Our income for this accounting period is £3.69m, which is comprised of income from the levy of £3.07m (c.83% of total income) and £523k from the registration of small charities and non-charity organisations engaged in fundraising, along with £74k of interest. This compares to a total income of £2.86m last year. 

We incurred expenses of £3.60m (£3.31m in 2023/24). As a result, our reserves have increased to £1.72m (£1.60m in 2023/24). 

We planned to operate a deficit budget for the year of £292k. However, income was higher than planned whilst expenditure came in on budget resulting in a small surplus against budget. Our expenditure is set out in further detail in section four of this report. Some expenditure requires further explanation owing to the year-on-year changes. 

Note 6 of the accounts classifies operating expenditure into a number of cost headings. This year the Fundraising Regulator 
moved into their new office which included a lease reduction on the initial rent period. Increases in expenditure, particularly in recruitment costs in relation to appointing seven new board members of which some will start in the next financial year. Our workforce has increased from 32 to 37 owing to increasing complexities in the fundraising sector. The initiation of business systems improvement projects accounts for the other variances.

We maintain a system of risk management. Significant risks are reported in a register, which is regularly monitored and reviewed by the senior management team and Finance, Audit and Risk Committee. The board also discusses the risk register at least twice a year. Mitigation is applied to emerging risks to reduce the likelihood of the risk crystallising and its impact being realised. This year, a particular concern has been around the risks posed by cyber-attacks. To mitigate this risk and improve our resilience we have been audited against the Cyber Essentials Plus standard. 

Our biggest long-term risk remains funding. Despite an increase in the number of charities paying the levy and registering over the past four years, the voluntary nature of the levy means we cannot predict accurately how many organisations will contribute each year and the speed at which this happens. Positively, charities have so far shown their willingness to continue funding the regulator to maintain our activities and it is clear that most regard funding the regulator as an important and necessary cost of business. 

Governance structure

The Fundraising Regulator is a registered company limited by guarantee in England and Wales and without a share capital, which is governed by articles of association. We have a non-executive Board of Directors (‘the board’) which is responsible for overall control and strategic direction, and whose members are drawn from both within and outside the charitable fundraising sector. The board is led by a Chair, who is supported by a Vice Chair, and is guided by recommendations from three committees: 

• the Complaints and Investigations Committee
• the Finance, Audit and Risk Committee; and
• the Standards Committee. 

The committees have external members (who are co-opted on the basis of relevant skills) and some have observers (who contribute intelligence and advice, but do not have a decision-making role). The board and each committee meet at least four times every calendar year. The board also holds an annual away day to assess progress against the Strategic and Business Plans and to consider future developments. This year’s programme included a session on how charities are using AI to support their fundraising. 

The board is supported by an executive function, led by the Chief Executive. Day to day operation is delegated by the board to the senior management team.

Futures Working Group

The Futures Working Group supports longer term thinking by exploring developments in technology and data that may shape charitable fundraising and regulatory approaches. It is an advisory forum rather than part of our formal governance structure and does not have decision making powers. Its membership includes board members and senior staff, with independent experts as guest speakers. 

The group met four times during the year. Discussions covered modern regulatory approaches, including the potential use of artificial intelligence, future guidance needs, insights from intelligence and fundraising trends, and wider sector or societal developments that may affect fundraising practice and public protection.

Articles of association and terms of reference

Our articles of association are supported by terms of reference which outline the role and responsibilities of the board and committees. All terms are reviewed regularly. The board’s articles, terms and recent meeting summaries are available on the governance pages of our website. Committee terms of reference are available on request.

Recruitment and appointment

All board directors and external committee members are appointed through open competition following a skills gap analysis. Recruitment is either carried out in house or outsourced to an agency, considering opportunities to encourage applications from underrepresented groups. Shortlisting and interviews are carried out by a panel of board members. References are required and all appointees must follow the Nolan ‘Seven Principles of Public Life’. Board and external committee members are normally appointed for three-year terms, with successive terms being permitted up to a maximum of nine years and, in exceptional circumstances, for a tenth year. 

