Providing independent advice to charities, individuals and their families

Adena Street is dedicated to providing tailored governance and financial guidance to charities and those interested in philanthropy, this allows our clients to focus on the things that matter most to them. We believe we offer clients something different, not least the advice we offer is truly independent. When needed, we draw on experts from the whole of the market, avoiding any conflict of interest. Most important of all, we always act in the best interest of our clients and concentrate on saving them money.

There is a lot to think about

These are tough times for the charity sector. It is impossible to underestimate the impact of the pandemic, this was followed by the "cost of living crisis" and more recently the recent changes in employment legislation. History tells us that it is at times like these that it is so important that charities seek advice on how best to overcome these challenges. Now is also a time when individuals can understand the meaningful role they can play through philanthropy. We are here to help.

Charities

Are you maximising the returns on all your assets? Do you need assistance with your cash-flow forecasts in the short, medium and longer term? If you have investments, do you know it is a legal requirement to have an investment policy statement in place! If you do have one, when was the IPS last reviewed, and does it reflect the up to date needs and objectives of the charity? What fees are you paying? Do you know how your investments have performed? Is it time to review your investment manager, and if so where do you start?.

Don't be afraid to ask, in fact the Charity Commission encourages you to do so.

Philanthropy

Philanthropy is an important and often overlooked part of any wealth planning discussion. Such a conversation can uncover significant tax benefits, in addition it can provide opportunities to involve the next generation. How do you know which charitable structure is the most appropriate for you? What is a Donor Advised Fund and what are the benefits of a Charitable Incorporated Organisation?

How do you identify which causes to give to? We can support you through the due diligence of this.

If this giving is long term, where do you start with banking and investment management.

Education

Wherever you sit the charity space it can seem complicated. It is so important to get it right. The Charity Commission encourages a charity and individuals to seek advice. This makes perfect sense when you don't have the time, inclination or the knowledge. We can't over-emphasise the important part education can play, whether through trustee and officer training or the provision of independent advice at trustee meetings. You are not alone, and it is often helpful to hear what others are considering in the sector. At Adena Street we work with leading practitioners to ensure all our clients get the best advice available.

Rupert Cecil

Founder of Adena Street

Charity and Philanthropy Specialist

Rupert provides independent advice to individuals, families, and charities on all aspects of philanthropy and charity governorship. Whether it is the options to consider when establishing a gifting strategy, helping existing charities to maximise their returns, ensuring their investment policy document meets their needs and objectives, as well as providing trustee training and manager reviews.

He is a trustee of two charities, directly involved with many others, a qualified wealth planner / investment manager with over thirty five years of experience advising institutions, individuals, schools, universities, medical, religious, cultural and grant-making charities.

Charity Case Study

I was introduced to a charity who had an investment portfolio with a well known asset manager. The trustees had a limited knowledge of investments. The investment policy statement (IPS) they shared with me was very out of date and hadn't been reviewed in a number of years. It was also surprising that despite this being a medical related charity there were no ethical restrictions on the investments. This was confirmed in the IPS and it seemed that the investment manager had never brought the subject up in meetings with the trustees.

Things went from bad to worse when it came to analysing their fees. These were too high and furthermore hidden (OCF) charges had never been explained. The trustees had little idea how their investments had performed - in this case poorly relative to the competition.

With help, we re-wrote the IPS to reflect the needs and objectives of the charity. In this particular case we avoided an immediate portfolio re-tender, forcing the manager to cut the fee, inserted new performance benchmarks and put them on notice should things not improve. We now monitor the investments on behalf of the trustees, providing them with an independent oversight. The charity is in a much better position, performance has improved and they have saved money on the new fee scale.

Philanthropy
Case Study

I met with a married couple who were in their 70's with a net worth of £12million. They did not have any dependents, wanted to set up a charity to give the money away over ten years on death, but didn't know where to start.

At the initial meeting the different options available to them were explained - these included a letter of wishes, a Charitable Incorporated Organisation (CIO), or a Donor Advised Fund (DAF). We discussed the pros and cons of each and if needed who they could appoint as trustees.

