During the 1970's leading figures in the City became concerned that the one-time close relationship between the Livery Companies and the City had been seriously weakened. Many Companies were no longer closely connected with the trades or crafts which had formed the basis of the wealth and influence of the City, and indeed some of these trades had ceased to be practised altogether. Some of the major Livery Companies had not produced a member of Common Council or an Alderman for a long time. Faced with political threats to dismantle the historic government of the City, there was no certainty that support would be forthcoming from those who comprise the commercial heart of the City in modern times and who would carry influence in any effort to maintain the independence of the City.

Largely at the instigation of the prominent chartered accountant, Alderman Kenneth Cork (later knighted on becoming Lord Mayor), the Court of Aldermen were persuaded to act to rectify this state of affairs. They agreed to encourage the formation of new Livery Companies more closely connected with the City of today and to simplify and accelerate the processes by which such companies are formed. The aim was to ensure that the Court of Common Council and Court of Aldermen would again contain significant numbers of people representing current business life in the City, thus re-forging the link between the Mayoralty and the commercial strength of the City of London, through the medium of the Livery Companies. Our Company was one of the first to be formed as a result of this initiative.

Although the idea of a Livery Company for chartered accountants had been mooted from time to time in the past, nothing had come of it. Three essential factors were required to give life to the idea — the enthusiasm of a few people who would form the initial nucleus, the right timing, and support from members generally — and these happily combined on this latest occasion. Following discussions between Kenneth Cork and other representatives of the City Corporation and leading members of the Institute of Chartered Accountants in England and Wales, a Guild Committee was formed in October 1975 to settle the constitution and ordinances of the Company, to form a charitable trust and to prepare the petition for Livery status. Two of the three factors were thus present from the beginning and the third (general support from members of the Institute) made itself apparent within a short time. The timing was right, so far as both the Corporation and the Institute were concerned, and there was a nucleus of enthusiasts to carry through the detailed planning, made up of certain members of the Council of the Institute and encouraged and led by Douglas Morpeth (now Sir Douglas) who was President of the Institute at the time, together with Kenneth Cork, Jim Keith (a former Chief Commoner and subsequently the first Master of the Company) and others from the City. These latter, with Oliver Sunderland, the Clerk to the Company, provided the much-needed expertise in City and livery affairs that others among the Committee lacked.

Within eleven months the Company was in being as a Guild, together with its associated charitable trust, the petition was prepared and shortly afterwards, in April 1977, the Company became the 86th Livery Company.

Letters Patent were presented formally to the Master at a special meeting of the Court of Aldermen in July 1977 by the then Lord Mayor, Sir Robin Gillett, the son of an eminent chartered accountant — although as he pointed out in his speech of welcome to the new Company, he himself had run away to sea to avoid following the well-trodden family path into the profession!

The objects of the Company are set out in the Ordinances which were approved by the Lord Mayor and Court of Aldermen in early 1977.

The principal objective is to foster the profession of accountancy and to provide social intercourse and mutual information between members of the Institute of Chartered Accountants in England and Wales.

To further this objective the Ordinances dictate that the Company will promote honourable practice and encourage high standards of behaviour and conduct among its members. It will also create and accumulate funds and apply those funds for charitable purposes generally including education and research projects.

The Company is also required to aid and assist the Institute and other societies connected with the profession, professional, benevolent, social or otherwise and where appropriate to keep a watching brief over petitions made to Parliament in relation to general measures affecting the accountancy profession. These objects clearly reflect those of the Institute itself and the Institute has prime responsibility for them, but the Company has, in addition, a responsibility to support the Mayoralty and the City.

The governing body of the Company is the Court, which comprises the Master (who presides), the Senior and Junior Wardens and a number of Assistants who shall be "not less than 10, nor more than 24", together with the President, the Deputy President and the Vice-president for the time being of the Institute, provided they are Freemen of the Company.

The Court has adopted rules regarding the maximum length of service as an Assistant. Past-Masters may serve for up to five years after holding that office and the Senior Past-Master and the Almoner are members of the Court ex officio.

The Court meets quarterly and has the responsibility for taking all decisions affecting the Company, such as its activities, finances, membership and participation generally in the affairs of the City and support for the Lord Mayor and Corporation.

The Clerk and the Assistant Clerk are responsible for all the administration affairs of the Company, and the Charitable Trust, which is independent of the Company, is controlled by trustees appointed from the membership.

The Freedom of the Company is open only to members of the Institute of Chartered Accountants in England and Wales (including reciprocal members) and is normally obtained by redemption - that is, direct payment for the privilege of entry. Membership may also be obtained by patrimony or by servitude.

Admission by patrimony is available to a son or daughter of a Freeman of the Company and of the City of London who was born after the parent had received such Freedom of the City. The candidates must not be less than 21 years of age, but as membership of the Institute is mandatory, the age barrier here has little meaning.

Admission by servitude follows apprenticeship or student membership to a member of the Institute, who is a Freeman of the Company and of the City of London, and the subsequent admission of the apprentice or student to membership of the Institute. Membership of the Livery is limited by the Court of Aldermen to 350, and given that there are more than 110,000 Chartered Accountants who are eligible to apply, admission to the Livery is a privilege not easily gained. Candidates for admission to the Freedom by redemption must be proposed and seconded by members of the Company. There is then an interview process followed by a waiting period for successful candidates.

