External audit services

Description

Cwmpas, formerly known as the Wales Co-operative Centre, is Wales’ national body for co-operatives, mutuals, social enterprises and employee owned businesses. It applies its co-operative values to supporting social businesses, strengthening communities, tackling poverty and promoting inclusion. It delivers major programmes on behalf of the EU (via the Welsh European Funding Office) and Welsh Government. Other funders include the Big Lottery and the Nationwide Foundation. It also delivers consultancy services to a wide range of clients. It employs just over 100 members of staff who are based across Wales. It is a co-operative, with an active community of members who shape the strategic direction of Cwmpas and democratically elect a Management Board each year. This document invites quotes for the provision of audit and accountancy services for Cwmpas. Background Cwmpas is registered with the Financial Conduct Authority under the Co-operative and Community Benefit Societies Act 2014. It prepares Financial Statements annually to the 31st March. The previous audited accounts for the year to 31st March 2021 resulted in a turnover of £6.1million, a surplus of £92k and a balance sheet total of £965k. Turnover for the year to 31st March 2022 is forecast at £6.5million. Following recent funding awards we are anticipating the turnover for the coming financial year (March 2023) to be circa £7.2million. A copy of our latest audited accounts is attached with this request for quote. The organisation currently uses Sage Line 50 and Sage Payroll to manage its finances. The organisation delivers major programmes and activities funded via the Welsh European Funding Office (WEFO), the Welsh Government (WG) and other funding bodies. Project and contract values range from £150k to £15million in total with delivery timescales ranging from one to 5 years. Current major projects are as follows: Social Business Wales. This project supports the development and growth of social enterprises and co-operatives across Wales. It aims to increase the number, sustainability and growth of emerging and established social enterprises. The project operates in both the West Wales and the Valleys and the East Wales areas. Europeon funding comes to an end in June 2023. Replacement funding is expected, but at a lower value. Digital Communities Wales. Cwmpas delivers a Welsh Government project, Digital Communities Wales, which provides support to organisations that are working with digitally excluded groups, particularly older people, people with disabilities, unemployed people, social housing tenants and families in poverty. Co-operative Housing. Cwmpas offers business support and advice to new and existing organisations looking to develop Co-operative Housing schemes in Wales. With funding from Welsh Government and the Nationwide Foundation, our goal is to develop and stimulate demand for the Co-operative Housing approach throughout Wales. Other. The organisation has recently been awarded funding from the Community Renewal Fund. It also receives income from other funders such as the Lottery. Further details about the role and work of Cwmpas can be found at www.cwmpas.coop 3. Audit and Accountancy Services Requirements The organisation requires the service of an organisation to provide professional audit and accountancy services. The principal outputs of the contract will be to provide annual audit reports for all public funded contracts/projects and to prepare and audit the statutory accounts derived from a Final Trial Balance provided by Cwmpas. The successful organisation will be formally appointed at the Annual General Meeting in September 2022 and will be expected to deliver all external audit services from that date. These services will include: • Independent statutory annual audit; • Individual annual audits for some public funded projects; • Occasional advice and support regarding taxation and Industrial and Provident reporting