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Observation Risk Rating Recommendation
Employers
national
insurance
allowance
was not
claimed
during the year 2020-21 and the charity
failed to claim the allowance
in August 2022,
Loss of funds due to the charity of up
E5,000 per annum
to Ensure employers
allowance
is claimed and
contact HMRC to reclaim the allowance
from
the year ending 2021and the missing
month of
2022.
Regular stock takes should
be undertaken
No stock figure was ascertained
at the end ofthe
financial
year
Unrecognised
stock asset, obsolete stock,
in turn meaning
inaccurate
reporting
of
the balance sheet.
throughout
the year with a final stock figure
ascertained
for the end ofthe financial year.
The stock is recognised
as an asset for the
charity.
The charity
is using the internal
controls ofthe
Parish Council.
The charity should
implement
its
own financial
procedures
which are fit for charity
status.
Not fit for purpose,
failure to claim charity
exemptions
and non-compliance
with
chanty commission
guidelines
Utilise the CC8 guidance
on internal
controls for
charities (recently updated)
and implement
appropriate
controls for the size ofthe charity
Cash should be banked
promptly
with a clear
Audit trail on income was difficult to trace due to Mis-appropriation
offunds, failure of
funds audit trail from the software
through
to the
inconsistencies
on how the money was banked
to be banked
in an appropriate
period
time.
of receipt and bank statement.
Where monies are
banked
in bulk there should be clear details on
how this is broken down.