Companies limited by guarantee (“CLGs”) are most often formed by charities or non-profit organisations requiring a corporate status, which will allow them to enjoy a limited liability status.

Once a CLG obtains its charity or Institutions of Public Character (“IPC”) status, it would be regulated by both the Accounting and Corporate Regulatory Authority (“ACRA”) and the Commissioner of Charities (“COC”).

To date, there are more than 2,000 registered charities registered with the COC.

Charities are increasingly venturing into revenue-generating business activities to generate additional income to support their charitable works or to provide goods or services to their members or clients.

Such business ventures are not new in the non-profit sector. What has changed in the past decade is the breadth of interest and increase in such initiatives.  Revenue-generating initiatives can be found in almost every non-profit domain, from social services to the environment, regardless of the size of an organisation.

This has given rise to growing concerns on the extent to which charities are getting involved in revenue-generating business activities. Such business activities should not undermine the charity’s focus and distract the charity from its exclusively charitable purpose. A charity should not engage or spend a significant amount of its resources on non-primary business activities.

Focus on your mission

Focus on your mission while we manage your accounts   


Running on tight budgets, many not-for-profits often seek goodwill support from volunteers to perform administrative tasks, which include accounting and compliance needs. However, volunteer book-keepers may not be equipped with the necessary skillsets and operational continuity to fulfil this role sufficiently. not-for-profits, being  accountable to stakeholders and the public, are required to have in place a strong governance framework to account for and record charity objects as well as revenue-generating initiatives.

Our not-for-profit team has been serving the sector for more than a decade. As a leader in serving this sector, we understand the importance of accountability, transparency, and proper governance of funds and donations management. 

We are able to serve these not-for-profit types: companies limited by guarantee, registered societies, co-operatives, clubs, and business chambers that include those with Institute of Public Character (“IPC”) Statuses.

The Board of Directors of a charity should be prudent and not expose their charitable assets to significant risk. When assessing the significance of risks, the board should consider the following factors:

01
Resources and future plans


02
Nature of the business, the charity's focus on the business and the business environment


03
Viability and sustainability of the business


04
The assessment of risk will involve an element of judgement on the part of the charity board members


Peace of mind while improving efficiency


Any accounting need
Any accounting need

Any size
Any size

Any sector
Any sector

Any revenue size
Any revenue size

How we support

As advisors to the Board and its members, we help charities build a strong governance framework and ensure they remain compliant. 

Having in place a strong governance framework and  best practices are essential for the effective performance and operation of a charity. This also allows the Board to focus on the furtherance of the charity’s objects. 

We are committed to helping you stretch every dollar, improve the public’s trust, and meet board financial and tax reporting requirements.

Accounting Support 
  • Annual report
  • Financial statements preparation
  • Governance evaluation checklist 
  • Returns on tax-deductible donations 
  • Financial reporting and other info to NCSS and sector administrator
  • Projected cash position by program, grant, development/events, service centres
  • Customised reporting packages for your Board of Directors and Committees
  • Grant compliance, depreciation schedules, budget analysis 
  • Compliance and Advisory Support 
  • Planning and setting up
  • Governance
  • Compliance

  • We are also able to support not-for-profits holistically in other back-end functions like payroll, IT or cyber security.

    Interested to know more?
    Contact us today.