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

NSPCC announced as official partner for Virgin London Marathon 2016

1 May 2015

The NSPCC has targeted raising £2.3m in the Virgin London Marathon 2016 after being named today as the...

Two-thirds of donors uncomfortable with giving online, says poll

30 Apr 2015

Just one third of people said they were comfortable with donating money online, with fewer happy to donate...

UK companies' total giving up, cash donations down, according to new study

29 Apr 2015

The UK’s top 400 companies gave a total of £658m to charity in the last two years, an increase of 9.9...

Former Royal Horticultural Society head of operations admits attempting to defraud the charity of £700,000

1 May 2015

The former head of operations at the Royal Horticultural Society, pleaded guilty to one count of fraud...

Boycott Workfare encourages people to ‘name and shame’ charities involved in workfare

1 May 2015

Campaign group Boycott Workfare is encouraging activists to report to them any charities and organisations...

Extensive damage after fire breaks out at National Trust property

30 Apr 2015

An investigation has been launched by the National Trust after a fire broke out yesterday at Clandon Park...

Two-thirds of donors uncomfortable with giving online, says poll

30 Apr 2015

Just one third of people said they were comfortable with donating money online, with fewer happy to donate...

Charities 'need a complete culture change' for digital transformation, says report

24 Apr 2015

Digital teams need to develop better relationships with colleagues in IT and elsewhere in the organisation...

Comic Relief launches grants programme for digital projects

24 Apr 2015

Comic Relief has launched Tech for Good, a new grants programme to help charities run digital projects...

Join the discussion

 Twitter button

@CSFinance