A charity formerly listed as the UK’s biggest recipient of voluntary income has been voluntarily dissolved as part of a restructure of its parent organisation designed to save money.
The Gavi Fund Affiliate, which had a voluntary income of £458.1m in the year to March 2011, according to figures from the Charities Aid Foundation, was part of the funding mechanism for the international healthcare NGO the Gavi Alliance.
GFA, which was listed by CAF as the largest charity in terms of annual donations in 2011, acted as a recipient of donor funds for the International Finance Facility for Immunisation, a bond-issuing mechanism that itself funds the Gavi Alliance.
The alliance said the dissolution of the GFA, which was removed from the Charity Commission’s register on 30 April, would save an estimated £835,000 a year in operating costs. It had no staff.
A spokesman for the alliance said: "This decision was mutual among the Gavi Alliance, Iffim, the World Bank – which is Iffim’s treasury manager – and the GFA, with estimated savings of $1.4m a year in operating costs."
In the future, any donations intended for Iffim bonds will be made to Gavi Alliance first, rather than going through the GFA.
The Gavi Alliance received a total of just under £5bn in funding between its inception in 2000 and the end of 2013. Three-quarters of this came from public sources, including the Department for International Development and the European Union.
Since GFA and Iffim were created in 2006, between 10 and 20 per cent of the Gavi Alliance’s annual income has come through Iffim.