Published date: 22 December 2020

This notice was replaced on 5 March 2021

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 5 March 2021)

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Contract summary

Industry

  • Accounting, auditing and fiscal services - 79200000

Location of contract

NE1 3PA

Value of contract

£1

Procurement reference

TNEFL/2020/A

Published date

22 December 2020

Closing date

20 January 2021

Closing time

12pm

Contract start date

8 February 2021

Contract end date

7 February 2025

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

The North East Fund is inviting firms to tender to act as its auditor and to provide tax advice and support. The contract will be for an initial period of four years (subject to annual re-appointment by the company), beginning in February 2021 and will require the successful tenderer to audit the accounts of the company for the financial year ending 31 March 2021 and to audit the three subsequent years' accounts and provide corporation tax and potentially other tax and advisory services.

The North East Fund is the holding fund manager for a venture capital and loan programme which invests in SMEs based in the North East of England. It is the principal investor and a limited partner in five funds which are set up as limited partnerships and which are managed by independent, FCA authorised fund management companies: Maven Capital Partners; Mercia Asset Management; NEL Fund Managers and Northstar Ventures.

The North East Fund began operating in March 2018 and to date its sub-funds have invested c.£50m in 265 companies and are expected to invest a further £70m in c.300 more companies in the period to March 2023 - with the potential to continue investing until 2025. The realisation phase of the five sub-funds will continue at least until 2028, with the potential to be extended to 2032 - to allow time for the loans and investments made to be repaid and realised. Further information regarding the size and structure of TNEFL and its sub-funds is set out in the Invitation to Tender document.

TNEFL has decided not to re-appoint its current auditor and so is inviting FRC registered audit practice firms to tender to act as its auditor and also to provide tax advice and support, including preparation and submission of annual corporation tax computation and return. The successful firm will be required to complete the audit for TNEFL's current financial year (ending 31 March 2021) which, due to obligations in the company's funding agreements, must be completed at the latest by mid-September 2021. The appointment as auditor will take effect from completion of the tender process in January / February 2021 and will be for a period of four years, subject to annual re-appointment.

The closing date for tender submissions is 12 noon on Wednesday 20th January 2021. The Invitation to Tender document includes details of: what to include in your tender; how to submit it and how to ask any questions you may have regarding the process.

More information

Attachments

About the buyer

Contact name

Alastair Smith

Address

Suite D, Fifth Floor, West One
Forth Banks
NEWCASTLE UPON TYNE
NE16PA
England

Telephone

0191 211 2313

Email

alastair.smith@northeastfund.org

Website

https://www.northeastfund.org/contract-opportunity-audit-tax-services/