Posts tagged ‘Government Scheme’

Question of moneyNow I know you don’t get many invitations to “double your money”, but read on, I’m not expecting you to enter a TV quiz show or participate in gambling activities…..

Doubling the impact

I am speaking about Matched Funding, a concept whereby a donation (plus gift-aid) to a specific charitable fund is matched by Government funding, so the amount of IMPACT it can make on local charities and community projects is effectively DOUBLED.

Local Foundation awarded matched funds

Late last year, I met Jo Abel, Development Director at CCF (Cambridgeshire Community Foundation : charity number 1103314) who introduced me to the concept of named community trust funds that help philanthropic individuals and businesss (large and small) to build relationships with and financially assist local projects and communities, thus creating a more dynamic impact.

There are many advantages to understanding what a Community Foundation does, so have a browse around their website.

 

Jo wrote:

The Cambridgeshire Community Foundation are pleased to report that the Government are investing in a £50m matched fund to incentivise the building of local endowment funds to create a sustainable source of local grants for the future. 

They want to ‘encourage more people to get involved and work together to improve our communities.

The opportunity to influence the world around you, to feel connected, to be able to make a contribution, and to trust hose around you – these are the some of the most important contributors to our well-being. They form the foundation of both our society and economy.’

The Government partners for their ‘Community First’ initiative are Community Development Foundation and the Community Foundation Network.

As part of the national network of Community Foundations, CCF will be able to offer their Private Sector Donors a 50% fund match through this Government scheme.  Donor funds will need to be invested as Endowed Funds for 4 years before any of the funds can be used for grant-making in the Cambridgeshire area.  Despite these restrictions, we feel that this will provide a good incentive for philanthropic individuals or families who wish to make a lasting impact in the community where they and their families live, to create their own charitable fund, or increase their existing fund.  Once matured, the fund will be used to issue grants to community groups, organisations and charities, carefully selected and vetted by the Foundation, which address the needs the Donor has requested to support, or which fall into the areas of the Donor’s or which inspire their charitable passions.

As your local Community Foundation, we are ourselves a charity, dedicated to strengthening our community.

To that end, we target grants that make a genuine difference to the lives of local people.  We manage funds donated by individuals and organisations, acting as the vital link between local donors and local needs, connecting people with causes, and enabling individuals to achieve far more than they ever could by themselves.

Importantly, we’re independent and ‘cause neutral;  In providing you with expert advice and the benefit of our local knowledge, our only agenda is to help you ensure your giving makes a lasting impact in the areas that you care most about.


If you are interested in finding out more about the Cambridgeshire Community Foundation, or the Government Match Scheme, please contact Jo Abel on:

01223 410535  jo@cambscf.org.uk

 

Alice in Wonderland: White Rabbit - Who Killed Time?Time is short

Time is of the essence, as £117,000 of this funding is available to CCF for use locally, until the end of March 2012, if it is not matched, the opportunity is lost.

A second tranche has been promised, but this will be at 50% and details are yet to be clarified.

DON’T LOSE OUT ON THE CHANCE TO SPEND GOVERNMENT MONEY ON OUR LOCAL COMMUNITY

 

 

Update 23.03.2012 :  Good News

With days before 31 March deadline, we are delighted to have received the support of donors who have enabled us to meet the  2011-2012 Cambridgeshire Community First Endowment Match target.  The new donations and the 100% match have increased our endowed funds by over £380,000.

Whilst the 100% match is now complete, a 50% uplift is available from 1 April 2012 for the next three financial years.

The 50% match offers a 50% higher rate tax payer the chance to receive a 280% uplift on their donation into a ‘family controlled charitable fund’ – which is used to support local charitable projects.

As one of our new donors said “The match offered me a great incentive to set up a family controlled endowment fund with CCF.  I plan to involve my children so they can develop an interest and understanding of local charitable giving, and then take over the running of the Fund from my wife and I when the time comes”.

 

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

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New businesses excluded from a Government scheme to encourage more start-ups should still ensure they plan ahead to minimise their tax liabilities.

The National Insurance Contributions (NIC) holiday scheme

The scheme was launched on September 6th 2010 and means employers do not have to pay the first £5,000 in NICs for each of the first 10 workers during the first 52 weeks of their employment, provided that year falls within the three-year period up to September 5th 2013.

However, while new firms across the UK are set to benefit from potential tax savings of up to £50,000, those in the East, South East and London regions are being excluded from the scheme.

Another postcode lottery?

Barry Jefferd, Tax Partner at George Hay, said: “This is incredibly unfair on new businesses in the region who will be at a disadvantage compared to their counterparts in other areas.

“However, employers should still give serious thought to tax planning in order to minimise their liabilities and take advantage of any opportunities that might not be available at a later stage.

“While businesses in the East may not be able to enjoy the same tax breaks as others around the country, we can still help them make valuable tax savings, ensuring more of their hard-earned money goes back into those companies rather than the taxman’s pocket.

“Equally, if any new businesses in the area are unsure of their NIC obligations, then we can advise them accordingly.”

 

Further reading: NI holiday scheme slammed by Labour, Accountancy Age 04.01.12 – Administration costs more than savings.

Disclaimer: This article is for general guidance only.  All taxation planning should only be undertaken after appropriate professional advice.  George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

 

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If you found this post interesting/useful please share it with your social network and/or bookmark it.  Also, your comments are always valued and will help me to write new posts that are relevant to readers of this blog.