Charities in Britain and elsewhere are cutting costs and will probably explore new ways to do business in anticipation of declining revenue from all major sources this year and next, reports the Financial Times.

“I suspect you will see mergers of charities with similar aims becoming more frequent, and I would expect most charities to institute a fundamental review of their resource base,” said Jamie Korner, director of charities at Newton Investment Management.

Not all the fiscal news is dire, said Steven Lawrence, senior director of research at the Foundation Center, noting that U.S. foundations’ income declined less than that of the wider market and that giving has been “remarkably stable,” given the crisis.

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