Charities criticised over poor accounting


Charities criticised over poor accounting
Insufficient numbers of charities in the north-west of England are unable to explain why they are holding large amounts of money in reserve, the charities watchdog has claimed.

Publishing a report on the finances of charities with an annual income of over £10,000 every year, the Charity Commission (CC) claims that 59 per cent were unable to present a policy explaining why they were holding reserves.

"Charities have never been more under the spotlight and it's key that they are open and account for their reserves," Andrew Hind, CC chief executive, said.

He explained that many charities hold funds in reserve in order to guarantee their survival in the event of a disruption to their services, but warned that they must "get to grips with this issue as part of their plan for long term sustainability".

The CC report found that total charitable funds held without a policy accounting for them across the whole of England and Wales have now reached £3.6 billion, of which £226 million was being held in reserve.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure