Have you volunteered to be a trustee and then had that panic of what exactly you are liable for? You are not alone. Whilst being rewarding work, it comes with legal responsibilities and financial risks.
What Actually Is a Trustee?
A trustee is someone legally responsible for managing an organisation or fund on behalf of others. You are essentially the guardian of someone else’s money or assets. This makes trustees responsible for the decisions they make.
In practice, your key duties include:
✴️ Acting with reasonable care and skill
✴️ Acting in the best interests of your beneficiaries at all times
✴️ Managing finances responsibly and avoiding conflicts of interest
✴️ Ensuring the organisation operates within the law, and
✴️ Keeping proper records and filing required reports with the Charity Commission
For more information and to find out how you can protect both yourself and your organisation please read our full blog: HERE
If you’re feeling unsure or want support navigating your Trustee responsibilities or want to ensure you have the right indemnity insurance in place the CSC Buying Group is here to help.
We can connect you with our trusted partner Unity Insurance for guidance, so you can carry out your role with confidence and peace of mind. e-mail: rob@cscbg.org.uk