Formalising the receit of Donations

[Eddiewj]

Is there a requirement to formalise receit of Donations to a Man's Shed by members of the public, sponsors and Companies (and Members themselves).

In the light of the seriousness and problems that can ensue from acusations of Receiving Stolen Property, should some formal and recorded method be introduced.

Idealy the date-time/name/ address and contact details of the supplier, plus signtures of supplier and Man's Shed representative, might be enough

A standard form could be raised and be available at SMSN level.

Has any Man's Shed considered this possible problem and produced a form?

[DavidR]

If  'Formalising the receit' (receipt) means 'recording' donations, then this will be done as part of your overall Shed financial accounting. Probably no need to issue a receipt for each donation, but of course an  'thank you' in whatever form is a 'must' which will help to build longer term support.

Public sector and other funders being asked to support projects/activities like to see diversity of income and donations (individual) and otherwise shown in your accounts will form an important part of your income stream, showing how widely you're supported etc.

Those Sheds registered as charities will know of the value added to donations via Gift Aid - i.e. turning every pound donated into £1.25 thanks to HMRC. Guidance on the HMRC website includes what record keeping is required  https://www.gov.uk/claim-gift-aid/overview