New Financial Governance and Management Briefing Document from Age UK now available

Download the new Financial Governance and Management Briefing Document from Age UK’s Financial Governance Team.

Age UK’s Financial Governance Team has created a Financial Governance and Management Briefing Document to support Senior Staff and Board Members at local Age UKs – particularly those who are new to financial governance and want to learn more. This Briefing provides a guide to charity finances and accounting and highlights the support available through the Age UK Financial Governance Team. The document also contains some key external guides and learning resources, some of which are freely available. Read on to find out more and to access the Briefing Document.

Whatever the size and scale of your organisation, sound financial governance and management is essential for sustainability and for it to succeed in delivering its charitable aims.

This headline briefing is designed as a resource guide to charity finances, including charity accounting and its differences from the commercial world. It is aimed at trustees who haven’t had experience of this area before and will be helpful for experienced trustees who lack confidence when it comes to financial governance. It will also be helpful for those senior management and finance colleagues with a non–charity sector background, or for those colleagues just wishing to refresh their knowledge and understanding.

This guide particularly highlights the support available through the Age UK Financial Governance Team and directs you to some key external guides and learning resources, some of which are freely available.

If you have any questions about the document or financial governance in general, please contact John Fox or David Chenery.

February Finance Network Meeting – One week to go!

Book your place at the next Finance Network Meeting on February 23rd from 11:00 – 12:30. This session will focus on the topic “VAT”.

The February Finance Network Meeting will take place on Wednesday 23 February 2022 from 11am – 12:30pm and will cover the topic “VAT”. Our Age UK VAT Helpline support provider Crowe LLP, will be updating us on all things VAT, focussing on areas which have affected many charities over the past eighteen months. Find out full details of the meeting, including how to book your place, below.

Research commissioned by the Charity Tax Group (CTG) and published in November 2020 found that the VAT levied on charities when they purchase goods and services (input VAT) stands at around £3.1 billion per year – of which, £1.8 billion (57%) is believed to be irrecoverable. This compares to previous estimates of irrecoverable input VAT ranging from £1 billion to £1.4 billion (Charity Tax Group and Nuffield Foundation, 2011), a notable increase and significant burden on the charity sector.

Whatever the size of the organisation, managing the charity’s VAT position requires a proactive and strategic approach to identifying opportunities and reducing risk. For example, are you confident, if your charity and any trading subsidiaries are not registered for VAT, that this is correct? Have you considered the VAT impact of any changes to your operations? Have you planned and budgeted for a regular review of your organisation’s VAT position? In certain circumstances VAT registration can be a financial benefit to the organisation such as charity shops for example.

Finance Network Meeting – 23rd February

To this end we would actively encourage all Local Age UKs, whether VAT registered or not, to attend our next Finance Network meeting on the 23 February 2022 (11am-12:30pm) when Crowe UK LLP, our Age UK VAT Helpline support provider, will be updating on all things VAT focussing on areas which have affected many charities over the past eighteen months including:

  • Covid-19 Partial Exemption Special Method
  • VAT Reliefs for Charities
  • VAT Grouping
  • Provision of Welfare Services
  • Grant vs Contract

A list of all the topic areas to be covered can be found here.  However, if you have any particular questions that you would like answered or other areas of interest that you would like covered (subject to time allowing on the day), please send them to John.Fox@ageuk.org.uk. It would be helpful to receive these in advance, no later than close of play on Wednesday 16th February, and we will flag with Crowe so they can prepare appropriately.

Book your place

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.

Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.

Reminder: Finance Network Meeting – Wednesday 23rd February

A quick reminder to book your place at the next Finance Network Meeting on February 23rd from 11:00 – 12:30. This session will focus on the topic “VAT”.

A reminder that the February Finance Network Meeting will take place on Wednesday 23 February 2022 from 11am – 12:30pm and will cover the topic “VAT”. Our Age UK VAT Helpline support provider Crowe LLP, will be updating us on all things VAT, focussing on areas which have affected many charities over the past eighteen months. Find out full details of the meeting, including how to book your place, below.

