The grantmaker Casa Stella has transferred its £3.2m in assets to the anti-poverty charity Turn2us as it prepares to wind up.
Casa Stella, which was set up in 2008 to provide grants for women, approached Turn2us last year to ask the charity to take on the grantmaker’s endowment.
The anti-poverty charity finalised its agreement with Casa Stella in December, and is taking on the funder’s assets, which are valued at £3.2m.
In a statement, the organisations said these funds were being made available to Turn2us to “help fund its work offering information and practical support to people experiencing financial insecurity”.
Eileen Cammiade, a trustee of Casa Stella, said the decision was made after “realising succession challenges” involved in the ongoing management of the grantmaker, which was run solely by trustees.
She said: “We have ensured stability and a way of continuing to make grants available through Turn2us. In securing this permanent legacy we can continue to help those who need it most.”
Casa Stella’s accounts for the financial year ending 30 September 2022 show that the charity only issued £20,900 in grants during this period – a decrease of 74 per cent compared with the previous year’s total of £80,700.
The accounts say: “The trustees are intending to wind up the charity and have been actively seeking an alternative charity to receive the net assets of the trust.
“A charity has been selected and the trustees have started the process.”
Thomas Lawson, chief executive of Turn2us, said: “Legacy planning is important for any charity. When it came time for Casa Stella to decide their future we were delighted to be approached.
“Our values are closely aligned, and we are honoured to have been chosen to continue their work. This enables us to grow as an organisation and ensure we are able to continue offering practical information and support to people facing financial insecurity across the UK.”
In the year ending 31 March, Turn2us had nearly £64.1m in fixed assets. During the same period, it had income of £34.2m and expenditure of nearly £40.1m.