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Charities and longevity – top tips

We proudly sponsored the 2017 Charity Finance Group (CFG) annual dinner, to celebrate 30 years of hard work and support in the charity sector. 

The CFG have shown their ability to adapt to a rapidly-changing environment, all the while supporting other charities in their mission. To help other charities survive the next 30 years, we asked guests at the dinner to share their advice on longevity. 

Here are seven tips to help you survive the next 30 years in the charity sector:
  • Have a clear purpose

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    It is important to have a powerful statement that is distinct from existing charities. Part of being able to demonstrate impact is having a clear mission from the outset. It also helps to keep employees and volunteers on the same page.
  • Be light footed

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    According to the Lloyds Banking Digital Index 2017, 43% of charities still acknowledge time saving as the biggest benefit of using digital. On the other hand, over 100,000 charities in the UK are still lacking basic digital skills. Keep looking to the future for the next big opportunity. If you create a culture which embraces change, your charity will be able to seize the opportunity and stay ahead of game. 

  • Have a strong focus on reserves

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    In an Ecclesiastical customer survey, we found the top concern for charities over the next 12 months was lack of funding1. Long-term financial plans will help to ensure resilience through tough times and give the opportunity for the provision of reserve funds. 
  • Build financial expertise in the team

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    Organisations of all sizes must show their financial integrity. In New Philanthropy Capital’s (NPC’s) State of the Sector programme, 51% of charity leaders felt diversity at board level in particular would help them gain from a variety of experience but stressed the difficulty they have in hiring trustees in the first place. Read the CFG blog on Financial Governance
  • Have timeless objectives

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    One charity told us, ‘It's all about balancing the need of those you help today with those you hope to help in the future’. Your objectives should allow you to raise funds both for immediate priorities and future opportunities. They should achieve consistent impact over time and futureproof your charities mission.
  • Offer complete transparency

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    When the NPC asked charities what they thought would help rebuild trust in the sector, 85% of charities agreed that being more transparent about how money is spent and demonstrating impact would be effective. 
  • Charities share a common purpose

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    Advice from the CFG’s CEO Caron Bradshaw.

    Being a charity too, the CFG are well placed to help support the sector. Similarly, at Ecclesiastical, we are owned by a charity. Together, we are lobbying for change and hope to reverse the Government’s decision to raise Insurance Premium Tax (IPT). 

All charities share a common purpose and their longevity depends on supporting each other.

Find out more about our charity insurance  or for quotes, speak with your insurance broker. 

1Ecclesiastical 2017 Annual Charity Tracking Survey
CFG  
Ecclesiastical Insurance Group plc (EIG) Reg No 1718196. Ecclesiastical Insurance Office plc (EIO) Reg No 24869. Ecclesiastical Life Ltd (ELL) Reg No 243111. Ecclesiastical Financial Advisory Services Ltd (EFAS) Reg No 2046087. Ecclesiastical Underwriting Management Ltd (EUML) Reg No 2368571. E.I.O. Trustees Ltd Reg No 941199. EdenTree Investment Management Ltd (EIM) Reg No 2519319. All companies are registered in England at Beaufort House, Brunswick Road, Gloucester GL1 1JZ. EIO and ELL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 113848 (EIO) and 110318 (ELL). EFAS and EIM are authorised and regulated by the Financial Conduct Authority. Firm Reference Number 126123 (EFAS) and 527473 (EIM). EUML is an appointed representative of EIO who is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm Reference Number 402228.