# Revised financial guidance for charities from Charity Commission

- Link: https://fundraising.co.uk/2010/06/08/revised-financial-guidance-charities-charity-commission/
- Published: 2010-06-08T14:41:50+01:00
- Author: Howard Lake

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.

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“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.

www.charitycommission.gov.uk

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