Impact of COVID-19 PCRC’s Income
We are 100% reliant on donations to achieve our goals. However, our duty of care to people affected by prostate cancer, our volunteers, and our staff, comes first. We are aware that a significant number of our supporters are men with prostate cancer, and their families. According to current data, these men are at much higher risk of fatality if they contract COVID-19 due to age, gender and comorbid conditions detailed above. For that reason we have just made the decision to cancel our flagship fundraising event, the Horizon Dinner, which was scheduled to take place on 26th March, and which had an income target of £170,000.
We are likely to experience a difficult fundraising environment as events and community fundraising, which historically was our primary source of income, and together still make up about 25% of our income, are likely to suffer. At the same time, we have to be realistic and face up to the fact that some trusts, major donors and corporates who generously support our mission to create a better future for families affected by prostate cancer may be impacted by the falling stock markets.
However, we can invest in areas of fundraising which are less likely to be affected, such as statutory fundraising and building partnerships with companies who are more resilient to the current situation. We will also use this time to build our internal capacity and skillset which will help us to grow in the long run. Last year, we took the decision to discontinue our investment in stock markets. Whereas this had been a valuable source of income for us, we felt that the situation was becoming too risky as in the event of a situation such as this, we could have been hit with a ‘double whammy’ of both investments and fundraising declining simultaneously. We also employ a talented team which was capable of diversifying our fundraising.