Sector Focus


Legal


Sponsored by: Thursfields Solicitors


Legacy giving - now is the time for firms to act


Firms must plan for employment changes


Smaller businesses face an unusual employment challenge to balance short and medium- term survival prospects as they exit the furlough period. That’s the view of experts The


By Katherine Ellis, senior associate solicitor, charities & communities


I know many charities have been rocked by Covid-19, and that those working within legacy giving will be worried about whether this form of income will sustain. I want to assure you that while


the financial value of those charitable gifts in wills may be impacted in the short-term, many organisations have in fact found that legacy income continues to flow; so much so it is predicted to rise in the next five years. It is however important that charities continue to invest in this special form of giving. Even before Covid-19 legacy marketing was financially under resourced, with studies estimating that while on average income from gifts in Wills makes up 44 per cent of a charity’s annual fundraised income, legacy marketing accounts for only four per cent of a charity’s fundraising investment. This therefore demonstrates how a small increase in funding for legacy giving is likely to result in a significant increase in charitable income. My advice to clients at this


moment? When it comes to legacy giving, now is the time to act. Invest in your campaigns as well as your legacy management teams and ensure that rather than just “banking and thanking”, your charity is taking appropriate decisions to maximise this vital form of charity fundraising. As always, myself and the


team here at Thursfields are fully available to advise and assist with any aspect of your organisation’s legacy administration and management needs.


For more information please contact me on kellis@thursfields.co.uk, call 0121 647 5419 or 07519 128408.


60 CHAMBERLINK November 2020


HR Dept, which provides human resources advice and support for more than 6,500 small and medium-sized businesses (SMEs) across the UK and Ireland. With widespread redundancies


almost inevitable over the coming weeks, employers should combine


immediate survival plans with longer-term people strategies to help them adapt to the lasting effects of the Covid-19 crisis, the company says. Government support for


business and staff includes the new Job Support Scheme, funding for companies facing insolvency due to obligatory redundancy payments and a raft of loan schemes. While The HR Dept welcomes


the support, it says that in many sectors businesses should accept that the pandemic will result in widespread changes and start to implement new models now. All this should be done while


respecting the rights of employees and while giving serious consideration to not losing valuable expertise from the business. “It’s an incredibly challenging


juggling act,” said Sara Abbott, from The HR Dept in North Birmingham. “Practically, emotionally and


financially, the costs of getting things right and wrong over the


coming months and years will have potential to make or break a business. “There will invariably be some


businesses which, unfortunately, will end up insolvent. However, others have opportunities to pivot and adapt to the rapidly changing world which this crisis is going to leave behind. “Those companies have


exciting prospects ahead of them but they need to manage the short- term obstacles while also visualising the future and strategising accordingly. “It is important to


state that we believe your people are your biggest asset and deserve to be treated properly. If the redundancy process is necessary, we echo the views of industry bodies such as ACAS, the CBI and the TUC which state it should be carried out openly, thoroughly and genuinely, offering fairness and dignity to affected employees.” However, she also warned


against the danger of losing vital inside knowledge from the business – valuable experience that may have taken many years to accrue but could be quickly lost.


She said: “While it may be


tempting to divert directly to redundancy as the least risky option, I would advise caution before losing valuable experience and training from any business.”


Juggling act: Sara Abbott Law firm helps establish bank


A Birmingham law firm is helping to establish a new bank in the North East, which will provide funding support to property developers around the UK. The corporate team at Wilkes has helped GBB take a


step nearer to setting up its headquarters after advising on a £20m investment from Teesside Pension Fund. GBB, which has applied for a banking licence to


trade as GB Bank, is aiming to base its operations in the heart of Middlesbrough, at 2 Centre Square. Once up and running, GB Bank expects to lend


£385m in the North East to kick-start residential and commercial projects. It then hopes to expand across the North, Midlands


and other parts of the UK, and aims to lend around £3bn during a five-year period. This is expected to fund almost 20,000 homes and


several million square feet of office space, and support the creation of around 100,000 jobs. Steve Deutsch, CEO of GBB, said: “This is a landmark


moment in our journey. Middlesbrough has a reputation as a hotbed for digital tech innovation, making it a natural fit. 2 Centre Square is a hugely impressive building and will make a great base for the team. “The bank will meet a real need for SME commercial


and residential property developers, as we’ll deliver the finance and relationship support that’s lacking at the moment. “Establishing a bank in the region benefits everyone,


from the people we employ to the jobs created by the property developers we work with. We now have an excellent base, the investment that we need – the next stage is to secure our licence and have the full infrastructure in place ready to launch late 2021.”


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