Non-profit


#1

There’s a lot of talk of things being very specific about limited companies/sole traders.

What’s the official rule on non-profits? I happened to suggest Starling to my local triathlon club but the treasurer was less keen to sign up based on the information on the website.

Cheers.


#2

That’s a great question - one that can be best answered by @jasonwilkinsonbrown or someone from @StarlingSupport.


#3

Thank you. I say “the treasurer” - he’s a good friend of mine who I’ve been banging on to about Starling for a while. Either way, he has more financial knowledge than I do but would like to be able to advise him whether or not this is a route to go down.


#4

I can only speak for my own situ, but my NFP was passed after some more checks and a bit of to-ing and fro-ing with CS, but then mine fits the criteria in that although its a NFP it’s a CIC ltd by guarantee in which i’m the only member, so it runs like a standard business, but just happens to have all profits reinvested. I’d imagine that that would be the same for any other organisation, but as i say, i can only speak for what happened in my case. I’d imagine if they were to happen charity/ society accounts would be a while away as there are, as you know, complications with treasurers and having to get things double signed and passed in resolutions etc which was why even though there are more of us involved my CIC than just me, we decided that at this point I’d have all the bureaucratic weight on my shoulders to keep things as simple as possible.


#5

Had hoped someone from @StarlingSupport may have seen this after being tagged in it and provided some guidance either way.