# Second funder this month announces plans to spend assets & close

- Link: https://fundraising.co.uk/2023/07/21/second-funder-this-month-announces-plans-to-spend-assets-close/
- Published: 2023-07-21T13:57:28+01:00
- Author: Melanie May

**The Albert Hunt Trust’s announcement follows that of Lankelly Chase, which is 
to redistribute its assets over the next five years and then close as it seeks to
step away from the traditional philanthropy model.**

The Albert Hunt Trust was established on 12 January 1979 and is based in Brentwood,
Essex. To date has distributed grants totalling more than £40mn to causes including
hospice care, winter night shelters for the homeless, and individuals facing social
deprivation.

It now plans to spend the rest of its resources, and to mark its 50^(th) anniversary
in January 2029 by closing.

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[In a statement on its site](https://www.alberthunttrust.org.uk/the-albert-hunt-trust-plans-to-spend-its-entire-resources-by-2029/)
explaining the decision, it says that it had maintained: _“a steadfast commitment
to provide unrestricted core funding … with little or no reporting required, thus
entrusting the organisations supported to continue to deliver their objectives._

_“With the unprecedented recent effects on society, through the pandemic and current
cost of living crisis, there is a stark increase in the dependence being placed 
upon civil society as a source of intervention._

_“This has consequently caused the Trustees to question ‘why does the Trust exist?’
and ‘why does the Trust need to exist forever?’.”_

Acknowledging that there is ‘much immediate need for financial support’, it says
the Trustees have decided to act now by concentrating on the spending of the Trust’s
remaining resources within this specific timeframe.

Breda McGuire, the chair of Trustees said:

> ‘’By adopting a spend down strategy this will focus the trustees to utilise the
> resources of the Trust in a targeted way to achieve the Trust’s objectives at 
> a time of unparalleled need.’’

For now, the Trustees will continue with their current grant making strategy, whilst
they develop a strategy for the phased final distribution.

**[More on the Lankelly Chase plans here](https://fundraising.co.uk/2023/07/11/funder-to-close-redistribute-assets-after-60-years/)**.

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