CCF given new role managing transferred trusts to support local communities
CCF along with other community foundations, the Charity Commission and the Government are engaging in a trust transfer initiative which aims to raise up to £20 million from inactive existing trusts. The transfers will provide a huge boost to local charities by distributing funds from inactive trusts to good causes.
The Foundation is a local expert in transferring inactive trusts from local authorities and dormant or inactive local charitable trusts, having already transferred close to £2 million of such trusts over the last 15 years, turning them into valuable community assets.
Tamas Haydu, CCF Chief Executive, explained: ‘I’m very pleased with the new initiative which aims to re-invigorate existing money to invest in community initiatives. There are many reasons why a trust may become dormant, inactive or is transferred to streamline its management. We also work with the Charity Commission to change the original objectives of the trust if they are outdated, which sometimes happens if the trust was set up long time ago.’
The Emily Bolitho Trust was transferred to the management of the Foundation five years ago. The Trust was highly effective but the transfer simplified management. Alverne Bolitho, says, “The Emily Bolitho Trust was set up by my forebears over a Century ago to support those faced with hardship caused by poor health or finances within areas in and around Penzance. The Trust has worked very effectively over many years, moving it under the administrative umbrella of the Cornwall Community Foundation has proved to be of major benefit. It has enabled an immediate increase in its capital due to matched Government funding and growth of recognition amongst the local community. I remain actively involved with the Trust and am delighted that as a permanent endowment within the CCF it will be able to support the well-being of those who continue to be faced with hardship in and around the Borough of Penzance for many years to come.”
The Charity Commission and the Office for Civil Society have chosen to work with Community Foundations across the country based on their expertise and experience in supporting communities and ensuring that funds are distributed well to tackle local need.