Rollits donate unclaimed balances to Charity Bank and other local charities

Rollits has recently donated the money from its legacy bank account of unclaimed client balances to four charities, one of which was Charity Bank. The gift will be used to help Charity Bank provide greater financial support to more charities, social enterprises and local organisations in the UK.

Charity Bank is the only regulated bank in the UK that is also a registered charity. It lends to charities, social enterprises and community organisations, including those that would find it difficult to secure funding from traditional banking sector. It invests 100% of its depositors` money in supporting charities and enterprises that benefit society and publishes details of every loan it makes. 

Donald Robertson, Director of Finance at Rollits said "In line with the Solicitors Regulations Authority`s (SRA) regulations, we wanted to clear our backlog of unclaimed client balances. After conducting due diligence, we contacted as many of the former clients as possible and returned any claimed funds, we were given go-ahead by the SRA to donate the remainder of the balances to charity. We collated the leftover funds and donated them to four different charities, one of which was Charity Bank. Both Rollits and Charity Bank hope that Rollits` donation will encourage other law firms to use unclaimed client balance funds in a similar way".

"Unclaimed balances are common in our profession and can accumulate over the years. We were pleased to clear the backlog of unclaimed funds in such a positive way and wanted to donate the funds to charities that were making a tangible impact," said Rollits managing partner, Richard Field. "Charity Bank`s mission to transform saving into an ethical action that supports other charities and community organisations definitely met this criteria."

"We want to thank Rollits for its generous donation," said Malcolm Hayday, Charity Bank. "Gifts like these contribute to Charity Bank`s mission to facilitate social change and I hope that Rollits` gift will inspire other law firms to follow suit by donating unclaimed balances to support their local communities."

Posted on: 20/09/2011

This article is for general guidance only. It provides useful information in a concise form. Action should not be taken without obtaining specific legal advice.

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