We then discussed the particular charities they might want to gift money to. This took the form of a conversation about their life and what in particular they were passionate about. From this we built up a portfolio of good causes, with the due-diligence done on each of the charities.

We discussed restricted and unrestricted gifts. The meeting included the suggestion that it made sense to start the charity now rather than waiting until their death, not only would this help to shape parameters of the charity but we discussed that the gifting would be immensely satisfying for them both.

They were keen for the charity is continue for 10 years after their death, so we needed to consider their banking and investment arrangements, thus enabling them to maximise the amount that they would be able to gift over the life of their charity.

Adena Street - The Story

The saying goes that "charity begins at home"; for me it has helped me to recognise the importance of giving something back.
I formed Adena Street in May 2025. The name comes from the street in Pasadena, California, where my brother Ben lived with his family. After a courageous five year battle with Prostate cancer Ben died on 29th November 2024. His courage to the end was inspirational. Before he died he said - "I have had a good life and never had to worry about anything" - Ben, Adena Street is in recognition of your kind and generous heart and the aim is to guide people who want to help others who are struggling and less fortunate.
I have always shared an interest in the charity sector; the dedication of those who get involved, and the satisfaction that can result from giving, either financially or through volunteering. My daughter Polly was diagnosed with Type 1 Diabetes nineteen years ago when aged just two. As a family we went into overdrive raising money for JDRF (now Breakthrough Type 1D) through various challenge events. I have run eight London Marathon's, cycled to Paris all to help to find a cure.
Her diagnosis prompted something of a career change for me when I was working for HSBC Private Bank. I pitched to my CEO at the time and founded the charities team in the organisation. This enabled us to advise organisations on how best to manage their reserves and ensuring any investments held were in the spirit of the goals of the charity.
The charity and not for profit sector is very fulfilling, every meeting I attend I learn something new, the people are passionate about what they are trying to achieve and I was able to say with confidence that "I had the best job in the bank!"
One of the most flattering things that happened was when two of my former clients The Sir Bobby Charlton Foundation and Age UK Bolton asked me to be a trustee and their treasurer. They are very different charities. Each has had their own challenges. Working with their trustees and officers I am pleased to say they are both focussed on the job ahead. This has enabled me to develop a breadth knowledge spanning fundraising, events, through to banking and investments. I have a good understanding of the detail behind charity budgets, cash-flow and audit preparation. In addition, I have made a point of working closely with wealth planning teams and have developed a good understanding of the important place philanthropy should take in any conversation about the future. Over the years I have built a considerable network of contacts across areas. I started Adena Street to combine all these skillsets in one place; it is unique in providing an independent one-stop advice boutique for charities and individuals alike.

Thank you for your interest and do let me know if I can help.

Rupert

PS - You may not be aware but there are an estimated 100,000 charity trustee vacancies in the UK. A survey by the Charity Commission found that 96% of trustees had learnt new skills and 84% said being a trustee made them happier. If you are not a trustee and interested in becoming one then I will happily point you in the right direction to find an institution that is close to your heart. I assure you that you won't regret it.

Latest Insights

Spotlight number one:

When Giving is Not So Simple - The Case for Thoughtful Philanthropy.

Philanthropy can be a very satisfying constituent of any wealth planning conversation, yet it remains as an often-overlooked component. Most financial advisors do not include it as part of their KYC (know your client) discussions, this is despite the fact that it is a topic that most clients love to discuss whether as a donor, trustee, school governor or volunteer. Philanthropy is not just about giving money; it often includes time, and when done well, it requires time.

It was Aristotle who said: “To give away money is an easy matter and in any man’s power. But to decide to whom to give it, and how large, and when, and for what purpose and how is neither in every man’s power nor an easy matter”.

On the surface, giving seems simple. Whilst it clearly brings joy to others, as well as the giver, for it to be truly impactful, thoughtful planning is essential. Most clients are familiar with the notion of gift aid, but fewer understand the significant tax advantages of donating shares, property, or incorporating philanthropy into broader inheritance tax planning. And that’s where good advice matters.

