When there are great expectations of charities there are great expectations of their accountants too

While there are many appeals for greater support at Christmas for a wide spectrum of charities, sector commentators predict that the great expectations placed on charities this winter will mean that the need for their services, as we move from 2023 in to 2024, promises to be particularly heightened and challenging financially.

So, a tough period ahead is expected for many charities. Some might even regard it as almost Dickensian that charities are having to take on increasingly more services that are not undertaken by the State. Yet, with limits on the funding of such charitable services, where mostly funding hasn't kept pace with inflation, for the charities who have increasingly taken-up the slack, it's becoming increasingly unsustainable to subsidise these public contracts with charitable income. Indeed for some it has meant closing specific services and for others closure of the charity itself.

Many charities feel that the recent Autumn Statement missed opportunities to stop a crisis in delivery of such services developing and could have taken some pressure off of charities with uplifts in the funds provided by Government for fulfilling public contracts.

Yet, we are where we are. With demand for charitable services going up, charitable income falling and costs rising, there is more expected of a charity than they can comfortably provide. So the expectation on charities' accountants to help them better manage their financial circumstances and commitments are even more vital.

As their financial stewards, at GSM we are tasked by our charity clients with navigating these financial challenges by providing the charity accountancy services which will provide astute direction and help bridge those widening gaps between need and available resources. Strategically yet pragmatically we steer our charities, over 100 at last count, on a path where resources and operational efficiencies are optimised.

We are entrusted with budgeting, financial planning and the oversight to safeguard the charity's financial health, explore new avenues for sustainable financial growth, as well as to enhance the overall governance of the charity, implementing and maintaining effective financial controls, as well as encouraging transparency and accountability through proven ethical reporting structures.

So the expectation we place on ourselves at GSM is to go beyond traditional number-crunching and take a proactive role in safeguarding all our charity clients in a hands-on partnership where we aim to ensure they emerge stronger, more sustainable and better equipped to fulfil their missions in the current landscape and beyond.

For an accountant who'll strive to meet your charity's expectations and more in 2024, contact us on 020 7935 3793

Merry Christmas and Happy New Year to all our clients old and new.