Thinking of starting your own non-profit organisation? If you are seriously considering starting up a successful charity you will need the help of experienced accountants for charities! The Kelvin Partnership can help you from the very beginning of the start-up process.
Non-profit Start Up Advice from Accountants for Charities
As stated on the HMRC website, there are 6 steps which need to be completed in order to set up a charity. You need to;
- Find trustees (you’ll need around 3)
- Make sure that your charity has “charitable purposes” i.e your charity contributes positively to human rights, the arts, relieving poverty etc.
- Chose a name for the charity
- Chose a structure for the charity. There are 4 structures; a charitable company, charitable incorporated organisation (CIO), a charitable trust or an unincorporated charitable association.
- Create “governing document,” (a rulebook) which explains how your charity is going to be run
- Finally, you’ll need to register the charity if your annual income is over £5,000 or, if you have set up the afore mentioned charitable incorporated organisation (CIO).
After you have taken these steps towards setting up a charity, you’ll need the help of accountants for charities to make it a success!
Do Your Research
As we mentioned in our last post, planning is essential for any new venture. And, one of the most likely reasons a non-profit start up will fail is because there has been a lack of planning and research. Be realistic about what you’re doing and have a passion for it! Ask yourself;
- Is there a need for the charity you’re setting up?
- Is there an existing non-profit similar to the one you’re planning, can you join that one?
- Are you sure non-profit is the right route to go down in terms of setting up a small business etc.?
Develop a Fundraising Plan
If you’re starting a non-profit you need to start fundraising, there’s no way to avoid it! Therefore, create a fundraising plan. Popular ways to fundraise online involve using platforms like GoFundMe. If you’re struggling to develop a plan which guarantees producing a certain level of funds, we will help. A Glasgow accountant from The Kelvin Partnership will make sure that your fundraising plan is developed properly and ensures the continual growth of your charity.
Consider Legal Requirements
And finally, make sure that your charity is meeting legal requirements! Most non-profits are heavily involved in caring and supporting the most vulnerable in society, which is where there are also most laws. You will need to keep up to date with regulation all the time! You could get into some serious trouble if you are unaware of the UK law concerning non-profits; on a financial basis too!