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Change 1
As published
284A Power to borrow from permanent endowment: general
(1) This section applies to any available endowment fund of a charity.
(2) The charity trustees may resolve to borrow an amount, not exceeding the permitted amount, from the available endowment fund if they are satisfied—
(a) that it is expedient for the amount to be borrowed, in the light of the purposes set out in the trusts to which the fund is subject and the purposes of the charity, and
(b) that arrangements are in place for the amount to be repaid within 20 years of being borrowed.
(3) Any amount borrowed in accordance with subsection (2) no longer forms part of the available endowment fund and, as a result, is freed from the restrictions with respect to the expenditure of capital that applied to it when it was comprised in that fund.
(4) An amount borrowed in accordance with subsection (2) may not be used to repay (in whole or in part) any amount previously borrowed from permanent endowment (whether the previous borrowing was by virtue of this section or otherwise).
(5) When repaying an amount borrowed (whether in whole or in part), the charity trustees may resolve to pay an additional amount not exceeding the maximum estimated capital appreciation.
(6) Any—
(a) repayment of an amount borrowed, and
(b) payment of an additional amount by virtue of a resolution under subsection (5),
is to be added to the available endowment fund and is to be subject to the same restrictions as to expenditure as apply to the other capital in the fund.
(7) The powers conferred by this section—
(a) may be restricted or excluded by the trusts of the charity;
(b) are (subject to paragraph (a)) in addition to any other power to borrow that the charity or charity trustees may have.
(8) If, and in so far as, the power conferred by subsection (5) confers power to accumulate income, it is not subject to section 14(3) of the Perpetuities and Accumulations Act 2009 (which provides for certain powers to accumulate income to cease after 21 years).
(9) In this section “available endowment fund”, in relation to a charity, means—
(a) the whole of the charity’s permanent endowment if it is all subject to the same trusts, or
(b) any part of its permanent endowment which is subject to any particular trusts that are different from those to which any other part is subject.
(10) If a resolution under section 104A(2) has effect in respect of an available endowment fund (or portion of such a fund), references in this section to an “available endowment fund” include that fund (or portion) but do not include any returns from the investment of the fund (or portion) which have not been accumulated.
(11) For the meaning of “permitted amount” and “maximum estimated capital appreciation” see sections 284B and 284C respectively.
Your change, as a redline
284A Power to borrow from permanent endowment: general
(1) This section applies to any available endowment fund of a charity.
(2) The charity trustees may resolve to borrow an amount, not exceeding the permitted amount, from the available endowment fund if they are satisfied—
(a) that it is expedient for the amount to be borrowed, in the light of the purposes set out in the trusts to which the fund is subject and the purposes of the charity, and
(b) that arrangements are in place for the amount to be repaid within 20 years of being borrowed.
(3) Any amount borrowed in accordance with subsection (2) no longer forms part of the available endowment fund and, as a result, is freed from the restrictions with respect to the expenditure of capital that applied to it when it was comprised in that fund.
(4) An amount borrowed in accordance with subsection (2) may not be used to repay (in whole or in part) any amount previously borrowed from permanent endowment (whether the previous borrowing was by virtue of this section or otherwise).
(5) When repaying an amount borrowed (whether in whole or in part), the charity trustees may resolve to pay an additional amount not exceeding the maximum estimated capital appreciation.
(6) Any—
(a) repayment of an amount borrowed, and
(b) payment of an additional amount by virtue of a resolution under subsection (5),
is to be added to the available endowment fund and is to be subject to the same restrictions as to expenditure as apply to the other capital in the fund.
(7) The powers conferred by this section—
(a) may be restricted or excluded by the trusts of the charity;
(b) are (subject to paragraph (a)) in addition to any other power to borrow that the charity or charity trustees may have.
(8) If, and in so far as, the power conferred by subsection (5) confers power to accumulate income, it is not subject to section 14(3) of the Perpetuities and Accumulations Act 2009 (which provides for certain powers to accumulate income to cease after 21 years).
(9) In this section “available endowment fund”, in relation to a charity, means—
(a) the whole of the charity’s permanent endowment if it is all subject to the same trusts, or
(b) any part of its permanent endowment which is subject to any particular trusts that are different from those to which any other part is subject.
(10) If a resolution under section 104A(2) has effect in respect of an available endowment fund (or portion of such a fund), references in this section to an “available endowment fund” include that fund (or portion) but do not include any returns from the investment of the fund (or portion) which have not been accumulated.
(11) For the meaning of “permitted amount” and “maximum estimated capital appreciation” see sections 284B and 284C respectively.
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