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On the sixth day of Christmas we look at Cyber Crime

Cyber crime involves attacks on or through computer systems and networks. Charities need to be vigilant and make sure appropriate defences are in place which includes raising awareness with their Trustee’s, staff and volunteers. The UK Government Cyber security breaches survey identified over 80% of charities had been subject to some form of attack in 2018. The… Read More

On the fifth day of Christmas we look at Fundraising

The revised code of fundraising practice came into effect on 1 October 2019 and sets out the responsibilities that apply to fundraising by charities and 3rd party fundraisers in the UK. Charities subject to the audit requirements of the Charities Act 2011, are required to include compliance disclosures in the Trustee’s Report and where a charity… Read More

On the fourth day of Christmas we look at using Reserves to build Resilience / Financial Stability

All registered charities must explain their reserves policy including how much they need to hold and why. Where income is > £500,000 they must expand this statement to include a comparison of the amount held to that stated in the policy and any steps being taken to bring this in line if applicable. It is therefore important… Read More

On the third day of Christmas we look at Governing Documents and Charitable Objectives

It is important that each Trustee has their own copy of the governing document which they have read and can refer to as this is an essential document which contains: The charities objects (purposes) Charity’s powers to further its objects Trustee information – who, how many, appointment and removal Whether the charity has members and… Read More

On the second day of Christmas we look at Public Benefit Reporting by Charities

Public benefit is at the heart of what charities do. Public benefit reporting is the mechanism for telling readers of accounts that the charity is being true to its own purpose and explaining how they are making a difference, and hence meeting public accountability responsibilities. The Charity Commission, in the December 2018 Monitoring Review, reported… Read More

On the first day of Christmas we look at Trustee Duties

There are 6 main duties placed upon Trustee’s and it is important that all members understand what these are. Ensure that your charity is carrying out its purposes for the public benefit Trustees need to have read and understood the objectives set out in the governing document, understand how the charity achieves these and how this benefits… Read More

Dafferns Wealth: Multi-asset investing works – but be careful!

Warren Buffett, one of the richest men in the US and CEO of Berkshire Hathaway, famously had two rules for investing. Namely “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1”. This insight sums up neatly why certain investors are attracted to the idea of multi-asset investing. The chief attraction? The ability… Read More

It all comes back to impact – ideas to consider at your next strategy away day

When advising charity clients on strategic risk, the first question we ask is: “Are you making the desired impact in support of your beneficiaries, and can you evidence it?” Charities are set up as public benefit entities. The objects of your charity determine the overall purpose to which the charitable funds will be put, but… Read More

Trading subsidiaries

Charities often involve themselves in non-prime purpose activities to generate income from which they can fund their charitable purposes.  Where these activities meet the “badges of trade” (see below) and breach certain size thresholds it is not tax efficient for them to remain within the charity itself so a trading subsidiary will often be established so… Read More

Effective stewardship of charity assets – are you getting the right advice?

Most charities remain under constant pressure to grow and protect income alongside the value of capital assets. Ensuring that the real value of income and capital are protected enables your charity to do more and helps to safeguard your future. With other sources of funding under increased threat, income from investment portfolios is playing a… Read More