Trustees who act in breach of their legal duties can be held responsible for consequences that flow from such a breach and for any loss the charity incurs as a result. Take appropriate advice when you need to, for example when buying or selling land, or investing (in some cases this is a legal requirement) Manage your charity’s resources responsibly In some cases you will be unable to comply with your legal duties if you do not follow the good practice. The commission expects you to be able to explain and justify your approach, particularly if you decide not to follow good practice in this guidance. Consider and decide how best to apply this good practice to your charity’s circumstances. Charities vary in terms of their size and activities. ‘should’ means something is good practice that the commission expects trustees to follow and apply to their charityįollowing the good practice specified in this guidance will help you to run your charity effectively, avoid difficulties and comply with your legal duties.‘must’ means something is a legal or regulatory requirement or duty that trustees must comply with.1.2 Must and should: what the commission means How trustees must report their reserves policy in their annual report in a way that meets the requirements of the Charities Statement of Recommended Practice (SORP) (FRS 102) and the requirements of the Regulationsĭefinitions of technical terms used in this guidance are given in section 6. How to develop a policy on reserves for smaller and larger charities What the trustees’ duties are towards the interests of their charity This guidance is written for trustees of charities of all sizes and types, whether they are companies, charitable incorporated organisations, trusts or unincorporated associations. Introduction 1.1 What is this guidance about?
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