“GSM have audited our accounts for the past 3 years. They have also helped in the preparation of accounts. In a very short time they understood the workings of our charity and were able to offer friendly and helpful advice. They have facilitated an excellent working relationship with us. They accommodate our needs in the scheduling of our audit and always respond very promptly to any queries. We have no hesitation in recommending them to others.” Lorna Stagg
Lorna Stagg
Administrator - The Eaton Fund for Artists,
Nurses and Gentlewomen
Charities & Not for profit organisations
Our clients in the not for profit sector, range from international charities, with incoming resources above £8m, to small local charities with incomes below the audit threshold.
No matter their size, all such organisations have a duty to ensure their accounts are presented in accordance with the disclosure requirements of legislation and applicable accounting standards.
Typically, trustees of charities are not involved in the day to day running of the organisation, yet they remain in law responsible for ensuring the charitable funds it has been entrusted with are spent in accordance with the objectives of the charity and the wishes of the donor.
As a charity can have several different restricted funds it needs to monitor, it is vital that accounting records are well-maintained and that trustees receive reliable, regular and easy-to-understand financial information. However, it is not uncommon for trustees to be unaware of the charity’s current financial position, where decisions can be made without reference to all the information.
At GSM, we aim to help our not for profit clients avoid this problem, usually by providing accounting services in one of three ways…
The GSM one-stop bookkeeping and accounts shop
Most appropriate for smaller charities where bookkeeping would otherwise be performed by the Administrator. We can take on this burden leaving your staff free to develop other areas of the charity’s work and then prepare quarterly financial information for the trustees.
Processing in-house bookkeeping transactions, with training and monitoring by GSM
We will provide training on how to keep books and records. We’ll show you how to use accounting software, look at the initiation, recording and filing of documents, which underpin accounting transactions and show you how to perform key controls and checks to ensure the integrity of information recorded remains intact.
Bookkeeping and monitoring in-house, GSM producing year-end accounts
Typically undertaken for our larger charities where they have the expertise in-house to provide financial information to trustees throughout the year. The scope of our work will depend on whether the client requires an audit, an independent examination, or simply accounts prepared without any report.