ACCA - The global body for professional accountants

When was the Benevolent Fund established?

The Chartered Accountants' Benevolent Fund was established by Trust Deed in 1918.

What is the aim of the Benevolent Fund?

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 AAPA and their families and dependants. The Trustees are also empowered to assist other charitable institutions as they see fit.

Who is eligible to apply for assistance? Are students eligible for help?

The Benevolent Fund assists ACCA members, their spouses, dependant partners and children. Students are not eligible for assistance.

How much money has been granted to good causes?

The year 2006 was a fairly typical year, £49,332 was granted to worthy causes in the form of grant assistance, one-off donations and secured loans.

What is the investment policy of the Benevolent Fund?

The Board of Management has considered the most appropriate policy for investing funds and has found that specialised fixed interest and equity stocks, designed for the charity sector, together with UK equities meet its requirements to generate income with capital growth.

The Benevolent Fund sometimes needs to react quickly to particular emergencies and has a policy of keeping any surplus liquid funds in short-term deposits which can be readily accessed.

How is income generated?

Donations, Investment income, legacies and credit card royalties are all contributors to the Benevolent Fund. Other than this, the Benevolent Fund is not dependent on the services of volunteers or on donations in kind.

How can I apply for assistance?

Please write to Hugh McCash, The Chartered Certified Accountants' Benevolent Fund, 2 Central Quay, 89 Hydepark Street Glasgow, G3 8BW, United Kingdom requesting a form.

You can also download an application form PDF document from the Related Documents section at the bottom of this page.

Applications should be sent to same address.

When do the application forms need to be submitted?

We receive applications on an on-going basis.

When do the Board of Management meet?

The Board meets four times a year and there are a number of internal Trustee/staff meetings throughout the year. Formal deadline dates are not published as cases can be presented to the Board up to the date of the meeting. Once an application form is received the Benevolent Fund will let you know when to expect a decision.

What sort of help can I expect?

Where appropriate, the Benevolent Fund will provide financial assistance in the form of regular grant assistance, one-off donations or secured loans.

Home visits

If the Board of Management requires further information then they may send a Representative of the Board to visit the applicant to get a better understanding of the situation. In the case of the beneficiary it may be easier to talk it through as opposed to writing on the application form. And for the Benevolent Fund, it allows a better assessment of your needs.

How can I give to the Benevolent Fund?

There are many ways in which you can help.

Donations

You can make a donation with your ACCA subscription or at any time by sending a cheque to The Chartered Certified Accountants' Benevolent Fund or by making a donation by credit card on ACCA's website. See the Related Links section on the left side of this page for a link to ACCA's website.

All donations to charity by UK taxpayers can be treated as Gift Aid donations and the Benevolent Fund can reclaim 28p tax paid on every £1 you donate. Donors who are liable at the higher rate of income tax can claim the difference (18% in 2007/08) between the higher rate of 40% and the basic rate of 22% on the grossed up donation. For 2008/09 the basic rate of tax will be 20% and the amount reclaimable will change to 20%. You can sownload a donation form from the Related Documents section at the bottom of this page.

New scheme for giving to charity through the tax return

From April 2004 Self Assessment taxpayers will be able to donate their tax repayments to charity using the tax return. This new way of giving has the potential to generate a considerable amount for the charities who participate. The Chartered Certified Accountants' Benevolent Fund has registered with the Inland Revenue and its unique code is KAK49WG.

Bequests and Legacies

Making a bequest to the Benevolent Fund is a convenient way of supporting the charity after your death. Gifts and bequests to charities are generally exempt from inheritance tax.

Listed shares

Tax relief is now available for companies and individuals on the gift of quoted qualifying shares and securities to a charity. Relief is given to the donor by way of a deduction for the full value of the gift in computing income or profits for income tax or corporation tax purposes, in addition to any existing capital gains tax relief.

Any amount of shares, no matter how small, can be transferred to the Benevolent Fund by completing a stock transfer form.

Beneficiaries

If you need assistance or know of anyone that needs assistance then please do not hesitate to contact us.

 

Last updated: 4 Feb 2014