FINANCE NEWS: Commission seeks to use funds from dormant accounts

The Charity Commission has launched a project to identify dormant charity bank accounts and transfer the money to other charities with similar aims.

As part of the Treasure Hunt initiative, the commission is working closely with the British Bankers Association (BBA) and the Building Societies Association (BSA) to find unused accounts.

Under the Charities Act 1993, the commission is able to find other outlets for the money, after having made "reasonable but unsuccessful" attempts to contact the charity's trustees.

The first charity to be earmarked for a transfer under the initiative is the North Tees Scanner Appeal. It has not yet been decided which organisation will benefit.

The commission is due to release streamlined arrangements for handling dormant accounts with the BBA and BSA early next year.

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