Induction and training

New board members take part in a detailed induction that covers their duties, the history and key decisions of the board and an overview of the regulator’s functions and services. Each is also inducted into the work of the committee on which they will serve, including briefings from the committee Chair and meetings with key staff. 

All directors have an annual appraisal carried out by the board Chair, and external committee members have an appraisal with their committee Chair. Any training or development needs identified are addressed by the board Chair and Chief Executive to make sure members have the tools needed to fulfil their obligations.

Conflicts of interest

All board and committee members are required to declare any potential conflicts of interest before appointment. A register of interests is maintained and reviewed on an annual basis, with any changes updated in the interim. Conflicts are a standing item on every meeting agenda. Any actual or perceived conflicts are raised either in advance of or at the start of each meeting and noted in the minutes. If a person’s interests conflicts with our regulatory interests, they are required to withdraw from the discussion and decision making.

Remuneration and expenses

Board and committee members are remunerated at the rate agreed on their letter of appointment. Reasonable expenses for travel, accommodation and subsistence when carrying out official business are reimbursed in line with our expenses policy.

Risk management

Our strategic risk register is discussed by the senior management team on a quarterly basis and formally reviewed by the Finance, Audit and Risk Committee and board at each meeting. Key risks this year related to cyber security, financial sustainability, public expectations of our remit, and the regulation of specific areas of fundraising practice. We continued to maintain Cyber Essentials Plus accreditation, provided regular staff training, and strengthened business continuity planning.

The board met four times and discussed topics such as: 

• Approval of the new code and consideration of wider sector engagement.
• Review of the risk register, including matters relating to cyber resilience.
• Finance, levy and registration updates, including budget forecasts, levy collection, investment performance and registration trends.
• Recruitment of new board and Committee members.
• CEO briefings on regulatory priorities and external engagement across England, Wales, Scotland and Northern Ireland. 

Board meetings are observed by a representative from the Scottish Fundraising Adjudication Panel, which is responsible for regulating fundraising by Scottish charities in line with the Code of Fundraising Practice.

*Attendance figures reflect changes in board membership during the reporting period. Jenny Williams, David Cunningham, Sacha Deshmukh and Jill Thompson stepped down from the board on 31 March 2025. Four new board members – Paul Amadi, Anne Heal, Nick Jones and Girish Menon – were appointed to the board on 1 April 2025. Attendance is shown against the number of meetings each member was eligible to attend. Anne Heal, Girish Menon and Nick Jones also attended an additional board meeting as observers in February 2025. 

* Attendance figures reflect changes in Committee membership during the reporting period. Jenny Williams stepped down as Chair and from the Committee after the March 2025 meeting. Catherine Cottrell and Andrew Nebel also completed their terms at the March meeting. Anne Heal joined the Committee from March 2025, withDamian Chapman and Valerie Morton joined in March 2025, so their attendance is shown only for the meetings they were eligible to attend. Reshard Auladin became Chair from March 2025. 

* Attendance figures reflect changes in Committee membership during the reporting period. Jill Thompson stepped down as Chair and from the Committee after the March 2025 meeting. Sacha Deshmukh and David Cunningham also stepped down at the same meeting. Nick Jones became Chair from March 2025, and he and Girish Menon joined the Committee during the year, so their attendance is shown only for the meetings they were eligible to attend.

*Attendance figures reflect changes in Committee membership during the reporting period. Several members stepped down from the Committee part way through the year, including David Cunningham and Nick Jones, whose attendance is shown only for the meetings held before their departure. New members Paul Amadi, Adrian Williams and Jen Suter joined the Committee later in the year, so their attendance is recorded only for the meetings they were eligible to attend. Nick Jones became a member of the board from March 2025 and now chairs the Finance, Audit and Risk Committee. 

Delivering intelligent fundraising regulation that protects the public

Our work this year focused on delivering proportionate, evidence-based regulation that protects the public and supports trust in charitable fundraising.

Casework

During the reporting period we received 1,284 cases, a 9% increase on the previous year. We closed 1,294 cases in total, (including cases opened in earlier reporting periods).

Of the cases we closed: 

• 499 related to charitable fundraising and were within our regulatory remit. 
• 795 were outside our remit. These mainly concerned personal cause fundraising appeals, suspected fraud, or wider 
  governance issues that other regulators or organisations were better placed to handle.

