Our Chief Executive Officer, Donna Talbot, was delighted to host a community forum of charity representatives from across Cambridgeshire on behalf of the Bank of England.
Back in April our charity was thrilled to be asked to host the forum in which we were invited to share our thoughts and concerns about inflation, the cost of living, our predicted challenges for the next six to 12 months, and importantly the impact on our service users (our companions).
On Tuesday (27 May) our Chief Executive Officer, Donna Talbot, was joined by charity representatives across Cambridgeshire as we welcomed Professor Alan Taylor and Patrick Campbell from the Bank of England.
The invite list included a swath of different causes; however, the themes which arose were relatively consistent.
Digital divide
Given the recent advances in technology, we discussed the digital divide. A divide which has arisen due to lack of affordability of phone contracts, poor coverage, lack of education or equipment.
We spoke about the shortage of social or affordable housing and how if housing is available, it can often be in more rural locations. This was further compounded by limited or non-existent public transport reducing the feasibility of the commute to shops, paid work or health appointments.
Uncertainty of income
When it comes to our funding several organisations have diversified to reduce risk and to strengthen their offer in response to the following concerns:
The uncertainty of income from contracts. A key aspect being the length in time for which they are awarded and the speed at which charities are expected to get the services up and running and then if continuation funding isn’t available, switch them off again. A repercussion being that fixed term contracts for staff so often affect people’s ability to obtain mortgage or secure rental properties.
The reliance that many organisations have on grants and trusts. An area which is increasing competitive and where funds can decline due to low interest rates or reduced investment opportunities. Another intricacy being that funding may only be available for a new innovative idea, rather the continuation of a vital existing service.
Fragility of donors
And of course, as charities, we celebrated the incredible generosity but fragility of donors. Donors who are still enthusiastic to support our work but they themselves, now understandably, need the £10 they would have typically donated to us to fund their own bills following the loss of winter fuel payment and higher food costs.
Commenting on the forum, Donna Talbot said: “It was clear all of us are concerned about financial sustainability. The recent National Insurance increases and the never-ending rise of energy bills have had a massive impact on us but also affect our beneficiaries.
“We see the growing disparity between rich and poor, not just across the county but also in our own towns and cities and how this creates greater demand for our services. The anxiety felt by organisations and their staff who desperately want to help. In a landscape which was already complicated, it is getting ever more complex, just like the people we are trying so hard to support.”
Donna added: “We trust that together we have shown the incredible resilience, passion and determination of our sector. And crucially we hope that we have helped to fight on behalf of all those who feel invisible or don’t have a way in which to raise the issues that keep them awake at night.”