Frequently asked Questions (FAQs)
- When was the Benevolent Fund established?
- What is the main aim of the Benevolent Fund?
- Who is eligible to apply for help and does this include students?
- Can I apply for support with my ACCA membership subscription?
- How much money has been granted to good causes?
- How is the Benevolent Fund governed?
- What is the investment policy of the Benevolent Fund?
- How is income generated?
- How can I apply for assistance?
- When do application forms need to be submitted?
- When does the board of management meet?
- What sort of help can I expect?
- Home visits
When was the Benevolent Fund established?
The Chartered Certified Accountants' Benevolent Fund was established by Trust Deed in 1918.
What is the main 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 help and does this include students?
The Benevolent Fund assists ACCA members, their spouses, dependant partners and children. Students aren’t eligible for assistance.
Can I apply for support with my ACCA membership subscription?
The Benevolent Fund aims to support those who are in need with grants or loans which will improve their wellbeing or quality of life. It does not support payment of annual membership subscriptions. Reduced subscriptions are available from ACCA dependant on circumstances.
How much money has been granted to good causes?
In the year ended 31 March 2020, which was a fairly typical year, £75,229 was granted to 30 beneficiaries in the form of grant assistance, one-off donations and secured loans.
How is the Benevolent Fund governed?
The Benevolent Fund’s Trustees should be members of the charity and there must be at least five and no more than 15 members at any time.
One third of Trustees will retire annually by rotation and will be available for re-election provided they haven’t completed nine years as a Trustee of the Fund.
Its 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 Benevolent Fund isn’t dependent on the services of volunteers or on donations in kind.
What is the investment policy of the Benevolent Fund?
After considering the most appropriate policy for investing funds, the Board of Management decided 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’s investment portfolio is managed by professional fund managers and its 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 Benevolent Fund in its day-to-day operations.
The Benevolent Fund sometimes needs to react quickly to emergencies, so has a policy of keeping any surplus liquid funds in short-term deposits that can be readily accessed.
How is income generated?
The Benevolent Fund is supported through grants, subscriptions, donations and legacies, and the income from a portfolio of long-term, high yielding, government securities and holdings.
How can I apply for assistance?
You can download an application form from the ‘related downloads’ section of this page. Completed applications should be sent to:
The Chartered Certified Accountants' Benevolent Fund
110 Queen Street
Alternatively, you can request an application form in writing from the same address.
When do application forms need to be submitted?
We receive applications on an ongoing basis, so there’s no specific deadline
When does the board of management meet?
The Board meets four times a year and there are several internal Trustee/staff meetings throughout the year as well.
Formal deadline dates aren’t published as cases can be presented to the Board up to the date of the meeting.
Once an application form has been 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.
If the Board of Management needs further information, they may send a Representative to visit the applicant to get a better understanding of the situation.
For the beneficiary, it may be easier to talk the situation through rather than trying to explain everything on an application form. A home visit can also give the Benevolent Fund a better assessment of your needs.