The name of The Affirmative Deposit Fund for Charities has changed to the Epworth Cash Plus Fund for Charities.
In addition, a new performance target has been set for the fund. This is the Sterling Overnight Index Average (SONIA) plus 0.4% before fees.
A copy of the updated scheme particulars can be found at the following link:
https://www.epworthinvestment.co.uk/downloads/epworth-cash-plus-fund-for-charities-scheme-particulars.pdf
The reason for the change of name is to bring it into line with the other products in the Epworth product suite, and also to bring clarity that the Fund is not a Money Market Fund under the recent Money Market Fund Regulations (MMFR).
The fund continues to be in the same structure, as a registered charity itself, as an Alternative Investment Fund (AIF) and as a common deposit fund. The fund will continue to be managed in a conservative way, seeking to place funds with high quality counterparties to provide an attractive rate of interest and security to our customers.
We have produced a list of frequently asked questions below. We hope this will address any issues or questions you might have. If there is anything we can help with which is not answered here, please call Christophe Borysiewicz on 020 7496 3646 or e-mail him at christophe.borysiewicz@epworthinvestment.co.uk.
At the current time, interest rates remain very low, and this is reflected in the rate paid on monies invested in the fund. We continue to look for opportunities to improve the return made by the fund within the parameters set for the scheme.
The name is changing to bring the name of the fund into line with the other funds managed by Epworth Investment Management Limited. In changing the name of the fund, we are seeking to be transparent that the fund is not a money market fund under the recently introduced European Money Market Regulations (MMFR).
The Fund has an objective to outperform, before the deduction of charges, the Bank of England Sterling Overnight Interbank Average (SONIA) by 0.4% over rolling 12-month periods. No other changes to the way the fund operates are planned at this time.
The fund will operate in exactly the same way as currently. The bank account and sort code into which transfers are made will remain the same but the name of the account will change to Epworth Cash Plus Fund for Charities.
The on-line will continue to operate as before, except that the name of the Fund has been updated on the portal to reflect the change. The on-line portal is currently available for those accounts which operate with one authorised signatory only.
The fund will continue to receive transfers by bank transfer from charity customers. The bank account into which transfers should be made will not change but the name will be updated to reflect the changed name. The bank account name will be HSBC as Trustee for Epworth Cash Fund for Charities. Any cheques sent to us for deposit should be made payable to HSBC as Trustee for Epworth Cash Fund for Charities.
The process for requesting a withdrawal will not change. You can either send a secure message via the online portal (for those operating under one signature) or send written instruction via scanned email or post’. If sending via post, the address is as currently: Epworth Investment Management Limited, 2nd Floor, 9 Bonhill Street, London, EC2A 4PE. The written instruction should be signed in accordance with the mandate held on file.
As currently, funds can only be transferred to the nominated bank account of the charity and payments cannot be made to third parties.
Yes, your existing paying in book can still be used – any deposits made using these will be credited to the same bank account as before. In due course, new paying in books with the new name will be issued.