A foundation trust is a better way of dealing with altruistic intentions, and to benefit a wider audience.
A foundation trust is a tax-exempt organisation established under trusts and equity law. The trustees hold fiduciary duties to manage and administer the trusts assets in accordance with the declaration laid out by the settlors/founders.
The declaration will detail the aims and objectives of the foundation trust and the qualification of the beneficiaries.
A Foundation Trust is a way to conduct charitable affairs in the private rather than through a regulated body
The founders/settlors of the Foundation Trust would set out the aims and objectives of the Foundation Trust
A Foundation Trust is administered in much the same way as a private family trust
Foundation Trusts differ from private family trusts in that the beneficiaries are unknown at the outset. A set of qualifications are put in place that adhere to the aims and objectives of the Foundation Trust.
Foundation Trusts can receive donations and offer benefits.
If you are wishing to deal with members of the public, rather than the private, and you take more than £5,000 in donations per year, you will need to consider registering as a charity with the Charities Commission to receive charitable status.