Research commissioned by the Charity Tax Group (CTG) and published in November 2020 found that the VAT levied on charities when they purchase goods and services (input VAT) stands at around £3.1 billion per year – of which, £1.8 billion (57%) is believed to be irrecoverable. This compares to previous estimates of irrecoverable input VAT ranging from £1 billion to £1.4 billion (Charity Tax Group and Nuffield Foundation, 2011), a notable increase and significant burden on the charity sector.

Whatever the size of the organisation, managing the charity’s VAT position requires a proactive and strategic approach to identifying opportunities and reducing risk. For example, are you confident, if your charity and any trading subsidiaries are not registered for VAT, that this is correct? Have you considered the VAT impact of any changes to your operations? Have you planned and budgeted for a regular review of your organisation’s VAT position? In certain circumstances VAT registration can be a financial benefit to the organisation such as charity shops for example.

Finance Network Meeting – 23rd February

To this end we would actively encourage all Local Age UKs, whether VAT registered or not, to attend our next Finance Network meeting on the 23 February 2022 (11am-12:30pm) when Crowe UK LLP, our Age UK VAT Helpline support provider, will be updating on all things VAT focussing on areas which have affected many charities over the past eighteen months including:

  • Covid-19 Partial Exemption Special Method
  • VAT Reliefs for Charities
  • VAT Grouping
  • Provision of Welfare Services
  • Grant vs Contract

A list of all the topic areas to be covered can be found here.  However, if you have any particular questions that you would like answered or other areas of interest that you would like covered (subject to time allowing on the day), please send them to John.Fox@ageuk.org.uk. It would be helpful to receive these in advance, no later than close of play on Wednesday 16th February, and we will flag with Crowe so they can prepare appropriately.

Book your place

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.

Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.

February Finance Network Meeting – Book your place!

Book your place at the next Finance Network Meeting on February 23rd from 11:00 – 12:30. This session will focus on the topic “VAT”.

The February Finance Network Meeting will take place on Wednesday 23 February 2022 from 11am – 12:30pm and will cover the topic “VAT”. Our Age UK VAT Helpline support provider Crowe LLP, will be updating us on all things VAT, focussing on areas which have affected many charities over the past eighteen months. Find out full details of the meeting, including how to book your place, below.

Research commissioned by the Charity Tax Group (CTG) and published in November 2020 found that the VAT levied on charities when they purchase goods and services (input VAT) stands at around £3.1 billion per year – of which, £1.8 billion (57%) is believed to be irrecoverable. This compares to previous estimates of irrecoverable input VAT ranging from £1 billion to £1.4 billion (Charity Tax Group and Nuffield Foundation, 2011), a notable increase and significant burden on the charity sector.

Whatever the size of the organisation, managing the charity’s VAT position requires a proactive and strategic approach to identifying opportunities and reducing risk. For example, are you confident, if your charity and any trading subsidiaries are not registered for VAT, that this is correct? Have you considered the VAT impact of any changes to your operations? Have you planned and budgeted for a regular review of your organisation’s VAT position? In certain circumstances VAT registration can be a financial benefit to the organisation such as charity shops for example.

Finance Network Meeting – 23rd February

To this end we would actively encourage all Local Age UKs, whether VAT registered or not, to attend our next Finance Network meeting on the 23 February 2022 (11am-12:30pm) when Crowe UK LLP, our Age UK VAT Helpline support provider, will be updating on all things VAT focussing on areas which have affected many charities over the past eighteen months including:

  • Covid-19 Partial Exemption Special Method
  • VAT Reliefs for Charities
  • VAT Grouping
  • Provision of Welfare Services
  • Grant vs Contract

A list of all the topic areas to be covered can be found here.  However, if you have any particular questions that you would like answered or other areas of interest that you would like covered (subject to time allowing on the day), please send them to John.Fox@ageuk.org.uk. It would be helpful to receive these in advance, no later than close of play on Wednesday 16th February, and we will flag with Crowe so they can prepare appropriately.

