Back to Charities & Not-for-Profits Service 02 — Financial Guidance

Your assets should be working as hard as your people are.

Many charities are unaware of what their investments are actually returning, what they are truly paying in fees, or whether their financial arrangements are properly aligned to the organisation's mission. Adena Street provides independent financial guidance to change that — without bias, and without conflict.

Offered by Adena Street

Financial guidance services are delivered by Adena Street Limited — an independent advisory firm specialising in governance and financial guidance for charities and philanthropic organisations. Adena Street draws on the whole of the market, operates without product bias, and acts always in the interests of the client.

What financial guidance covers

Independent advice on assets, performance, costs, and strategy

Adena Street's financial guidance is designed to help charities manage and optimise their financial position — with clarity, independence, and a focus on cost efficiency. The emphasis is always on enabling better financial decisions, so your organisation can concentrate on the mission it exists to pursue.

01

Maximising asset returns

Many charities are not maximising the return on all their assets — particularly cash held in low-interest accounts. A thorough analysis of your financial position, matched against your short, medium, and long-term requirements, can identify meaningful improvements with manageable risk.

  • Cash management strategy aligned to your cashflow and reserves
  • Analysis of short, medium, and long-term asset allocation
  • Review of banking and deposit arrangements
  • Identification of opportunities to improve return without inappropriate risk
02

Investment performance review

Understanding how your investments have performed — and against what — is a trustee responsibility. Adena Street provides independent performance analysis, benchmarked against recognised indices, so your board can assess whether the current relationship with its investment manager is delivering appropriate results.

  • Performance benchmarking against ARC Charity Indices and peer groups
  • Portfolio composition review and suitability assessment
  • Understanding of structured products, fund types, and complex instruments held
  • Independent reporting to trustees in clear, accessible language
03

Fee transparency and cost analysis

Many charities are paying more than they realise. The headline management fee is rarely the full picture — hidden Ongoing Charges Figures (OCF) and fund-level costs can significantly erode returns over time. Adena Street provides a full cost analysis so your board understands exactly what it is paying and why.

  • Full fee breakdown: management, custody, administration, and hidden charges
  • OCF analysis across all funds and investment vehicles held
  • Fee negotiation support and benchmarking against market rates
  • Ongoing cost monitoring as part of continued engagement
04

Investment manager search and review

When a charity's investment manager is underperforming, overcharging, or no longer the right fit, the process of identifying and evaluating alternatives can feel daunting. Adena Street provides independent tender support — running a structured review of the market and presenting a clear recommendation your board can act on with confidence.

  • Scoping and structuring the investment manager tender process
  • Evaluation of manager responses against defined criteria
  • Independent recommendation free from commercial relationships
  • Transition support and ongoing oversight of the new appointment
Why it matters
3
areas where charities most commonly find their financial arrangements are falling short
The problems we find most often

Fee opacity, outdated policy, and performance that goes unchallenged

In a typical engagement, Adena Street identifies one or more of three recurring issues. The first is fees that are higher than they appear: a headline management rate that does not include fund-level OCF charges can mean a charity is paying significantly more than its trustees understand. The second is an Investment Policy Statement that exists in name but no longer reflects the current needs or ethical position of the organisation. The third is investment performance that has never been tested against an appropriate benchmark — leaving trustees unable to judge whether the relationship is delivering value.

In each case, the charity is not necessarily being poorly served through any deliberate failing — but the absence of independent oversight means the gaps are never surfaced. An independent review does not require confrontation. In most cases, it leads to a more productive, better-informed relationship with the existing manager, or to a transition that delivers meaningfully better outcomes.

Why independence matters

The difference between advice and independent advice

Not all financial guidance is independent. Adena Street has no commercial relationships with investment managers, no in-house products to promote, and no conflicts of interest. That distinction is not a detail — it is the foundation of the value delivered.

01

No product bias

Adena Street does not receive commission or referral payments from investment managers or other financial providers. Every recommendation is made entirely on the basis of what is appropriate for your organisation.

02

Whole of market access

Where specialist expertise is required — in investment management, banking, or other areas — Adena Street draws on the whole of the market. Recommendations are based on fit, not on relationship.

03

A focus on saving money

Adena Street's explicit aim is to help clients maximise their assets and minimise their costs. In most engagements, the improvements achieved generate savings that more than offset the cost of the work.

04

Clear documentation

All advice and recommendations are documented. Trustees receive clear, written records they can use to demonstrate informed decision-making to auditors, funders, or the Charity Commission.

Common questions

What trustees typically ask

It often is. Many trustees lack the benchmarking framework to assess performance accurately. A manager that appears to be performing well may be behind its peer group on a risk-adjusted basis, or may be charging fees that reduce net returns significantly. An independent review does not require there to be a problem — it gives your board the evidence to confirm things are in good order, or to identify improvements that may not have been visible without one.
An Ongoing Charges Figure is a hidden cost embedded within the funds your investment manager holds. It is deducted directly from fund assets rather than charged as a visible fee, which means it is frequently not disclosed or discussed in trustee meetings. Over time, OCF charges can represent a material drag on performance. Understanding the full cost of your investment arrangements — including OCF — is essential to knowing what value you are receiving.
The ARC Charity Indices are sterling-denominated, risk-based benchmarks used to assess how a charity's investment portfolio has performed relative to its peer group. They are based on data from thousands of charities and provide a standardised comparison that removes some of the subjectivity from performance assessments. If your manager is below the mean figure for their risk category, their performance is effectively in the bottom half relative to peers — which should prompt questions if it persists.
Yes. Cash management is one of the areas where charities most commonly leave value on the table. A structured review of your banking arrangements, deposit accounts, and short-term cash strategy can identify meaningful improvements — particularly in a period where interest rates have shifted significantly. Financial guidance is not limited to organisations with investment portfolios.

Start with a review of your financial arrangements

A no-cost conversation to understand what you currently hold, what it is costing, and what an independent review could deliver for your organisation.

The three services — charities and not-for-profits