There are countless advisers, intermediaries, and institutions vying for a donor’s attention however, not all of them are aligned with the client’s best interests. For example, many private bankers avoid raising the subject of philanthropy altogether, concerned that clients giving money away may reduce their assets under management. As a result, donors are often left without the guidance they need to navigate the complexities of charitable giving.

There is a lot to consider when it comes to philanthropy. Many donors are unaware of the various options available when it comes to structuring their giving from Charitable Incorporated Organisations (CIOs) to Donor-Advised Funds (DAFs) as well as what type of charities to consider. Should donations be restricted or unrestricted for different projects? What is the appropriate timescale for the donor? How can the donor maximise returns on any philanthropic capital? Should they consider appointing an investment manager and how to go about searching for one? Who will help develop an Investment Policy Statement aligned with both ethical preferences and the charity’s objectives? If trustees are needed, from where are they sourced, what are their responsibilities, and who will train them?

These are all very complex questions, but with the right guidance, they become manageable. That’s why it makes sense to seek help from someone who not only understands the integral role philanthropy plays in wealth planning, but who is also truly independent. Even more powerful is working with someone who has firsthand experience as a trustee or volunteer, someone who understands the language, priorities, and constraints of the charitable sector. This empathy bridges the gap between giver and recipient, allowing individuals, families, and businesses to enjoy their giving journey with clarity and confidence.

If you or someone you know is structuring a new charitable foundation, refining an existing plan or would simply like some initial direction on their philanthropic actions, Rupert Cecil is an excellent point of contact to help bring clarity and confidence to the process.

Spotlight number two:

What does effective charity investment look like?

the investments of your charity (including any permanent endowment) are aligned with its core values and objects (charitable purposes).

you are strategic in your decision making, while being guided by principles of good governance ( eg, see CC27 – Decision Making for Charity Trustees).

you remain familiar with your legal duties and remain compliant with established Charity Commission guidance (see CC14 - Investing charity money: guidance for trustees).

you document your charity's approach to Environmental, Social, and Governance (ESG) factors – in particular, your board’s rationale for any investment exclusions or positive investment choices, balancing potential financial impact with reputational risk and mission alignment.

Too often we hear from charities that their investment manager has never asked them about ethical restrictions. Sadly, this is very common, unacceptable and can lead to reputational damage for your board. If you are a trustee of a membership charity, this could lead to embarrassing or awkward questions to address at your AGM. There are too many cases to mention where investments have been held which go totally against the ethos of a charity. Any good charity investment manager should have the necessary tools to enable you to exclude companies, sectors, countries or asset classes. If they don’t mention it, then make sure that you bring it up in discussion as soon as possible.

“We have a lot of cash but are earning no interest on it"

We understand just how tough the current environment is and it isn’t getting any easier. The theme of recent trustee training sessions we have organised, addressed the “cost of living crisis” and how important it is to maximise the return from all charity assets. This involves an analysis of a charity’s cashflow and matching this to their short, medium and longer term needs. Once this has been done then a solution can be found which maximises the returns on each of the pots cognizant of the risks involved.

“We don’t have an Investment Policy Statement” or “We can’t remember when it was last reviewed”

your board should operate and maintain a clear and robust investment policy statement – or ‘IPS’ - a legal requirement if you and your trustees have delegated your discretionary investment powers to an investment manager.

For example, your investment objectives should clearly define the financial goals decided by your board, whether it is generating income, achieving capital growth, or a balance of both, and the expected return. A formal, written agreement with clear remits and responsibilities is essential when delegating to an external manager. We consider it is best practice to have an IPS in place even if your board are just using bank deposits. Once in place we recommend that the IPS should be reviewed annually of whenever circumstances change (eg a new influx of cash).

“We were told that we are just behind the ARC benchmark that doesn’t seem bad"

your board understands what good investment performance looks like, how to assess effective performance, what assets are really being held within its portfolio together with the true cost of these investments given inflation and market performance. The ARC Charity Indices are sterling denominated, and risk based to be used by charity trustees and their advisors. They are based on the performance of over 5,000 charities and act as benchmark to see how the charity’s investments have performed relative to their peer group.

