Charities across Tayside struggling from the impact of the credit crunch have been thrown a lifeline by leading financial and legal experts.
Thorntons has joined forces with chartered accountants Henderson Loggie for a seminar designed to highlight key information and legal guidance for charities on managing their organisations through the economic downturn.
Representatives from more than 20 voluntary sector groups are expected to attend the seminar today (Tuesday) – held at Thorntons' Dundee headquarters – where they will hear advice on issues arising from the impact of the credit crunch.
Charities experiencing a dip in donations as consumers cut-back on spending and a loss of investment income due to current stock market conditions will be able to seek advice from specialist partners from Thorntons.
Henderson Loggie will be highlighting positive actions charities can take to increase fundraising income and effectively manage their finances in the light of funding cuts or freezes in spite of increasing demand for services.
Michael Royden, partner at Thorntons' charities team, said: "Legislation has become the cornerstone of more charities, so therefore clarifying the responsibilities of trustees and directors within the organisation and potential pitfalls for potential liability.
"The challenges faced by charities and social businesses in the current economic climate can naturally have a major effect on their long term continuity, so it is more important now than ever for them to look at how they manage their organisations including employment issues and creating partnerships, as well as potential problems which could be exacerbated by a drop in funding."
George Hay, partner at Henderson Loggie, added: "We hope that representatives today's seminar will give representatives some valuable financial and legal guidance on how to identify early warning signs of difficulty and how to best position themselves financially through looking at diversifying funding sources and strengthening key relationships.
"Together with Thorntons we will be looking at positive ways in which Tayside's charities can how to be best prepared to weather the economic storm."
Issued by Beattie Communications on behalf of Thorntons Solicitors.
Contact: Jennifer Black, Tel 01698 787878