Charities board update
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Please note, our Forum rules no longer allow the posting of links to personal fundraising or crowdfunding pages, such as JustGiving. You can read the full set of our Forum rules here.
Converting from a charitable company to a trust
It seems there is lots of information about incorporating, but I cannot find anything about going the other way.
I am a treasurer of a small (<£10k income pa) charity which is a limited company with three trustees. All we want to do is change to an unincorporated trust and change two trustees (with me being one of the new ones).
Ideally I'd just tell Companies House the company is closing, and let the Charities Commission, the bank, and HMRC know of the name change (losing the 'ltd') and change in legal status.
I'm going to have to go into the bank to convert the account as we won't have a company, hopefully keeping the same bank account number as we exist to collect standing orders from donors (and gift aid from HMRC).
After contacting the Charities Commission, they appear to need me to set up a new charity then transfer the assets over, I'm still waiting on HMRC; does it really need to be this complicated?
I am a treasurer of a small (<£10k income pa) charity which is a limited company with three trustees. All we want to do is change to an unincorporated trust and change two trustees (with me being one of the new ones).
Ideally I'd just tell Companies House the company is closing, and let the Charities Commission, the bank, and HMRC know of the name change (losing the 'ltd') and change in legal status.
I'm going to have to go into the bank to convert the account as we won't have a company, hopefully keeping the same bank account number as we exist to collect standing orders from donors (and gift aid from HMRC).
After contacting the Charities Commission, they appear to need me to set up a new charity then transfer the assets over, I'm still waiting on HMRC; does it really need to be this complicated?
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Replies
What I wonder though is why you need to do this? Have you had advice about the advantages? I know that being a ltd company gives the trustees some protection if things go wrong ...
The reason is to reduce the overheads and red tape. We don't need the protection of a limited company as we are not trading or operating other than to collect funds to transfer to the cause.
It may only be £12 or £13 to submit an annual return, but I do everything I can to reduce costs so everything else goes to the cause. Hence paying for advice would be rather counter productive.