WHAT THE COST-OF-LIVING MEANS FOR CHARITIES

With inflation now at 10.5%, everyone is navigating the cost-of-living crisis and feeling the impact on their finances. And as we see the cost of our essentials continuing to soar, this crisis is predicted to be tougher and longer than Covid. It’s a bleak thought for those who are struggling.

According to the Office for National Statistics (ONS), around 9 in 10 adults – that’s 46 million people – in Great Britain continue to report that their cost of living has increased, largely because of hikes in the cost of food, energy and fuel.

The crisis has had a knock-on effect on our lifestyles with many people having to make changes to preserve their incomes. The ONS reported that 57% (around 26 million people) are spending less on essentials and 51% (around 24 million people) are using less gas and energy in their homes in a bid to save money.

Dual pressure – less income, more demand

It may not be immediately obvious, but charities and support groups are being particularly impacted by the cost-of-living crisis. At a time when demand for services is rapidly increasing, these organisations are also facing higher running costs, coupled with a lower income as people have less money to give to charitable causes.

Research conducted by the Charities Aid Foundation (CAF) last year found that just a quarter of people had donated to a charity in the last four weeks, meaning around 2 million less people donated to charity than usual. It’s a tough time for the third sector, because they are essentially having to do more with less.

With this complex backdrop, it is challenging for charities and non-profit groups to provide support for people during the crisis, whilst themselves facing a significant decrease in donations. They’re unable to pass on their costs to beneficiaries in the same way that commercial organisations can, so it is more important than ever for businesses and individuals alike to do all they can to support them and help them negotiate through the crisis.

ESG is big on the agenda and businesses must review how they can contribute to broader societal gains as part of their strategies. Those that develop links with non-profit organisations are likely to be recognised for having a strong ethical stance, impacting positively on their reputation.

Furthermore, by enabling employees to support a chosen charity, these firms build engagement and loyalty within their organisation, which often translates into better productivity and morale among people.

Getting involved

I’m fortunate to be active in both the commercial and non-profit sectors and I’m proud to be involved with charities like Old Ben Homes and the Quartet Community Foundation , which are both doing vital work to support their beneficiaries through the current crisis.

Working alongside such passionate teams of staff, trustees and funders is genuinely rewarding and I’m so pleased to play a part in helping to drive change and improve the lives of others, particularly in these challenging times.

As a trustee and chairman at Old Ben Homes, which provides sheltered accommodation for people who worked in the news trade and their families, I can make a contribution to a sector that is often overlooked for benefaction. It is a privilege to support the many people who dedicated their careers to the industry, by ensuring that they have a comfortable and affordable home to live in for the long-term.

The charity, which has two sheltered housing estates in Shropshire and East Sussex, has seen demand for accommodation rise during the cost-of-living crisis. It has also seen residents cutting back on heating and electricity to save money. Old Ben Homes is providing essential help and support to residents during these difficult times, underlining the need for vital services like this to continue no matter what.

Quartet Community Foundation is an incredibly committed local charity, supporting communities in South Gloucestershire, Bristol, Bath, North East Somerset and North Somerset. The charity gives grants to vital local causes to support education, older people and those facing the strain of the cost-of-living crisis.

Dedicated to strengthening communities across the West of England. the charity awarded 888 grants to the value of more than ￡4.8 million last year, with a third of funding awarded to improve people’s mental health and wellbeing and a quarter to help increase people’s access to vital services and support.

Taking action

Since March 2020, the Tredwin and Pennington Family Fund has helped to provide grants totalling nearly ￡64,000 to a wide range of projects and causes, many of which have helped to address the rising cost of living. ?

The Centre for Sustainable Energy was recently awarded a significant grant from the fund to enable it to support households and communities in the region to take action on energy. The fund has also helped the CHAS Bristol Churches Housing Aid Society to provide help to those facing homelessness and the Bristol Citizens Advice Bureau to increase its service as a result of the crisis.

I’m passionate about helping young people to achieve their potential too, particularly given the current challenges we are all facing. One group that is very close to my heart is South Bristol Youth, which was awarded a substantial grant from the fund to deliver programmes that help to increase skills and confidence among youngsters in the Bristol. The funding has also helped the group to expand its reach to South Bristol and North Somerset.

Giving back to our communities is really important right now, whether it is though donating money or giving your time. DM me if you’re involved in a project or want to connect with organisations that help those who are struggling in the current economic climate.