The Court of Appeal has now conclusively determined that the National Fund (a charitable fund of approximately £550m) should be applied in reduction of the National Debt, confirming the judgment given by Mr Justice Zacaroli in [2022] EWHC 102 (Ch).

The Trustee’s appeal, which was brought with the authority of the Court, raised significant questions of charity law, and in particular the operation of section 67 of the Charities Act 2011, which the Court of Appeal has now clarified.

Robert Pearce KC and Daniel Burton, instructed by Macfarlanes LLP, acted for the Trustee, Zedra Fiduciary Services (UK) Ltd.

Read the judgment here.