Trusts

Trusts



A number of our clients set up trusts because they have projects which they want to see carried through after their death.  Sometimes they will set up the trust during their lifetime (when they will often be involved as one of the original trustees) and sometimes the trust will be set up in their Wills. The projects include:

 

  • Providing financial support for children – who are still too young to deal with the fund themselves, or who, due to a physical or mental disability, are not able to live independently
  • Setting funds aside for charitable purposes or public benefit
  • Making financial provision for a widow and for children of previous marriages

Trusts are often set up to receive compensation money for vulnerable beneficiaries.

We can assist in setting up a trust which is as flexible as you may wish, advise you on the tax consequences and help you mitigate these, assist with the administration (choice of trustees, handling of moneys, keeping papers, preparation of accounts, completing tax returns etc and distributing the assets).

For more information please speak to one of our team by calling 01224 644 333 or by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Charities



Burnett & Reid has a growing workload meeting the needs of our charity clients.  In recent years we have: 

  • Set up new charities – ensuring that they will be recognised as such by the Office of the Scottish Charity Regulator and HM Revenue and Customs
  • Provided administration and accounting services to existing charities
  • Given advice in relation to setting the investment parameters for the charity’s fund managers
  • Drafted contracts
  • Arranged to wind up or amalgamate some smaller charities
  • Advised the Trustees/Directors of their fiduciary responsibilities and the requirements of good corporate governance

Most of our charities (being grant awarding organisations) are set up as trusts, but where the charity is providing services, we have structured them as companies limited by guarantee. Our charity clients include some multi-million pound trust funds such as the Gordon Cook Foundation (www.gordoncook.org), the Mains of Loirston Charitable Trust (www.mainsofloirston.org), a community organisation (Mid Deeside Limited – www.mid-deeside.org.uk) and a number of north east charities connected with a main stream religious organisation.

The Scottish Charitable Incorporated Organisation (SCIO) is a new legal form for registered Scottish charities. We can advise which type of model constitution would suit a particular charity’s needs.

For more information please speak to one of our team by calling 01224 644 333 or by emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it