Funding & Income

The Prime Minister, David Cameron, has officially launched the £600million social investment wholesaler Big Society Capital. Big Society Capital will invest in organisations that lend money to charities and social enterprises. It is funded with money from unclaimed assets in dormant bank accounts, believed to be worth around £400million over the next four years, and with £200million from four major high-street banks. The organisation has been ready to start lending since the New Year, but has been awaiting approvals from the Financial Services Authority and the Cabinet Office.

Her Majesty's Revenue and Customs (HMRC) has opened a consultation on the proposed gift aid small donations scheme, which will allow charities to claim gift aid on £5,000 worth of small donations each year without needing to submit a gift aid declaration signed by the donor.

The measure was announced in last year's Budget, when the Chancellor stated that it would apply to donations of up to £10. This year's Budget confirmed that the move was still in the pipeline and doubled the limit for each individual donation to £20. The change is intended to take effect from 6 April 2013.

The National Council for Voluntary Organisations (NCVO) and the Charities Aid Foundation have set up Give It Back, George, a website calling on the Chancellor, George Osborne, to abandon the proposed cap on tax reliefs. The site is designed to act as a focal point for lobbying the government over the measure, announced in this years' Budget. The cap will mean that the tax relief an individual can claim in any year will be limited to a quarter of their income or £50,000, whichever is higher, from April 2013.

Rachel Quinn, One East Midlands Chief Executive, has published her latest blog post entitled Grant funding - You actually have to apply if you want some!! To read the full post click here.