Contents 3 Welcome to our latest newsletter, covering the key financial issues facing charities and not for profit organisations
Charity newsletter introduction
8 It’s only large
charities that need an audit – isn’t it?
10 Running a charity event this year?
The past year has seen the post-Covid world continue to open up, and you might have been forgiven for sensing a glimmer of optimism on the horizon. But we did not anticipate the war in Ukraine, inflation soaring to levels not seen in 30 years and a cost-of-living crisis set to push 1.3 million people in the UK into absolute poverty, according to the Resolution Foundation think tank.
4 Guide to insuring and employing volunteers
12 The dangers
of phishing for charities
T he result of these recent events? Whilst demand for the services UK charities provide has grown, the premiums demanded by insurers have also increased, and we are seeing rising levels of claims, placing the trustees and managers of charitable organisations under more pressure than ever. So, what can charities do to mitigate current risks? Here are some simple steps to protect your charity against claims against you: Ensure your risk register is reviewed and current to reflect your organisation as it operates now – it will be the first thing that loss adjusters look at in the event of a claim. Keep your internal records properly documented and maintained. If you need to make a claim then it is important to have proper records of, for example, who was on your premises that day, and the security of the building. Make sure staff and volunteers are trained. The days of ad hoc training are long gone, and there are lots of sources of free or low cost training such as official government guidance and advice from national organisations such as NCVO and ACEVO.
Keep your accident book up to date. If there is a slip, trip or other accident on your premises and it isn’t recorded in your accident book, it will be much harder to defend a claim being made against you. With these points in mind, it is important that charities make best use of the independent services that exist to help them manage and mitigate the risks they face. Insurance is a key requirement for not for profit and charitable organisations, but the different covers and the levels of protection will vary considerably depending on the size and complexity of their operations, so it’s going to save you time and money if you talk to a charity insurance professional who knows the market inside out and can quickly locate the best and most cost- effective insurance for you. Similarly getting an independent audit may be something that a charity now needs to organise, if they need a bank loan, or apply for a grant from a government body. And finally, getting to grips with their tax requirements is vital in order to meet their regulatory obligations, and avoid the financial pitfalls that could result in unforeseen fines. At Scrutton Bland we have highly qualified and knowledgeable independent advisers who have decades of
6 Are you managing your cyber risks?
14 My charity doesn’t need specialist insurance advice – does it?
experience dealing with charities, and who would love to hear from you.
We hope you’ll find some useful advice in this newsletter and would love to hear from you if you have any comments, or if you’d like to know more about anything we’ve covered. We love working with our charity clients, and we understand that your priority is to always act in the best interests of those that you serve. We’re here to help you manage your financial operations as simply and cost effectively as possible.
Shirley Greer, Charity Director
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