| Topic: | Re:Re:Re:Re:Re:No live music events in Gunnersbury this summer | |
| Posted by: | Kathleen Healy | |
| Date/Time: | 07/06/26 16:59:00 |
| on a point of information CICs (Community Interest Companies)are not Charities. They aren't registered with the Charity Commission and aren't regulated by it. Not being Charities, CICs don't enjoy the benefits that Charities do. CICs are liable for corporation tax and can't claim gift aid on donations. Some large grant funders, Garfield Weston being one, will only fund charities, so being a CIC, Gunnersbury is excluded from some grant funding. Charities have to comply with Charity Commission requirements, which includes providing more detailed information which is made available on the Charity Commission's website. CICs are regulated by companies house and as Gunnersbury qualifies as a small company, turnover below 15 million, it can file accounts that provide less detail than a charity would have to provide. One total figure for each of turnover gross profit and admin expenses. That would be why it's hard to see how much is earned from events gross and the net profit from them. If the two Council's had required the Trust to be a Charity, it would have provided greater transparency around its finances. It would also enjoy the tax breaks a charity gets. |