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20 February 2023
Charitable venture
We have been asked to advise a team of four intrepid individuals who have teamed up to take part in a cross-Atlantic rowing competition. The basic details are:
- Entry fee £16 000 for four people.
- No minimum sponsorship.
- Funds needed are £150 000 – for the boat equipment training food etc.
- This is not a charitable venture in itself although they will raise funds for charity separately through a JustGiving account. Their main goal is to compete and achieve their goal of rowing across the Atlantic.
- At the end they will sell the boat and the proceeds will either go to charity or back to the sponsor dependent on the agreement made with the sponsor.
For transparency reasons the team are thinking of setting up a company limited by guarantee. The team have asked whether the company will be subject to corporation tax. There...
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