4. Where will you get funding from?

Your charity will need funding to operate. Before you apply to become a charity, you must consider the following:

1. Financial requirements:

• Assess and clearly outline the financial needs of your charity.
• Detail both short-term and long-term funding requirements.

2. Potential funding sources:

• Explore all of the relevant funding avenues, such as grants, donations, partnerships, and sponsorships.
• Document any commitments and conditions from every source.

3. Funding sustainability:

• Develop a robust funding model that can withstand fluctuations in financial support.
• Aim for a diversified income stream to reduce dependency on any single source.

4. Third Sector challenges:

• Recognise the challenges posed by increasingly stretched public sector funding.
• Explore alternative funding options to supplement or replace public sector support if you plan to receive it.

5. Public Donations:

• Acknowledge that donations from the public may not always be a consistent or sustainable source of income.
• If you are fundraising, ensure that you can do this in line with fundraising legislation.
• Consider strategies to encourage recurring donations and explore other sources for stable funding.