governance | The Wheel

Financial Reporting by Charities

“It is most likely that this will require charities to disclose some additional information in relation to their charitable activities and their finances."

Introduction and Contexts

There is a great variation in terms of the quality and range of information currently provided by charitable companies in their financial statements to the Companies Registration Office (CRO). Some charities comply with the minimum standards required under company law, some Irish charities go beyond the minimum, whilst some even comply with the Statement of Recommended Practice for Financial Reporting by Charities (SORP) standard, which is recommended best practice by the Accounting Standards Board (ASB)

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Working with the Media

Working with the media is not about sending hundreds of press releases

The media has an important role to play in the life of community and voluntary organisations. It can enhance organisations’ profiles, enabling them to raise awareness of their activities, to reach out to potential new supporters and to influence policy debate. It also needs to be considered as an important part of crisis management in the unlikely event of the organisation receiving unfavourable publicity.

Working with the media is not about sending hundreds of press releases

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Vision and Mission

Every organisation has an ethos, a belief system or a set of principles

Defining what you are about: vision and mission

Although most organisations will have some sort of governing document, the wording and language used in constitutions, memoranda of association and similar documents are frequently insufficient, too broad or unsuitable for wider use. Developing a short, clear vision statement and/or mission statement that summarises the long-term change that you want to make, is therefore very useful. When doing so, it is vital that all relevant people are involved.

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Strategy

Without a strategy for the way ahead, you will probably get lost or, at the very least, end up going around in circles.

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Annual Reports

Producing a report on an annual basis that communicates the key information as noted below is good practice.

An annual report is an underused publicity vehicle. If it is produced at all, frequently it is dull, providing only the minimum reporting and financial information required by the Companies Registration Office (if your organisation is a company). For organisations that are not companies, reports on finances and progress, as would normally appear in an annual report, are often only produced for donors at intervals specified by various funding programmes.

Annual reports can have multiple purposes:

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Communications Strategy

The reputation of your organisation is one of your biggest asset

Your communications strategy

Do you have a strategy for regular and effective communication with your stakeholders (the people who would have a particular interest in your organisation)? If not, consider drawing one up. Think carefully about the image you wish to portray. (In marketing terms, things means things like consider your ‘brand’ and ‘market position’.) Your image need not be overly glossy; in fact spending a disproportionate amount of money on publicity materials can be off-putting for those who fund you and may misfire.

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Health and Safety

The governing body of your organisation should review the safety statement annually...

Health and safety is one area where the legal obligations for managing risk are particularly demanding. Under the Safety, Health and Welfare at Work Act 2005 every employer is required to prepare a safety statement for the workplace.

This statement should:

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Risk Checklist

Do you have adequate systems in place to manage risk?

Use the following questions to figure out your organisation's current level of risk:

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Risk Management

Does your organisation have procedures in place to comply with employment, equality, and health and safety legislation?

Risk is a situation involving an exposure to danger. You should approach risk management positively, as part of the day-to-day management of the organisation, for it does not just identify threats, it also provides opportunities for improvements.

Threats and opportunities

Most risk can be anticipated and therefore planned for, for example:

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Fundraising

Aim to build long term relationships with your funders

It is vital that your organisation approaches fundraising in a strategic way, with proper planning, implementation and evaluation. It is a demanding task that should be seen as central to the organisation and not left to one individual.

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