Charity fund transfer boosts WCI Education Fund
Written by David Worsfold on 21st December 2023
The Chartered Insurance Institute's charity, the Education and Training Trust, is transferring its net assets of approximately £2mn to The Worshipful Company of Insurers Charitable Trust, enhancing the resources available to the WCI to support educational activities within the insurance profession and beyond.
The CII’s Education and Training Trust has supported insurance and allied professionals to advance their education and training for the past 50 years, often working hand-in-hand with the WCI. The CII Group has endorsed a proposal by the current Board of Trustees of the charity to transfer all of the organisation’s assets to the WCI, which will create a combined asset pool of around £4.4mn.
The transferred funds will continue to be protected and managed for the same purposes as currently prescribed by the Objects of the CII Education and Training Trust. To that end, two of the organisation’s trustees will also join the WCI Charitable Trust board, to ensure continuity of treatment of the assets. Once the funds have been transferred, which is expected to be completed in the first quarter of 2024, the CII Group will wind-up the Education and Training Trust in an orderly manner.
Katie Wade (pictured), Chair of The Worshipful Company of Insurers Charitable Trust, said: “We are delighted to accept the transfer of funds from the CII’s Education and Training Trust, and the responsibility to provide for future generations of insurance professionals. The WCI has a long history of philanthropic work, often alongside the CII, so it makes good sense to combine our assets and further our goals in this way.”
Simon White, Chair of Trustees of the Education and Training Trust, said: “The CII’s Education and Training Trust has provided valuable support to a great many individuals over the past half century. Combining our undertakings with the Worshipful Company of Insurers Charitable Trust will enable us to continue collectively to greatest effect, which will benefit even more people in the insurance profession for many years to come.”
Dr Helen Phillips, CII Group Chair, said: “The CII Group would like to thank all those who have given service to our Education and Training Trust over the years, and particularly to those current trustees who identified this opportunity. The legacy and objectives of the CII’s charitable aims will be preserved through this move, ensuring that those in need will continue to have an opportunity to find the support that will enable them to pursue their career in the insurance profession.”
• The Worshipful Company of Insurers Charitable Trust makes grants to charities, educational initiatives, encourages volunteering and supports the Lord Mayor and the City in their charitable objectives. Engaging with good causes is core to the WCI’s mission. The financial contributions and volunteer time given by its members enables the WCI Charitable Trust to support charities based in the City and surrounding regions, including charities helping vulnerable young people without family support who are seeking education, training and employment, the homeless, the elderly, newly released prisoners and our injured service men and women.
The WCI Education Fund has made recent grants to support teenagers at schools in deprived London Boroughs who are interested in a City career as well as promoting quality and professionalism among those in the early stages of their insurance careers. Among the other initiatives and projects the Fund currently supports are the Livery Schools Link, the Bayes Business School Scholarships for students taking the MSc in Insurance and Risk Management and the CII regional training programme.
Read More About the WCI's Charitable Activities