Book your place

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.

Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.

January Finance Network Meeting – One Week to go!

Just one week to go until the next Finance Network Meeting on January 19th from 11:00 – 12:30. This session will focus on the topic “Big Plans, Strategy & Business Models”.

Just one week to go until the next Finance Network Meeting on 19th January 2022 from 11:00 – 12:30. Nick Wilkie, former charity chief executive, government policy adviser and visiting lecturer at The Centre for Charity Effectiveness, will present on the primary topic: Big Plans, Strategy and Business Models – thinking out loud. Find out how to book your place below.

Nick will share his personal perspectives on leading and landing strategy. Sharing experience not expertise, failure more than triumph, he will reflect broadly across the subject including:

  • making sure everyone in the organisation knows where true north is;
  • knowing who the beneficiaries really are;
  • ensuring all decision-makers properly understand the balance sheet and business model;
  • why things go wrong and how they might get fixed.

Book your place

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk  with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.

Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.

January Finance Network Meeting – Book your place!

Book your place at the next Finance Network Meeting on January 19th from 11:00 – 12:30. This session will focus on the topic “Big Plans, Strategy & Business Models”.

The first Finance Network meeting of the new year will take place on 19th January 2022 from 11:00 – 12:30. Nick Wilkie, former charity chief executive, government policy adviser and visiting lecturer at The Centre for Charity Effectiveness, will present on the primary topic: Big Plans, Strategy and Business Models – thinking out loud. Find out how to book your place below.

Nick will share his personal perspectives on leading and landing strategy. Sharing experience not expertise, failure more than triumph, he will reflect broadly across the subject including:

  • making sure everyone in the organisation knows where true north is;
  • knowing who the beneficiaries really are;
  • ensuring all decision-makers properly understand the balance sheet and business model;
  • why things go wrong and how they might get fixed.

Book your place

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk  with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. We would be grateful if you could confirm in your email whether you will be attending on the day or just requesting access to the meeting recording and supporting slides – thank you.

Please share this information with colleagues in your organisation who you feel would be interested in attending and encourage them to do so.

Reminder: December Finance Network Meeting this Wednesday

The next Finance Network Meeting will take place this Wednesday 15th December from 11:00 – 12:30. This session will focus on “Charity Legal Structures”.

A final reminder that the next Finance Network Meeting will take place on this Wednesday December 15th from 11:00 – 12:30 and the key session will be “Charity Legal Structures”. The presenter will be Nick Vaughan, of Paris Smith LLP who has been a volunteer consultant with Cranfield Trust since early 2020. To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting, along with a save the date for January’s meeting.

Over the past 18 months, the Financial Governance Team have discussed charity legal structures with several local Age UKs, following a number of questions raised by partners. So, whether you are looking at changing your business model or want to sense-check that your governance structures are appropriate and fit for purpose as we move towards the next financial year, this will be a very useful session to attend.

The following topic areas will be included:
  • Use of Subsidiary Companies for non-primary purpose trading, and consideration of their use for primary purpose trading also
  • Risk considerations – the avoidance of risk to charity assets
  • Independent governance (not all the charity trustees are directors of the subsidiary, and vice versa)
  • Financing aspects – start-up funding; working capital; investment / loans (from the parent charity)
  • Shared premises / staff / facilities – cross-charging / management charges
  • Use of charity logo by subsidiary companies

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting.

January Finance Network Meeting – Save the Date

With lots of staff set to take leave over the next few weeks, we wanted to flag that the January Finance Network meeting will take place on 19th January 2022 from 11:00 – 12:30. Nick Wilkie, former charity chief executive, government policy adviser and visiting lecturer at The Centre for Charity Effectiveness, will present on the primary topic: Big Plans, Strategy and Business Models.

