Not-for-Profit Audits in London
Millet Accountants are a leading accountancy company, specialising in financial and statutory audits.
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Trusted Support from Millet Accountants
At Millet Accountants, we understand that not-for-profit organisations play a vital role in London’s communities, culture, and economy. Whether you operate in education, healthcare, social enterprise, religion, or the arts, your mission matters—and so does the way you report on your finances. Our not-for-profit audit services are designed to help you stay compliant, protect your organisation’s reputation, and support your commitment to accountability and transparency.
Audits for not-for-profits aren’t just about meeting statutory obligations—they’re about giving stakeholders confidence. Funders, trustees, regulators, and service users all need assurance that money is being managed responsibly and that internal controls are in place. At Millet Accountants, we specialise in audits for organisations that aren’t driven by profit but still require rigorous financial oversight. We take a collaborative, hands-on approach that is tailored to the size, structure, and goals of your organisation. Based in London, we are ideally placed to offer local support, fast communication, and insight into the challenges specific to the capital’s non-profit sector. Whether you’re a small CIC or a large established trust, our audits are designed to add value, not stress.
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Understanding the Role of Audits in the Not-for-Profit Sector
Not-for-profit organisations have unique accounting and reporting requirements, which differ from those of commercial businesses. While generating profit may not be your objective, maintaining accurate financial records and demonstrating responsible stewardship of funds is essential. In many cases, audits are a legal requirement—particularly if your organisation is registered as a charity and exceeds specific thresholds under UK law. However, even where an audit is not legally required, it may still be requested by funders, grant providers, or as part of your constitution or governing document.
The role of an audit in the not-for-profit sector is to provide an independent opinion on the organisation’s financial statements and internal controls. This includes reviewing income recognition, ensuring donations and grants are accounted for correctly, and confirming that expenditure aligns with the organisation’s objectives. For organisations managing restricted and unrestricted funds, this distinction becomes especially important. An audit also supports good governance by identifying weaknesses in systems and offering practical advice for improvement. At Millet Accountants, we take a supportive approach to auditing, offering guidance and feedback to strengthen your organisation’s financial management. Our aim is not just to report, but to build trust and help you grow.
Contact Us TodayTailored Audit Services for Not-for-Profits in London
Every not-for-profit organisation is different, which is why our audit services are never one-size-fits-all. Whether your income comes from membership fees, grant funding, social enterprise activities, donations, or legacies, we tailor our audit approach to reflect the way your organisation operates. We begin with a thorough planning phase, during which we learn about your structure, objectives, and key financial processes. This allows us to carry out our audit efficiently, minimising disruption while maintaining the highest standards of accuracy and compliance.
Our team has audited a wide range of not-for-profits across London, from grassroots community projects to established national charities. We understand the complexity of fund accounting, donor restrictions, and the need for clear reporting to stakeholders. We are also experienced in working with boards and trustees, many of whom may not come from a financial background. We explain our findings clearly and provide actionable recommendations where needed. Being London-based means we are accessible, available for face-to-face meetings, and in tune with local pressures and opportunities. At Millet Accountants, our audits don’t just meet the requirements—they reflect a genuine understanding of your work and your mission.
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Personal, Local Service
At Millet Accountants, we offer a genuinely personal audit service in Shoreditch, combining local knowledge with responsive support to ensure your business meets its obligations with confidence, clarity, and minimal disruption.
Expert Audit Insight
Our credit union audits do more than tick boxes. We provide clear, professional insight that highlights risks, identifies opportunities, and helps your business grow. Trust Millet Accountants to deliver audits that add real value to your company.
Tailored for Growth
Whether you’re a growing SME or a large private firm, we tailor our audit approach to suit your business. With us, you’ll receive practical guidance, detailed reporting, and consistent support every step of the way. Get in touch with our team today.
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Supporting Good Governance and Financial Controls
Strong financial governance is at the heart of every successful not-for-profit organisation. Trustees and management teams need clear, accurate information to make informed decisions, protect resources, and fulfil their legal responsibilities. An audit plays a key role in this, offering independent verification of financial reports and assessing the effectiveness of internal systems. At Millet Accountants, our audits go beyond surface-level checks. We examine how your organisation processes income, authorises spending, manages bank accounts, and separates duties to prevent fraud or error.
