Tag: RSM UK

More than one in four charities have not reviewed their reserves policy in last year

Stuart Mitchell

New findings show more than one in four charities (26%) have not reviewed their reserves policy within the last year, according to a survey by leading audit, tax and consulting firm RSM UK, leaving themselves at risk of failing to manage financial instability. This is particularly pertinent in the current economic climate. While the data found over a third (34%) of charity trustees had reviewed their reserves policy within the last three months and 40% within the last year, 11% of respondents had only reviewed it within the last two…

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Charity probe highlights need for robust record keeping, says RSM UK

Stuart Mitchell

As the Charity Commission launches a probe into an armed forces charity’s unaccounted funds, RSM UK is reminding trustees of the importance of keeping detailed, up to date records to avoid regulatory action and hefty fines. In this most recent case, auditors were unable to source records to account for £89,000 of expenditure and £151,000 of donations. Charities are advised to follow the recently updated Charity Commission guidance, ‘Internal financial controls for charities’, known as CC8, to ensure finances are properly managed and documented. Nick Sladden, head of charities and…

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