Charities Act Valuations – Getting Best Value

The Charities Act 2012 sets out the requirements for charities to obtain professional advice on disposal of a charity asset. The nature of the advice is set out in the Charities (Qualified Surveyors) Report Regulations 1992.

The purpose is to ensure that the charity obtains best value for any asset on disposal (this includes both sales and leases of more than seven years).

Questions frequently arise, in particular with regard to timing of obtaining the advice, when the advice is required and how best to make use of the information which is provided.

In this presentation I will discuss current legislation, changes proposed under the Charities Act 2022 and give some practical advice on obtaining and using a Qualified Surveyors Report in order to assist in the disposal process and ensure that charities meet their obligations to achieve best value. The presentation will be of interest to those acting as Executors where there are charitable beneficiaries, private client solicitors, Will writers and legacy asset managers.

Resources:

Institute of Legacy Management | Visit their website

Charities Act Valuation Accompanying Notes

ILM Residuary Case File Documentation Factsheet for Professional Executors

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Learning objectives:

• An understanding of the current and proposed statutory framework for provision of obtaining advice for charities on disposal of assets
• An understanding of the required contents for a Qualified Surveyors Report
• An understanding of how to obtain best value from an advisory report