We continued to see a steady number of concerns raised about a small group of Community Interest Companies (CICs) carrying out public-facing fundraising. Eighteen per cent of all complaints we received related to CICs, an increase from 12% in 2023-2024. Many of these cases involved organisations previously identified through our intelligence work, as well as new CICs carrying out similar activities. 

Self-reporting also remained an important element of our casework, helping to ensure that charities alert us promptly to issues they are facing and enabling us to check that appropriate actions are being taken. We received 19 self-reports this year, compared with 31 last year. None resulted in a formal investigation, and no wider themes emerged.

New Code of Fundraising Practice

This year marked an important milestone with the launch of the new Code of Fundraising Practice (‘the code’) on 28 April 2025. The updated code is shorter, clearer to navigate and designed to reflect modern fundraising practice. It includes new requirements in areas such as convenience giving, unstaffed collections, fundraiser safety and online fundraising platforms. Together with a suite of new guidance, these changes ensure strong public protection and reinforce clear expectations for charitable institutions.

The code was shaped through extensive engagement. More than 6,000 comments were gathered across a three stage 
consultation process involving charities of all sizes, sector bodies, fundraisers and members of the public. This collaborative approach ensured that the final code is proportionate, adaptable and capable of supporting innovation as new fundraising methods emerge.

The new code was positively received across the sector and government. The Minister for Civil Society welcomed the new code, highlighting how it will help ensure charitable giving remains transparent, safe and accessible.

Proactive regulation

This year we strengthened our proactive regulatory work by identifying emerging risks, focusing on areas where the public may be most vulnerable and working closely with a wide range of partners.

Following the publication of new guidance for charities on marketing child and orphan sponsorship programmes, we began monitoring compliance across the sector. Early engagement has already led to meaningful improvements, with a broad range of charities updating their materials to provide clearer information about how donations are used and who benefits. This work will continue into the next reporting year as we assess the impact of the guidance and support further improvements.

Cash collections remained another important area of focus. We worked with major supermarkets to produce practical advice on hosting charitable cash collections, covering the checks that should be made before accepting a booking, expected behaviour on site and secure handling of donations. We also began similar work with the transport sector, including Network Rail, Transport for London and train operating companies, to support safe and well managed collections in stations and other transport settings.

Our work this year in relation to CICs brought together representatives from licensing teams, law enforcement, central government and other regulators to help ensure that charitable fundraising carried out by all CICs meets legal and regulatory expectations. The group is now well established and will continue working to promote good practice.

Supporting fundraising organisations to thrive

Our work this year focused on helping fundraising organisations understand and apply the standards in the new code. 

Preparing for the new code 

During the six month transition period for the new code, we aimed to ensure that organisations of all sizes felt confident, informed and ready to meet the updated standards. 

We delivered a broad programme of guidance, support and engagement. This included webinars, conference sessions, blogs, newsletters, targeted emails and a Are you code confident? quiz on LinkedIn designed to reach senior fundraisers.

Digital engagement was strong throughout the period. Traffic to the code resources increased around each communication and campaign. The code landing page received high levels of activity and the code PDF was downloaded by over 10,000 users. We also published new code support guides covering due diligence, documenting fundraising decisions and monitoring fundraising partnerships, along with additional guidance on fundraising events, social media and online gaming.

Evaluation findings showed significant improvements in understanding, confidence and organisational readiness. Fundraisers reported that the new code is clearer and easier to apply, and that our guidance helped them prepare for its introduction. 

Code Advice Service

The Code Advice Service continued to provide timely and expert support to fundraisers during the reporting period, helping them make informed decisions that reflect legal, open, honest and respectful fundraising. 

We received 668 enquiries, with a seven day response rate of 98.5%, reflecting our commitment to supporting compliance with the code. Many enquiries related to the new code, as organisations sought clarification on how the changes applied to their activities. Questions about lotteries, fundraising events and online fundraising platforms also remained common. 

Casework summaries 

We publish summaries of completed investigations into potential breaches of the code to support learning across the sector and increase transparency for the public. During the reporting period, we opened three new investigations, closed eight and published four investigation summaries on our website.

