How an accountant can lighten the heavy responsibilities for Trustees
At a time when many charities are experiencing pressures on their sources of funding, it is essential that all on their Board have solid oversight and understanding of the financials.
So, while it is often the Treasurer that guides a charity on financial matters, not least because they will have some expertise, Trustees should be able to play an active role too. However, not all Trustees feel well equipped to do this.
Trustees have a responsibility for finance and audits, and have to make sure important financial information is accessible to and can be understood by a range of audiences. So, good reason why Trustees should not just delegate financial stewardship to the Treasurer, but in addition delegate key aspects to an expert accountant.
They need to identify and understand the major risks to their organisations, so these can be managed or mitigated and so that stakeholders can understand what the charity faces, to understand how secure future income is, whether future cash flow covers obligations and of course how the charity should spend its funds.
That is where GSM comes in. With over 100 years' experience in the Not For Profit sector, our extensive skillset helps Trustees make much more informed judgements and so take confident decisions regarding the financial aspects of their charity.
By helping charities put adequate safeguards and controls in place, as well as ensuring reporting and monitoring processes are in accordance with SORP, we can ensure charities are not just reaching a minimum requirement for good governance, but go beyond this.
So, with a focus on looking forward and a charity's ability to continue in the future, explaining risks and any uncertainties, as well as reporting outcome and impact from the charity's activities, transparency and disclosure is assured, ensuring best practices are maintained. Our communicating of a charity's financial position goes beyond purely producing data for the annual report.
To hear more about how GSM has the financial health of our clients' organisations and sound stewardship of their funds at our heart, contact us on 020 7935 3793