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Revised financial guidance for charities from Charity Commission

Howard Lake | 8 June 2010 | News

The Charity Commission has published four updated sets of financial ./guidance for charities and their advisers covering risk management; financial difficulties and insolvency; reserves and internal financial controls. The ./guidance has been revised to reflect new developments and the difficult economic climate that charities now face.
The Commission’s latest Economic Survey of Charities showed that 47% of charities thought the sector would feel the effects of the recession later than the private and public sectors, and take longer to recover.
Andrew Hind, Chief Executive of the Charity Commission said: “Careful management of risks, strong internal financial controls and a clear reserves policy form the cornerstone of a well managed charity. At a time when many charities are reviewing their financial and risk management, it is important that they have the right tools to be able to mitigate risk, overcome financial difficulties and to be clear about how to manage reserves and establish internal financial controls.
“In an uncertain economic climate, it is more important than ever for charities to review and actively manage the risks they face. Regardless of a charity’s size, this revised ./guidance is something for all trustees to read.”
The four new sets of ./guidance, Charities and Risk Management (CC26); Financial Difficulties and Insolvency (CC12); Charities and Reserves (CC19) and Internal Financial Controls (CC8) supplement other information for charities about financial issues that can be found online.