Charity expects fundraising income to decline by 25 per cent, leading to research funding cuts
The UK’s largest independent funder of cancer research is anticipating a 25 per cent decline in income from fundraising over the next financial year as a result of the coronavirus pandemic.
In a statement published on 30 March, the charity said the pandemic had already affected many of its key fundraising activities, including the temporary closure of its 600 high street shops across the UK.
As a result, the charity said it had “already had to make difficult decisions to cut some of its research funding that will directly impact on its goal to see three in four people survive their cancer by 2034”.
“While many things are still uncertain, it is clear that Cancer Research UK will be hit hard,” said Michelle Mitchell, the charity’s chief executive. “We’ve worked quickly to understand how Covid-19 will impact our income, and therefore our ability to continue funding our life-saving work.”
“We made a decision to protect our volunteers and our supporters by closing our shops and postponing many events. Whilst the right thing to do, this will have huge implications for our fundraising, and we expect to see a 20-25 per cent decline in fundraising income in the next financial year.”
She added that the funder had already deferred its spring research grant funding round, with further cuts expected to research funding.
“This is uncomfortable for us, but we must be realistic about what we can deliver given the current circumstances.”