1. Ubuntu Collective Trust:
   • At the top of the organizational structure, an employee-owned trust (let's call it the Ubuntu Collective Trust) would be established to hold the majority stake in Ubuntu Holdings.
   • The beneficiaries of the trust would be the worker-owners of the cooperatives, who would indirectly own and control Ubuntu Holdings through the trust.
   • The trust would be governed by a board of trustees, elected by the worker-owners, who would be responsible for overseeing the management and governance of Ubuntu Holdings in accordance with the trust deed and the collective's mission and values.
2. Trust deed and governance:
   • The trust deed would specify the purpose, principles, and governance structure of the Ubuntu Collective Trust, as well as the rights and responsibilities of the worker-owners as beneficiaries.
   • The trust deed could include provisions for the distribution of profits, the allocation of capital, and the election and removal of trustees.
   • The board of trustees would be accountable to the worker-owners and would be required to act in their best interests and in alignment with the collective's mission and values.
3. Capital stack and money flow:
   • The Ubuntu Collective Trust could be funded through a combination of worker contributions, company contributions, and external financing (e.g., loans, grants, or impact investments).
   • Dividends and profits generated by Ubuntu Holdings would flow into the trust and be distributed to the worker-owners in accordance with the trust deed.
   • The trust could also allocate capital to the cooperatives and business units in accordance with the collective's strategic priorities and investment policies.
4. Benefits of an employee-owned trust:
   • An employee-owned trust could provide a stable and long-term ownership structure for the Ubuntu Collective, insulating it from the pressures of external investors or market forces.
   • It could also reinforce the collective's commitment to worker ownership and control, ensuring that the interests of the worker-owners are always prioritized in decision-making.
   • The trust structure could provide tax benefits and protect the collective's assets from individual liability or bankruptcy.
5. Challenges and considerations:
   • Establishing and maintaining an employee-owned trust can be complex and requires careful planning and legal guidance to ensure compliance with relevant laws and regulations.
   • The trust deed and governance structure must be carefully designed to balance the interests of the worker-owners with the need for effective decision-making and management.
   • The trust must also have robust mechanisms for accountability and transparency to maintain the trust and confidence of the worker-owners and other stakeholders.

Incorporating an employee-owned trust at the top of the organizational structure could be a powerful way to align the ownership and governance of the Ubuntu Collective with its mission and values. However, it is important to carefully consider the benefits and challenges of this approach and to seek expert guidance in designing and implementing the trust structure.

Ultimately, the specific design of the organizational structure and capital stack will depend on the unique needs and context of the Ubuntu Collective and may evolve over time as the collective grows and adapts to new challenges and opportunities.