This means that the trustees will have to submit an annual report to the Charity Commission which includes details of the financial status of the Society and its achievements during the year. In spite of our dislike of paperwork this is not an onerous task.
On the plus side, being a registered charity means that the Society can claim Gift Aid relief on donations. This is a very big advantage, particularly as we are getting to a point in the restoration that needs more money than we currently have.
Gift Aid means that we can get back the tax that the donor has paid in earning enough to make the donation. For example, if our donor pays tax at the standard rate he will have to earn £100 to give away £78. If he gives £78 to the Society the Society can claim £22 from HM Revenue & Customs. This increases the value of donations from UK taxpayers by 28%. Higher rate taxpayers can also claim tax back from HM Revenue & Customs when they do their annual tax return.
There are a few technical issues to be overcome before we can take donations on-line but we are always happy to receive donations by post or by hand. You can download a Gift Aid form by clicking here and donations can be sent to Shelsley Watermill Society, Midland Automobile Club, Shelsley Walsh Hill Climb, Worcester, WR6 6RP.
We currently need £450 to buy steel to complete the waterwheel and we also have to get a number of independent surveys done to satisfy planning and environmental authorities. As yet we don’t know what these surveys are likely to cost but they won’t be free! So come on, now the charity status is sorted out for every £10 you give to us, Gordon Brown has to give us another £2.80.
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Read about our charity status? Click here to see the previous article.
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