Regulator to investigate two charities over repeated failure to submit accounts
The Charity Commission has launched two separate statutory inquiries into SharedImpact and SharedImpact Foundation (UK) Limited.
The two charities were set up to improve the financial efficiency and effectiveness of charities by offering grants, financial services and advice.
The charities have a trustee in common and both have persistently and repeatedly failed to meet their accounting requirements.
SharedImpact and SharedImpact Foundation (UK) Limited were previously placed in the Charity Commission’s double defaulter class inquiry in March 2021. That inquiry investigates charities that have defaulted twice or more over the past 5 years on submitting required accounting information.
The Charity Commission has escalated its engagement with the charities to two separate statutory inquiries due to both charities failing to file accounts on time for financial years ending 31 March 2022 and 31 March 2023.
The inquiries will examine the administration, governance, and management of the individual charities including:
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the trustees’ compliance with their statutory accounting and reporting responsibilities
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whether the charities have appropriate and robust financial controls in place
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whether the charities are being managed in accordance with their governing document
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whether the charities are operating in accordance with their stated objects and for the public benefit
Additionally, the inquiry into SharedImpact will examine whether the charity has a sufficient number of trustees.
The Commission may extend the scope of the inquiries if additional regulatory issues emerge.
ENDS
Notes to editors
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The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society.
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On 22 March 2021, the Commission placed SharedImpact and SharedImpact Foundation (UK) Limited into the ‘Double Defaulter’ inquiry for charities that are in default of their statutory obligations to meet reporting requirements by failing to file their annual documents (annual returns, reports and accounts) for two or more years in the last five years.
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On 13 December 2024, the Charity Commission opened two statutory inquiries into SharedImpact and SharedImpact Foundation (UK) Limited under section 46 of the Charities Act 2011.
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A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.
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