Across the investigations we closed, we identified a total of 45 breaches of the code. Themes highlighted in the published summaries included oversight of third-party agencies, clarity and transparency in fundraising campaigns, and the treatment of donors in vulnerable circumstances. 

We received three requests for an external review of our decisions. The reviewer recommended reopening one case to improve the clarity of the decision’s wording. 

Sector engagement

We spoke at 27 events over the year, providing updates on the new code and sharing regulatory insights with a wide range of audiences. Highlights included contributions to major sector conferences such as the Chartered Institute of Fundraising (CIoF) Fundraising Convention, the Scottish Fundraising Conference, Civil Society Elevate, and the Muslim Charities Convention.

We also delivered webinars for member events run by the CIoF, the National Council for Voluntary Organisations (NCVO), the Northern Ireland Council for Voluntary Action (NICVA), the Wales Council for Voluntary Action (WCVA) and others. Together, these engagements helped us share learning, respond to questions and build understanding of new fundraising standards and guidance. 

Informing the public about principled fundraising

Our work this year focused on giving people clear information to help them make informed decisions about charitable giving. 

Fundraising Preference Service (FPS) 

The FPS continues to play an important role in helping the public manage direct marketing contact from charities. It provides a simple and reliable way for people to request that communications stop, either for themselves or on behalf of someone else, including those who may be vulnerable. 

 During the reporting period, 3,107 requests were made through the FPS, a 1% increase on the previous year. These requests came from 2,667 unique users, a small decrease compared with 2023-2024. In total, the FPS generated 7,527 suppressions, an increase of 2%. This reflects the number of individual charity contacts that were stopped as a result of requests.

Thirty eight per cent of suppressions were made on behalf of another person, and 12% of the requests related to someone who had died. These figures highlight the continued importance of the service in supporting families, carers and others who help manage the affairs of people who may need additional support. 

Digital Fundraising Badge

This year we launched the digital Fundraising Badge, giving the public a clearer way to identify charities that are registered with us and committed to legal, open, honest and respectful fundraising. When added to a charity’s website, the badge links directly to its entry in the Fundraising Directory. This provides a simple way for donors to verify registration and supports greater transparency in how organisations present their fundraising practices.

Since launch, use of the digital badge has grown steadily, with 461 charities adopting it during the reporting period. Charities have also welcomed the automatic update of the registration year, which ensures their digital materials remain accurate without additional work.

Voice for ethical fundraising 

We continued to provide a clear and trusted voice on ethical fundraising, offering expert comment to help shape accurate reporting on issues affecting donors and the sector. Our insights were included in prominent national outlets such as The Times, The Telegraph, iNews and BBC News, as well as leading charity sector publications. We provided commentary on topics including CIC fundraising, online platforms and cash collections, helping to improve public understanding of responsible fundraising practice and reinforcing our role as an independent source of guidance. 

Safer giving 

This year, we continued to promote safer giving through our year-round digital campaign, including targeted activity during Ramadan when charitable giving is particularly high. Our paid social media campaign on Meta platforms (including Facebook and Instagram) performed strongly, achieving over 100,000 views, with average watch times significantly above industry averages.

For seasonal activity, we worked jointly with the Charity Commission and Action Fraud to reinforce safer-giving guidance during the Christmas period. This partnership highlighted simple checks, such as verifying charities on the register and looking for the Fundraising Badge, to help ensure donations reach genuine causes. 

Being a highly effective organisation

Our work this year focused on implementing changes to the levy and registration fees, improving internal processes and casework systems, appointing new board members and developing our approach to artificial intelligence to ensure our operations remain efficient and fit for the future. 

Levy and registration 

This year we completed the implementation of the levy and registration fee changes agreed following the sector-wide engagement exercise carried out in 2023-24. The first phase of the levy increase came into effect in September 2024 and helped ensure we can continue to provide effective regulation needed now and in the future. Updated registration fees for non-charity organisations were also introduced in January 2025, following targeted engagement with those affected.

Despite the financial pressures facing many organisations, payment rates remained strong. We collected around 98% of levy income during the year, consistent with the high levels seen over the past five years. A small number of eligible organisations chose not to pay. In line with our levy policy, these charities were marked red on our public directory to ensure transparency. The information was published and covered in the charity sector press and was also shared with the Charity Commission for England and Wales. 

