The Charity Commission released four updated sets of financial guidance for charities in England and Wales yesterday, revised to reflect new developments and the "challenging economic climate".

The updated guides follow the Commission's latest Economic Survey of Charities which revealed that 47 per cent of charities thought that the sector would feel the effects of the recession later than the private and public sectors and take longer to recover.

Covering risk management; financial difficulties and insolvency; reserves and internal financial controls for charities and their advisers, the guides are available on the Commission's website.

Chief executive of the Charity Commission Andrew Hind (pictured) said: "Careful management of risks, strong internal financial controls and a clear reserves policy form the cornerstone of a well managed charity.

"In an uncertain economic climate, it is more important than ever for charities to review and actively manage the risks they face."

See the new guidance:

Charities and Risk Management (CC26)

Financial Difficulties and Insolvency (CC12)

Charities and Reserves (CC19)

Internal Financial Controls (CC8)