The Charity Commission has opened separate statutory inquiries into two connected financial aid charities over a repeated failure to submit accounts.

SharedImpact and SharedImpact Foundation (UK) Limited were set up to improve the financial efficiency and effectiveness of charities by offering grants, financial services and advice.

The charities, based in Milton Keynes and London respectively, have a trustee in common and both had “persistently and repeatedly” failed to meet their accounting requirements, the regulator said.

“SharedImpact and SharedImpact Foundation (UK) Limited were previously placed in the Charity Commission’s double defaulter class inquiry in March 2021,” the regulator said.

“That inquiry investigates charities that have defaulted twice or more over the past five 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 inquiry will examine the administration, governance and management of the charities.

The regulator will investigate trustees’ compliance with their statutory accounting and reporting responsibilities.

The inquiry will also look into whether the charities have “appropriate and robust” financial controls in place, whether they are being managed in accordance with their governing document and whether they are operating in line with their charitable objectives.

“Additionally, the inquiry into SharedImpact will examine whether the charity has a sufficient number of trustees,” the regulator said.

Both charities have been contacted for comment.