Charity probed over losses
THE CHARITY Commission is investigating a Jewish charity over the loss of investment funds.
The Park Charitable Trust in Manchester was set up to advance Jewish education and provide support for people with cancer and heart conditions.
The commission has opened a statutory inquiry, reserved for the most serious cases, into “concerns about the loss of investment capital by the charity and potential unauthorised trustee benefits”.
The charity’s accounts show it borrowed £30 million, mainly to invest in property, and suffered a £1 million loss on investment assets in 2013.
David Hammelburger, one of the trustees, said: “We are entirely satisfied that all aspects of the Park Charitable Trust’s activities are properly conducted.”