Wellcome Trust spent £600k on auditing fees last year

The UK's largest 5,000 charities spent £66m, a rise of 4 per cent, on auditors in the last year for which accounts were available, according to figures from Charity Financials website

Charity auditing
Charity auditing

The Wellcome Trust spent £600,000 on auditing fees last year, with the Allchurches Trust and Save the Children International also spending more than £300,000 each on auditors, new research shows.

Figures from the financial analysis website Charity Financials show that the UK’s largest 5,000 charities spent a total of almost £66m on auditing fees last year, up 4 per cent on the previous year.

Allchurches Trust, which provides grants to churches and religious charities, spent £384,000 and Save the Children International spent £347,000, according to the report, Charity Audit Spotlight.

The report is based on figures from 916 auditing firms and includes charities with annual incomes or expenditure greater than £1.5m or net assets totalling more than £3.5m.

The figures show that the largest 5,000 charities – excluding housing associations, academies and independent schools – spent £65.7m on auditing fees in the last year for which accounts were available, up from £61.8m the previous year.

The report also shows that charities tend to change their auditors every four or five years, but 23 per cent have kept the same one for the past decade. On average, about 5 per cent of charities switch auditors every year.

The accountancy firm Baker Tilly had the most charity clients, auditing the accounts of 262 charities, which represents 5 per cent of the market. Crowe Clarke Whitehill earned the most in auditing fees from charities, with income of £5.7m from 238 clients.

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