Stone King and RSM [1] 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