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4. Where will you get funding from?

Published: 16/04/2024
Updated: 30/04/2024

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.