During the cost-of-living crisis, charities have struggled to secure extra income through fundraising, sponsorship, or similar activities. Without access to additional revenue, charities are unable to react quickly and positively. That’s when Scottish Sports Futures sought a cash platform.
Their goal was to generate extra income on their cash reserves without the additional administrative burden and cost of tracking the best savings accounts and application process. Upon high auditor recommendations, the charity opened an account with Insignis Cash in early 2022.
The Insignis Cash platform allowed them to efficiently diversify their funds across various accounts from Easy Access to 45 Days Notice. It enabled the charity to increase their interest earnings, guarantee the protection of their funds by FSCS, and swiftly access their funds as required.
Upon receiving restricted funds in advance, Scottish Sports Futures promptly allocated them to a selection of high-interest-bearing accounts on the Insignis Cash platform. This strategic move served a dual purpose: bolstering their financial due diligence by diversifying their funds across multiple accounts, thus reducing risk and creating an additional income stream within the competitive fundraising landscape. This proactive financial management approach has significantly contributed to the charity’s ability to make a lasting impact in its community.
With immediate access to their funds, Scottish Sports Futures responded rapidly to the pressing mental health crisis affecting many young people in their communities, providing their staff with mental health training.