Markel

Video interviews: The Bike Project

At the recent Third Sector Awards, specialist insurer Markel had the opportunity to speak to charities about the risks they face and how they manage them.

The Bike Project is a charity that refurbishes second hand bikes and donates them to asylum seekers and refugees. 13,500 people seek refuge in London each year and 27,500 bikes are abandoned over the same period. 

Founder and Director of The Bike Project, Jem Stein, discussed the risks that his charity faces.

As a small charity fundraising is always an issue, The Bike Project needs enough money to ensure cash flow to cover a few months of running costs - this is a particular concern in today’s climate with cuts in government funding. Diversification of funding sources ensures safety, with a strong trading arm, plenty of bid applications and small and major donors, charities are better protected against this risk.

A concern unique to The Bike Project is their refurbishment of second hand bikes. If something in the refurbishment process goes wrong or someone has an accident that’s a large area reputational risk and a legal and financial concern. Adequate insurance, staff  training, correct legal procedures and  good risk review processes pick up problems before they get too big.

Find out more about how to write a compelling fundraising application here and to read about digital fundraising methods click here.

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