RefuAid's Charitable Status
RefuAid is an organisation set up as a charitable fund under the auspices of Prism the Gift Fund (charity number 1099682).
This has given us the benefits of focusing on our cause in a cost-efficient and transparent manner, whilst Prism the Gift Fund provide us with financial administration support.
Please find below a description from Prism about the nature of our relationship:
"To put it simply, Prism the Gift Fund is a UK registered charity, and our mission is to increase the flow of funds into the charitable sector.
RefuAid is set up as a charitable fund under the auspices of Prism the Gift Fund. Prism the Gift Fund acts as the ‘parent’ charity to RefuAid (and around 100 other similar organisations), providing the following services:
- Structure (being a “restricted fund” under Prism means that RefuAid can immediately benefit from Gift Aid on donations)
- Due Diligence on operations and grant-making
- Financial administration
Prism the Gift Fund does charge a % overhead on donations received into the RefuAid account to cover all overheads and ensure all activities of RefuAid comply with UK charitable law. The % overhead for all of RefuAid’s finance, governance and compliance functions as an organisation is 5%, capped at £25,000 per year. This is incredibly competitive as an overhead rate. Use of Prism the Gift Fund’s existing charitable structure keeps overheads low by outsourcing compliance, finance and governance functions across over a collective of 100 charitable funds, ensuring that the maximum overhead of any fund such as RefuAid is 5% - increasing the funds available to run projects around the refugee crisis and many other cause areas.
Effectively, RefuAid are a small "department" of Prism the Gift Fund, the overarching UK registered entity and backbone of all it's sub accounts, which lends skills, practical support, and governance to RefuAid.”
Please contact Morgan Kainth at Prism (email@example.com) if you have any further queries about the structure.
RefuAid’s structure and relationship with Prism means that our Inspected Annual Accounts and Annual Reports are incorporated within Prism’s, since they are the registered charity with the U.K. Charity Commission.