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To demonstrate responsible financial management, trustees need to plan appropriately for current and future challenges. They can then identify how much funding should be set aside as reserves, and account for this clearly in a reserves policy.
The commission’s research shows that there has been an increase in the amount of charities who are correctly accounting for their reserves in their reserves policy, but some have failed to publish this in their annual report.
Improvements are needed across the sector to demonstrate effective financial management and justify funding.