Archives for posts with tag: financial management

Good management of a charity’s finances and other assets enables it to succeed in delivering its charitable aims.

To achieve this, trustees must properly supervise their resources and satisfy themselves that they have:

  • realistic funding plans and strategies
  • effective management controls and systems
  • planned for their charity’s assets and resources to be used in the best possible way for their beneficiaries

Getting this right can be very rewarding. It shows the valuable and visible results of a trustee’s commitment to their charity, beneficiaries and supporters. The Commission recognises the commitment that this requires of trustees, and the challenges they can face in serving their charities well. Trustees can delegate tasks to suitably qualified staff and/or volunteers but, whatever the arrangements, proper oversight and monitoring are vital.

Charities vary greatly in size, scale and how they operate and so trustees must decide what is reasonable, proportionate and appropriate for their charity. While common legal duties apply to all charities, how trustees interpret good practice will depend on individual circumstances.

As the charity regulator, the Commission expects trustees to take their responsibilities seriously. Trustees are not expected to be perfect – they are expected to do their best to comply with their duties. The Commission recognises that most trustees are volunteers who sometimes make honest mistakes: where they have acted honestly and reasonably, they are generally protected under the law.

 

Source: *Charity finances: trustee essentials – GOV.UK

*Contains public sector information licensed under the Open Government Licence v3.0.

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Original post from Community Care

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Camila Batmanghelidjh Photo: Jonathan Hordle, Rex, Shutterstock

Camila Batmanghelidjh Photo: Jonathan Hordle, Rex, Shutterstock

The Charity Commission has launched an investigation into Kids Company.

The independent charity regulator will look into concerns about the administration, governance and financial management of the charity, and identify wider lessons for other charities and trustees.

Kids Company closed on 5 August due to a lack of funds. Its closure followed the charity’s chief executive Camila Batmanghelidjh agreeing to step down because of concerns about her management of the organisation.

The commission said it had been working with Kids Company since July 17, but has now made the step to launch a formal statutory inquiry.

“In light of the intense public scrutiny and speculation over the charity’s activities, and the increasing number of allegations in the public domain about its governance and financial management, the commission has now formalised its engagement in a statutory inquiry in order to investigate and put on the public record whether or not these allegations are found to be true. This is in line with the regulator’s duty to promote public trust and confidence in charities,” the announcement said.

A report of the inquiry’s findings will be published once it has concluded.

When news of Kids Company’s financial problems broke, Batmanghelidjh told the Guardianshe believed she was “being silenced” by the government for voicing concerns over the child protection system.  …………’

 

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