For those trustees with funds available for long term investment, agreeing an investment policy is fundamental to managing risk and making the best use of your resources.

In many charities, trustees seem to forget the principle of collective decision-making and collective responsibility when it comes to financial matters.

It seems like yesterday that Heather Lamont and I were scratching our heads to devise the structures and processes for the Charity Awards. In fact it was a prior millennium and this year on 11 June is its tenth anniversary. How time flies when you’re having fun! The programme we put together then has proved robust and rigorous and has required virtually no amendment over the past decade. It sets out to identify and celebrate excellence in charities and to promote the conviction that well planned, effective management leads to better outcomes for beneficiaries and more efficient use of scarce resources.

With the immediate shock of the credit crisis receding, charity investors are taking stock of the damage and working on recovery plans, says Heather Lamont.