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Charity finances: Securing the future

If the charity sector is to be rebuilt, it needs a sound financial foundation, with an appropriate reserves policy and effective management and control, writes Sean Rodwell

24 May 2016

It is fair to say that charities have had something of a turbulent time recently. Public confidence in the charitable sector is at a low following the fundraising scandal and the fallout from the failure of Kids Company. Now that the dust has settled and the regulators have had a chance to respond to these high-profile cases, it's over to the charities themselves to begin to repair the damage
and restore public faith.

The Charity Commission released updated finance guidance in January, with an emphasis on trustees taking responsibility for the finances of their charity. This doesn't mean that trustees have to involve themselves in the day-to-day finance duties; rather, they should have a more active role in the monitoring process. The guidance hasn't been designed to create more work for trustees, but is intended to support them in their role and improve their understanding of charity finances. It also stre...

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