Donations and Sponsorship
The Nü Savings Group ('NSG') ensures transparency in all our donation and sponsorship activities. We use sponsorship to promote certain objectives, such as cultural activities, educational purposes, science, and sports events.
Whilst we donate with no strings attached and voluntarily, we do not demand anything in return and comply with applicable laws and local regulations. We categorically exclude donations to political parties, political candidates, managers of political offices, or representatives of the local authority
DEFINITION OF DONATION
A donation is something of value such as money, goods, or services that are given to help a person or organization such as a charity, or the act of giving this money, etc. In the United Kingdom, an application for gift aid can allow the receiving party, to receive a better return than the standard tax amount.
It is also possible to make a donation with conditions attached, for example requiring the funds to be used for a specific purpose.
DEFINITION OF SPONSORSHIP
Sponsorship is a payment to a charity, social project, or a business for which the sponsor receives something in return. Payment may be in the form of money, goods, and services (commonly referred to as ‘barter’), or a combination of money with goods and services.
Sponsorship is a common feature of artistic, sporting, educational and charitable activities, but it is not restricted to these areas.
The payments may also be described as something else, for example, as a donation. Sponsorship is similar to a donation in that persons sponsoring a charity or social project are usually motivated by a wish to support it. But where the sponsor also receives something in return, this may have VAT implications.