Be Ready for New Performance Reporting!!

Performance Reporting is now a legal requirement for Registered Charities and will soon also be a requirement for the rest of the Not for Profit sector.
 
FINANCIAL & SERVICE PERFORMANCE WARRANT OF FITNESS (“WOF”) FOR NOT FOR PROFITS
 
Community Trainers & Mentors (“CTM”) have developed a Financial & Service Performance Warrant of Fitness (“WOF”) for Not for Profits. The purpose of the WOF is for governing bodies of  Not for Profits (Committees/Boards) along with the team at CTM to develop an independent and robust assessment of
the systems and processing which contribute to their key finance, governance & service performance.
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The key benefits of the WOF are:-

• Accountability – the WOF checklist encourages the governing body to review and evaluate its governance, policies and procedures and to develop a plan for making improvements as required.
• Independent – WOF checklist and key supporting documentation are independently checked and assessed by CTM’s qualified and professional Not for Profit specialists.
• Integrity – The processes used by CTM are robust and all WOF assessments are subject to independent management overview.
• WOF Report – attached to performance report as independent verification.

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The Warrant of Fitness for Not for Profits has been developed to assist the sector to be prepared to meet the impending new reporting standards for Not for Profits. The new reporting standards are already in place for Registered Charities, and will be applicable to all other Not for Profits in the near future.

The WOF is not an audit but it does provide an assessment by the governing body and an independent check by CTM that the organisation’s policies and procedures are robust and effective in order to meet impending Performance Reporting which includes Financial Statements and Service Delivery Performance.

Financial & Service Performance WOF
The Financial & Service Performance WOF is a checklist undertaken by the governing body and covering three key sections:-

• Governance & Structure of Organisation
• Financial Management & Internal Controls
• Delivery of Services and/or Programmes

 
By considering items within each section of the checklist, the governing body will be able to consciously review their performance, identify any weaknesses, and take remedial action where appropriate. The WOF checklist and supporting documentation will be independently checked, assessed, and a WOF report issued upon completion, by CTM.

If you are looking to make your organisation more effective, please contact us to discuss further.
 
The Team at Community Trainers & Mentors
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