Genesis Philanthropy Group is to be wound up, with its remaining funds transferred to other charities.
Today (15th December 2023), the Charity Commission has published the report of its inquiry into Genesis Philanthropy Group. The charity will be wound up, with its remaining funds of £1.46m paid in grants to charities with similar purposes.
The inquiry was opened after three of its founding trustees were designated as sanctioned individuals in the UK following the outbreak of war in Ukraine. In the Commission's view, it is not legally possible for a designated person to act as a trustee.
- the inquiry immediately froze the charity's bank account in order to protect its funds
- an Interim Manager was appointed due to the ongoing risk that the charity's funds could become subject to sanctions as well as wider governance concerns
- the Interim Manager concluded that there were significant challenges to the charity's future viability and that the charity's best course of action was to distribute its remaining funds as grants to similar charities, and then wind up
- working with the charity's staff, the Interim Manager paid grants totalling approximately £1,462,000 to new and existing grant recipients
- the inquiry found that the trustees were responsible for misconduct and/or mismanagement in the administration of the charity, particularly relating to conflicts of interest and ensuring the charity had properly appointed trustees
Steve Roake, Assistant Director of Investigations and Compliance, said:
We moved quickly in this inquiry to protect the charity's funds following the designation of three of its trustees. The Commission is clear that designated persons are unable to discharge the duties of trusteeship without committing a criminal offence and we acted accordingly.
The £1.46m of recovered funds will now have the positive benefit they were intended to, funding a range of charitable causes, including to support those in need in Ukraine.
The full report detailing the findings of this inquiry can be found on GOV.UK.
