prepare your accounts, there is no extra cost for the preparation of the accountant’s report.
Audit and Reporting
Accountancy
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What is the regulatory requirement?
Currently, companies that are incorporated under the Companies Act 2006 need to file annual accounts at Companies House within 9 months of their period end, or face penalties. This includes Community Interest Companies. The accounts should comply with:
The accounting requirements of the Companies Act 2006
UK GAAP and applicable accounting standards
Companies that are charities have to prepare Charity SORP accounts.
Group accounts
Where a company has a subsidiary it may be required to prepare group consolidated accounts dependent on what size it is. If this is the case it does not need to prepare its own separate company accounts. The subsidiary company needs to prepare separate company accounts.
Why use Slade & Cooper for accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
Having an accountant’s report attached to your accounts can give readers of the accounts more confidence.
If we are also doing your audit there is a significant cost saving because some of the audit work is covered as part of the accounts preparation.
We can also prepare your corporation tax return including iXBRL tagging of the accounts.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
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What is the regulatory requirement?
Registered charities need to file annual accounts with the Charity Commission within 10 months of their period end, together with Annual return.
Charities that are also companies need to file their accounts with Companies House within 9 months of their year end, or face automatic penalties.
The accounts should comply with:
UK GAAP and applicable accounting standards
Group accounts
Where a charity has a subsidiary (for example a trading subsidiary) it may have to prepare group consolidated accounts but does not need to prepare its own separate accounts. The subsidiary or company needs to prepare separate accounts.
Why use Slade & Cooper for charity accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
As members of professional bodies we are able to do the independent examination where necessary even if your annual income is over £250,000
If we are also doing your audit there is a significant cost saving as much of the audit work is covered as part of the accounts preparation.
We can also prepare the corporation tax return including iXBRL tagging for any subsidiary trading company.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
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What is the regulatory requirement?
Currently, registered co-operative and community benefit societies and those registered societies (formally known as Friendly Societies or Industrial and Provident Societies) need to prepare annual accounts. They need to be filed together with Annual return AR30 with the Financial Conduct Authority within 7 months of their period end, or potentially face penalties.
The accounts should comply with UK GAAP and applicable accounting standards
Societies that have exempt charity status have to prepare Charity SORP accounts.
Group accounts
Where a society has a subsidiary it may have to prepare group consolidated accounts but does not need to prepare its own separate accounts. The subsidiary society (or company) needs to prepare separate accounts.
Why use Slade & Cooper for co-operative accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
We will prepare the financial section of the Annual return form AR30 as part of the accounts preparation process, and submit the accounts and return for you.
Having an accountant’s report attached to your accounts gives readers of the accounts more confidence.
As registered auditors we are able to provide an audit exemption report where necessary.
If we are also doing your audit there is a significant cost saving as some of the audit work is covered as part of the accounts preparation.
We can also prepare your corporation tax return including iXBRL tagging of the account.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
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What is the regulatory requirement?
The filing requirement depends on how the Registered Social Housing Provider (RSHP) (formerly known as Registered Social Landlord) is constituted:
RSHPs that are registered societies need to file annual accounts with the Financial Conduct Authority within 7 months of their period end, together with Annual return.
RSHPs that are companies need to file their accounts with Companies House within 9 months of their year end, or face automatic penalties.
RSHPs that are companies and also registered charities also need to file their accounts with the Charity Commission within 10 months of their year end.
All RSHPs need to file their accounts with the Homes and Communities Agency within 6 months of their year end.
All RSHPs need to file a corporation tax return within 12 months of their year end, unless it is a registered charity
The accounts should comply with:
UK GAAP and applicable accounting standards
The Accounting Direction for Social Housing in England from April 2012
Statement of Recommended Practice: Accounting by Registered Social Housing Providers: Update 2010 (‘the Housing SORP’)
The Charities Statement of Recommended Practice (SORP) if also a registered charity (although the Housing SORP takes precedence). The 2015 updated versions of the Charity SORP will apply for periods beginning 1st January 2015
Why use Slade & Cooper for RSHP accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
As registered auditors we are able to prepare the audit exemption report where necessary.
