On legal and accounting advice, the Foundation has been set up as a Discretionary Trust.

For administrative simplicity, the Trustee of the Trust is a Company (the "Company”).  The Company (SMCF Pty Ltd), in its capacity as Trustee, will maintain control of the Trust. The company will be independently responsible for how the capital of the Trust is applied and how earnings are distributed.

As part of this responsibility, the company is bound to act in accordance with the charitable purposes and powers of the Trust, which are detailed in the Deed of Trust that governs the Foundation.

The Deed of Trust is the ‘rulebook' of the Foundation. It provides a framework within which the

Company must operate. The Deed of Trust details the charitable purposes that the Trust can support.

These include, inter alia, advancing education or religious activities of the Parish Community, assisting people in need, and providing financial assistance within the community. The charitable purposes cannot involve any remuneration or benefit to the Directors of the Company, the Trustee or any associated entity.

The Deed of Trust also details the following:

  • Describes the powers and responsibilities of the Trustee;
  • How the Directors of the company are appointed and removed;
  • The approach to investment and distribution;
  • How the constitution can be altered; and
  • What happens if the Trust is wound up.

The Deed of Trust is available for examination at the presbytery.

To maintain transparency and governance, the Foundation is required to keep an annual formal report including details of how it has applied charitable funds. Included in this report will be a set of audited annual financial accounts and assurance to the effect that all taxation and reporting obligations of the Trust have been satisfied. This report will be given to the Parish Council and presented to the Parish General Assembly.