If a charity is to achieve its aims then the trustees need to ensure that assets are properly used, that its funds are spent effectively and its financial affairs are well managed. This guidance from the Charity Commission looks at various areas of financial activity and provides examples of internal financial controls that are commonly used to reduce the risk of loss.
Starting the Financial Year on the Right Foot – Advice from the Charity Commission: Robust financial management is vital so charities can protect themselves against financial difficulties or abuse, and meet the needs of their beneficiaries. There’s no better time than the start of the new financial year to assess your charity’s financial situation and financial controls, to see how you can improve them. Two useful documents: Charity Finances: Trustee Essentials and 15 Questions to Ask (a great tool to check you’ve got the basics covered and identify priorities for the coming year).