Philanthropy

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Philanthropic giving has been a part of many wealthy family's ethos for hundreds of years, but formalising and institutionalising those endeavours has never been more prevalent than it is today.

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Philanthropic giving has been a part of many wealthy family's ethos for hundreds of years, but formalising and institutionalising those endeavours has never been more prevalent than it is today. IMG have significant experience in this area, and have worked with a number of families in the creation of charitable trusts, the drafting of charitable policies and charters that match each family’s core principles, and the administration of those charities – approving medical research grants and charitable donations and scrutinising annual reports from donees before releasing further payments.

Some examples of the work we have undertaken (and continue to undertake) in this area include medical research, where we actively monitor the impact of the funding the trust provides whilst also putting in place parameters for governance and the screening/approval of applications for grants. We have also been involved with a university scholarship programme focussed on blending scientific achievement with entrepreneurial advancement. One of our main focuses at the moment is in the field of mental health care where we are identifying charitable funding opportunities ranging worldwide from the provision of residential mental health facilities to grief and bereavement counselling.

Speak to Peter about Philanthropy

Peter Goddard

Peter has particular expertise in complex trusts litigation, asset recovery, turning around distressed/poorly administered trusts, the development and implementation of innovative philanthropic programs and the oversight of significant operating businesses held within trust structures. He specialises in providing personalised trust and administration services for private trust clients worldwide. Peter is a former barrister with extensive experience in the international trust sector, including private and commercial trusts and corporate management and 30 years in the private client industry. He has spent his career working cooperatively and building partnerships with high-net-worth individuals, their families and their advisors and strives to deliver the highest levels of service and responsiveness.

Prior to establishing IMG, Peter was head of private client services with the Maples Group in the Cayman Islands, an executive director of Forbes Hare Trust Company in the Cayman Islands and a partner in the Private Client Group of McGuireWoods LLP in London. Prior to that, Peter held the position of Managing Director of ATC Trust Group's offices in the British Virgin Islands, the Cayman Islands and Hong Kong, as well as being a shareholder of the group.

Case Studies

Setting up the Valour Foundation - www.thevalourfoundation.com

IMG was instructed by a client to establish a new foundation that would focus on mental health, with a particular focus on funding medical research into neurodegenerative conditions

The foundation was to receive a nine-figure donation from the client.

Challenges were to:
•Select co-directors to the board
•Ensure sufficient medical expertise was available to the board
•Formulate the parameters of the foundation’s philanthropic aims

We solicited the engagement of five directors in addition to ourselves, including:
•One eminent academic psychiatrist
•Three practicing psychiatrists
•One barrister and
•One high-profile celebrity with a stated interest in mental health concerns

The board then approved the mission of the Foundation, which was to:

Fund hypothesis-driven research into the causes, treatment and elimination of neurodegenerative conditions, such as MND, Parkinson’s and dementia

Fund charities that are making a meaningful impact in the mental health sector

Research grants are by invitation only, to avoid a deluge of applications. We developed software to permit applications to be submitted, evaluated, approved and subsequently monitored online. Grant applications are considered initially by the academic board member, who will suggest refinements where necessary. Applications are then considered by the full board, which will then invite applicants to present their applications in person. The board then votes on each application and will issue a grant letter to successful applicants, setting out the terms on which it will issue a grant. Grants are usually multi-year, requiring an annual report on advances made before annual instalments are honoured.

Examples of grants issued:

•Two-year, multi-million $ grant to Dr Stanley Prusiner to fund treatments for Parkinson’s and dementia
•Five-year, multi-million $ grant to Dr Anthony Zoghbi to fund new diagnosis protocols to prevent misdiagnosis and incorrect treatment of curable conditions, such as encephalitis

We also offer the following specialisms: