Audit new business wins March 2010: Parting company

Finance | Vibeka Mair | 9 Mar 2010

The Social Enterprise Loan Fund (SEL) chose Berg Kaprow Lewis as its new auditors after its Adventure Capital Fund, worth £13m, became an independent charity in 2007 and reduced the assets of SEL from £17.4m to £3.6m.

Mike Baker, chief executive said: “In 2003, we and two partner organisations started the Adventure Capital Fund which has been shown as a restricted fund within our accounts. The Adventure Capital Fund grew to have net assets of over £13m by the time we established it as an independent charity in its own right on 1 June 2007. The creation of the new charity was reflected in our 2008 accounts.

“We had been planning this separation of activities for well over 12 months and that included talking with our old auditors, Grant Thornton, about future audit arrangements once our total assets had shrunk.

“In looking for new auditors we wanted to find a substantial firm of good standing and reputation, with good knowledge of charities, probably based just out of central London and therefore likely to have lower overheads. Although Grant Thornton is no longer our auditor, I think it is fair to say that we remain the best of friends.”

Meanwhile, South West Lakes Trust chose Francis Clark for its experience in both the charity and commercial sector.

Diane Basset, head of corporate services said: “We went out to tender and interviewed four companies. We chose Francis Clark because of their experience in both the charity and commercial sector and because they had an informed practical approach with an excellent support team.”

ORGANISATION	AUDITOR	COMMENTS
Annals of Botany Company	New: Bishop Fleming Previous: HLB Vantis Audit	Previous fee £3,548. Y/e December 2009. T/o £367,000.
Bath Preservation Trust	New: Bishop Fleming Previous: Moore Stephens	Previous fee £6,050. Y/e January 2010. T/o £636,000.
Carnival Village Trust	New: Kingston Smith Previous: n/a	Shabaka Thompson, chief executive said: "They turned out to be the best we interviewed." Y/e March 2010. T/o £4.2m (in capital).
Catholic Education Service	New: Kingston Smith Previous: Buzzacotts	Previous fee: £11,316. Y/e March 2010. T/o £962,000.
Catholic Independent Schools Conference	New: Kingston Smith Previous: haysmacintyre	Previous fee: £3,208. Y/e March 2009. T/o £500,000.
Catholic Trust of England and Wales (Catholic Bishops Conference)	New: Kingston Smith Previous: Buzzacotts	Previous fee: £15,688. Y/e December 2009. T/o £5.5m.
Fullness of Life Ministries	New: Moracle Previous: n/a	Rasheed Musa, chair said: "Moracle are specialists in charity and finance, most specifically churches". Y/e November 2008. T/o £29,000.
Groundwork South West	New: Bishop Fleming Previous: Francis Clark	Previous fee £12,550. Y/e March 2010. T/o £1.5m.
International Forum for Rural Transport and Development	New: Sayer Vincent Previous: n/a	New charity. December 2010.
Kennedy Institute of Rheumatology Trust	New: Kingston Smith Previous: PricewaterHouseCoopers	Sue Preston, secretary to the board said: "We chose Kingston Smith as a result of a competitive tendering procedure. We were looking for a firm which would add value to the audit through their charities knowledge." Previous fee: £18,000. Y/e September 2009. T/o £27.6m.
Music in Prisons	New: Sayer Vincent Previous: BSG Valentine	Previous Fee £3,500. Y/e March 2010. T/o £265,000.
National Maritime Museum Cornwall	New: Bishop Fleming Previous: Robinson Reed Layton	Previous fee £12,750. Y/e March 2010. T/o £2m.
Racial Equality Foundation	New: Kingston Smith Previous: Buzzacotts	Jabeer Butt, deputy chief executive said: "We chose Kingston Smith for their strengths in auditing, knowledge and work with the charitable sector as well as vaule for money of their tender." Previous fee: £7,500. Y/e March 2009. T/o £1.2m.
Redemptorist Publications	New: Fiander Tovell Previous: PKF	Previous fee £11,140. Y/e December 2009. T/o £2.5m.
Responsible Gambling Fund	New: Sayer Vincent Previous: n/a	Stephen Dunmore, interim chief executive said: "‘Sayer Vincent were the auditors for our predecessor body, the Responsibility In Gambling Trust (RIGT). We had been very satisfied with the professional service we had received and, recognising that Sayer Vincent are a leading auditor in the field of charity accounts, were keen to continue a successful relationship." New charity. Y/e March 2010. T/o £5m.
Rowlands Trust	New: Haines Watts Previous: PriceWaterhouseCoopers	The Trustees carried out a review of their auditors involving several firms. The appointment of Haines Watts was the result of that review.' Previous fee £7,637. Y/e December 2008. T/o £230,000.
Social Enterprise Loan Fund	New: Berg Kaprow Lewis Previous: Grant Thornton	Previous fee £17,762. Y/e March 2009. T/o £455,228.
South West Lakes Trust	New: Francis Clark Previous: Bishop Fleming	Previous fee: £5,500. Y/e January 2010. T/o £3m.
Willow Foundation	New: Saffery Champness Previous: Kingston Smith	Helen Evans, finance director said: "Following six years with Kingston Smith, the trustees felt the charity would benefit from a fresh approach. Saffery Champness most closely met the requirements." Previous fee: £6,835. Y/e December 2009. T/o £2.9m.
Working Well Trust	New: Sayer Vincent Previous: Gotham Erskine	Previous fee £6,600. Y/e March 2010. T/o £1m.

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