Nick will share his personal perspectives on leading and landing strategy. Sharing experience not expertise, failure more than triumph, he will reflect broadly across the subject including:

  • making sure everyone in the organisation knows where true north is;
  • knowing who the beneficiaries really are;
  • ensuring all decision-makers properly understand the balance sheet and business model;
  • why things go wrong and how they might get fixed.

This session is primarily aimed at CEOs, although FDs and trustees will be more than welcome, as ever.

Please save the date in your diaries now, as this promises to be a great session.

December Finance Network Meeting – One week to go!

There’s just one week to go until the next Finance Network Meeting on Wednesday 15th December from 11:00 – 12:30. This session will focus on “Charity Legal Structures”.

A quick reminder that the next Finance Network Meeting will take place in one week on December 15th from 11:00 – 12:30 and the key session will be “Charity Legal Structures”. The presenter will be Nick Vaughan, of Paris Smith LLP who has been a volunteer consultant with Cranfield Trust since early 2020. To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting, along with a save the date for January’s meeting.

Over the past 18 months, the Financial Governance Team have discussed charity legal structures with several local Age UKs, following a number of questions raised by partners. So, whether you are looking at changing your business model or want to sense-check that your governance structures are appropriate and fit for purpose as we move towards the next financial year, this will be a very useful session to attend.

The following topic areas will be included:
  • Use of Subsidiary Companies for non-primary purpose trading, and consideration of their use for primary purpose trading also
  • Risk considerations – the avoidance of risk to charity assets
  • Independent governance (not all the charity trustees are directors of the subsidiary, and vice versa)
  • Financing aspects – start-up funding; working capital; investment / loans (from the parent charity)
  • Shared premises / staff / facilities – cross-charging / management charges
  • Use of charity logo by subsidiary companies

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting.

January Finance Network Meeting – Save the Date

With lots of staff set to take leave over the next few weeks, we wanted to flag that the January Finance Network meeting will take place on 19th January 2022 from 11:00 – 12:30. Nick Wilkie, former charity chief executive, government policy adviser and visiting lecturer at The Centre for Charity Effectiveness, will present on the primary topic: Big Plans, Strategy and Business Models.

Nick will share his personal perspectives on leading and landing strategy. Sharing experience not expertise, failure more than triumph, he will reflect broadly across the subject including:

  • making sure everyone in the organisation knows where true north is;
  • knowing who the beneficiaries really are;
  • ensuring all decision-makers properly understand the balance sheet and business model;
  • why things go wrong and how they might get fixed.

This session is primarily aimed at CEOs, although FDs and trustees will be more than welcome, as ever.

Please save the date in your diaries now, as this promises to be a great session.

December Finance Network Meeting – Book your place!

Book your place at the next Finance Network Meeting on December 15th from 11:00 – 12:30. This session will focus on “Charity Legal Structures”.

The next Finance Network Meeting will take place on December 15th from 11:00 – 12:30 and the key session will be “Charity Legal Structures”. The presenter will be Nick Vaughan, of Paris Smith LLP who has been a volunteer consultant with Cranfield Trust since early 2020. To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting, along with a save the date for January’s meeting.

Over the past 18 months, the Financial Governance Team have discussed charity legal structures with several local Age UKs, following a number of questions raised by partners. So, whether you are looking at changing your business model or want to sense-check that your governance structures are appropriate and fit for purpose as we move towards the next financial year, this will be a very useful session to attend.

The following topic areas will be included:

  • Use of Subsidiary Companies for non-primary purpose trading, and consideration of their use for primary purpose trading also
  • Risk considerations – the avoidance of risk to charity assets
  • Independent governance (not all the charity trustees are directors of the subsidiary, and vice versa)
  • Financing aspects – start-up funding; working capital; investment / loans (from the parent charity)
  • Shared premises / staff / facilities – cross-charging / management charges
  • Use of charity logo by subsidiary companies

To book your place, and / or to subsequently receive a copy of the recording of the event and the slides, please email John.Fox@ageuk.org.uk with: your name and role title; the name of the Brand Partner you are representing; and the email address to which the follow-up material should be sent. Read on to find out all about the meeting.

