Later this month we will be launching a new brochure to highlight the benefits of a service which is unique to Community Foundations – Named Funds. A charitable vehicle that many people are not familiar with, Development Director of LCF, Kate Hainsworth, discusses the purpose of Named Funds and how they are the perfect way to take control of your own giving.
Giving is one of the most personal and meaningful things you can do in your lifetime. The way you give tells a story – your passions, the lessons you’ve learned, the good fortune you’ve received – to be shared now and with generations to come.
Leeds Community Foundation is here to support your giving, now and into the future – but how does this work?
We advise individuals, families and businesses who want to invest in their city to support the small charities and grassroots community projects that work tirelessly to keep the city going. These are the community ‘glue’ that create positive change in the local communities that need it most. Often people set up a Named Fund.
Named Funds are a unique vehicle used by Community Foundations for charitable giving. Think of it as a charitable bank account or a cost-saving alternative to establishing your own Foundation or Trust. Individuals can open a Named Fund with a single tax-deductible contribution of £25,000+, choosing to distribute their donation straight away or give permanency to their gift by putting it into endowment, allowing them to distribute grants from the investment returns each year.
Named Funds provide an easy, fun and personal way for families and/ or colleagues to consolidate their giving, give something back and ensure their gift makes the greatest impact, closely aligned with local need. We work with our fund holders to share our local expertise, connect them with local community groups and enable them to make a real difference in causes they care about.
Jimbo’s Fund is our largest Named Fund, set up by the late Jimi Heselden, local entrepreneur and owner of Hesco Bastion. Jimi was a big believer in giving something back, giving £23 million to the Foundation before he sadly died in 2010. Even though he is no longer with us, Jimi’s generous legacy lives on through Jimbo’s Fund. Eight years on, the Fund has distributed over £13 million and helped hundreds of local community projects, and the capital remains to be able to keep on giving back.
Other Named Funds have been set up on a more modest scale but with a similar vision – to provide targeted support to the most vulnerable. Sometimes we set up Named Funds from existing trusts that have become moribund, and are unable to meet their charitable purposes – a very simple trust transfer allows the purpose, vision and good work of the trust to continue.
Whether you’re a steadfast supporter of a few charities, or you want to learn more about new community groups, you’ll find that we can offer a range of options for targeting the areas of greatest need and building strong community relationships.
0113 242 2426