The 7 biggest concerns for charity trustees

Over the years we have built close relationships with many charities and their trustees who rely on us for a range of audit, compliance and accountancy services.

By Kerry Hawkins

Our charity trustees tell us that their biggest concerns include:

1. Compliance with laws and regulations: Charity trustees are responsible for ensuring that their charity complies with all relevant laws and regulations, including those related to charity governance, fundraising, and financial reporting.
2. Financial management: The trustees are responsible for managing the charity’s finances, which includes budgeting, accounting, and financial reporting. This can be a significant concern, as charities often rely on donations and grants, which can be unpredictable.
3. Fundraising: Trustees are concerned about fundraising, which is an important source of income. They need to ensure that fundraising activities are ethical and that they are able to attract and retain donors.
4. Managing volunteers and staff: Trustees are responsible for managing the charity’s volunteers and staff, which can include recruiting, training, and managing volunteers, as well as supervising paid staff.
5. Public trust and transparency: They are responsible for maintaining the public trust and being transparent about their charity’s activities, finances and governance.
6. Risk management: They need to be aware of legal, financial, IT and other risks facing their charity, and take appropriate steps to mitigate them.
7. Mission and impact: Charity trustees should ensure that their charity is fulfilling its mission and making a positive impact on society.

The good news is that our clients do not feel isolated when dealing with these issues. We can guide, advise and ensure compliance, not only because we have accountants and auditors who specialise in the charity and NFP sector and who are genuinely interested in them, but because we have been looking after charity clients for many years and can share knowledge and best practice between them.

Some of the ways we address the trustees requirements are:

1. Carry out audits and independent examinations of accounts
2. Preparation of accounts
3. Gift aid
4. Payroll outsourcing
5. Keeping them informed of changes in the charitable sector

Find out more about our accounting services for charities, read our latest magazines and insights or get in touch.

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