The Charity Commission has updated a key piece of its financial guidance – Charity finances: trustee essentials (CC25) – in a drive to ensure trustees understand their basic financial responsibilities when running a charity.

Speaking at the ICAEW’s annual dinner in London, at which CTG was present, the Commission confirmed that trustees’ legal duties regarding financial management haven’t changed but that the Commission is making a conscious push to ensure trustees are best placed to protect their charity’s assets and resources. As part of this, it is urging trustees to read Charity finances: trustee essentials (CC25) which has been refreshed and made more accessible and readable.

In her speech last night Paula Sussex, Chief Executive of the Charity Commission, also called on financial professionals and accountants to take a leadership role in the renewal of financial governance in the charity sector.

Charity finances: trustee essentials (CC25), originally published in 2011 as Managing charity assets and resources (CC25), covers the most common areas of managing charity resources including internal financial controls, charity reserves, and staff and volunteers, signposting further reading where required. Charity governance, finance and resilience: 15 questions trustees should ask has also been re-published today. The Commission is conducting a wider ongoing review of how it supports trustees in this area, including working with external partners and umbrella bodies and improving navigation to its online guidance.