Setting up your charity or CIC - options
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If you wish to start a charity, or social enterprise, this easy to use tool provides the costs and benefits of the most common types, including what each is best for and points to note, with links to more resources to help you.
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Setting up your charity or CIC - options
- 1. https://www.charityexcellence.co.uk Alumna © 2019 Setting Up Your Non-Profit – Most Common Options Being a registered charity can make fundraising easier and allows you to claim charitable tax reliefs, but comes with an administrative cost, both in setting up and running your charity. It’s often neither the cheapest, nor the best option. For a step-by-step walk through of all the options, read my online guide. Benefits Start Up Costs Best for Points to noteCharitable tax relief Fundraising Financial Cost3 Time Unincorporated Association Yes Yes Don’t pay anyone, it’s easy Less than a month Small organisations with no staff or major contracts, income below £5k Less protection for trustees CIO – Foundation Model Yes1 Best2 Most providers £700-£1000 6+ months Any charity, slightly less work than the association model Secured borrowing may be an issue CIO – Association Model Yes1 Best2 Most providers £700-£1000 6+ months Any charity, a bit more accountable than a foundation model Secured borrowing may be an issue Charitable Company Yes1 Best2 Most providers £700-£1000 6+ months Any charity with income £5k+, best if you might need secured borrowing Subject to 2 regulators Charitable Trust Yes1 Best2 Most providers £700-£1000 6+ months Grant making charity Less protection for trustees Community Interest Company (CIC) No More difficult Online provider about £75 Less than a month Organisations that trade goods/services, business image No charitable tax reliefs 1. Tax Relief - There are a range of charitable tax reliefs, often the most important one is Gift Aid. 2. Fundraising - People can be more willing to donate to a charity that is registered and businesses can claim Corporation Tax relief. 3. Registration Cost - Based on an informal internet survey by myself, with costs including VAT. I charge £599, or follow my online guide to register yourself at no cost. If you’re not sure, contact me for ‘sales talk free’ advice on 07595 371 444, or at charityexcellence@gmail.com.