UK Charities receive over £32 million from dormant trusts
- 15th July 2020
- No comments
UK Charities have received a total of £32 million from dormant trusts through the Revitalising Trusts programme.
Since its launch in 2018, the programme has ‘revitalised’ dormant charity funds to help good causes – including charities that are responding to COVID-19 and supporting their communities.
The programme managed by the Charity Commission and the charity UK Community Foundations (UKCF), with funding from the Department of Digital, Culture, Media and Sport (DCMS), is calling for more charities to join the programme to release dormant charity money.
Funds are released from charities that are either inactive (meaning they have had no income or expenditure over the last 5 years) or ineffective (spent less than 30% of total income over the last 5 years).
Once identified as dormant, the Charity Commission gives the trustees an option to act – with support to help trustees get back up and running if needed. Otherwise, the funds are redeployed to causes in line with the aims of the dormant charity or the trust is transferred to a local community foundation to be managed for the long term benefit of local communities.
For more information please read the full press release.
We understand the ongoing challenges facing the charity sector. If you need any specialist advice from our team of legal experts, call us on 02920 224433 or contact our Charity team lead, Rebecca McCarthy via McCarthyR@loosemores.co.uk.