Many people leave money to charities in their will, but in our experience an increasing number wish to give more money away during their lifetime too. So, what’s stopping them? Despite the advantages, some just aren’t quite sure how best to go about this.  The advantages are clear and can be significant – charities receive money sooner, whilst donors receive the benefits of seeing their money bring about positive change in the world during their lifetimes.

I started out by thinking about the positive effect my giving was bound to have on other people but quickly realised that it actually had an immensely positive impact on me.

Our approach involves:

  • An assessment of how much you can afford to give away, either as a lump sum or from income
  • Advice on the most tax-efficient way to structure your giving, bearing in mind your wider financial situation – the tax benefits vary considerably depending upon your income, capital gains tax position and sums donated
  • If required, we can also engage an external Philanthropy Adviser to provide expert advice on how to hone the areas you’d like to support, or if you need help identifying suitable charities and monitoring impact
  • Guidance on which vehicle would be best suited to your giving – whether a charitable bank account, a donor-advised fund, a personal charitable trust, or direct donations from your bank account

The Castlefield Individual Philanthropy Account

We've recently partnered with The Charity Service (TCS) to launch The Castlefield Individual Philanthropy Account (IPA) - our new Philanthropy service, to help our clients give money to charity in an easier and more meaningful way.

The Castlefield IPA is a specific donor-advised fund available to Castlefield clients. Donor-advised funds offer a simple means of establishing and operating a charitable fund.

As a long-established charity itself, TCS provides bespoke trust management services to individuals, as well as services to charities. 

Any funds you donate to the Castlefield IPA will be invested  ethically and will automatically benefit from our proprietary B.E.S.T responsible investment approach. Not only that, but the trustees of TCS itself will oversee how the funds are administered and managed and will therefore provide valuable additional oversight for complete peace of mind.

Learn more about the Castlefield IPA in our brochure at the link below.

Charitable Trusts

A new charitable trust will normally need to be set up in consultation and then registered with the Charity Commission. This is done by its initial trustees, sometimes with the help of a professional adviser. The trustees typically consist of at least one donor, plus perhaps a small group of like-minded friends or family members. Sometimes a trusted professional will also agree to act as a trustee. Once established you’ll need to operate strictly in accordance with your trust deed and with long-established principles of charity and trust law. You’ll also need to submit an annual return to the Charity Commission and possibly annual accounts too.

Help with ongoing philanthropy

If you’d like us to provide ongoing help with your philanthropy, this can include:

  • Ongoing investment of your charitable trust’s funds, where appropriate
  • Helping you to understand the investment approach and performance, if funds are invested
  • Ongoing assessment of the gifting strategy and how this affects your trust’s funds, or your personal finances
  • Liaising with The Charity Service, where required

Philanthropy Examples

Below are a few real-life examples of the wonderful work our clients have helped to bring about, through their charitable donations.

Next steps

We’d love to hear from you if this is an area you’d like to explore, either as a trustee or an individual.  We can provide advice on a fixed fee basis, if you prefer, meaning that you don’t have to sign up for our full financial advice or investment management services to benefit from our philanthropy advice. Please call us or use the contact us button below to ask for more information.