A guide to third sector trading - WCVA

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It’s an idea, but is it business? A guide to third sector trading 4: Legal and governance structures 72 4.1 Incorporation or not? 73 Before you start: 73 What is incorporation? 74 When to incorporate 75 What’s involved? 77 Contacts 77 4.2 The options for trading organisations 78 Basic issues 78 The options for trading organisations 81 Companies limited by guarantee – advantages and disadvantages 82 CICs – advantages and disadvantages 83 Contacts 85 4.3 Charities and trading 86 Knowing where you stand 86 Types of trading 88 4.4 Choosing a structure: charities 91 Deciding whether to register a charity 91 Charitable Incorporated Organisations (CIOs) 94 4.5 Community interest companies 95 What are CICs about? 95 The value of CICs 96 Key provisions of the legislation 98 Contact 99 4.6 Do you need trading subsidiaries? 100 What is a trading subsidiary? 101 Pros and cons of trading subsidiaries 102 5: Funding and resourcing the business 105 5.1 The right investment for your new businesses 105 Planning ahead 105 ‘Sustainability’ or ‘growth’ 106 Planning and start up funding 110 Planning for future growth 113 5.2 Resourcing sustainable enterprises 114 What does sustainability mean? 114 Flexible and diversified funding 117 Practical steps to improving sustainability 119 5.3 Financing the trading arm 124 Funding options for charities and their trading subsidiaries 124 Legal obligations when charities invest in trading subsidiaries 127 How does this help the charity? 129 5.4 Raising money with shares and bonds 131 6: Financial controls and monitoring 133 6.1 The basics of financial monitoring? 133 An overview 133 Being serious about business 136 Who does the monitoring? 140 2
It’s an idea, but is it business? A guide to third sector trading 6.2 Financial systems and record keeping 142 Overview of the finance system 143 Keeping money separate 144 Using cost centres 146 6.3 Cash flow and credit control 150 6.4 Financial reports 154 Want you need 154 Making sense of the balance sheet 156 The budget and budget reports 159 Financial monitoring for complete beginners 162 7: Managing growth 168 7.1 What growth looks like 168 Enterprise growth points 168 Other models of development: 170 Ways to grow your business 171 7.2 Growth: finance for development 173 The challenge for financing growth 173 Overcoming the obstacles 175 So where will investment funding come from? 177 Sources of loan finance 179 7.3 Making assets work 180 The importance of community ownership of assets 180 Asset transfer options 181 Pre-empting concerns about risks 185 Further information 187 7.4 Online trading 188 What’s involved in online trading? 189 The online shop 190 Regulation 193 Information 193 7.5 Taxation 194 Corporation tax 194 VAT 194 Rate relief for charities 196 Stamp Duty 197 Taxation and non-charities 197 7.6 Using Gift Aid 199 How Gift Aid works for companies: 199 Companies owned by charities 200 7.7 Gift Aid on donations from individuals and on donations to charity shops 202 What else can I claim Gift Aid on? 203 8: Management and governance 204 8.1 Business management basics 204 What qualities does the business need? 205 Keeping control 207 Dealing with the social enterprise tensions 209 3
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