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Charity expects drop in income due to coronavirus and £50m in cuts to its research
The British Heart Foundation is consulting with staff on further reducing costs as a result of the coronavirus crisis, as it warns 300 roles could be lost.
The heart charity expects net income to fall by 50 per cent this year largely due to the closure of its 750 shops for four months and the cancellation of most fundraising events.
As a result, the charity said it will be forced to cut support for new research by about £50 million.
Despite steps taken to mitigate the impact of the pandemic on its finances, the British Heart Foundation (BHF) said these measures were “not enough to weather the crisis”. The charity now intends to consult staff on further measures, warning that 300 roles could be lost.
“We’ve left no stone unturned in finding new ways of generating income and reducing costs, but unfortunately, we must consider reducing our activities and the size of our workforce as we chart our recovery,” said Charmaine Griffiths, the charity’s chief executive.
“This has been an incredibly difficult decision and it will be even harder for those people who may leave our BHF team.”
Together with other members of the Association of Medical Research Charities, the BHF is calling on the government to commit to a Life Sciences Partnership Fund, a co-investment scheme that would provide a level of matched funding for future charity research over the next three years.