things you need to know
The Stewardship giving account is designed to keep things simple so you can spend less time worrying about the fiddly bits. However, there are some important things you need to know, so please take time to read the following:
- Legally, gifts made into your giving account become the charitable funds of Stewardship and, as such, cannot be returned to you. Stewardship retains discretion in relation to any donations that you request to be made.
- Stewardship may invest funds paid into a giving account and awaiting distribution. Resulting income shall be the general income of Stewardship.
- If you intend to make Gift Aid gifts into your giving account:
- You should pay enough tax for any one tax year to cover the amount reclaimed by Stewardship, and any other charity, on your giving. Relevant tax is any income tax (at whatever rate) or capital gains tax. If you cease to be a taxpayer, or have not paid enough tax for any year, you should notify Stewardship immediately. If too much tax is recovered on your giving you will be liable to refund HM Revenue & Customs.
- Your gifts should be based on the tax paid by you personally, not that paid by another person (e.g. husband or wife).
- You are entitled to cancel your Gift Aid declaration at any time. Simply notify us, preferably in writing. Unless and until you cancel your declaration we will continue to reclaim tax on all your giving to Stewardship.
- If you request a donation for a recipient who is not yet known to Stewardship, we will go through a registration process with them to ensure that making grants to them will represent a charitable use of our funds. This is likely to mean that our first grant for them will take longer to process than any subsequent requests.
- The following restrictions apply when requesting donations from your giving account:
- You can request donations for a broad range of Christian and secular charitable causes from your giving account. However, we cannot approve requests to support charitable activities if they would oppose, or bring, or could bring Christianity into disrepute.
- If large donations for a recipient are proposed, we are often obliged to conduct suitable checks in relation to the recipient. This is most likely if they are a private individual (i.e. Christian worker or Bible college student) or an overseas charity/NGO. We regret that this may delay the donation being made and in some cases will mean that we are unable to make the proposed donation.
- There are restrictions on requesting donations for the support of Christian workers who are close relatives of you or you spouse (“close relative” refers to a child, grandchild, parent, grandparent, brother, sister or the spouse of any of these).
- Stewardship are not able to consider donation requests for a close relative if they are a Bible college student.
- Donation requests for Christian workers who are close relative are subject to Stewardship’s normal approvals and can only be used for the individual’s ministry expenses and not living costs. For more information, please contact us.
- Donations cannot be made for an overseas charity without sufficient verification of its legal existence, charitable and operational activities.
- Giving account funds cannot be used to pay membership subscriptions or to buy goods or services from charities.
- Stewardship retains 3% of each payment into your account (including the added tax). Part of this represents the cost of gift administration and is subject to VAT. The remainder goes towards the cost of servicing your account membership.
- You should be aware that you must not enter into any ‘arrangements’ to receive a ‘financial advantage’ directly or indirectly from the charity when making a tax relieved donation, as HMRC may withdraw the relief if you do. Note: These terms are defined in the Tainted Charity Donations rules in the Finance Act 2011.
Despite this all sounding a bit strict, we’re actually quite a nice bunch and would be happy to help you make sense of anything that may seem a bit complicated. Just give us a call on 020 8502 8560 or send us an email to [email protected].