Macmillan’s reserves get £40m boost after spending paused or cancelled

From Civil Society:

Macmillan Cancer Support’s reserves increased to £77.6m during the pandemic partly because it paused grants to others where planned activity became impossible. 

Going into the pandemic Macmillan held total reserves of £36.2m. The reason its reserves more than doubled in one year is that £42m, which it had planned to distribute as grants to partners, was held back often because projects could not go ahead.

The charity’s annual report and accounts for the year ending 31 December 2020 have recently been published on the charity’s website and show that overall income fell by 16% to £194m. 

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