Charitable Trust Transfers
The Cornwall Community Foundation offers a range of services specifically tailored to meet the needs of Charitable Trusts. We can revitalise ineffective funds through trust transfers and setting up effective new named funds managed by the CCF.
There are various reasons why trusts may become ineffective over time, such as:
- The charitable objectives of the trust are out-dated making it difficult to identify beneficiaries and distribute grant income
- The assets of the trust fund are too small to have significant impact and/or poor financial returns result in a negligible amount for grant-making
- The work of administering a charitable trust fund becoming a concern and inconvenience to trustees, who are also find it increasingly difficult to recruit new trustees
If your trust fund has become moribund (dormant) and ineffective (consistently being unable to spend annual income), or if you’re looking to transferring your active trust fund, then the original donors’ philanthropic beliefs can be delivered through your local community foundation.
The CCF is affiliated to UK Community Foundations (UKCF) and is quality accredited to standards endorsed by the Charity Commission. The Charity Commission has acknowledged the work of Community Foundations in revitalising moribund (dormant) or ineffective trusts – see the Charity Commission statement.
Over £800,000 of Trust assets have already been transferred to the CCF and used to establish “Named Funds” within the Foundation’s endowment, which are then professionally managed in line with each Trust’s original objectives. Grants are made from income that the named fund generates in perpetuity and in accordance with established criteria and parameters set by the transferring trust.
If a charitable trust decides it is the right time to consider other options there are a range of benefits in involving Cornwall Community Foundation that include:
- Modernisation of original charitable objectives that are fit for current and future needs
Provides a solution to succession planning option for trustees who are finding running the trust onerous
- In many cases the returns on investments have been significantly improved upon with the transferring assets joining a larger pool of money
- The Foundation manages the Charity Commission transfer process and the day-to-day administration and financial management of funds. The Foundation manages the grant-making processes with a role for former trustees on the grants panel
- Provides an opportunity for grant-making to have a greater impact and address current local needs
For more information about our trust transfer work or to explore other ways we could support your trust please contact Tamas Haydu Development Director at firstname.lastname@example.org or on 01566 779333.