The Charity Commission has updated its guidance on charity finances Charity finances: trustee essentials (CC25) to make sure that trustees understand their financial responsibilities when managing a charity.
The new guide includes sections on making the most of a charity’s finances, identifying and managing risk, appropriate internal financial controls, reserves, managing financial difficulties, and income generation amongst other topics.
Charity trustees should aim at having realistic funding plans and strategies, effective management controls and systems, and plan for the charity’s assets to be used in the best possible way for the charity’s beneficiaries. This enables trustees to satisfy their duty to manage the charity’s resources responsibly.