Registration continued to grow, which was one of our priorities this year. Over 7,000 charities are now registered, reflecting the broad mix of fundraising organisations choosing to demonstrate their commitment to the code.

Office move and sustainability 

We completed our move to 50 Featherstone Street, a modern office space that better supports our hybrid working model and provides a more flexible and cost effective environment for staff. The move also enabled us to take further steps to improve our environmental sustainability. This included reviewing our sustainability policy and embedding more sustainable procurement and office management practices. As a tenant in a serviced building, we continue to work within the responsibilities of the landlord while making proportionate changes that support reduced waste and more efficient use of resources. 

Board appointments 

In January 2025, we appointed four new members to the board. Paul Amadi, Anne Heal, Nick Jones and Girish Menon bring extensive experience across charitable fundraising, regulation and governance, and all started their roles in April 2025. They succeed Jenny Williams, David Cunningham, Sacha Deshmukh and Jill Thompson, whose terms had come to an end. Three of these departing members were founding board members when the Regulator began its work in 2016. These appointments ensure the board continues to benefit from a broad mix of skills and perspectives to support effective oversight of the organisation.

Casework processes 

We improved our casework processes to support consistent and proportionate decision making. This included the introduction of a new compliance case stage, which allows us to gather further information and work with organisations to address concerns without the need for a full investigation. This approach enables us to target our regulatory activity where it can be most effective, resolve issues more efficiently and support charities to make timely improvements in their fundraising practice. 

Artificial intelligence 

This year we continued to develop a careful and responsible approach to using artificial intelligence in our work. Through a series of pilots, we tested how generative AI tools could support routine tasks, particularly within our communications work. The pilots showed clear benefits when used with strong human oversight.

To ensure this is done safely and transparently, we introduced an internal end-to-end approval process for new AI use cases, covering screening, testing, implementation and review. This framework, together with our AI Usage Policy, ensures that any use of AI remains proportionate, risk-aware and aligned with our role as a regulator. We will continue to expand organisational understanding of AI and explore targeted use cases where it adds value.

Priorities for 2025-26

In 2025–26, we will build on the launch of the new code by publishing additional guidance and digital support, including helping charities to understand and apply the new soft opt-in legislation appropriately. We will improve the reporting of complaints data from charities and continue to provide clear, timely advice through the Code Advice Service. Our safer giving work will also grow, with expanded public information campaigns and greater promotion of the digital Fundraising Badge. 

Our focus will continue to be on strengthening public protection, supporting ethical fundraising and improving our effectiveness as a regulator. We will develop our proactive regulatory approach by drawing on intelligence and enhanced data analysis to identify emerging risks, while deepening collaboration with other regulators and enforcement partners. This includes working with the Charity Commission for England and Wales to update its guidance on trustee duties, as well as conducting new research into the public’s experience of fundraising to inform future policy and practice. 

We will also embed improvements to our casework processes, implement the second phase of levy increases agreed in 2023–24, and enhance the systems that support our casework, levy and registration functions. Further priorities include advancing our work on equality, diversity and inclusion, strengthening data management, and continuing to explore the careful, responsible use of artificial intelligence.

The Fundraising Regulator is the independent regulator of charitable fundraising in England, Wales and Northern Ireland. We also regulate fundraising in Scotland where it is carried out by charitable institutions where the lead regulator is the Charity Commission for England and Wales or Northern Ireland. The Fundraising Regulator also owns the Code of Fundraising Practice, which applies across the UK.

Find out more about us and the scope of our regulation.

Our strategic plan 2022–2027

We are committed to delivering independent self-regulation that ensures public protection, accountability, and excellence in 
fundraising now and into the future.

1. To deliver intelligent fundraising regulation that protects the public.
2. To support fundraising organisations to thrive.
3. To inform the public about principled fundraising.
4. To be a highly effective organisation.