It goes without saying that if your investment manager is behind the (mean) figure their performance is third or fourth quartile relative to their peers. Should this persist then it makes sense to undergo a full investment review which should include other investment managers. This is something we would also be happy to help with.

your board/Chief Executive, or if you are a large charity, your dedicated ‘investment committee’ (with relevant expertise to provide detailed oversight and recommendations to the main board); provides clear leadership to any investment manager managing your investment portfolio. For example, it is common to hear from charity trustees that their investment manager has allocated 25% of their portfolio to ‘structured products’ but none of the trustees understand what they are.

Investing can be complicated and we believe it is the duty of any placeholder to educate your board on what they own and ensure that it is appropriate for the charity. Charity trustees must have a full understanding of the instruments they are invested in, whether structured products, private equity, property and hedge funds. If the knowledge of your board isn’t as extensive as desired and they feel uncomfortable with the discussing investments, then we would recommend getting ongoing independent advice. This need not be expensive and the benefits will considerably outweigh any costs.

“There has been a significant market correction, we are nervous but haven’t heard anything from our advisor”

your board is adaptable – it is prepared to review its investment strategy in the event of a significant change in the economic outlook, your charity's financial position, or regulatory requirements – all the while, ensuring clear delegated authority with your investment manager to respond quickly where if necessary to market volatility. The investment management industry is great at crowing when things are going well but notoriously quiet when things are not.

Charities are often nervous investors and market corrections are a worrying time for trustees. You and your fellow trustees need to be updated when times are difficult, and this is what charity trustees should expect. If this is not happening, then you have the right to complain and perhaps should consider whether the current relationship is working.

your IPS clarifies roles and responsibilities to ensure accountability and effective oversight over all aspects of investment management, including the custody of all investment assets in your charity’s portfolio – you know at any one time where all your assets are, how they have been registered and with whom.

your board is forward thinking and work hard to manage risk and conflicts of interest transparently; it ensures that all investment decisions are in the charity's best interests, free from personal agendas or conflicts and understands that it is ultimately responsible for all investment decisions, even if day-to-day management is delegated.

your board reviews (at least annually) its investment portfolio (agreed benchmarks) together with the performance of its investment manager appropriately, depending on performance and cost -Investment governance is an ongoing process, not a "set and forget" activity.

“It is unclear what our manager is charging us"

We can’t overemphasise how important it is for all fees to be transparent. The basic fee that is charged consists of management, custody and administration and should be broken down. But that is not the end of the story - many managers fail to disclose the hidden fees that make up the “Total Expense Ratio”. These fees are referred to as the OCF (or Ongoing Charges Figure) and are deducted directly from the funds assets.

Your investment advisor may say that they don’t receive the fee themselves as it is paid to the fund provider but this is clearly not the case if they, as many do, use their own in-house funds. Don’t be afraid to ask about all the costs involved, in the end it may make a significant difference to your return over any given period and is often negotiable. Remember, accountability and clear communication are the cornerstone of your investment strategy – you ensure that your investment manager communicates its investment decisions and performance clearly in annual reports or other suitable formats in a way that you and your trustees understand and that any reports of performance are presented in a consistent manner.

your board takes care to record the rationale, discussions, and decisions made regarding your investments. This demonstrates that all relevant factors were considered and helps show compliance with your legal duties.

your board knows when to take professional advice and when there is a good reason not to (e.g., sufficient in-house expertise or very limited investments) while taking care to document your reasoning. There is little to fear as the Charity Commission actively encourages charity trustees to seek advice if the trustees don’t have the time, knowledge or inclination. This is where it pays to seek independent advice.

you and your board stay informed about market trends, regulatory changes, and evolving ethical investment practices (such as the new Charity Investment Governance Principles). You and your trustees participate in ongoing training and education.

Client Feedback

We appreciate the wonderful support!

"Rupert has a rare ability to bridge the worlds of philanthropy and charity with credibility and care. His insight, integrity and practical understanding of how impact really happens make him a trusted specialist and a valued partner to work with".

Lauren, Charity CEO

Adena Street Limited