Helping Your Trust’s Legacy Live On

Are you involved in a trust, incorporated society or a charitable group? Under the new Incorporated Societies Act, passed in 2022, existing societies must re-register by 5 April 2026. There are also new requirements around financial reporting, dispute resolution and membership management. If societies don’t reregister by April 2026, they will lose their status as a legal entity, which means members could be held liable for the society’s debts and other obligations, and possibly lose control of their assets. Faced with these changes, Trusts and Societies have some decisions to make. Many don’t want to lose the history of their charity, and may still want to be involved in decisions about how the funds are used, but they may feel that they can’t continue in their current structure. A trust transfer through 45South Community Foundation may provide the solution. At 45South Community Foundation, we can help with a Trust Transfer, where the legal ownership and administration of a trust is handed over to the Foundation, while still maintaining the trust's original purpose and legacy. Your Trust or organisation would set up a Named Fund with 45South Community Foundation, transferring the balance from the trust into the new Fund, and outlining the purpose of the fund, which would likely align with your original purpose. The funds would be invested and managed by our investment advisors, with grants being distributed each year from the interest earned from the investment. This creates a permanent funding stream for the purposes your trust was established for, whilst the fund grows over time. Your fund would retain the same name and mission but with the Foundation taking care of all the legal, administrative, distributing and reporting requirements, leaving you free to focus your time and energy on the work your trust or society was created to do, and ensuring your Trust’s story is told long into the future. If you think a Trust Transfer to 45South Community Foundation might be the solution you are looking for your trust, get in touch with us today. If you are winding up your organisation, resettling your residual funds with 45South will mean the intent of your organisation can continue, and the funds will be tagged to support community sectors as per your trust deed. For more information about Trust Transfers, see Resettling Trusts Page on our website