19th October 2018

Interesting trends around large charitable donations have emerged after a Freedom of Information (FOI) request from private client law firm Wilsons, with figures showing a significant increase in the number of estates making transfers to charities upon death.

A total of 3,630 estates made transfers of £1m+ to charities up from 2,855 in 2014/15 (an increase of 25%).

Additionally, the total number of charitable bequests valued above the nil rate band of £325,000 has increased in each of the past 5 years. The increase to 9,970 estates in 2015/16, from 7,490 estates in 2010/11 has resulted in the value of bequests increasing to £3.1bn from £1.5bn.

Although certain charities, such as those that help animals or provide cancer care, remain extremely popular, this increased support of the charitable sector perhaps reflects a more philanthropic approach across the United Kingdom. A general downturn in the UK/World economy could, however, threaten this upward trend.

As things stand, there is a general shift towards larger donations and whilst smaller donations cannot be ignored, those charities operating across the North of England should perhaps be open to reviewing their own donor base and assessing whether there is enough awareness and openness to receiving larger donations.

For more information regarding UNW’s charity and not-for-profit services, please visit the UNW charity page.

The team that completed the Management Buyout

UNW has recently advised Perfect Image, a long-established and trusted end-to-end IT solutions provider, on a Management Buyout (MBO) that completed in May 2019. Chiltern Capital, a London-based private equity firm, provided financial support.

Samuel Knight International, a global recruitment and project man-power specialist headquartered in Newcastle, was founded by Steve Rawlingson in 2014 with the ambition of shaking up the recruitment industry. Initially tackling an acute skills shortage in the energy and rail sector, it has demonstrated an impressive level of growth since its inception.

Newcastle-based chartered accountancy and business advisory firm UNW has advised Receptive Software Limited on its sale to business software firm, Pendo, which is headquartered in the United States.

Following on from our previous article, HMRC have announced an updated guidance for those who are going to be affected by the significant amendment to the VAT rules for construction services known as ‘domestic reverse charge’ accounting.

On 13 March 2019, UNW and Northstar Ventures held an interactive morning session aimed at charities and not-for-profit organisations that were keen to develop their understanding and use of impact measurement.