Setting up a trust - a case study

John and Jane Jones want to support local youth groups in Yorkshire with sports equipment and outings to national sporting events in memory of their son Joshua. They would be able to establish the “Joshua Jones Sports Foundation” and endow it with a sum of money which is increased by 28% through the addition of Gift Aid. Their family and friends may also want to donate money to this cause and they can all send donations to the foundation and receive Gift Aid. By establishing a micro-trust the Jones family have been able to multiply their giving.

Setting up your own charitable trust is one way of ensuring that your philanthropy is structured and planned but this also requires appointing Trustees and Accountants as well as reporting to the Charity Commissioners. Truestone has partnered with the charity,“Giving Works” to enable our clients to establish a “micro-trust” that enables you to have all of the benefits of your own charitable trust but without the Trusteeship and administrative burden associated with it.

• Meet with a Truestone Philanthropy Consultant
• Decide on your charitable objectives
• Complete a “micro-trust” application form
• Endow your “micro-trust” with a minimum of £10,000
• Tell Giving Works where and when to send donations
• Receive statements of activities from your “micro-trust”
• Meet with your Truestone Philanthropy Consultant to review and adjust your activities as required.

Giving Works is a UK registered charity that provides the trusteeship, management and legal and financial reporting requirements of the charitable trust to the Charity Commission and to Companies House. (Fees for this service are very inexpensive compared to setting up your own charitable trust).

By giving through Giving Works you ensure that all of your donations are given in the most tax-efficient way. Appropriate Gift Aid and tax allowances can be claimed.

When you have achieved your charitable objective or no longer wish to have your own “micro-trust” we can close it down once you have allocated all of the monies in your account.