Regulator to investigate two charities over repeated failure to submit accounts
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The Charity Commission has launched two separate statutory inquiries into SharedImpact and SharedImpact Foundation (UK) Limited after both charities repeatedly failed to submit their accounts
SharedImpact and its related charity, SharedImpact Foundation (UK) Limited, were established to support other charities through grants, financial services, and advice. However, both have had persistent issues with meeting their accounting obligations. Despite being included in the Charity Commission’s double defaulter class inquiry in March 2021 for defaulting on their submissions, the two charities have failed to file accounts for the financial years ending 31 March 2022 and 31 March 2023.
The Charity Commission’s inquiries will focus on whether the charities have the appropriate financial controls and whether they are being managed in accordance with their governing documents and stated objectives. The Commission will also look into the trustees’ compliance with statutory accounting and reporting responsibilities. Additionally, SharedImpact’s inquiry will examine whether it has a sufficient number of trustees. The Charity Commission may widen the scope of these inquiries if further regulatory issues arise.