• Goodman Derrick LLP was instructed by the Association of Investment Trust Companies to establish a charity to provide financial assistance to people who had suffered severe financial hardship having lost money invested in split capital investment trusts. Although the matter was under investigation by the Financial Services Ombudsman and compensation might ultimately be awarded, some of the investors were old and in immediate need. The industry had therefore decided to support a charitable trust to give assistance now.
  
  The application for registration of the AITC Foundation as a charity was turned down on the ground that the level of need accepted by the Foundation was less than that required to fall within the Commission's definition of "poverty" and that the Fund was in part compensatory for investment losses. An appeal was made to the Commissioners. This was dealt with by the Commissioners under the fast track procedures. Having considered the case put to them on behalf of the Foundation including the legal submissions and supporting evidence as to their activities, the Commissioners concluded that the AITC Foundation, being established for the relief of poverty among a defined beneficiary class, namely persons who had suffered financial loss from investing in split level investment companies and their dependants, and for other charitable purposes, was established for the benefit of the public and should be registered as a charity. Diana Rawstron consultant in the private client department of Goodman Derrick LLP acted on behalf of the AITC Foundation. A full transcript of the decision made on 19 February 2004 is available on the Charity Commission's website.

• Goodman Derrick LLP was instructed by the Association of Investment Trust Companies to establish a charity to provide financial assistance to people who had suffered severe financial hardship having lost money invested in split capital investment trusts. Although the matter was under investigation by the Financial Services Ombudsman and compensation might ultimately be awarded, some of the investors were old and in immediate need. The industry had therefore decided to support a charitable trust to give assistance now.
  
  The application for registration of the AITC Foundation as a charity was turned down on the ground that the level of need accepted by the Foundation was less than that required to fall within the Commission’s definition of “poverty” and that the Fund was in part compensatory for investment losses. An appeal was made to the Commissioners. This was dealt with by the Commissioners under the fast track procedures. Having considered the case put to them on behalf of the Foundation including the legal submissions and supporting evidence as to their activities, the Commissioners concluded that the AITC Foundation, being established for the relief of poverty among a defined beneficiary class, namely persons who had suffered financial loss from investing in split level investment companies and their dependants, and for other charitable purposes, was established for the benefit of the public and should be registered as a charity. Diana Rawstron consultant in the private client department of Goodman Derrick LLP acted on behalf of the AITC Foundation. A full transcript of the decision made on 19 February 2004 is available on the Charity Commission's website.

• The Art of Giving Sensibly - (Gift Aid - Back to Basics) read more

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