HIWCF Fund versus New Charitable Trust

Below we offer a side-by-side comparison of the steps involved in setting up a personal named fund with HIWCF, as opposed to setting up a brand new independent charity or a new charitable trust.

Setting up a charitable trustSetting up an HIWCF Fund
Set-up procedureMust register as a charity, apply to the Charity Commission and appoint a Board of Trustees.Simple fund agreement.
CostsCost likely to be up to £10,000.Contribution / donation to HIWCF, typically a percentage of the fund value.
TimeframeMay take weeks or months.Can be set up within 24 to 48 hours.
Financial ManagementTax status covered by registration with the Charity Commission. Must fulfil financial and administrative requirements and may incur professional fee costs.HIWCF handle all financial and administrative management, arrange audit and report to the Charity Commission. Tax status is covered under HIWCF’s charity status.
Reporting to authoritiesDonor/trustees must maintain all financial records, prepare accounts, and submit to the Charity Commission.HIWCF take care of reporting to the Charity Commission, particularly the Annual Report and Accounts.
Grant-making process, administration and follow-upDonor responsible for own grant-making process, administration and overseeing grants. Must research and check activities and status of all recipient organisations; has ultimate say in all grant decisions.Professional staff available to help identify and assess grantees, provide input on community needs, and ensure follow up with recipients and reports back to donor. HIWCF verifies activities and status of all potential grantees. Donors can be involved as much or as little as they choose in the grant making process. HIWCF trustees approve all grants.
Philanthropy adviceDonor/Trustees responsible for own giving strategy.HIWCF provide full charitable giving and grant-making expertise to ensure the donor maximises the impact of their fund.
Donor controlDonor appoints Board of Trustees to control all aspects of grant-making and investment.HIWCF trustees take on legal and fiscal responsibility for the donor’s fund, while the donor chooses to award grants to organisations vetted by HIWCF.
DonationsOften restricted to registered charities.To both registered charities and non-registered community groups.
PrivacyThe Charitable Trust must keep public records.Donor anonymity can be maintained if required. HIWCF mediate between donor and grant seekers.
Profile Responsible for own profile.HIWCF can help the donor as much or as little as necessary. We can raise the donor’s profile in the community by making grants in the donor’s name and featuring the donor in publications.
GeographyDonor/Trustees determine their geographical reach.HIWCF operates across Hampshire & Isle of Wight but partners with other Community Foundations on the delivery of regional and national initiatives which may be of interest to donors.
NetworkingMust find own network and information sources.HIWCF connect donors to a variety of groups and issues in the community and connect like-minded donors through events and initiatives.