Amount paid in audit fees by top 5,000 charities rises by more than £2m

A new report from the data firm Charity Financials also shows Crowe Clark Whitehill earned the most in fees in the past year

The overall amount paid out in audit fees by the top 5,000 charities has increased by 4.4 per cent, according to a new report.

The data provider Charity Financials’ Charity Audit Spotlight for 2017, which is based on scrutiny of the latest accounts for the 5,000 largest UK charities, shows that audit fees cost them a total of £69.4m.

In comparison, last year’s Charity Audit Spotlight showed that the UK’s largest charities paid more than £67m in audit fees, which was itself a 2.5 per cent increase on the previous year. 

The report found that the audit firm Crowe Clark Whitehill has the largest market share, earning £5.7m in fees and accounting for 8.2 per cent of the market.

PricewaterhouseCoopers earned more than £4.6m in fees from charities and BDO earned almost £4.5m, the report says.

But rival audit firm haysmacintyre had the most charity clients in the top 5,000 with 263, followed by CCW with 240 and RSM with 236.

Haysmacintyre also gained the most new clients for the second year running, the report shows, with 30 charities appointing the firm and paying fees worth a combined £449,000.

The report says that while 328 charities changed auditor in their latest set of accounts, 27 per cent of the top 5,000 charities have not changed their auditor in the past decade.

The largest charity to change auditor was the Wellcome Trust – which is the UK’s richest charity – which paid Deloitte £300,000 to audit its latest set of accounts, the report says.

PwC audits the largest amount of charity income, the report shows, with £5.65bn scrutinised by the firm this year.

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Macmillan Cancer Support’s income rises by £17m to reach record high

The charity’s accounts for 2016 also show that income from legacies increased by 20 per cent

Macmillan Cancer Support’s income rose by approximately £17m to reach a record high of £247m in 2016, its latest accounts show.

The charity’s accounts, which were released last week and cover the year to 31 December 2016, showed income grew by 7 per cent to hit £247m, compared with £230m the previous year.

The charity’s spending also increased by more than £5m from £240.5m to £245.6m in 2016.

Income from legacies also rose by more than £13m, up 20 per cent from £63.9m in 2015 to £76.8m in 2016.

The accounts say that it expects that £35m of the legacy income accrued will be received within the next year.

Overall income from donations, excluding legacies, also increased from £151.1m to £156.5m, according to the accounts.

This meant that the charity had a surplus for the year of £6.2m, and cited a “very strong income performance in the latter part of the year” as a key reason for its record income.

MacMillan’s total funds also rose from £58.1m to £64.3m in the latest accounts.

The charity’s chief executive, Lynda Thomas, saw her income rise from within the £160,001 to £170,000 wage bracket to between £170,001 and £180,000, the accounts show.

Total earnings for Macmillan’s executive team, including pensions, benefits and termination payments, were almost £1.3m compared with £929,000 the previous year. 

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