When Euan and Kaye Murdoch (who established Herron Pharmaceuticals in 1972) sold their successful business in 2003, they knew they wanted to continue making a positive difference to the lives of others.
With the help of Equity Trustees, the Murdoch family (Euan and Kaye, along with their children Sandy and Anna) started a private ancillary fund (PAF) named Towards a Better Future Foundation (TBFF). Euan says “We wished to make a difference and help others, hence our Foundation’s name.”
Since its inception, a key priority for the family has been supporting their chosen charitable beneficiaries to grow and make a difference in their field of social impact. This means not only providing financial grants to them to achieve particular purposes and objectives but, just as importantly, providing mentoring and developing long-term relationships with each recipient organisation. The family believes that, as in the business world, charities require ongoing support and a sustainable source of funding to thrive. This philosophy underscores why TBFF has chosen to work with a handful of select charities since 2003.
Selecting the Foundation’s beneficiaries has not been a random act. As with many other families involved in structured giving, there’s always a story behind the “why".
In 2015, Euan and Kaye’s son Sandy started his own charity called TRACTION, supporting 12-15 year olds in an alternative and action-based learning environment. Their programs work to develop young people’s confidence and ability to work in teams while offering practical and job-ready skills. The Foundation has proudly supported TRACTION since inception. Sandy has leveraged the support from the TBFF to not only grow his organisation but also inspire other philanthropists to support its work.
Another long-term beneficiary of the Foundation is the Jodi Lee Foundation – a charity that empowers people to take active steps to prevent bowel cancer, act quickly to address symptoms and live healthy lives. Euan and Kaye’s daughter Anna benefited from the work of the Jodi Lee Foundation and this was the “why” that drove Towards a Better Future Foundation to provide ongoing support to this charity.
For the Murdochs, giving back to their community is a truly satisfying experience – and the “right thing to do”. Their advice to other families thinking about starting a fund? Just go for it!