St Agnes Foundation
Trust Funds help others to help themselves
The St Agnes Foundation Limited, part of the Catholic Parish of St Agnes in Port Macquarie, is a truly unique financial institution, presenting you with the opportunity to nominate and create a trust fund to help a charity, community service or person in need both now and following your death.
Trust funds can be the answer to the question you have asked yourself when confronted with an area of genuine need in Australia or overseas: “What can I do about it”?
With the St Agnes Foundation, a trust fund can be opened with a cash contribution either as a donation or loan or a bequest in your Will.
Normally, people create one trust fund. However, The St Agnes Foundation will assist you to establish two or more trust funds in the same family name, either for different reasons or for the same reason (such as Mass offerings) for various family members.
In fact, several families have two or more St Agnes Foundation trust funds to their name, each with a different reason for the fund.
What is the St Agnes Foundation?
The Foundation is a legal and charitable body registered with the Australian Securities and Investments Commission and has been sponsored and supervised by the Bishop of Lismore since it began in 1983.
Directors, appointed by the Bishop, operate the Foundation. The Directors’ responsibilities are detailed in the Memorandum and Articles of Association, copies of which are freely available from the Foundation.
Who can my trust fund help?
The following is not exhaustive but lists some of the various charitable and personal reasons for present and past trust funds:
• Education of children from poor families or single parents or who are disabled
• Ongoing accommodation and support for disabled children
• Annual school prize-givings
• Marriage guidance programs
• Church missions in Australia and overseas
• One’s own funeral expenses
• Masses for the deceased and personal intentions
• Education of priests and religious for the Diocese
No matter what your reason, talk to The St Agnes Foundation about how you can create a trust fund to provide ongoing help and support to those you believe need it in our community and elsewhere.
How does my trust fund operate?
When a cash contribution in the form of a donation or loan is made to The St Agnes Foundation, your trust fund is opened the same day.
The fund includes a brief history of the creator of the trust fund and instructions for the trust’s purposes and administration. Just as your Will ensures that your affairs are carried out in accordance with your wishes, once the trust fund is created The St Agnes Foundation then guarantees that the expressed wishes for the trust fund will be carried out under strict supervision.
The St Agnes Foundation is fully and openly accountable for the administration of your trust fund and you (or, with bequests, your family or your executor) are always welcome to inspect, vary or adjust the structure, wording and purpose to which your contribution is directed.
Do I have to pay tax on my trust fund?
When you give money to The St Agnes Foundation Limited for the setting up of a trust fund, the taxable status of the fund and its income (if any) is determined at the time that the instructions for the trust are received. We particularly note the following examples:
• If you donate money to the Foundation there are no tax implications
• If you lend money interest free to create a trust fund, you have no tax liability because you do not receive income from the fund
• If you lend money to create a trust fund with instructions, the fund pays your personal expenses and, on your death, the money is gifted to the Foundation, your estate will incur a tax liability because you benefited from the interest earned by your trust fund.
How can I contact The Foundation?
The Foundation has an office in the Parish Administration Centre in Hay Street. The office is open Monday to Friday from 8.30 am to 4.30 pm and our telephone number is 02 6588 7444.