The Charity Commission initially authorised the Trust to spend £306K on legal costs and fees associated with the Parliamentary Process. Unfortunately, partly as a result of the number of separate petitions lodged, the Trust has had to ask the Commission to increase the budget to £451,972. The Trust proposes to spread some of the cost by taking a loan repayable over 25 years.
In addition to the legal costs and disbursements, there will be other costs for example staff time in supporting the process, keeping the public informed and the costs of a public consultation.
The benefits of updating the charity’s governance, particularly financial benefits, may not be immediately obvious. However, enabling the charity to carry out its work more effectively will be a better use of its resources. The ability to diversify the Trust’s income streams will also put the charity in a much more stable and secure financial position for the future and reduce the reliance on levy payers
