The Charity Commission has appointed Adam Stephens, a director at Smith & Williamson, as interim manager to the Rav Chesed Trust, as part of the regulator’s inquiry into the charity’s administration and financial management in the light of its persistent failure to submit annual accounts on time
The inquiry, which began in July 2015, is examining whether the trustees have put the charity’s funds at risk. The charity is based in London and has objects for general charitable purposes was until recently part of the commission’s class inquiry into charities that have defaulted on two or more occasions on their legal obligations to submit annual accounting information to the regulator.
Despite the regulator’s enforcement action to ensure the trustees were compliant, the charity failed to submit its annual accounts and returns for the latest financial year which were due by 31 May 2015. Its declared income averages around £500,000 a year.
Commission records showed that the charity’s accounts, reports and annual returns have been submitted late for every year starting from the year ending 31 July 2005, and have only been submitted after the commission took action. Due to the trustees continuing non-compliance with their legal duties in respect of accounting requirements the regulator considered these concerns require dealing with in a statutory inquiry.
In the latest stage of the inquiry Stephens, a restructuring and insolvency specialist, will replace the trustees and his tasks include taking over the general administration and management of the charity and securing the charity’s property.
The Commission’s investigation continues, and it will publish a report on its findings once concluded.
