Share

Cup Trust's income plummets from £78m to £5k

Cup Trust's income plummets from £78m to £5k
News

Cup Trust's income plummets from £78m to £5k1

Finance | Kirsty Weakley | 5 Feb 2013

The Cup Trust did not make any grants to charity in its last financial year and its income dropped to almost nothing.

At the end of last week the Cup Trust filed its annual update with the Charity Commission, reporting an income of £5,147 – below the £10,000 threshold to submit full accounts - and spending of £0 for the year ended 31 March 2012. This compares to 2011 when the income was £78.9m.

The charity was the subject of a Times report last week, which revealed that its donors were able to avoid £46m in tax. The Charity Commission has come under fire for not being able to take action against the charity for its lack of charitable activity in comparison to its income. The regulator said after The Times report appeared that it is "not comfortable with the charity’s set-up", but that "whatever the motives for creating the Cup Trust, we were forced to conclude that we could not remove it, as the Cup Trust is legally structured as a charity".

The Cup Trust's 2011 accounts indicated that it made grants totalling £55,000 to unnamed charities in 2011 and that it had set aside £80,000 to make grants to charities in 2012.  But it actually spent £0 in 2012, according to the update filed with the Commission.

The organisation has filed gift aid claims with HMRC totalling £46.4m - £19.1m in 2011 and £24.3m in 2010. And in its 2011 accounts, it said that: “Having considered expert legal advice from counsel, the trustee is of the opinion that these claims are more than likely to succeed.”

HMRC states on its website that gift aid repayments should be made “within four to five weeks” of claims being lodged. HMRC will not say whether it has paid these claims, stating it will not comment on specific cases.

Charities with an income less than £10,000 do not have to file their annual report and accounts with the Charity Commission but they still have to produce them. The Cup Trust has not responded to civilsociety.co.uk’s request to see its latest accounts.

 

Kevin Russell
Technical Director
Stewardship
5 Feb 2013

I think that many of us will be interested to see Cup Trust's latest accounts. No doubt Civil Society has made a formal request for the annual report and accounts to 31 March 2012. So, under s171 and s172 Charities Act 2011, the trustees must supply them within 2 months.

Its no real surprise that they have received negligible income, and made no grants in 2011/12. Looks like the 2011 Tainted Charity Donations legislation got them fair and square and, presumably, with no 'traditional' methods of fundraising to fall back on, they were forced to become virtually dormant!

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

Contactless micro-donation scheme Penny for London 'could raise £5.5m'

29 Oct 2014

A micro-donation scheme launched today will allow commuters to donate up to 10p to charity each time they...

CoppaFeel! says partnership with The Sun was a success

28 Oct 2014

CoppaFeel! has said that a controversial partnership with Page Three of The Sun was a success, having...

FRSB upholds complaint against Save the Children's Liberia Capital Appeal

28 Oct 2014

The Fundraising Standards Board has ruled that a direct mail campaign and website for Save the Children’s...

St Mungo's staff plan new ten-day strike

30 Oct 2014

Staff at St Mungo’s are planning to strike again for ten days from next Wednesday in further protest...

Acevo announces Lord Low is chairing a commission on sector regulation

30 Oct 2014

The chief executives body Acevo has set up a commission on sector regulation that will assess whether...

Independent press regulation body not charitable, Commission rules

30 Oct 2014

An organisation set up to fund an independent press regulator cannot be registered as charitable, the...

BeatBullying's technology CIC has not filed accounts with Companies House

22 Oct 2014

A software community interest company set up by the BeatBullying Group in 2012 is almost a year late filing...

Blackbaud launches online giving platform for individual fundraisers

17 Oct 2014

Blackbaud has launched its online giving platform, everydayhero, for fundraisers in the UK in a bid to...

Don't dismiss social media 'slacktivists', fundraisers told at IFC

16 Oct 2014

Charities should embrace and love charity ‘slacktivists’ because social is a great ramp for new donors,...

Join the discussion

 Twitter button

@CSFinance