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A year of purpose and empowerment

Charity Finance Group publishes Trustees’ Annual Report for 2022/23.

Charity Finance Group (CFG) has shared its Trustees’ Annual Report and Financial Statements for the year ending 31 March 2023.

‘Purposeful and Empowering’ sets out how CFG continues to connect professionals across the charity finance community, convene influential networks, and support charitable organisations in strengthening their financial resilience.

Increasing its own financial sustainability during the year, CFG continued to make significant progress on reducing its deficit, from £87,165 at the end of 2021/22 to a modest deficit of £4,166 on 31 March 2023, almost meeting its objective to eliminate its deficit in the 2022/23 financial year.

With the support of charity and corporate partners, CFG has secured income that has enabled the charity to return to within its reserves range. Free reserves stand at £177,895. This will allow the organisation to continue with critical investment.

CFG’s financial statements also show the importance of donations and unrestricted grant funding. These totalled £98,555 during the year.

Commenting on the year, Caron Bradshaw OBE, CEO, CFG, says:

“I’m delighted to publish our 2022/23 Trustees’ Annual Report which demonstrates the crucial work we do within the sector and shows that CFG has remained resilient during an incredibly difficult year.

“As we entered spring 2022, we knew that we were facing a range of challenges; the impact of the pandemic continued to cast a shadow, the cost-of-living crisis and high inflationary environment started to bite hard, and we were still grappling with a completely new way of working.

“But once again, we have not only seen the tireless commitment of our trustees, staff and volunteers, we also recognise the unstinting support and engagement of our members and partners. We are extremely thankful to them.

“We must also acknowledge the enormous difference our funders have made. At a critical time, they have recognised that infrastructure and umbrella bodies have a vital role to play in the health of civil society. As well as supporting specific charitable activities, they have also committed to supporting operating costs.

"For charities, this can mean the difference between guaranteeing a future where we can deliver real impact for our communities, or failure. As ever, we are incredibly grateful to our funders who have truly empowered our purpose of putting finance at the heart of good decision-making.”

Rui Domingues, Director of Finance and Operations at the charity, comments:

“In our previous Trustees’ Annual Report, CFG set out how we had moved out of the initial response phase of the pandemic towards periods of recovery and renewal. During the 2022/23 financial year, we’ve focused on recovery by going back to basics, almost eliminating the deficit, and bringing our reserves back into range.

“During the year, we took the decision to close our office in London and move to full remote working, whilst continuing to invest in our people, processes and technologies. We also partly outsourced the finance function and together these decisions and areas of work have helped us to reduce our structural deficit and strengthen our resilience.

“Nothing is taken for granted and we continue to work hard to ensure we inspire excellence in financial leadership within all charitable and social change organisations. We’re hearing from members and partners that CFG's purpose is as relevant today as it ever was – perhaps even more so.

“Operating conditions remain difficult, and recovery takes time, but I’m confident that we are now heading towards a period of renewal that will secure CFG’s future for the next 35 years. We are looking ahead with optimism."

Kevin O’Brien, CFG’s interim Chair of the Board of Trustees, comments:

“This Trustees’ Annual Report is a small window onto the positive work and impact of CFG’s community. During 2022 and 2023, we all felt the pressures of the high inflationary environment and the cost-of-living crisis. We’ve seen how it has impacted our wider communities and the people the sector exists to serve. However, the sector remains as determined as ever to be there for those who need us, and CFG is no exception.

“Once again, CFG has delivered a diverse range of services and activities for the benefit of our members, partners and wider sector. I am very proud of how CFG has moved forward during the year and met its objectives head on. We are now in a position to look ahead and enhance our offering to members and partners. We’re particularly looking forward to extending our networks in Scotland and developing new digital tools and resources for finance professionals across the UK.

“All this can only be made possible with the ongoing support of our members, partners, volunteers and funders. We are thankful to them for sticking with us and sharing their knowledge and energy to make this a community worth belonging to and worth shaping together.”



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