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fundraising in schools

hi all, I've just created a cic and we was looking to create a mascot, easy enough, but could I use this as a fundraising idea, my daughter recently came home with a picture of a cup cake and the words please decorate and donate a pound to macmillian with an envolope for returning it in, now could I ask the local schools along the same line asking all children to come up with a mascot design and donate a pound or do we need a license to fund raise in schools, and is it ok to give out prize without getting into compition laws.
any help would be real good

thanks

ashley

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