If we are also doing your audit there is a significant cost saving as some of the audit work is covered as part of the accounts preparation.
We can also prepare the corporation tax return including iXBRL tagging of the accounts.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
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What is the regulatory requirement?
Partnerships need to file accounts figures as part of their self-assessment tax returns, which have to be submitted by 31st January following the end of the relevant tax year.
The LLP accounts need to be filed at Companies House within 9 months of the year end.
The accounts should comply with the Statement of Recommended Practice: Accounting by Limited Liability Partnerships, and with the Small Limited Liability Partnership (Accounts) Regulations 2008 (if small).
Why use Slade & Cooper for LLP accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
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What is the regulatory requirement?
Sole traders and partnerships need to file accounts figures as part of their self-assessment tax returns, which have to be submitted by 31st January following the end of the relevant tax year.
Accounts that are a separate document from the tax return are only necessary when required, for example, by lenders.
The accounts should comply with accounting standards.
Why use Slade & Cooper for accounts preparation?
We always strive to ensure that our accounts are accurate – for example reconciling the payroll to the accounts and checking for accruals and prepayments.
Having your accounts prepared by an accountant gives readers of the accounts more confidence.
We will advise you regarding any VAT or PAYE compliance issues or any issues regarding your governance or financial procedures that become apparent during the preparation of the accounts.
We aim to provide a good value service
Taxation
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What is the legal requirement?
All corporate bodies, including unincorporated associations, need to submit a corporation tax return when issued with a request to do so – form CT603 – by HMRC.
All corporate bodies, including unincorporated associations, need to inform HMRC that they are in receipt of a potentially taxable income even if they have not been issued with a CT603, so that HMRC can activate their file.
The tax return must include a set of accounts that are in iXBRL format, although small charities are currently exempt
Corporation tax returns must be submitted within 12 months of the year end.
Why use Slade & Cooper to prepare your corporation tax return?
We have software that produces iXBRL accounts satisfying the minimum tagging requirements
All returns are submitted by us online, so you don’t have to interact with HMRC’s corporation tax solution
We have many years’ experience of dealing with corporation tax for small businesses, social enterprises and charities
We are familiar with the supplementary pages CT600E required for charities
We aim to provide a good value service
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What is the legal requirement?
If you are VAT registered you need to submit your VAT return by 7th of the month following the month of your VAT return quarter-end (unless you are registered for annual accounting). There are penalties for late submission.
Why use Slade & Cooper to prepare your VAT return?
We are able to submit the VAT return online as your agent.
We can apply your partial exemption and non-business methods, and calculate your annual partial exemption adjustment.
Knowing we are dealing with it can take the stress out of your deadlines.
We aim to provide a good value service
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Many charities only receive a small amount of income from donations and so do not make Gift Aid claims. However it makes sense to claim even small amounts as the paperwork involved is straightforward.
Slade & Cooper advice
Where you operate a Gift Aid scheme, we can advise on some of the more complex areas, for example:
How to operate the Gift Aid Small Donations Scheme
Donor benefits
Fundraising, subscriptions and sale of goods
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Charity VAT issues – and how we can help
Charities can have varied and complex VAT issues. We have many years of experience advising a wide range of charity clients on different aspects of VAT.
Some common VAT problems we have advised on:
Grants – is it a non-business donation that is outside the scope of VAT, or is it a business payment for services?
Exemption – are services subject to the cultural, welfare or education exemptions? How should services be structured so as to fall within the exemption, or so as not to fall within the exemption to enable better VAT recovery?
Partial exemption – what method of allocating overhead is most appropriate and what records need to be kept to facilitate this calculation?
Non-business method – what method of allocating residual VAT best reflects your activities?
Subscriptions – how should these be apportioned between the different services supplied as part of the subscription and which VAT rates should be used?
Land – when should an option to tax be put in place and what are the consequences?
Capital Goods Scheme – when does this apply and what are the implications for partial exemption and the non-business method?
Non-charities
Non-charity social enterprises encounter many of the same issues in relation to grants and exempt supplies.
Why use Slade & Cooper for VAT advice?
