For members of the Institute of Financial Accountants (IFA) and our partner in Australia, Institute of Public Accountants (IPA), there is an additional safety net.

Officially established in its current form in February 2023, the IFA/IPA Group Benevolent Fund provides non-repayable grants to current and former members of both professional bodies, and their dependants, who are facing financial hardship through illness, redundancy, sudden changes, or key transitions.

Why the Fund matters

To date, the Fund has awarded more than £24,000 in grants to members in need. One story that showcases the positive impact the fund is already having is that of a single parent who struggled to manage work while supporting their daughter through long-term medical support. They shared their experience of the Fund:

‘Over recent month’s my daughter’s condition has entailed numerous hospital visits and admissions and having exhausted all my leave I had no choice but to reduce my working hours. The reduction in hours has meant our outgoings now exceed what I can earn and leaves me struggling to make ends meet whilst still supporting my daughter in every way I can.

‘I heard about the Benevolent Fund through the IPA and having looked at the criteria felt that maybe this was an opportunity for some much-needed help. I found the application form requesting support easy to complete, and the direct contact with the Benevolent Fund very empathetic and caring throughout. When I heard my application had been successful the relief was enormous. It has been an incredibly tough time and being able to pay some outstanding bills has definitely helped.’

Accountants are often viewed as the ‘safe hands’ in organisations. Calmly and capably managing risk, guiding direction, and keeping tabs on compliance. So, when their personal circumstances change, perhaps as a result of ill-health, redundancy, business closure, family break-down or relocation, for example, the same financial risks that accountants help others navigate can become crushing for them.

The Fund recognises that accountants (and those in training) may find themselves facing vulnerability. Its objectives are two-fold. The first is to focus on the prevention or relief of poverty of members or former members (or their dependants).

As the Fund grows it hopes to also be able to help with the advancement of education of IFA and IPA students, particularly providing scholarships and bursaries for members in financial need.

It is particularly relevant for smaller accountancy practice (SMP) professionals and those operating on their own or in smaller firms, where there is often less institutional support in place compared with large firms.

The charity provides financial support for all current and former Group members and dependents faced with a sudden change in circumstance, such as illness or redundancy that is leading to financial hardship by awarding a non-repayable grant.

Ian Clark, chairman of the board of trustees at the Benevolent Fund, says

he is proud of what the Fund has already achieved, but that he and his fellow Trustees are keen to do more.

‘Having worked in the industry for many years, it’s a privilege to be able to strengthen the sense of community within the IFA/IPA Group and foster a real sense of professional solidarity. While there are general charities that exists to assist people experiencing hardship, it’s wonderful to offer this industry-specific safety net.

‘At a time when the profession is increasingly focusing on wellbeing, mental health, and practitioner resilience, the Benevolent Fund is a tangible tool that can support members when things go wrong.’

Like any charity, it is not without its challenges. Growing the fund and increasing its impact is something Clark and his fellow trustees are constantly working on.

‘We know there are challenges ahead,’ adds Clark. ‘The continuing cost of living crisis, inflation, and volatility in SMP firm incomes means we expect demand for the support we offer is likely to increase. Our job is to continually monitor the rate of applications and the type of support needed to ensure we stay sustainable while helping as many members as possible.’

Funding the future

The IFA/IPA Group Benevolent Fund may be less than three years old, but it has a clear and credible purpose – to provide a professional-specific safety net for accountants experiencing life-changing setbacks, while also planning to invest in the next generation of the profession as it grows.

This dual mission, first of relief and then education, means it has the potential to be both reactive and proactive for members in need. As the profession navigates higher inflation, rising client pressure, regulatory burdens, and the shift to advisory-led practice, practitioner wellbeing and financial resilience are increasingly vital.

The Fund’s continued success will likely hinge on three factors – increasing member engagement and awareness; sufficient fundraising to meet growing demand; and maintaining the administrative capacity and governance to scale responsibly.

For the wider accountancy profession, this fund offers a beacon of peer support, a reminder that behind the technical roles lie real people, whose professional body stands ready to help in times of need.

It’s clear that the IFA/IPA Benevolent Fund is an important initiative for accountants, combining a human-centred approach to hardship relief with a forward-looking investment in the talent pipeline. For those working in industry, it is worth noting, supporting, and promoting so it can have your back if you ever need it.

What can practitioners do?

Thanks to being industry-focused, the Fund can rely on the membership communities of the IFA and IPA; encouraging them to support each other, donate, and get involved with the Fund. Donations can be made voluntarily at any time, or made as part of membership renewal as a gift.

Jonathan Barber, IFA group executive – UK, shares his thoughts on how IFA members can make the most of the Benevolent Fund. ‘It’s wonderful that members have access to financial support if and when they need it through the Benevolent Fund. If you are a member of the IFA (or the IPA) I recommend keeping the website link and application form handy, for yourself or colleagues.

‘For those with their own firms, consider including the Fund details in your staff handbook or welfare support materials. If you can, adopt a “pay it forward” mentality and consider donations or fundraising initiatives that collectively build our industry’s safety net. You never know who, or why, someone might need it.’

Ian Clark, chairman of the Fund, adds: ‘No matter how competent a practitioner may be at managing others’ tax or financial returns, personal finances and unexpected life events can still cause acute distress. The Fund steps in as an independent industry-specific safety net so IFA/IPA members can get back to what they do best.’

You can find out more about the Fund, or submit an application, at https://ifa-ipa-benevolentfund.co.uk/

About the IFA/IPA Group Benevolent Fund

The IFA/IPA Group Benevolent Fund is a registered Charitable Incorporated Organisation [charity registration number 1202088]. The charity remains completely independent of the boards of either the IFA or IPA, with directors or staff unable to stand as trustees. It has its own trustees responsible for ensuring the effective running of the charity and award of grants.   

You can make a voluntary donation on the IFA/IPA Group Benevolent Fund JustGiving page or donate when renewing your IFA/IPA membership