Is this You?
How GivingWorks Works?
That’s where GivingWorks comes in. GivingWorks provides the umbrella support that effectively enables you to set up your own charitable foundation, with minimal cost and hassle. You can say what you want to happen to your money. And you’re always free to decide if you want to change the aims or direction of your foundation, close it when it has run its course or leave it to run indefinitely into the future as part of your legacy.
A Simple 5 Step Process
Creating and managing your own charitable foundation takes just five steps:
The first step is all about planning what you want to achieve through your charitable foundation and how you want to achieve it. GivingWorks helps you to do this:
- Complete the Pre-Sign up form (which is available to download from our Resources section) to set out the objectives for your micro-trust, and email it to us via firstname.lastname@example.org. Alternatively, you can mail it to us at the address which appears in our Contact section.
- At this stage, you should consider the size of the fund you wish to create and how long you will want it to run for.
- GivingWorks will then contact you to discuss and agree to these charitable objectives with you prior to establishing your micro-trust.
- Once agreed, you will be sent a GivingWorks micro-trust agreement and Gift Aid declaration form to fill in and sign.
Setting up a GivingWorks micro-trust is very straightforward:
- Complete and sign the GivingWorks micro-trust agreement including the Gift Aid declaration form.
- Write your cheque or organise a bank transfer to the value you wish to put into your micro-trust.
- GivingWorks will claim Gift Aid at the basic rate of tax on your behalf and add it to your fund. That means for every £1,000 you put into the trust a further £250 can be added through tax relief.
- The GivingWorks charitable status umbrella allows you to claim Gift Aid even if your donations are going to overseas charities that would not normally be entitled to it.
- If you are a higher rate taxpayer you will be able to claim the difference between the basic rate of tax and your higher rate on all money placed in the micro-trust.
The GivingWorks micro-trust is designed to make it easy for you to fund your chosen causes:
- In addition to your initial donation, you can choose to make “top up” donations to your micro-trust at any time.
- Other people will be able to make donations into the micro-trust on the same basis. If you are an employee you may also be able to get your employer to match your payments into the trust. They too will receive tax relief on their contributions. There is no upper limit to the total amount that can be donated, and regular standing order payments are accepted as well as lump sum donations.
- Set up fees are paid to GivingWorks at this stage either by writing us a cheque or organising a bank transfer to us, to the value of £500, to cover our set up costs.
- Our management charges also become payable at this point. The management charge is deducted from the monies deposited into the micro-trust account. Currently, this charge stands at 7% of monies deposited and it is levied at the time the monies are deposited in your micro-trust account.
- The micro-trust can be run as a short-term project or a lifelong commitment.
GivingWorks can provide you with whatever levels of support you need to make your charitable foundation function effectively:
- In addition to providing trustees for your micro-trust, GivingWorks will help you to check the validity of any charitable cause you wish to give to from your micro-trust so that we can try to ensure that your money is spent properly and effectively.
- Our support services go much further than this, however. Whatever the issues and challenges your own cause faces, we’ve almost certainly come across them before and if we don’t know how to deal with them we’ll know someone who does. Our job is to help you make sure you achieve as much as possible with your money.
- Furthermore, by working through GivingWorks you can ensure whatever level of anonymity you desire.
GivingWorks manages charity administration and charity reporting obligations on your behalf:
- As soon as your micro-trust account has been set up you will be sent fund transfer forms to allow you to start using the micro-trust to make donations to your chosen charities and causes.
- During the life of the trust, you will be kept fully up to date with comprehensive financial reporting on all donations going into and out of the trust and what balance is remaining.
- At the end of the life of the trust, GivingWorks will contact you to ask whether you would prefer to renew.
Ring Fenced Dedicated Account
Whether you are an individual, a group or a business, GivingWorks can provide you with your very own charitable foundation, or what we call a micro-trust. In doing this we also take on the entirety of the often complicated and lengthy financial/legal obligations involved in such a foundation, letting you concentrate on your philanthropy.
Access to Trustees and Support Staff
Our team collectively has over 100 years of experience in philanthropy and have gained experience by working in many parts of the world. If you need any kind of help, both before or after setting up your foundation with us, we’ll be on hand to do everything we can to assist, ranging from – legal advice, business guidance, charitable law and tax advice – we’ll usually be able to find what you need, or point you in the right direction.
Regular Statements of Account
Each of our micro-trusts is given a dedicated bank account and regular statements of account are available to all micro-trust account holders, enabling you to keep track of the balance available. Upon request, it is also possible to obtain details of funds being received via sources such as Just Giving and the Charities Aid Foundation. At the end of the financial year, a complete overview of income and expenses will also be available, if required, for each micro-trust.
Gift Aid Processing
GivingWorks will claim Gift Aid on donations made by UK taxpayers at the basic rate (25%) and add it to your account, the same rate is applied whether or not the cause you are supporting is a charitable cause based in the UK or overseas. This currently means that for every £1,000 you pay in, a further £250 can be added through tax relief.
Reporting and Accounting
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Requests for grants to be made and expenses paid will be received and processed by the trustees and considered on an individual basis, taking into account the intentions originally stated in the Givingworks Agreement document. Due diligence is completed to ensure the goals of the micro-trust are being fulfilled as well as compliance with the rules of the Charity Commission.
What to do next
If you’re interested in GivingWorks and setting up your own charitable foundation, or to discuss any other questions you may have, please contact us.
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Company limited by guarantee No. 03816852.
Charity No. 1078770.