We have many years of experience giving VAT advice to third sector organisations and are familiar with the kinds of problems that come up. This means that in most cases the solution can be found by drawing on our experience of similar cases. For more complex areas we take advice from one of the country’s top VAT consultants, Neil Owen
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We prepare personal self-assessment returns for a number of individuals and partnerships, helping them to comply with the relevant tax legislation. We will ensure that you take advantage of all the reliefs that are available to you, but we will not engage in complex or aggressive tax schemes designed to minimise tax paid. We believe that tax should be paid fairly in order to support the welfare state.
Why use Slade & Cooper tax return services?
Where we prepare your sole trader or partnership accounts the tax return preparation is part of one seamless service
We can ensure that all relevant reliefs are claimed
Our tax software automatically files tax returns online with HMRC
We aim to provide a good value service
Inhouse Finance
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What is the legal requirement?
Section 386 of the Companies Act 2006 requires companies to keep books that record the income and expenditure, and enable the company to know what its assets and liabilities are at any point in time
If not a company, you are still legally required to keep records sufficient to enable you to prepare a tax or VAT return. HMRC provide detailed guidance.
Grant funders require charities to allocate expenditure to particular funding streams in accordance with the grant agreement, including allocation of overheads.
Monitoring performance – measuring impact
Although not primarily focused on profit/surplus, charities and social enterprises still need to know that they are making ends meet, and are able to address any financial problems based on sound knowledge of the financial position of the organisation. Financial measurement reporting can form a part of impact measurement which is an important consideration when looking for funding. Funders or lenders will generally only support an organisation which can show it is financially sound.
Why use Slade & Cooper bookkeeping services?
We can provide a bookkeeping service tailored to your needs.
Our staff can be available to you all week during office hours.We can provide staff at different levels of expertise to meet your requirements for bookkeeping.
We can provide staff to cover long term sickness, maternity cover etc.
When we do your book-keeping we will become aware of any tax issues (VAT, payroll or corporation tax), and be able to address them at the earliest opportunity; for example, we will know if the VAT threshold is being approached.
We are familiar with the requirements of grant funders and use Quickbooks software to allocate income and expenditure between different income streams.
We can prepare and submit VAT returns on your behalf, ensuring that any partial exemption method is correctly applied.
We will be able to keep your books in such a way as to facilitate end-of-year reporting.
We can provide temporary cover ensuring a smooth handover.
Governance: having an independent bookkeeper provides good separation of duties which is part of best governance practice, and we are also able to ensure that proper financial procedures are adhered to.
We aim to provide a good value service
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Slade & Cooper work with clients who use a variety of different packages, including Sage and Quickbooks. Increasingly, our clients are opting for cloud solutions such as Xero, Clearbooks, or Quickbooks Online. A large proportion of our clients use Quickbooks because it is good value and manages charities’ multiple income streams very effectively.
We also sell subscriptions to Quickbooks Online to our clients at a discount to Intuit’s standard price. See below for more information.
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What is the legal requirement?
Trustees, directors and management committees are responsible for fiscal governance and this needs to be based on accurate and up-to-date information.
It is illegal to trade while insolvent and accurate management accounts are needed to provide assurance that this is not happening.
To this end Slade & Cooper management accounts will normally include:
Details of income and expenditure (by income stream if necessary)
Comparison with budget (by income stream if necessary)
Money owed to creditors
Money owed by customers/funders
Cash flow forecast (if required).
Monitoring performance – measuring impact
Although not primarily focused on profit/surplus, charities and social enterprises still need to know that they are making ends meet and are able to address any financial problems based on sound knowledge of the financial position of the organisation. Financial reporting can form a part of impact measurement which is an important consideration when looking for funding. Funders or lenders will generally only support an organisation that can show it is financially sound.
Why use Slade & Cooper management accounts service?
We can provide a management accounts service tailored to your needs.
Our staff can be available to you all week during office hours.
We can provide staff at different levels of expertise to meet your requirements for management accounts.
We can provide staff to cover long term sickness, maternity cover etc
When we do your bookkeeping we will become aware of any tax issues (VAT, payroll or corporation tax), and be able to address them at the earliest opportunity
We will be able to keep your books in such a way as to facilitate end-of-year reporting.
We are able to calculate accruals and prepayments and depreciation and other accounting adjustments.
