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If you are planning to set up or take responsibility for your own family trust with substantial resources, then you might want to consider the questions below, which highlight some points that are particularly important to family charitable trusts.
Values, identity and involvement
- What is or should be the family's philanthropic 'identity'? What is the family trying to achieve through its giving?
- What values guide the family's work? What is the common ground within the family (in particular, vision, values and passions)?
- What purposes does the family want to serve by being involved in philanthropy?
- What value could it add to the family?
- Who should be involved?
- What principles will guide the family's involvement (for example, everyone to agree on the beneficiaries - unanimity, and everyone in the family (above a certain age) to be involved - inclusiveness)?
- How should those who are not trustees be involved?
- How do we look at opportunities for the next generation (for example, through giving them a specific budget), to make sure there is a continuing commitment to the family tradition of philanthropy?
- Should we develop a code of conduct or manual for everyone involved?
- How do we make sure that we value different skills and strengths?
- How do we create a learning process for everyone who is involved now, and those who will be involved in the future?
- How do we ensure we make time and create a process that involves as much of the family as possible to assess how we are doing, and learn from that?
- How should we celebrate what we are achieving?
Governance issues
These issues are usually important when considering family philanthropy, particularly where there are substantial assets and concerns about the involvement of the next generation.
Governance
- The influence of founders
- Committee structure and members
- Principles and process for choosing trustees, including the value of members from outside the family
- The need for specialist advisers in sectors targeted for donations
- Professional expertise
Professional support and administration
- Property administration and managing assets
- Financial accounting, assessing activities, and reviewing the effect of donations
- Communications with beneficiaries, the Charity Commission and HM Revenue & Customs
Training
- Meetings and seminars of the Association of Charitable Foundations
© Copyright 2007 Association of Charitable Foundations (ACF)
Every effort has been made to ensure that the information provided in A Guide to Giving is current at the time of publication (October 2005), but the Association of Charitable Foundations (ACF) cannot guarantee its accuracy. Furthermore, there may have been subsequent changes to legislation, policy and/or to tax bands and rates. If you are considering any investment you should seek appropriate professional advice. This guide is not intended to replace professional advice on particular investments or the manner in which tax relief is applied under any scheme, and you should not rely on it for such purposes. You are responsible for your own tax and financial affairs and so should seek independent advice. ACF can not accept responsibility for the investment choices you make.
Views expressed in A Guide to Giving are not necessarily those of Philanthropy UK or the Association of Charitable Foundations.
Coutts & Co is not responsible for the content of A Guide to Giving, and the content does not constitute any advice whatsoever from Coutts & Co. The case studies and profiles within the Guide are not necessarily clients of Coutts & Co. Coutts & Co shall not be liable for any loss whatsoever arising from your reliance on any information produced in the Guide.
