(1)The Charities Act 2011 is amended as follows.
(2)After section 104A insert—
(1)This section applies to a fund, or a portion of a fund, in respect of which a resolution under section 104A(2) has effect.
(2)The charity trustees may resolve that—
(a)the fund or portion, and
(b)any returns from the investment of the fund or portion,
may be used to make social investments (within the meaning of section 292A) which they could not otherwise make.
(3)While a resolution under subsection (2) has effect, regulations under section 104B(1)(b) and (ba) apply to—
(a)the fund or portion, and
(b)any returns from the investment of the fund or portion.”
(3)In section 104B (total return investment: regulations)—
(a)in subsection (1)(a), for “section 104A(2)” substitute “sections 104A(2) and 104AA(2)”;
(b)omit the “and” following subsection (1)(b);
(c)after subsection (1)(b) insert—
“(ba)the use of a relevant social investment fund to make social investments (within the meaning of section 292A),”;
(d)after subsection (1)(c) insert “, and
(d)any steps that must be taken by charity trustees in respect of a relevant social investment fund in the event of a resolution under section 104AA(2) ceasing to have effect.”;
(e)in subsection (2)(a), after “104A(2)” insert “or 104AA(2)”;
(f)in subsection (6), for “section “relevant” substitute “section—
“relevant””;
(g)in subsection (6), at the end insert—
““relevant social investment fund” means a fund, or a portion of a fund, and any returns from the investment of the fund, or portion, in respect of which a resolution under section 104AA(2) has effect.”
Commencement Information
I1S. 13 not in force at Royal Assent, see s. 41(4)
I2S. 13 in force at 14.6.2023 by S.I. 2023/643, Sch. para. 5