We understand that many not-for-profits operate with limited staff, and that internal control systems often need to be both practical and cost-effective. Our team offers advice on how to strengthen controls without overcomplicating operations. Where weaknesses are identified, we provide recommendations that are appropriate for your size and resources. Good governance is not about red tape—it’s about building a foundation that supports sustainability, transparency, and accountability. Through our audit process, we aim to give your leadership the tools and insight they need to protect your reputation and achieve your goals with confidence.
Your Local London Audit Partner
Millet Accountants is proud to be based in London and to serve not-for-profit organisations throughout the capital. We know the funding landscape, the regulatory environment, and the unique pressures that many community groups, charities, and social enterprises face in this city. Our local presence means we’re able to respond quickly, offer in-person support, and build lasting relationships with our clients. Whether your organisation is based in central London or working within one of the boroughs, we are here to help you navigate audit requirements with professionalism and care.
Our audit team combines technical expertise with a friendly, approachable attitude. We believe in open communication, transparency, and ongoing support—not just during audit season, but all year round. When you work with us, you’ll get access to a dedicated point of contact, responsive advice, and a team that genuinely cares about the success of your organisation. With Millet Accountants, you’re not just meeting compliance—you’re working with a local partner who understands the not-for-profit world and is committed to helping you thrive. Get in touch today.
Frequently Asked Questions
Does every not-for-profit organisation in the UK need an audit?
Not all not-for-profit organisations are legally required to have a statutory audit. The need for an audit usually depends on your organisation’s legal structure, income level, and governing documents. For example, if you’re a registered charity in England or Wales, you must have an audit if your annual income exceeds £1 million—or if your income exceeds £250,000 and your total assets exceed £3.26 million. However, even if you fall below these thresholds, some funders or trustees may request an audit for assurance and transparency. Additionally, community interest companies (CICs), not-for-profit companies limited by guarantee, and grant-funded organisations may require one based on their size or obligations to external stakeholders. At Millet Accountants, we help you understand whether an audit is legally required or simply advisable, and we can guide you through alternative options like independent examinations if more appropriate. Our goal is to make compliance clear and manageable.
How is a not-for-profit audit different from a commercial audit?
While the technical standards are similar, auditing a not-for-profit organisation involves a different focus and understanding. Unlike commercial businesses, not-for-profits often deal with restricted and unrestricted funds, grant income, and charitable objectives rather than profit-making goals. Auditors must ensure that income has been recognised correctly, that spending aligns with your organisation’s stated mission, and that financial resources are being managed responsibly. There is also usually greater attention given to governance and public accountability, especially where donations and public funds are involved. In some cases, trustees or directors may be volunteers, and internal systems may be less formal than in for-profit entities. At Millet Accountants, we tailor our approach to respect these differences. We speak in plain language, help strengthen your controls, and ensure your financial statements meet all necessary standards. Our experience with not-for-profits across London allows us to offer a sensitive, informed, and practical audit service that genuinely adds value.
What documents will we need to provide for a not-for-profit audit?
To carry out your not-for-profit audit, we will need a range of documents that reflect your financial activity for the year. These typically include your trial balance, income and expenditure report, balance sheet, and general ledger. We’ll also ask for bank statements, reconciliations, payroll records (if applicable), and supporting documentation for grants, donations, or project funding. If your organisation has restricted funds, we’ll need to see how these have been tracked and spent. In addition, we may request minutes from trustee or board meetings, your governing documents, and any correspondence with regulators or funders. At Millet Accountants, we provide a clear, tailored list at the beginning of the audit to help you gather what’s needed. We understand that not every organisation has a full-time finance team, so we’re always happy to guide you through the process. Our goal is to keep things straightforward and ensure everything is in place to complete a smooth and efficient audit.
How can we make the audit process easier for our organisation?
Good preparation and communication make the audit process much easier for everyone involved. Start by keeping accurate and up-to-date financial records throughout the year. This includes properly recorded income and expenditure, clear tracking of restricted and unrestricted funds, and well-organised supporting documents such as invoices, grant letters, and receipts. Assigning one or two main points of contact who are familiar with your organisation’s finances will also help streamline the process. At Millet Accountants, we work closely with your staff or volunteers to explain what we need, when we need it, and why it matters. We offer a clear audit timetable, practical checklists, and ongoing support throughout. We also provide feedback as we go, so any issues can be addressed in real time. Our aim is to reduce stress, improve systems, and help your organisation meet its obligations with confidence. The audit is not just a task to complete—it’s a chance to learn and improve.
