Blog for trustees in Powys. They may be known as trustees, directors, board members or management committee members. If the charity is also a company limited under guarantee, then the trustees are also directors of the charity.
Wednesday, 3 December 2014
How to transfer charity assets from the Charity Commission
If you need to transfer assets PAVO is here to assist you
Your charity can make grants or gifts to other charities as a way to support its purposes (unless your governing document specifically prevents this). But you may decide to formally transfer all your charity’s assets to another charity if you:
You generally need to get the Charity Commission to approve charity asset transfers.
Asset transfers allowed by governing documents
Usually, a charity has a power to transfer in its governing document, often in the dissolution section. This may say what any assets you transfer can be used for. For example, it may say that they can only be used by a charity with similar purposes.
You must follow any procedure for agreeing and making the transfer that your charity’s governing document specifies.
Asset transfers allowed by law
The Companies Act allows you to transfer corporate property between charitable companies.
The Charities Act allows you to transfer some types of asset if your charity is a CIO, provided you follow the rules below. It also allows you to transfer most types of asset if:
your charity’s income is under £10,000, and
it’s ‘unincorporated’ (not a charitable company or CIO)