January Finance Network Meeting – Save the Date

With lots of staff set to take leave over the next few weeks, we wanted to flag that the January Finance Network meeting will take place on 19th January 2022 from 11:00 – 12:30. Nick Wilkie, former charity chief executive, government policy adviser and visiting lecturer at The Centre for Charity Effectiveness, will present on the primary topic: Big Plans, Strategy and Business Models.

Nick will share his personal perspectives on leading and landing strategy. Sharing experience not expertise, failure more than triumph, he will reflect broadly across the subject including:

  • making sure everyone in the organisation knows where true north is;
  • knowing who the beneficiaries really are;
  • ensuring all decision-makers properly understand the balance sheet and business model;
  • why things go wrong and how they might get fixed.

This session is primarily aimed at CEOs, although FDs and trustees will be more than welcome, as ever.

Please save the date in your diaries now, as this promises to be a great session.

Age UK Financial Governance Virtual Masterclass Programme – One week left to apply!

There’s one week left to apply for the upcoming Virtual Financial Governance Masterclass Programme! Find full details here.

A quick reminder that applications close on 30th November for the Financial Governance Masterclass Programme, set to be delivered by Moore Kingston Smith in early 2022. This programme is open to all Age UK and Age Cymru Brand Partners and will support up to a total of 16 participants with a maximum of two attendees from each local partner. Find out full details below, including how to apply for a place.

As we start to consider coming out of the pandemic, the Age UK Network is thinking about how to navigate the future. Many Brand Partners have commented to Age UK’s Financial Governance Team about the complexity of this landscape as they try to navigate the competing forces of impact (and meeting older people’s needs) whilst ensuring financial sustainability for the future, especially with changing funding flows.

This virtual masterclass series, held in partnership with Moore Kingston Smith Nonprofit Advisory, will explore the complex financial governance landscape from seven different angles:

  • Strategy and competing priorities – Focusing on the right things and the real core issues.
  • Impact – Focusing resources and money on the outcomes we achieve for older people and their lives and aligning our money with this.
  • Financial Sustainability – Using our money and funding effectively (both unrestricted and restricted funds) to build a business model which balances risk, reserves and long-term sustainability. We will also look at cost recovery and better use of reserves within this.
  • Re-imagining services (and developing social businesses) – Re-imagining your work, and specifically the shift towards more earned income models.
  • Efficiency – Driving efficiencies through the organisation and its work.
  • Fundraising – Making better use of fundraising and ensuring we maximise return on investment.
  • Change – Finally, no change can take place without the trustees, management, staff and volunteers being motivated and aligned for the future. The course will focus on change and how to lead in this environment.

The course

The course will be delivered by Moore Kingston Smith Nonprofit Advisory (MKSNA) as a series of morning online / virtual sessions and 1:1 support.

The online sessions will take place over five Thursday mornings between 10 January and 27 February 2022 with a break in between to allow time for follow-up with each Brand Partner’s attendees.

The aim is a facilitated conversation with attendees rather than direct teaching in order to assess what each attendee’s needs really are and provide bespoke help to them.

Benefits of the programme to you

  • Develop your knowledge of cutting-edge tools and tactics.
  • Create an opportunity for self-reflection and peer-to-peer learning.

Benefits of the programme to your organisation

  • Each participant will leave the programme with a framework for creating change in their organisation.
  • Drive organisational change by develop­ing new knowledge and skills.
  • Generate new thinking about strategy, financial sustainability and growth.
  • Develop a set of responses to ensure that your organisation can thrive in a tough operating environment.

Interested? Apply today!

This programme is open to all Age UK and Age Cymru Brand Partners and will support up to a total of 16 participants with a maximum of two attendees from each local partner. We will use the information you set out in the application form below to select the participants.

Please find full details and how to apply below:

Deadline for applications: 5.00pm Tuesday 30th November.

If you have any questions relating to the programme, or would like further information please contact john.fox@ageuk.org.uk  or david.chenery@ageuk.org.uk