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FINANCIAL GUIDANCE AND KEY MEASURES TO HELP CHARITIES COMBAT THE IMPACT OF COVID-19
COVID-19 is severely impacting the Charity Sector.
In this instalment of the FPM COVID-19 Business Support Series, Lowry Grant offers financial guidance and key measures to help Charities combat the impact of Coronavirus and position themselves for the future. So that when the pandemic is over, the Sector is ready to respond, when social need will have grown and funding will have reduced.
“With unprecedented pressure on finance, changing operational models and increasing governance challenges, charities must take great care to safeguard the safety and welfare of staff, clients and trustees during the current crisis,” Lowry Grant added.
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FPM Accountants have cautiously welcomed the £750 million COVID-19 support package for UK charities announced by The Chancellor of the Exchequer Rishi Sunak on 8 April 2020.
Noting the Chancellor’s warning that all charities cannot be saved, FPM Director Lowry Grant said:
“The COVID-19 pandemic is severely impacting Northern Ireland’s not-for-profit sector with many charities left with virtually no voluntary income and unable to trade due to the current crisis despite unprecedented demand for their services. While welcome, the Chancellor’s £750 million support package represents only a fraction of the income usually anticipated by UK charities during the 3 months from April to June. Furthermore, it is as yet unclear how charities can apply for the support — presumably clarity will be provided over the coming days.”
This Chancellor’s support for the Charities sector comes in the wake of a number of other recently announced measures to support organisations through the COVID-19 crisis. With Government advice being updated regularly, FPM teams are monitoring developments and keeping clients informed through our COVID-19 Business Support Centre. We want to ensure that organisations not only do everything possible to overcome COVID-19, but that they plan ahead now so as to be ready to respond rapidly when the crisis ends. Charities will have a key role to play in the post-Coronavirus recovery.
