An online tool has been launched to help charities assess whether they are facing financial difficulties.
The Crisis Decision Tool has been created by law firm Bates Wells to help charities assess their financial situation. It also aims to signpost options to improve the charities' financial situation, such as income generation, merger, collaboration, cost-saving measures and more.
The tool comes as charities are increasingly struggling to keep services running amid income losses associated with the Covid-19 pandemic. This includes loss of revenue through shop closures and cancelling fundraising events during lockdown.
The tool includes questions around payment of debts, cash flow forecast and ability to use reserves.
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