Stonehaven Town Partnership has been granted the status of Scottish Charitable Incorporated Organisation.
The SCIO is a legal form that has been purpose built for the charity sector in Scotland. It provides limited liability and separate legal identity to organisations that want to become charities but do not want or need the complex structure of company law.
SCIOs are regulated by the Office of the Scottish Charity Regulator (OSCR) and do not need to register with Companies House.
Originally incorporated as a Company Limited by Guarantee, STP Directors, following an extensive ‘health check’ of the organisation, determined that re constituting as a SCIO would simplify all aspects of administration whilst ensuring transparency in operations and reporting procedures.
The new charitable status also carries tax and accounting benefits through simplified reporting process and procedures.
Existing Directors of STP, who wish to retain their position, will now need to be re-elected and appointed as Trustees of the charity.
Once all the administration associated with the transition is complete, the STP Company Limited by Guarantee will be wound up. All monies currently held will be transferred to the new charity.
The process of incorporation as a SCIO started over a year ago and included the writing of a full constitution and completion of a comprehensive application.
The Office of the Scottish Charity Regulator (OSCR) undertook a comprehensive and rigorous review of all aspects of STP’s organisation and application before awarding SCIO status.
Douglas Samways, the current Chairman of STP commented “This process has been a long and involved journey which required considerable effort and commitment by the current Directors.
“In particular I would like to thank Andrew Newton, now retired from STP, for his contribution in developing the draft constitution.
“This new status will allow Trustees to focus on the purpose of STP knowing that there will be complete transparency in all aspects of the charity’s operations, ensured by the OSCR reporting procedures”
A copy of the new constitution is available on the STP website: www.stpweb.org
STP have currently 50 organisations as members.