Simon Gillespie, director of operations at the commission, explained that nearly£300m worth of assets administered by local authorities are held for charitable purposes. These assets must be accounted for separately and local authorities must be aware that they need to be publicly accountable for the charitable funds they manage. Sometimes charitable and non-charitable assets are managed together and local authorities lose sight of which is which.
Concluding his speech, Mr Gillespie expressed the hope that 'Local authorities will work with us to set a standard of excellence in the stewardship, reporting and accounting for charitable property and funds.'
1.The Charity Commission is the organisation responsible for the statutory regulation of charities in England and Wales.
2.CIPFA is the Chartered Institute of Public Finance and Accountancy. Many of its members work for local authorities.
3.More detail can be found in Local Authority Accounting Panel (LAAP) Bulletin 58 here.