1 Sep 2023

Focus on: Our Charity offering

Monahans provides an extensive range of services that span multiple areas of expertise. Each team member is highly knowledgeable and passionate about achieving the best possible results for their clients. James Gare, Partner, sheds light on the crucial role the firm’s Charity team has on supporting not for profit organisations.

In a world where resources are tight, charities have a significant responsibility to manage their finances effectively to maximise their charitable impact. Unlike commercial organisations, charities often need additional support to comply with charity law. As well as helping clients manage their finances, there can be significant complexity with regards to the regulators requirements as well as specific tax rules that can be difficult to understand and apply.

What kind of charities do Monahans work with?
From small charities dealing with tens of thousands of pounds to larger charities in the multimillion-pound bracket, Monahans deals with a large range of organisations in a number of different sectors. Conservation, wildlife, health, social inclusion, social housing and academy schools are amongst the sectors the charity team deal with on a regular basis.

What kind of advice do you tend to give
With obstacles being thrown from all angles, it has certainly been a challenge for charities in the last few years.

Understanding the financial health and future viability is a key area we assist charities in and it’s one that can be particularly complex, as the way they can use their funds will always vary. If a charity has money from a funder to deliver a particular project – but nothing to cover its core costs – it may be insolvent without realising. We often suggest ways that Charity’s can track this position. We may suggest planning for the ‘worst case scenario’ when challenges are being faced. It sounds negative but if you are confident that there is a way out of a doomsday scenario, it can provide a good level of confidence that the organisation is likely to be okay on a more probable trajectory.

We are also often contacted for advice on tax and VAT as it can be a minefield for not for profit entities and will vary on a case by case basis. We are also regularly providing support on how to approach governance and how charities should adhere to the regulations specific to them.

Why should charities choose Monahans?
Another area we specialise in is making financial processes digital. We often work with charities to help them make routine processes more streamlined and efficient through digital platforms to save them time and money.

We have a great team of experts that have the right knowledge and experience to help with a range of different issues. We always ensure we have enough capacity to deliver the quality of service the client requires and will remain open and honest about the work we can produce.

Monahans is a local firm driven by local relationships but with national credentials within the team.

James Gare