The government is set to benefit from a gift of more than \u00a3600m after a charity set up nearly 100 years ago to pay off the national debt was made to transfer its assets and now plans to close.<\/p>\n
This week, the UK Debt Management Office (DMO) announced<\/a> that a \u00a3607m gilt would be cancelled due a donation received from the National Fund, a charity set up in 1928 to pay off the national debt.<\/p>\n The DMO received a \u201csignificant transfer\u201d to its donations and bequests account from the National Fund in 2024-25, its accounts show<\/a>, including \u00a3585m of cash, the vast majority of the charity\u2019s assets.<\/p>\n This transfer followed a Court of Appeal ruling in 2023<\/a>, which stipulated that the National Fund\u2019s assets should be sent to the Treasury rather than other charities.<\/p>\n According to the National Fund\u2019s latest accounts, belatedly published in December, it now plans to close following the assets transfer.<\/p>\n \u201cIn line with the judgment, the fund will cease to operate and all assets (less funds to meet final expenditure) to the National Debt Commissioners,\u201d the accounts read.<\/p>\n \u201cThe intention is that the charity will be wound up once the remaining expenses have been paid.\u201d<\/p>\n Failed appeal<\/p>\n The National Fund was set up in 1928 with a \u00a3500,000 donation, revealed in 2021 to have come from banker Gaspard Farrer, with the aim of paying off the UK\u2019s national debt following the First World War.<\/p>\n Other philanthropists contributed to the fund but it has not received any donations since 1985.\u00a0<\/p>\n