My advice would be to withhold the charity application for a while.
Give yourself 12 to 18 months of rescue work first and revisit the idea after that.
Being a registered charity doesn't automatically mean that there is more funding from anywhere and in my experience people are still happy to support a rescue even if it isn't.
What people really want to support is a reputable rescue that operates clear and caring policies on a consistent basis. Build your foundations first and then if it suits you at a later date consider it again.
In my own rescue (Little Brambles Guinea Pig Rescue) I like to devote my time to the care of the animals here and homevisits for those that are rehomed. Fundraising and keeping the CC happy are all far too time consuming for me and I much prefer the idea of idependence.
If you go onto Many Tears website ( a welsh dog/cat rescue) there is a good article on why they haven't become a registered charity which makes interesting reading.
Thanks that's really helpful i will have a read through.
The only benefit for me of being registered is that our friends would be able to fundraise on our behalf, cutting out the time spent fundraising so that i could do more with the animals.