Navigating the pandemic with a hole in the hull will not be remedied with a sticking plaster

Navigating the pandemic with a hole in the hull will not be remedied with a sticking plaster

Charities could miss out on well over £4bn worth of income in the wake of the pandemic, so navigating the crisis with such a hole in your reserves will not be remedied with sticking plaster solutions.

Charities are facing unprecedented challenges. From an increasing demand for services to a reduction in funding, not least due to cancelled fundraising events. And with many staff members working remotely you may well be changing the way you support those who use your services and how you operate internally too.

And significantly it's your financial infrastructure that will come under the greatest pressure. On 8 April the government announced a £750 million package of funding to support the work of charities during the coronavirus outbreak. However, while Government grants, if and when they filter through, might dampen some of the downward force, the impact of Covid-19 on your funds and cash flow may still likely be high.

So, the financial resilience of your charity is crucial and at GSM we're guiding our charity clients through the government schemes, from the Resilience and Recovery Loan Fund, to the Bounce Back Loan Scheme and where these fall short of a remedy to fill gaps in income we are sufficiently experienced in the sector and resourceful enough to seek out alternative solutions that will see the charity through the crisis. These might range from ensuring the charity is receiving the maximum in rates and business reliefs, to ensuring that when Government funding of furloughing of staff is reduced, the charity is in a position to pick up the bill again.

At our core is the ability to understand the impact on a charity. From the expected impact on income from donations, to how are the charity's reserves likely to be affected. If it's likely to deteriorate, then prudent financial planning needs to be in place to ensure operations can continue and ensure your finances are managed sensibly, securely and for the benefit of the charity in the short, medium and longer term.

To hear more of how our work has benefited charities for over 100 years contact us today on 020 7935 3793 or email