Legal overview & safeguards
General
In the vast majority of cases a charitable trust is created whenever the University of Sydney - Sydney Conservatorium of Music Foundation accepts a financial gift, or a gift of property such as artworks/instruments.
Purpose
A charitable trust exists to benefit a particular purpose. Other types of trusts are created to benefit people or entities. In this regard, the purpose attached to a gift is paramount.
The University's obligations
When a charitable trust is formed, the University has a legal obligation, as trustee, to administer the trust in a manner that is consistent with the express purpose of the gift. This means that if the funds are to be used for a purpose relating to the Conservatorium, the University must direct those funds in that manner.