A charity that was set up by Brexit donor and campaigner Aaron Banks, which was subject to a compliance case, is to close, the Charity Commission has confirmed.
The Love Saves the Day Foundation was registered on 1 June 2015, but according to the regulator’s website it never spent or received any money. Accounts filed for the year ending March 2016 record no figures.
The Commission said the charity had been subject to an operational compliance case over discrepancies with its accounts and its website, among other things, but said it could not provide any more information. The charity has now informed the regulator that it is to be wound up.
Scottish investigative news outlet The Ferret reported that the compliance case had opened into the charity “in the wake of media reports about Banks’ Brexit spending”.
The regulator said that it has communicated with trustees on concerns raised, and that it is monitoring the charity to ensure procedures are followed.
The charity was set up as an “independent grant-making foundation”, which focused on “projects within the Commonwealth of Nations, with a particular focus on enterprise development through micro-funding business opportunities, women and children’s healthcare and welfare, youth education and sports development”.
In a statement, a Charity Commission spokesperson said: “The Commission does not have an investigation open into Love Saves the Day Foundation at this time. The Commission has corresponded with the trustees on concerns raised, in which we have been made aware that the charity is no longer in operation and intends to wind-up.
“We are monitoring the charity to ensure the appropriate procedure is followed and to ensure that there is no further role for the Commission.”
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