The Certified Chartered Accountants' Benevolent Fund was first established by Trust Deed in 1918. It has been registered with the Charity Commission for England and Wales, registration number 222595, since 1964.
Following a review of the Benevolent Fund's activities in 2013 the Trustees decided that the charity should be incorporated as a charitable company limited by guarantee as this will provide limited liability for the trustees and give the charity a legal personality as well as allowing the charity to operate more effectively.
Members of ACCA were advised of the proposals in the summer of 2013 via the AGM papers as well as other correspondence and these proposals were passed at the AGM in September 2013.
The Chartered Certified Accountants’ Benevolent Fund (same name as allowed by the Charity Commission) has now been incorporated at Companies House, company registration number 08880293, and is registered with the Charity Commission for England and Wales, registration number 1156341.
The resolution to transfer the assets and liabilities to the new charity was passed by the Members (Trustees) as of 31 December 2014 and those transfers are currently in process. The old charity will continue to exist until the Trustees are satisfied that all the assets and liabilities have been transferred to the new charity.
The principal object of the ‘new’ Fund remains the same as the old charity and 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.
Under the Articles of Association of the ‘new’ Fund, the Trustees must be members of the charity and there must be at least five and no more than fifteen members at any time. One third of trustees will retire annually by rotation and will be available for re-election provided they have not completed nine years as a Trustee of the Fund.
The principal policy adopted by the Trustees 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 Trustee can make 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 survivor.
Over the past three years the Fund has helped beneficiaries in the United Kingdom, Ireland, Czech Republic, Ghana, Nigeria, Hong Kong, Zimbabwe, Malaysia and USA. 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.
The investment portfolio is managed by professional fund managers. In addition, the Fund receives royalties on an affinity credit card scheme operated with MBNA and MasterCard. Details of the MasterCards, which are issued with the ACCA logo, are available from ACCA UK Members' Services Department on +44 (0)20 7059 5914.
The Fund's administration, including legal advice, is provided, free of charge, by ACCA; the Trustees 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 comprise unrestricted and designated funds (a Loan Fund and a Disaster Fund). The unrestricted funds 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.