The Next Generation

When Josephine was 13 years old, her father told her she would be very wealthy one day. He followed that statement with his philosophy that there is a limit to the amount of money an individual needs - therefore he would be giving a substantial amount of his fortune away to help others.

Josephine says the conversation was brief and simple. "He didn't make it a big deal. He just told it like he saw it, how it would be and I have always happily accepted that. I agree with him."

Tragically, Josephine's father did not live to see the legacy of his generosity. He died from cancer in his mid-fifties. Two weeks before his death he signed a trust deed that would become the mantra of his charitable trust.

"Dad was a savvy businessman who came from humble beginnings. He carried out numerous charitable acts on the quiet throughout his life. He once asked one of his employees to take 10 hams down to the local city mission. The employee was under strict instructions not to reveal where the hams had come from."

As a result Josephine was eager to be involved in her father's charitable trust from the beginning. "I just wanted in. It was something my father wanted and I knew it would be a privilege to implement his wishes - and it has been.

"It is a great thing to be doing. My trustees and I have met some very cool people. People trying to fix stuff, breaking cycles long term. We can give these people the freedom to do what they do well by funding them appropriately for a long term."

A strategic approach to funding is this charitable trust's priority. They fund specifically in areas of youth and medical research, as stipulated by Josephine's father. The trust researches the work being carried out in their chosen fields. They then fund projects, staff, buildings and other infrastructure costs of not-for-profit organisations that fit the trust's criteria, for a minimum of three to five years. The trust promotes collaboration to ensure they are not constantly re-inventing the wheel.

Josephine believes her father would approve. "This work is the essence of my father - he is never far from the board table."

She also feels strongly that the children of wealthy parents have a philanthropic responsibility to their community. "I would absolutely encourage others to do this, but do it with thought and stringent processes in place not just fling money around. Keep within the principles of business and, I think, of life."

And Josephine's own children are learning fast. "My daughter is eight and she knows there are children that don't get spoilt rotten at Christmas. It is good that she and her brother will grow up with a social conscience. They will know their Grandad made a lot of good things happen. This charitable trust is one of the few good things that have come from Dad's death. If we are savvy enough its legacy will be around for generations."