Charity cash in troubled banks
James Bevan, who looks after £5bn for charities and local authorities, says trustees need to manage cash and equities safely.
One of the saddest aspects in the collapse of the Icelandic banks has been how many charities were caught out.Collectively, dozens of worthy causes from Naomi House Children’s hospice near Winchester to Cats Protection lost tens of millions of pounds collected by dedicated fund raisers over many years. In total, the National Council for Voluntary Organisations estimates that total losses to the charitable and voluntary sector could top £120m.
The losses suffered by these organisations puts the role and responsibilities of trustees firmly in the spotlight. As James Bevan, the chief investment officer of CCLA, a fund manager which looks after £5bn on behalf of charities, churches and local authorities, tells Telegraph TV’s Your Money Their Hands it is indeed an onerous task, not least from a legal point of view. He offers advice on how best to protect assets.
To find out how to look after both cash and equities on behalf of your charities go to telegraph.co.uk/yourmoney
