Charity Commission to authorise Wellcome Trust bond issue
Howard Lake | 2 July 2006 | News
The Charity Commission has indicated that it is prepared to authorise the Wellcome Trust new bond issue, which could generate around £300-£500 million in additional income.
Following extensive discussions with the Wellcome Trust, the Commission reports that it is satisfied that the proposal to underwrite the bond issue from the Trust’s assets is “expedient in the interests of the charity” and is therefore prepared to authorise this innovative fundraising proposal.
The bond issue is intended to raise funds for investment in order to generate additional income to foster and promote research with the aim of improving human health.
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The Commission is tasked with both ensuring charities comply with their legal obligations, and with encouraging innovation and enabling charities to maximise their impact.
The Commission has the power, under Section 26 of the Charities Act 1993, to authorise a proposed action by a charity, whether or not it would otherwise have the power to take the action, where the Commission is satisfied that the action is expedient in the interests of the charity.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.