Grantmaker Casa Stella has transferred its £3.22m-worth of assets to anti-poverty charity Turn2us as it prepares to close, the organisations have announced.
London-based Casa Stella, which began making grants for women in 2008, has been run by trustees and asked Turn2us last year to continue its grantmaking.
Turn2us agreed to take on the endowment last year and pledged to continue Casa Stella’s grantmaking, with the arrangement finalised in December 2023.
Casa Stella trustee Eileen Cammiade said the decision to transfer the assets was made after “realising succession challenges” involved in the ongoing management of the charity by senior volunteers.
“We have ensured stability and a way of continuing to make grants available through Turn2us,” she said.
“In securing this permanent legacy we can continue to help those who need it most.”
Casa Stella had been making around £80,000-worth of grants each year, its accounts show, but this dropped to £20,900 in the year to September 2022.
Its 2021-22 accounts state: “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.”
Turn2us: ‘This enables us to grow’
Turn2us chief executive Thomas Lawson 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.”
According to accounts filed with the Charity Commission, Turn2us had £64.1m in fixed assets on 31 March 2023, with an income of £34.2m and an expenditure of £40.1m in 2022-23.
However, as most of this revenue is generated by its trading subsidiary, Elizabeth Finn Homes, the organisation counted its charitable income as £6.05m.
Turn2us also recently announced it had received £300,000 raised by players of People’s Postcode Lottery.
