25 Feb Why Didn’t G7FX Register as Its Own Charity?
Why didn’t Nirav register a charity of his own?
You may be wondering why Nirav decided to contribute to multiple charities instead of a single charity of his choice. He could have even chosen to register a charity of his own!
There are several reasons for this. First, if you want to register a charity for any cause, you have to go through the charity commission.
There are six steps to setting up a charity.
Find trustees for your charity – you usually need at least 3.
Make sure the charity has ‘charitable purposes for the public benefit’.
Choose a name for your charity.
Choose a structure for your charity.
Create a ‘governing document’.
Register as a charity if your annual income is over £5,000.
Nirav is a full-time trader, along with his commitment to teaching the G7FX educational trading courses. The time and energy it would take to set up a charity correctly would clearly, conflict with Nirav’s already heavy workload.
The second reason is if you want to register a charity, as you can see from the above, the charity has to have a single charitable purpose!
When deciding which charities we want to donate too, we have the option of giving all our funds to a single charity or smaller amounts to multiple charities.
Nirav, at this time, does not have just one cause he would like to support. He feels that there are many good causes that could benefit from the donations from G7FX.
The third reason Nirav has decided to support multiple charities instead of putting all the donations into one charity is that he wanted to involve the G7FX community.
This will take place through having polls on the g7fxgiving.com site where the community can help choose which charities will receive a donation.
This will take place through projects such as the £25k challenge. We feel that being able to influence where various donations go will be very empowering to all involved.
The G7FX community spreads around the world. Giving back to your immediate community, coupled with the effort you are putting into improving that community, has multiple benefits for everyone.
True, we don’t know exactly which charity needs our support!
Fundamentally, we care about the people we’re helping. We are donating to help people rather than for self-gratification. This is another reason it helps to have more than one person deciding which charity receives our donation.
You might now be thinking we should always donate to small charities because donations could make a bigger difference to them. But the important thing isn’t the percentage increase in charity revenues, but the difference the extra funding will make to the cause.
The bottom line for us will be, if we really like a certain charity and believe in its mission, we will want to support that charity. Yes, the G7FX community has many different values. But at any given time, one of these will be the most pressing; one of them will be easiest to make headway on. And that’s the one we should concentrate on and support with our donation.
Could We Eventually Partner with A Charity?
There are many positive reasons why a business should partner with a charity. From building brand awareness to targeting a new niche of customers, below are a few ways partnering with a charity can help businesses.
1) It builds brand awareness – businesses that partner with a charity create a link between their business and the charity. These links create further awareness for both organisations.
2) It can unlock new networking opportunities – charitable events and meetings offer numerous networking opportunities. Partnering with a charity gives businesses access to new contacts and opens the door to meeting potential business partners and customers.
3) It helps others
Of course, partnering with a charity helps others. Small businesses give back to their communities through their day-to-day business, but charities allow businesses to specifically target and help causes they care about.
At this point in time, G7FX does not visualise partnering with any one charity. However, it might be something we consider in the future.