Hi. I've got a situation where two (very small) CICs have agreed to do a joint fundraising campaign for an urgent need where their purposes overlap (it involves a minority community in the developing world where they are starving to death because of COVID 19 crisis - and the locust plague, and where between them they have contacts on the ground that with funds could get food to the needy people effectively). We are setting up a separate campaign website, with the promise that aside from covering very small costs (such as the domain name and website hosting etc), each CIC will take either nothing or a tiny amount (0.25% for themselves) and every other penny will go to meet the urgent need.
One CIC has several bank accounts, with one set aside for campaigns like this one, to separate out ring-fenced campaigns from their regular income (trading and donations alike). The other only has one account, but by means of payment reference would ring fence campaign funds (they can accept international payments, the other CIC bank account can't) and they would get the money out to the activists etc on the ground to meet the need as soon as they can.
The issue is, can we do that - i.e. keep the funds raised for this campaign separate so they don't count as income on which tax would need to be paid. We certainly don't want to act fraudulently, but we don't want to hold onto a portion of money for future tax bills when the need now is so urgent, which is the main reason why we went down this route - to maximize money to the need, and only after the process is well in hand did we consider the possibility that we might be skirting legality or worse. A quick look via Mr Google hasn't thrown up an immediate answer to the question.