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My wife and I would like to set up something like a private trust or foundation to donate small amounts of our own money directly to individual or to pay for fees (to set up websites, for example). We would therefore like to set up a bank account into which to pay a small amount every month between £50-£200 and we do not expect any tax brakes for this. We would like, however, that the money we give away is given away under the name of our trust/foundation. We have already helped 2 artists with a website and a third one with a camera so that he can take photos of his painting to send to galleries. We would like, for example, to have a small copyright at the bottom that it was sponsored by the so and so trust/foundation (we do not yet have a name). All the information I can find on the internet is for charities and trusts and foundation with larger amounts of capital that attract tax brakes but this is not what we are about. My wife and I have a specific interest in the art would like to give something back towards struggling artist. Is it possible to call oneself a trust or foundation without the legal implication of charities which demand tax brakes and if so how does one go about it? Thank you very much
Thank you very much for your assistance and for working hard on our behalf. Yes, we are happy to wait longer for the reply so please go ahead.
Thank you very much,
Great, I look forward to be contacted by you again.
Have a good evening,
Thank you for accepting to work on our question.
1. Yes, at present we really are not interested in registering as a charity. This is purely our private interest and initiative. From what I could read online the legal implication are too big to justify what we wish to achieve. We can't say what is going to happen in a couple of years. Maybe we will manage to inspire some more people to get on board but right now we really are only talking of a monthly deposit of £50 - £200 depending on our financial situation.
2. Our hope is indeed to able to incorporate the word Fund, Foundation or Trust in the name we will come up with like for example "Fund For Art" or "The Art Trust". If this is not possible what can you suggest we do?
Michele & Vinesha
Thank you for this reply. This has given us a better understanding of the issue. At present setting up a company seems the more viable option. May I take the time to mull this over with my wife over the weekend and to research what you suggest and get back to you?
Also, can one set up a trust to persons unspecified? Basically we do not know which artists we will support in the future. We scout them out so don't know until we actually decide to give the money what their names are?
How do I get back to you, by the way? Whenever I log into the site and click on My Questions the thread does not appear so I am a bit at a loss. It seems I can only get back to the thread when JustAnswer sends an e-mail.
In the meantime thank you very much for your efforts.
Have a good rest of your day,
I understand about the trust. Thank you, XXXXX XXXXX clarified it and I don't think that we will go with the word "trust" since we all we could say is that it would go to "artists" but not of a specific school, studio, etc.
Yes, if you could just send me a one word reply once I have sent this I should hopefully get back to the thread next time I log in.
Have a great weekend and I truly appreciate your help,
My wife and I discussed and researched the options you suggested last week and may have come up with a name which solves all the issues at once. If we were to set up a company with a name ending in "Project" like The So & So Project would we still be held to the same law and regulations governing Trusts and Foundations since we are not using those terms in the name?
Also, should we years from now have gained momentum and decide to apply for charity status would we able to keep the same name? Since we neither use the words Trust or Foundation am I right in thinking that we could distribute the funds to artists and art related causes as we see fit with the consent of the other members if necessary?
We look forward to receiving your reply. Once we have these answers I think we will pretty much know what to do.
Vinesha & Michele
Thank you for your reply. Sorry AJ, one last thin?... when you say it is "not restricted" you are basically confirming that we can allocate the funds to any art related cause we choose, right?
We thank you in advance for your answer to the above and for the other answers you have provided. Should we require to get in touch with you in the future with different questions will we be able to do so? Can one look for a particular expert on JustAnswer?
We look forward to release the funds now and leave a rating.
All the very best,