Regulator consulting Atlantic Bridge trustees over fate of charity's funds

The Charity Commission is in talks with trustees of the defunct charity Atlantic Bridge to find out what has happened to its remaining funds.

The charity, which was founded by former defence secretary Liam Fox and run by his associate Adam Werritty, was wound up voluntarily by its trustees last month.

The commission ruled in July 2010 that its "current activities must cease immediately" because it promoted a political stance that was closely associated with the Conservative Party.

Under charity law, Atlantic Bridge was required to transfer any remaining charitable funds to another charity with "compatible objects" when its trustees decided to wind it up.

Asked what had happened to Atlantic Bridge's remaining funds, a Charity Commission spokeswoman said trustees were not required to tell the regulator which charity the funds had been given to.

She said, however, that before the charity was wound up staff at the commission spoke to trustees about where they planned to allocate the funds.

"We are confirming with the trustees whether they indeed applied the remaining funds as discussed with us," she said. "Once we have done so, we might be able to confirm the identity of the recipient charity."

The charity’s most recent accounts, which cover the year ending February 2010, show that it carried £36,768 forward at the end of that year. It is not clear what the charity’s balance was when it was wound up last month.