Second funder this month announces plans to spend assets & close
Melanie May | 21 July 2023 | News
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 50th anniversary in January 2029 by closing.
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In a statement on its site 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.
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.