The financial impact of the coronavirus crisis on the UK charity sector
“The voluntary sector was particularly badly hit by the COVID-19 crisis. Many organisations faced significant cuts to their income as fundraising slowed and the financial outlook became highly uncertain. From conversations with charity clients we were all too aware that the pandemic had brought an increased demand for their services even though many organisations were forced to make difficult decisions to scale back and ensure their survival.
Working closely with a wide range of charities we wanted to understand more about the impact of the pandemic on the sector as a whole and the likely path out of the crisis. We therefore commissioned a research project to help us better understand the financial pressures faced by the charities and voluntary organisations that play such a vital role in our society.
Although the findings of our report were sobering and highlighted the extent of the damage to the voluntary sector, the UK economy is now growing again and the government expects GDP to be back to pre-pandemic levels by the end of the year. However, it remains to be seen how many organisations have been permanently forced to close as a result of the recent downturn and how quickly income levels return to previous levels for those that have survived. Now more than ever charities need to be able to rely on the highest quality support from their professional advisors and we look forward to continuing to work closely with our clients to provide this backing and to make the most of the investment opportunities ahead.”
– Nicola Barber, Partner and Head of Charities
Please read our report to find out more.