Charities will be familiar with the problems created by persistent low interest rates: is it possible to create income for today’s beneficiaries while also generating returns for future beneficiaries? The total return approach is a potential option for charities with a permanent endowment and indeed for any other charity. It means charities can take some of their income from capital gains, rather than just organic income. It can be a more flexible solution, but can also bring administrative complexities for permanent endowments on which this article is especially focused. Trustees should weigh the pros and cons carefully.