ILK. CHARITY TRUSTS
Huge Sums To Be Freed (N-Z. Press Association—Copyright) (Rec. 11.15 p.m.) LONDON, May 14. The British Government last night promised action to free millions of pounds lying idle in unused British charitable trusts and other dormant funds because the purposes for which they were set up no longer exist. At present, interest from these funds goes to the Treasury. Some of the trusts go back to the Middle Ages. In 1952, a Governmentappointed committee made recommendations to bring into line with present-day needs more than 100,000 charitable trusts owning about £2OO million and a vast amount of land. The Government broadly accepted the proposals in 1954. Lord Nathan, a Labour peer, who headed the committee, pressed for action in the House of Lords last night and the Lord Chancellor (Lord Kilmuir) said the Government hoped to bring in legislation in the next Parliamentary session. Until a new law is passed, many obstacles prevent the diversion of money to fresh objects outside the scope of the original bequests.
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Press, Volume XCVIII, Issue 28895, 15 May 1959, Page 7
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170ILK. CHARITY TRUSTS Press, Volume XCVIII, Issue 28895, 15 May 1959, Page 7
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