Strategic report
Principal risks and uncertainties facing the charity Risk management and internal controls The charity continues to carry out and monitor a comprehensive risk-management assessment process. This has identified and addressed the major financial, operational, governance, reputational and regulatory risks which might affect its ability to meet its objectives. Our corporate risk register records the charity’s exposure to major risks and uses a scoring mechanism based on impact and likelihood. It takes into account existing controls and the steps taken to mitigate the risks. The Executive Team and Board of Trustees, via its Audit and Finance Committee, have kept the risks under review during the period.
The Board of Trustees has overall responsibility for assessing the risks faced by the Trust and ensuring it has appropriate systems of internal control in place. The Audit and Finance Committee and Quality Committee are delegated to give oversight to this. The charity undertakes mitigating actions on all the major identified risks. The trustees are of the opinion that they take reasonable steps to ensure that they identify the major risks to which the charity is exposed. They also try to ensure that they have put in place systems to mitigate them. They are, however, aware that they design such processes to manage rather than eliminate all major risks and they can only provide reasonable but not absolute assurance over risk management and elimination of material errors.
Risks and Uncertainties
Mitigation
Governance and compliance breaches
• Continuous review and improvements of our controls, systems and quality of our service delivery. • Implementation of key performance indicators.
Strategy
• The charity is developing a new strategy which will ensure best value and protect our charity and its beneficiaries.
Inability to recruit and retain the right calibre and quantity of care staff
• Review of recruitment systems and controls for a more efficient recruitment and retention process. • Benchmark our salaries against the sector.
Financial instability and inability to reduce financial deficit
• An effective budgeting and forecasting process. • Development of a new strategy. • Review and refocus workshop activities to improve strategic relevance and financial performance. • Review regional plans to address additional challenges and financial realities of our rural communities.
Cybersecurity and data breaches
• Continue to strenghten our system and processes around IT and data security. • External Cybersecurity review to identify areas of improvement
Reduction in fundraised income
• Effective communications with our donors. • The charity is registered with the Fundraising Regulator and complies with the Code of Fundraising Practice.
Continue operations during a pandemic, for example Coronavirus
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• Clear process and protocols in place for reporting and safeguarding our beneficiaries and staff.
The Camphill Village Trust Limited Annual Report 2020/21