We will be do this by being:

• Innovative: we keep abreast of digital and wider social developments and how these may shape fundraising into the 
  future.
• Proactive: we improve our capacity to identify fundraising concerns before they crystallise and to prevent harm by early 
  intervention.
• Intelligent: we use our data more intelligently to support the development of the Code of Fundraising Practice and our 
  compliance work. 
• Collaborative: we remain a thought leader in fundraising and make sure that fundraisers and the public have a greater 
  voice in developing our policies.

For more information, see the corporate publications page of our website. 

In this year’s report, we reflect on the outcomes and objectives set out in our business plan for the financial year 1 September 2024 to 31 August 2025.

A message from our Chair

This year marked an important step forward for fundraising regulation with the launch of the new Code of Fundraising Practice. The board was closely involved throughout its development and approval, and we are grateful to the many charities, fundraisers, sector bodies and members of the public whose thoughtful contributions helped shape it. The new code is clearer, more accessible and better aligned with modern fundraising, supporting innovation while ensuring strong protection for the public.

Our ability to deliver effective regulation relies on a sustainable levy system and strong participation from the sector. This year saw the first phase of the agreed levy increase come into effect, plus increases to registration and the non-charity levy. I am grateful that payment rates remained high despite the challenging economic context. We also saw continued growth in registrations, including many smaller charities, reflecting the sector’s commitment to transparent and ethical fundraising.

This year also saw important developments in how we operate as an organisation. We completed our move to new offices, providing a more flexible and cost effective working environment that supports our hybrid model. The board also oversaw further progress in embedding equality, diversity and inclusion into our policies and decision making. In addition, we supported the organisation’s careful and responsible approach to using artificial intelligence, ensuring that any new tools are adopted safely, transparently and in line with our regulatory responsibilities.

The board was also pleased to welcome Paul Amadi, Anne Heal, Nick Jones and Girish Menon, who joined in April 2025. We were equally grateful for the contributions of departing members Jenny Williams, David Cunningham, Sacha Deshmukh and Jill Thompson, whose insight and steady leadership have shaped the organisation over many years since the Regulator started its work in 2016.

Next year marks ten years since the Fundraising Regulator was founded. It will be an important moment to reflect on a decade of independent self-regulation, the progress we have made and the opportunities ahead. As we look towards this milestone, the board remains committed to championing ethical fundraising and ensuring the public can continue to have confidence in the charitable causes they choose to support.

Lord Toby Harris

A message from our Chief Executive

The launch of the new Code of Fundraising Practice was a major focus of our work this year, and I am grateful to the many charities, fundraisers, sector partners and donors who engaged so constructively throughout the transition period. We delivered a broad programme of support – including webinars, events, new guidance and social campaigns – and worked with sector bodies on selected joint sessions to help organisations prepare confidently for implementation. Evaluation findings showed strong improvements in understanding, confidence and organisational readiness ahead of the new code becoming operational.

Alongside this, we continued to develop our approach to proactive regulation. Our work this year focused on areas where the public may be most at risk, including supporting safer practice around cash collections in partnership with major retailers and transport operators. We also welcomed the Chartered Institute of Fundraising’s updated guidance on charity-agency partnerships and payment models, which responds directly to a key recommendation from our 2024 market inquiry into subcontracting in face-to-face fundraising.

As part of our wider work to strengthen public trust and transparency, this was also the first full year of where charities could use our digital Fundraising Badge. When charities display the badge on their websites, it links directly to their entry in the Fundraising Directory, making it easier for the public to check they are genuine and supporting greater transparency in online fundraising. Use of the badge has continued to grow steadily over the year.

We also published the Annual Complaints Report for the final time in its current format. In response to sector feedback, we have paused the collection of charity-reported complaints data for two years so that we can work with organisations to improve how this information is gathered and shared. During this period, we will continue to report on complaints received directly by the Fundraising Regulator and provide additional insights from investigations to support sector learning.

As we approach the Fundraising Regulator’s ten-year anniversary in 2026, I remain grateful to our board, committee members, staff, sector partners and registered charities, whose commitment to voluntary regulation underpins this work. Over the past decade, the fundraising landscape has evolved considerably, and we continue to adapt guidance and approach to reflect new and emerging practices. Together we will continue to promote ethical fundraising and strengthen public trust in the years ahead.

Gerald Oppenheim