Having management accounts prepared by S&C gives extra assurance that they are independent and accurate.
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What is the financial accountant service?
Whether or not we also do your bookkeeping, we can act as your financial accountant which includes:
Provision of management accounts to the trustees/management committee.
Advising the trustees/management committee, if necessary by attending your meetings in person.
Making and authorising payments on your behalf, in accordance with your financial procedures, and ensuring that your financial procedures are adhered to.
Being available for ad hoc advice during office hours.
Assisting with the financial aspects of grant reports and funding applications.
Why use Slade & Cooper financial accountant service?
We can provide a financial accountant service tailored to your needs.
Our staff can be available to you all week during office hours.
We can provide staff at different levels of expertise to meet your requirements for financial accountant services.
We can provide staff to cover long term sickness, maternity cover etc
Peace of mind because you will know that your financial accountant is aware of the many regulatory complexities involved, and has many years’ experience in the sector.
We may be significantly cheaper than employing someone with similar qualifications. We aim to provide a good value service
Payroll Bureau
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It may not be possible or efficient for an organisation to process its own payroll. This can be a complex area with a large number of rules and regulations and one where it is important that mistakes do not occur.
We operate a payroll bureau for any client size from one employee to fifty or more
Have the peace of mind to know that we are dealing with the technical and regulatory issues
A friendly and efficient service
How much does it cost?
Please call us for our current charges
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We can review your payroll system and calculations to ensure that everything is operating correctly. This includes:
Looking at possible benefits in kind
Timesheet and authorisation procedures
Sick pay and maternity pay
Accrued holiday entitlements
Statutory deductions and attachments
Training and Consultancy
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We are always happy to advise our clients on book-keeping issues partly because we recognise that well-kept books make for a smoother end-of-year process. This can take the form of:
Telephone calls for ad hoc advice
Face to face or virtual sessions.
Longer training sessions can be arranged
Assistance via cloud bookkeeping software
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Through our extensive experience of auditing and other work with many charities and organisations in the not for profit and social enterprise sectors, we have accumulated a range of knowledge of different forms of governance and financial controls and examples of best practice. We are able to apply this experience in these areas within your organisation and we have been engaged to perform this work for a number of our clients. This will help:
Provide assurance to trustees
Provide support to staff so they know what procedures to follow
Give confidence that regulatory bodies will be satisfied with your governance
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We can help with the financial modelling of business plans for charities, social enterprises and registered social housing providers, drawing on our huge experience of these organisations and their particular challenges and opportunities.
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Such as internal audit or VAT advice
We are partnering with Quickbooks Online, it is one of the best cloud accounting products for people working in this sector. We have many years experience with Quickbooks desktop products. Working with a client, using Quickbooks in the cloud, makes for a much more effective working relationship, enabling us to get the job done much more efficiently.
Our relationship with our clients is personal and supportive. We want our clients to succeed because we believe in what they do, and the way they do it. We want to help them to achieve positive social change. A Slade & Cooper client can always pick up the phone – ad hoc advice is part of the package, we don’t charge extra unless there is significant extra work. As a new client, we are happy to provide an initial half hour consultation free of charge, to help determine what your needs might be.
We sell subscriptions to QuickBooks Online to our clients at a discount to Intuit’s standard price.
Please get in touch to talk about how QuickBooks Online could help you
Tel: 0161 710 1349 | Email: hello@sladecooper.co.uk | Contact form
QuickBooks Online
QuickBooks benefits
Seamless, integrated payroll – with QuickBooks Online
Fast and easy setup, customized for you
Monitor your business finances
Invoices that make a great statement
Track your sales, expenses, profit and loss
Sync your bank data automatically
Take away the headache of VAT
Get organised and save time with QuickBooks Online accounting software
QuickBooks Online
QuickBooks Training Portal
QuickBooks Test Drive
Talk to us
We are happy to provide an initial half hour consultation free of charge, to help determine what your needs might be. As a Slade & Cooper client you can always pick up the phone – ad hoc advice is part of the package, we don’t make an extra charge unless there is significant extra work, and this would always be agreed in advance. Our mission and unique way of working is reflected in our pricing.