Russell Hargreaves at Charity Finance reports that low levels of reserves meant some of the UK’s largest charities were “ill-prepared” for the impact of Covid-19, according to analysis by the accountancy firm BDO. The charities in the review held an average of two months of free reserves going into the pandemic, compared to three months when BDO last conducted the survey in 2017, the research says. The analysis, which looked at the finances of the 50 largest UK charities by income, also finds that as many as one in three could be breaking regulatory rules by not reporting their level of free reserves in their annual accounts. - See more.
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