CFDG and NCVO partner-up in opening insolvency helpline
21st July 2011
The Charity Finance Directors’ Group and NCVO have partnered in a project which opens the CFDG insolvency helpline to the sector. The insolvency helpline, which has been available for CFDG members for some time, is provided by professional services firms PwC and MacIntyre Hudson.
This helpline, which is run by the foremost experts in insolvency in the sector, will be a highly valuable resource to organisations facing a difficult financial environment. The helpline will enable those organisations in crisis to look at how they might prevent or mitigate risk of insolvency. It will also provide essential advice and support for organisations that believe they may be at the point of wind-up but are not sure of the next steps.
Caron Bradshaw, CEO of CFDG said, “for many in the sector risk of insolvency is a confusing and complicated area; something which is exacerbated by this difficult and volatile financial climate. These organisations are often the ones that find it difficult to access the right support and expertise. I am therefore delighted that our partners are working with us to open this helpline up to the wider sector. The aim is to help organisations to be better informed in exploring their options so they can where possible prevent insolvency, and if insolvent, minimise the impact on their beneficiaries.”
Alongside the helpline, CFDG and NCVO have collated general information resources around insolvency on their websites. Caron Bradshaw continued, “we have grown the level of information we have available to charities on these issues in the hope that this will support charities in knowing where their organisation is when it comes to financial security.”
Sir Stuart Etherington, CEO of NCVO said, “The voluntary sector’s resilience in the face of recent financial pressures has been inspiring, but we recognise that some organisations have been hit hard and need specialist financial advice. The key is getting advice early, so I’m very pleased that we are able to help more voluntary and community organisations access the helpline.”
Ian Oakley Smith, PwC said, "We are becoming increasingly aware of the challenges facing many charities, both through speaking with our charity clients and also from feedback received from colleagues who are personally involved with charities. In our view, these challenges are not likely to lessen for some time, so it is becoming more important than ever for charities to have access to the right advice. We are therefore delighted to be working with CFDG, NCVO and MacIntyre Hudson in setting up this insolvency helpline."
Peter Gotham, MacIntyre Hudson said, “I think the sector has never faced such radical change. Changes in government funding are bringing risk for some and opportunity for others. In both cases good “solvency management” will allow the sector to make best use of its resources – but may well, from time to time, need the support of experienced professional advisors. We at MacIntyre Hudson are very pleased to be working with CFDG, NCVO and PwC to support this initiative.”
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Notes to Editors:
1. CFDG is the charity that champions best practice in finance management in the voluntary sector. Our training and development programmes enable finance managers to give the essential leadership on finance strategy and management that their charities need. With more than 1,700 members, managing over £21bn, we are uniquely placed to challenge regulation which threatens the effective use of charity funds. For more information, please see www.cfdg.org.uk or contact Katherine Smithson at email@example.com
2. The National Council for Voluntary Organisations (NCVO) www.ncvo-vol.org.uk is the umbrella body for the voluntary sector in England, with sister councils in Wales, Scotland and Northern Ireland. NCVO has over 8,400 members, ranging from large national bodies to community groups, volunteer centres, and development agencies working at a local level. With over 280,000 staff and over 13 million volunteers working for our members, we represent and support almost half the voluntary sector workforce.
3. Information on the helpline and additional resources can be found on the CFDG and NCVO websites.