The Charity Commission is investigating a charity whose mission is to feed the hungry and free people from poverty.
It said the inquiry includes whether any misconduct or mismanagement at Liverpool-based The Big Help Project led to financial losses.
The regulator said it first engaged with the charity after identifying a significant increase in its income.
The charity said it has "cooperated fully and will continue to cooperate fully" with the regulator.
It added that it was "very disappointed" by the inquiry and will continue to provide its "life-changing support".
'Clients remain priority'
The Charity Commission said it first engaged with the Big Help Project after identifying a significant increase in its reported income.
It said it then identified concerns around trustee decision-making, potential unauthorised trustee benefit and unmanaged conflicts of interest, and opened a statutory inquiry on 7 December.
The inquiry will examine the administration, governance and management of the charity, including if:
conflicts of interests and transactions with connected parties have been adequately identified and managed
there has been any unauthorised trustee benefit
any misconduct and or mismanagement led to financial losses for the charity
the charity has accurately accounted for its funds and assets in line with legal requirements.
The Big Help Project said: "None of our service delivery will be affected in any way and we will continue to provide the same life-changing support that we have for the past 12 years.
"We look forward to clearing up any issues raised during this process and are now exploring various legal channels through which we can do so.
"As the commission's guidance states... 'An inquiry should not in itself be seen as a determination by the regulator of wrong-doing in a charity'."
It added: "The hundreds of clients we help each week can rest assured they remain our priority."