What is happening?

Charities across the UK continue to face significant financial pressures, including rising costs, funding gaps, uncertainty around income and increasing demands for their services. Recent research reported by UK Fundraising highlights how financial sustainability has become a major concern for charity leaders, with organisations having to make difficult decisions about staffing, service delivery, reserves and future planning.

The research also highlights the importance of strong financial management, effective governance and keeping organisational purpose at the centre of financial decisions. Find out more here.

For charities and community groups in Greenwich, strong financial management is essential to making informed decisions, managing risks and ensuring that resources are used effectively.

What can your organisation do?

Here are some practical steps your organisation can take:

Review your budget regularly. Compare actual income and expenditure against your budget and investigate any significant differences.
Plan for different scenarios. Consider what would happen if a grant ends, a funding application is unsuccessful or costs increase.
Monitor your cash flow. Check when money is expected to come in and when bills and other commitments must be paid.
Review your reserves. Understand what funds are available, whether they are restricted and how long your organisation could continue operating if income falls.
Strengthen trustee oversight. Make sure trustees receive clear financial reports and understand the financial risks facing the organisation.
Check your financial systems. Ensure bookkeeping, financial records and internal controls are appropriate for your organisation's size and activities.

Taking these steps can help trustees and staff identify risks early and make more informed decisions about the future.

How GAVS can help

Through the Greenwich Community Accountancy Programme (GCAP), Greenwich Action for Voluntary Service (GAVS) offers free accountancy support to eligible voluntary and community organisations in Greenwich.

Support can include improving bookkeeping systems, preparing budgets and cash-flow forecasts, strengthening financial procedures, understanding financial reporting and supporting trustees with financial governance.

Whether your organisation needs help reviewing its finances, improving its financial systems or planning for future challenges, GCAP can help you take practical steps towards greater financial resilience. Find out more here.