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About the survey

Charitytransfers.org worked with Crowe to survey more than 100 UK-based charities that operate internationally, asking how they navigate the currency market, what volatility does to them, and where the difficulties sit. [CONFIRM: figures, survey period and the correct name of the Crowe entity]

The five findings

55% call currency volatility a major challenge

More than half of the finance teams surveyed named it among their significant problems, ahead of several issues that receive far more attention in the sector.

63% say a move of 0% to 10% would cause financial difficulty

That is a narrow band. Movements of that size happen in ordinary market conditions, which means the exposure does not require a crisis to become a problem.

43% absorb adverse movements from unrestricted funds

Unrestricted funding is the hardest money to raise and the most useful to hold. Using it to cover currency losses converts a manageable market risk into a direct cost to the organisation.

81% would find a tool measuring FX cost useful

Almost everyone wanted to know what their payments actually cost. That is a measurement gap rather than a knowledge gap: the interest is there, the evidence is not.

71% have no official FX policy

The reasons given were a lack of internal resources, insufficient knowledge and a lack of prioritisation.

What this means for a finance team

Read together, the findings describe organisations that know currency is costing them and cannot see how much. Three practical consequences follow.

• Losses are being absorbed rather than measured or managed.

• Without a policy, decisions rest with whoever books the payment.

• Without measurement, nobody can tell whether a rate was fair.

None of that needs a large project to change. A log of the rates you were given, checked against an independent mid-market reference, produces the measurement. A one-page policy approved by trustees produces the governance. Both are within reach of a small team in a quarter.

Download the report

The full report sets out the questions, the responses and the commentary from both organisations.

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Download the INGO FX Insights Report 2021 — enter your details and we will email you a copy. [CONFIRM: consent wording]