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Notes on the Principles of Membership Subscriptions and Charitable Donations
Members are asked to support the aims and purposes of the Company through 2 distinct elements; a membership subscription (Quarterage) and a charitable donation. The subscription supports the Company’s office and staff and the Finance Committee ensures that the subscription element is held to the minimum amount necessary to cover administrative expenses. The charitable donation supports the work of the Company through its Charity, The International Bankers Charitable Trust (charity number 1087630). The split in the itemization is necessary in order to benefit from the tax concessions available in the United Kingdom covering charitable giving.
The Court expects members to contribute annually, as a minimum, an amount at least equivalent to their subscription to the International Bankers’ Charitable Trust, the Company’s charity. Many members pay very substantial amounts to the Trust and also support the Company’s objectives by arranging for the organizations they work with to provide additional support through providing work placements and opportunities.
Although it must be emphasized that the charitable donation is voluntary, the very ethos of Company membership is to support its aims and objectives. Without members' support for its charitable and educational activities there would be little justification for its recognition as a fully functioning and empowered City Livery Company. The following encapsulates the history and spirit of these goals.
When Companies were originally formed in medieval London they generally had 5 very clear aims: fellowship, charity, citizenship, commerce, comradeship and conviviality. All the great livery companies and Companies have had a history of supporting worthwhile causes in many ways. One of the main objectives of the Company of International Bankers is to further the trade of international banking and financial services practitioners. In support of this mission one component of the work to be pursued through the Company is the education of the young. The Company seeks to promote recruitment and development of the employees for the financial services industry with particular emphasis on those younger people in the immediate area of the City who would not normally be able to aspire to a City job. This will be achieved by providing vocational training for and assistance to the lesser privileged in finding relevant education and work in the City.
The Company’s charity, The International Bankers Charitable Trust, holds registration No 1087630 with the Charity Commission.