Home About Us Our People Investment Managers Professional Advisors Statements & Reports FAQs Contact Us About Us Background: The Golden Charter Trust was established in 1990 with the fundamental purpose to ingather, hold, invest and administer the funds received from individuals and families who purchase funeral plans from Golden Charter Limited, with a view to ensuring that the Trust funds are at all times sufficient to meet, in full, the anticipated invoice costs of all outstanding and matured plans. The Trust exists for the protection of both the customers who have purchased funeral plans from Golden Charter Limited, and for the funeral directors who have undertaken to carry out the funeral services in accordance with the plan terms and conditions. To ensure this protection, the Trust’s assets are entirely separate and independent of Golden Charter Limited. The Trust is governed by its Trust Deed which requires the Trustees to comply with the rules of the Funeral Planning Authority (FPA) of which Golden Charter Limited is a registered provider. In addition, the Trust must comply with the Financial Services and Markets Act (Regulated Activities) Order 2001. From July 2022, the Financial Conduct Authority (FCA) will regulate the sale and administration of pre-paid funeral plans. Golden Charter Limited will become a regulated entity and although the Trust will not be directly regulated, it will be required to comply with the FCA rules relating to trusts. The Trust’s investments are held by The Golden Charter Trust Limited which is wholly owned by the Trust. Holding its investments in a company allows the Trust to conduct its investment business more efficiently and to take advantage of the lower taxation rates applicable to companies. The Trustees of The Golden Charter Trust are appointed as the directors of The Golden Charter Trust Limited and so the safeguards provided by the Trust are unaffected by this arrangement. How the Trust is managed: The Board of Trustees comprises experienced individuals from a wide range of business backgrounds. They are required by majority to be independent of Golden Charter Limited. The Trust exceeds the requirement with eight of the nine trustees currently serving, being wholly independent. One trustee is nominated by the SAIFCharter Executive. The Board of Trustees is responsible for all executive decisions. However, certain areas, including investment strategy, are assigned to various committees for specific focus and to make recommendations to the Board. The Trust’s executive team is responsible for managing the legal, financial and administrative affairs of the Trust on a ‘day to day’ basis. The Working Group comprises of a mix of trustees and representatives of Golden Charter Limited. It is tasked with ensuring effective communication of all issues of mutual interest to Golden Charter Limited and The Golden Charter Trust including product developments within Golden Charter Limited and the impact of developments within the wider funeral planning sector. The Investment Strategy Group members all have significant investment experience. In performing their strategic investment function, the Investment Strategy Group take advice from their investment advisers, Barnett Waddingham LLP, and from the various appointed investment managers who perform the day-to-day portfolio management within their agreed mandate. The Audit Committee meets to consider risk, governance and compliance issues. In addition, the audit committee oversees the production and audit of the annual financial statements of the Trust and its subsidiary. The Trust’s statutory accounts and the actuarial valuation of the assets and liabilities of the Trust are sent annually to the Funeral Planning Authority. The Nominations and Remuneration Committee is responsible for ensuring the performance of the Board of Trustees and individual Trustees is regularly reviewed. It also makes recommendations on the level of Trustees’ remuneration and for trustee retirement by rotation and for the process of appointing new trustees. Expenses of the Trust: The Trust incurs operating expenses for maintaining the Trust which include fees paid to the Trust’s investment managers and professional advisers, and the remuneration of the Trustees and the Trust’s employees. In addition to the direct operating expenses, the Trust makes a payment to Golden Charter Limited for the on-going maintenance and administration of the live funeral plans for which the sale proceeds are held in the Trust. The amount of this payment is agreed annually between the Trust and Golden Charter Limited and is paid in equal monthly instalments. An annual fee is also paid by the Trust to Golden Charter Limited for the provision of accounting and other administrative services provided to the Trust under a Service Level Agreement between the two entities. How plan monies are protected and invested until required at time of need: All monies received directly into the Trust from the sale of funeral plans are invested (net of up-front deductions for administration costs) in accordance with the Trust’s investment strategy. Customers buy Golden Charter plans which are subcontracted to the chosen or allocated funeral directors. All payments made from plan holders for their funeral plans are paid directly into the Trust. The Trust makes payments to Golden Charter Limited for administration costs and ongoing maintenance of plans. The Trust invests the net funds received with carefully selected investment managers through its subsidiary, The Golden Charter Trust Limited. Funeral directors perform the funeral services as specified in the funeral plans. The Trust pays the invoice amounts, as advised by Golden Charter Limited, to the nominated funeral directors. The Golden Charter Trust Canniesburn Gate, 10 Canniesburn Drive, Glasgow, G61 1BF T 0800 111 4514 Terms & Conditions Privacy Policy Accessibility Cookie Policy Golden Charter Trust ©2021 This site uses cookies, Find out more. Okay, thanks