The Charity Commission has said it is confident that no money has gone missing at an education and training charity that overstated prior year surpluses by £364,149.
The institute has the object of advancing public education in the sciences of brewing, distilling and fermentation, and had income of £1.65m in 2012 and £1.75m in 2011.
In November 2012, the charity submitted a serious incident report to the commission informing the regulator of the mis-statement in previous years’ accounts, accompanied by a detailed report from its auditors.
Concerns were also raised separately with the commission by an individual "who alleged that there had been fraud and money laundering totalling several millions of pounds", the commission’s report says.
The commission launched an operational compliance case into the matter, while the charity’s auditors continued to look into the matter.
In September 2013, the auditors "confirmed that their review had found no evidence of fraud or theft, just poor accounting", according to the report.
In the course of the inquiries, the commission said it processed more than 10,000 bank statement entries, cross-checking payments against financial records, and concluded that there was no evidence of fraud or theft, or of money laundering.
The report says: "The charity’s trustees have undertaken a full overhaul of the charity’s financial management and record-keeping and we are satisfied that the systems now in place are adequate. The trustees must continue to monitor the implementation of these systems and review them regularly to ensure they remain fit for purpose."
A spokesman for the charity said: "The IBD trustees were very pleased with the manner in which the examination and review was carried out by the Charity Commission and that the commission’s findings reflect the positive action taken by the trustees."