Charities and social enterprise when facing serious financial challenges

Stone King and RSM delivered a webinar on managing your charity and social enterprise finances during COVID-19 and cover a range of topics.

Our legal team covered the following topics:

  • Consequences of severe financial difficulties
  • Change of trustees’ duties and responsibilities to creditors taking priority over those to beneficiaries
  • Consideration of and all stakeholders especially creditors, funders and chargeholders and the need for communication
  • Need for cash flow forecasts and balance sheet analysis
  • Ranking of creditors
  • Use or otherwise of restricted funds and/or reserves
  • Possible options available

From a finance perspective we covered:

  • Cashflow management
  • Mitigating risk in challenging situations
  • Options and responsibilities
  • Trustees potential liabilities in insolvency situations

The law and practice referred to in this article or webinar has been paraphrased or summarised. It might not be up-to-date with changes in the law and we do not guarantee the accuracy of any information provided at the time of reading. It should not be construed or relied upon as legal advice in relation to a specific set of circumstances.

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