The Company of Actuaries Charitable Trust (“The Trust”) was established by the Worshipful Company of Actuaries (“WCA”) in July 1980 under a Trust Deed (“The Deed”).
The objects of the charity are set out in the Deed and may be summarised as to:
- provide grants for the advancement of education of actuaries and others
- provide grants for charitable research in the field of actuarial science
- award bursaries to students to alleviate financial hardship
- award exhibitions at an educational establishment to persons intending to practice the profession of actuary
- award prizes in connection with the examinations for actuaries
- assist in the general education of persons in necessitous circumstances preparing to be actuaries or for other professions
- assist and benefit persons who are endeavouring to qualify as actuaries
- relieve members of the profession of actuary from poverty, and
- make donations to any registered charity
Appointment of Trustees
The Deed requires that there should be at least four and no more than eight Trustees. Trustees are nominated for their role by the Court from amongst the liverymen of the Company. The Court also nominates one Trustee to be the Chairman of Trustees. The Chairman makes a quarterly report to the Court on the activities of the Trust and usually attends meetings of the Court. The Chairman of WCA’s Education Committee is appointed as a Trustee during his/her term of office and the Chairman of Trustees is a member of the Education Committee.
Trustees appoint the Almoner, who is not usually a Trustee.
The Trustees and the Almoner normally serve a four year term but, subject to the agreement of the individual and the other Trustees, may serve for a further four years.
Meetings of Trustees
Trustee Meetings are held four times per year. As well as Trustees and the Almoner, attendees may include, the Clerk, the Master, Senior Warden and Junior Warden. The Almoner will normally take the minutes of the meeting.
Powers of Trustees
Trustees are legally responsible for the administration of the Trust as set out in the Deed which gives them wide powers of discretion. The Trust is subject to regulation by the Charity Commission of England and Wales. The Charity Commission has issued guidance for Trustees, the full text of which may be found on the Charity
Trustees have the power to amend the Deed if necessary although some changes, particularly relating to the objectives of the Trust, would require approval from the Charity Commission. Trustees may, however, prescribe Rules which, provided they do not contravene anything in the Deed, can introduce and formalise interpretations in order to ensure consistency of treatment of particular issues.
The Almoner, on behalf of the Trustees, has to submit the Accounts and an Annual Report online within ten months of the end the reporting year which runs from 1st August to 31st July. As part of submitting the report, Trustees also confirm that they have had regard to the Commission’s guidance on public benefit.