Investigation into Mayfair Charities
The Charity Commission last month released the findings of an investigation begun in July 2012 into concerns over Mayfair Charities’ financial accounts, and in particular a complex network of property-related financial arrangements between the charity, its trading subsidiaries and companies connected to the trustees.
The charity, established in 1968, works to support charitable Jewish organisations in the UK and abroad, with a focus on education and the relief of poverty. Prior to the investigation, income of around £12.5m was declared, with expenditure of around £4m.
The commission concluded that where the charity rented out residential and commercial properties it owned at market rate and used the income to make grants to charitable causes, this was ultimately of benefit to the charity…
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