Charitable organisation set up - private trust

[badgerchops]

Hi,

I am going to set up a trust fund for a poorly 17 yr old and wanted help on the best way forward. I am aiming to raise �100k and have several events coming up which will each raise about �5,000. I obviously want to bank this money as soon as possible but wondered the best way to open a charitable bank account.

As the fund is for one person only i do not want to register the charity but more of a holding trust until he needs the money for rehabilitation.

Any advice appreciated.....

[andrea81]

I work for a company that manages small charities. This consists of nurseries that raise their own funds and use the (profits raised 'non-profit' charity). I'm guessing the set-up will be the same as you are raising funds for a small 'non profit' reason (the 17year old).

My suggestion is to set-up a committee (chair, secretary and treasurer) and then register with the charity commission. You will need to name your charity (such as the name of the 17 year old charity i.e. Bob Jones Fund etc.

You can then open an account using 2 signatures from the committee. the funds can be used or saved on behalf of him/her.

Hope this helps ;0)

[badgerchops]

Thanks very helpful.

2 points if thats ok

1. How do i set up the committee - do i need a solicitor to do this ?

2. How do i register with the charity commission


Sorry but thanks ;-)

[andrea81]

http://www.charity-commission.gov.uk/

There is a quick link at the bottom, for you to register!

To set up a committee, you can simply draw up a contract that you all sign, naming roles and responsibilities. You need not have it seen by solicitor, but if you want to, you can! My nurseries never need to!

You should meet occasionally to discuss the fund and events, but anyone is welcome to come (not just committee) more the better!

There are websites out there to explain, but it's too indepth! I would look at the committee as a group to help discuss matters and progress!

Any more questions feel free, i'll keep checking thread! ;0)

[badgerchops]

Ok all sounds good so far....

I think we need to go along the non-charitable trust fund route as naming just one beneficiary but does this still need to be registered as a charity?

I guess it makes it all easier.

I shall draw up a committee contract .....

Thanks x

[andrea81]

Not sure about that as there is only one beneficiary, but saying that it could be worth giving them a ring as when you register as a charity you can get help with funds and grants for events i.e. if you have a charity number, you can have grants to help with funding an even in a church or community hall!

I'm not too sure if this will still apply, but give them a ring!

Good luck with it though, it will be very rewarding when it's established! ;0)