Right guys I've recently acquired a public park lake and we are keeping it free fishing and are gonna be running it through grants and funding. We have registered our club and got our lease but to go any further we need a bank account, we have been advised to create one as a charity rather than a business does anyone have any knowledge of which account we have to open and how? Thanks
In reply to Post #1
I opened one with lloyds for our cycling club so similar situation.
All done online and was pretty straightforward. Called a Treasurers account I believe. Aimed at not for profit organisations.
I opened one with lloyds for our cycling club so similar situation.
All done online and was pretty straightforward. Called a Treasurers account I believe. Aimed at not for profit organisations.
There are a lot of factors to consider when setting this up as a charity, so firstly I would say speak to an accountant, and you will need an accountant anyway, because Charities have specific reporting requirements.
Before you can open a account you will probably need to register with the Charity Commission, with Minutes of the Meeting and constitution documents. For this you will need to consider the Charity Structure i.e. a Limited Charity, which you may want to mitigate liabilities (given that it is a public venue).
There are quite a few bank providers such as Metro Bank that are smaller but have good online functionality and some branches, depending where in the country you are.
Good Luck
Before you can open a account you will probably need to register with the Charity Commission, with Minutes of the Meeting and constitution documents. For this you will need to consider the Charity Structure i.e. a Limited Charity, which you may want to mitigate liabilities (given that it is a public venue).
There are quite a few bank providers such as Metro Bank that are smaller but have good online functionality and some branches, depending where in the country you are.
Good Luck
In reply to Post #1
Mine is on a treasuries account
Mine is on a treasuries account
In reply to Post #4
Nick will be along n a minute to recommend the Rod Hutchinson bank account
(Sorry Nick 😂
Nick will be along n a minute to recommend the Rod Hutchinson bank account
(Sorry Nick 😂
In reply to Post #5
Cheers for the replys everyone would I still have to register as a charity if I opened up a treasures account?
Cheers for the replys everyone would I still have to register as a charity if I opened up a treasures account?
In reply to Post #6
Pretty sure you would need to be a registered charity of open one of these, but as you mentioned you're going to be running this from grants etc. it'll be worth getting that up and running - from a donations perspective you should be able to claim gift aid if you're registered (but worth checking with your accountant on that part - my memory is a little hazy when it comes to this)
Pretty sure you would need to be a registered charity of open one of these, but as you mentioned you're going to be running this from grants etc. it'll be worth getting that up and running - from a donations perspective you should be able to claim gift aid if you're registered (but worth checking with your accountant on that part - my memory is a little hazy when it comes to this)
In reply to Post #6
no you either have treasury or charity mate
no you either have treasury or charity mate