The Chartered Accountants' Benevolent Fund was established by Trust Deed in 1918. Its principal object is to raise and maintain a fund for the purpose of assisting persons in need who are, or have been, members of ACCA or related organisations and their families and dependants. The Trustees are also empowered to assist other charitable institutions as they see fit.
The Fund is registered by the Charity Commission for England and Wales, registration number 222595. Under the rules of the Fund, the Board of Management must consist of at least seven members of ACCA, each of at least two years standing. Board members hold office for one year.
The principal policy adopted by the Board of Management to further the objects of the Fund has been, and continues to be, to make grants in order to supplement other income and to provide some comforts which would not otherwise be available. In addition, to enable members and dependants to remain in their properties, the Board makes loans, normally secured on the properties, towards the cost of major renovations, improvements etc. These loans are normally at a low rate of interest to cover the legal costs and are repayable either when the property is sold or after the death of a beneficiary.
Recently the Fund has helped beneficiaries in the United Kingdom, France, Ghana, Nigeria, Sudan, Uganda, Zambia, Zimbabwe, Sri Lanka, Malaysia and Trinidad & Tobago.
The Fund is able to fund these activities because of grants, subscriptions, donations and legacies, as well as the income from a portfolio of long term, high yielding, government securities and holdings which enable funds to be made available to meet anticipated short term needs. In addition, the Fund receives royalties on an affinity credit card scheme operated with the Bank of Scotland. Details of the MasterCards, which are issued with the ACCA logo, are available from ACCA Members' Services Department on +44 (0)20 7059 5914.
The Fund's administration, including legal advice, is provided, free of charge, by ACCA; members of the Board of Management also devote time to the Fund's affairs and receive no remuneration. Other than this, the Fund is not dependent on the services of volunteers or on donations in kind.
The Fund's funds are unrestricted and are split between designated funds in the event of disaster and general funds which are used to fund grants and other assistance given by the Fund in its day to day operations.
For more information, see the related documents section at the bottom of this page.