Westway Trust: Transfer of Assets to Le Don de Faye Trust

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A decision made 5 September 2024:

Decision Reference: MD-TR-2024-383		Public
Subject: Transfer of all Westaway Trust assets into the Le Don De Faye Trust
Report Title: Transfer of all Westaway Trust assets into Le Don De Faye Trust		Public
Decision(s): The Minister approved the lodging of a proposition by which all remaining assets of the Westaway Pauvres Honteux Fund and the Westaway Ecoles Elementaires Fund, under the Westaway Trust (established by the Westaway Trust (Jersey) Law, 1930) are transferred into Le Don De Faye Trust fund; thereby bringing the Westaway Trust to an end.
Reason for Decision(s): The Treasurer, as Trustee to both the Westaway and Le Don De Faye Trusts, has recommended this action, on the rationale that: The Westaway Trust assets are too small to directly achieve the settlor’s aims, since distributable income is too small to be administered in accordance with the terms of the Trust. This issue is compounded by the fact that the originally specified methods of distribution are no longer possible (for instance, headteachers will not/ cannot participate in the identification of suitable applicants) due to changes in law and social context over time. In recent years, these issues have resulted in no distributions being made. A separate Trust, Le Don De Faye (LDDF), for whom the Treasurer is also the Trustee on behalf of the States of Jersey, has been identified by Treasury officers as sharing very similar purposes. The transfer of assets from Westaway to LDDF will enable distributions to the needy, by Rectors and Churchwardens to their parishioners, in amounts referencing parish size, from distributable income. The amalgamation of assets will allow the Westaway assets to be invested (as LDDF) in the Common Investment Fund, therefore improving returns. On balance, the proposal to transfer assets to LDDF will achieve the outcome most closely aligned to the original settlor’s aims.
Resource Implications: There are no manpower implications for the States arising from this decision.
Action Required: The Greffier of the States to be requested by the Head of Financial Governance to arrange for the proposition to be lodged ‘au Greffe’ for debate at the next available States sitting.
Signature:	Signed By: Minister for Treasury and Resources
Date Signed:	Date of Decision (If different from Date Signed):