Financial Advisory and Management Services
A fundamental responsibility of the management team in any Charity, Trust, Not-for-Profit Organisation or Religious Congregation is to ensure that financial management of resources is carried out in a responsible, appropriate and legally compliant manner, while aiming to meet the long-term financial objectives of the organisation.
The L&P finance team has professional qualifications and experience in accounting and
finance, business management and information technology. We combine this expertise with our understanding of the particular needs of our clients in order to provide a Financial Advisory Service specifically tailored to each client.
L&P offers expert, objective advice and assistance in several key areas:
Financial Advisory Services
L&P work closely with client treasurers, trustees and other personnel, assisting them with their stewardship of resources. This includes financial management and planning, as well as meeting accounting and reporting requirements. For some of our clients, we participate in advisory groups that report to and make recommendations to leadership teams.
We also advise on key tasks including:
- External Reporting:
- Compliance with all regulatory reporting requirements including preparation of audited financial statements
- Internal Reporting:
- Development of appropriate budgeting and reporting processes
- Review / monitoring of regular financial information
- Cashflow management:
- Short-term and long-term cashflow forecasting
In addition to these core organisational tasks, L&P also advises on a wide range of financial and related issues which arise from time-to-time at individual, community, province or congregation level.
Budgeting and Financial Planning
Reliable budgeting and financial planning are the essential foundation of successful financial management. L&P works closely with treasurers and trustees to develop:
- Annual budgets and long-term financial forecasts
- Detailed investment strategies in keeping with the ethos and financial objectives of the organisation
- Regular cashflow forecasting to help with the ongoing challenge of matching available income to expenditure needs
There is an increasing level of public reporting required from charities, trusts, not-for-profit organisations and religious congregations. This varies, depending on the jurisdiction that the charity operates in, but it will, in most cases, include the filing of audited financial statements and an accompanying annual return with a regulator. The accounts, and the majority of the information included in the annual return, will be publicly available.
L&P works closely with treasurers, trustees and appointed auditors to ensure that the charity's financial statements are compliant with the relevant accounting standard (currently the Charities Statement of Recommended Practice or SORP, but this is due to be replaced). L&P also works with the treasurer and trustees in the drafting of the Trustees Report, which is the written narrative that forms part of the audited financial statements. This report is as important, if not more important, than the figures as it helps explain to the end user of the accounts, be that a regulator, a journalist or the public at large who the charity is, what they do, and why this is of benefit to society.
L&P can assist with the development of reliable financial reporting systems which are:
- Tailored to suit the nature of the organisation's work and finances
- Accurate and comprehensive
- Easily updated on an ongoing basis
- Capable of generating up-to-date information in clear, easily accessible reports
- Compliant with all relevant accounting standards
In addition to our financial advisory services, we provide a comprehensive range of accounting services, from ongoing advice to a fully outsourced Financial Administration function. Our outsourced Financial Administration services support the treasurer / bursar in their role.
A suitably qualified and experienced member of the L&P team works in the client's office, taking on all financial administration tasks and ensuring timely and accurate completion, in full compliance with all regulatory requirements. This service is tailored to specific client needs and generally includes:
- Maintaining accounting records
- Preparing management accounts
- Preparing accounts for audit
- Preparing budgets and forecasts
- Cashflow management
- Insurance renewals