Time for a few questions?
Updated: Feb 28, 2020
Whether it is Brexit or the mixed messages about the economy, now is a good time for all charities to be asking themselves as to where they stand.
In no particular order these are questions trustees and the executive team should be asking themselves.
What effect is the present uncertainty having on our charity and its activities?
Are we financially strong enough to sustain our activities?
Do we know what impact this uncertainty is having on our donors and support for our charity?
Do we have sufficient reserves and if not do we have adequate plans in place to achieve them?
Have we reviewed our banking arrangements and (where relevant) our investments and could we manage our cash flow better?
Have we reviewed our contractual arrangements such as leases, rental agreements etc recently?
Have we reviewed any contracts to deliver public services and are they cost effective for our charity?
If we have a pension scheme, have we reviewed it recently?
Can we make better use of any permanent endowment investments we hold?
Are we an effective trustee body?
Do we have adequate safeguards in place to prevent fraud?
Are we making best use of the financial benefits we have as a charity e.g Gift Aid?
Are we making best use of our staff and volunteers?
Have we considered collaboration with other charities to share resources and ideas?
Are we making the best use we can of our property or other assets?
These are not the only questions to ask yourselves but dealing with these questions will go a long way to ensuring that your charity will be able to deal with the uncertainties which are currently affecting us all
.[With acknowledgement to the Charity Commission where these questions originated]