Transferring An Existing Trust, Fund or Charity
The Staffordshire Community Foundation has extensive knowledge of managing the administration of many varying funds. As we can invest many funds at one time we often benefit from better than normal investment rates. The Staffordshire Community Foundation, as well as managing funds that are set up directly with us, can also take over the general running of outside funds, trusts and charities.
Sometimes trusts or charities become dormant or semi-dormant, or even ineffective, due to circumstances far beyond the control of the original trustees. The original remit of the charity or fund may no longer be applicable, as circumstances may have changed, or maybe the intended beneficiaries no longer exist. Maybe the trustees are no longer able to adequately manage the fund, or the fund has become more work than is practical, but you are reluctant to close the charity or trust down due to the sheer amount of hard work involved or through your own sense of duty. In all of these cases the Staffordshire Community Foundation can offer many ways to ease the burden.
Under sections 74 and 75 of the Charities Act 1993, later 2005, you can transfer a charity or trust to the Staffordshire Community Foundation in a very simple way. We can even handle the transfer for you and if necesary liaise with the Charity Commission to expand or change the existing remit of the fund.
There are many options available but the two most frequently used are;
1. The charity or trust is transferred to the Staffordshire Community Foundation. We then continue to run the fund as was intended, with it’s original remit.
2. The charity or trust can be transferred to the Staffordshire Community Foundation, at which point we can transfer the money or funds into a general ‘Community Fund’ or an existing fund with a similar remit. Community Funds have a broad general remit, where the only ties are on geographical area. Once the transfer is complete the original Charity or Trust can be closed down and an ‘incorporating note’ can be added to the Community Fund, so ‘The Borough of Stafford Community Fund’ may become the ‘Borough of Stafford Community Fund, incorporating the John Smith Charity’. This way, whilst the original charity may be closed, the name of the charity will live on forever. All this can be handled by the Staffordshire Community Foundation so that there is no work for the original trustees to do.
If you would like to help in this way please get in touch. We can help with all the arrangements so that there is no onerous work for the trustees of the charity to do.