Once the freedom of the Company has been obtained, a member must obtain the Freedom of the City, unless already held, before advancing to Livery status. This last stage is evidenced by the clothing ceremony, when a member takes the oath he or she is traditionally "clothed" with the Livery of the Company and is introduced to the Master, Wardens, and the members of the Court.

The Activities of the Company broadly fall into three categories - support for the Mayoralty and the City, charitable and social.

Support for the City is normally manifested on traditional and ceremonial occasions, for example, the election of the Lord Mayor on Michaelmas Day and the election of the Sheriffs on Midsummer Day. From time to time the Company has been privileged to enter a carriage in the Lord Mayor's Procession when the incoming Lord Mayor has been a Liveryman of the Company, and on occasions a float has also been entered in the procession.

By attendance at City functions and at those of other Livery Companies, the Master of the Company also demonstrates the Company's support for the City and at the same time fosters the reputation of the accountancy profession.

The Charitable endeavours form a major part of Company's activities. These are presided over by the Almoner, who is also a member of the Court of Assistants, and is Chairman of the Charity Trustees. Over the years, through the generosity of Liverymen, the Trustees have built up a respectable endowment and the income from this, together with ongoing annual covenants and gifts from members, enable assistance to be given to a number of different charitable enterprises (which are dealt with in another section of the handbook). In addition a few years ago "Chartered Accountants in the Community" was launched, a scheme for placing professional volunteers to serve on or advise management committees of small and medium sized charitable organisations. This scheme is now run in conjunction with several major accountancy firms but many Liverymen continue as volunteers and the Charity continues to support the cost of its operation through Business in the Community, which currently manages the scheme.

In the social sphere the year commences with the Installation Dinner, normally held in October, when the Master, elected previously by the Court, is formally installed. By tradition, this first dinner of the year is held at Chartered Accountants' Hall and the installation takes place before the commencement of the meal, when the Master Elect is called upon to take the oath "Well and truly to execute the office of Master in all things concerning the said office." Further Livery dinners are held in the following January and April, usually in the Halls of other Livery Companies, and then in midsummer we have been privileged to obtain permission from the Lord Mayor to hold our Annual Banquet and Ladies Night in the Mansion House.

Each year the Company holds its own Carol Service, usually at the Guild Church of St. Martin within Ludgate.

Other social activities are arranged from time to time, and, additionally the company participates in Inter-Livery competitions, such as golf, bridge, tennis and shooting.

The Company became formally associated with the Honourable Artillery Company in 1983 and has pledged its support in various ways. The link is marked by the annual presentation of the "Chartered Accountants' Sword" to the "Outstanding Officer of the Year" for use on ceremonial occasions. The recipient also receives a pair of gold cuff-links suitably inscribed. The presentation is usually made at the Mansion House during the Annual Banquet at which the Commanding Officer of the HAC and his Lady are our guests. The band of the Regiment often provides music at Company functions.

The Company's Coat of Arms which is reproduced on the front cover depicts a griffin, a form of heraldic monster half eagle and half lion, which is traditionally regarded as the guardian of treasure and hence is a suitable device for accountants. Sir Thomas Browne writing in 1645 says of griffins that they "defended the mines of gold", and so they are shown in a watchful position "regardant" and each issuing from a tower which is of masonry Argent and Gules, (white and red), the City colours, thus making a kind of checkerboard pattern. A cloth of this pattern was used in the Scacarium as a means of making early monetary calculations from which name the term "Exchequer" itself derives. Hence the cheeky appearance of the towers suggests calculation and computation as examples of those things for which accountants are responsible.

Each tower has a gateway with a portcullis, one is raised on the top, another is half-way and the last is closed, these positions denoting the various stages of account preparation from its beginning through to balancing the books and then the final closing of the same once the accounts have been completely and properly prepared.

The griffins and the towers are set against a background of Azure, (blue), symbolising the River Thames and hence London in general where most of the activities of the Company are carried out.

The crest device of a pair of scales is associated with the female figure representing Economy which is the main charge in the Arms of the Institute of Chartered Accountants in England and Wales. The armed arm (which symbolises the protection from financial loss which the skill of Accountants secures for their clients) holding the scales is placed between a pair of dragon's wings in reference to the City of London, the Crest of which is one dragon's wing, and each wing is made cheeky of white and red, like the towers in the Shield, for the same symbolical reason.

The Company's name and style describing it as being "in England and Wales" is alluded to emblematically by the Supporters, the Lion for England and the Dragon for Wales, which are shown on each side of the Shield. The sword held by the Lion, in the same upright position as that taken by the Sword in the City's Shield of Arms, is meant to be a visual reminder that the Company of Chartered Accountants has been constituted as a Livery Company of the City of London, and functions as such, while the key that the Welsh dragon holds is an emblem of security signifying sage and sound methods of professional practice resulting in financial stability.

The Motto, "TRUE AND FAIR" expresses the tenets by which all Accountants govern themselves and says in words that which the pair of scales in the Crest emblematically portrays.

During the relatively short period which has elapsed since the formation of the Company, it has been fortunate in building up a significant collection of silver and other valuable objects, thanks to the generosity of Liverymen and others.

Much of the collection is displayed at every Livery dinner, some of those items being in regular use, while others simply grace and adorn the tables.

The Cups and Tankards have regular places at our tables, and many members will have personally handled the eight silver gilt Loving Cups which were designed and made especially for the Company by Mr. Alex Telford. These cups incorporate in their design details of the Company's Armorial Bearings, the central motifs of which are the three towers. One such tower is formed as the stem of each Loving Cup complete with its portcullis, whilst the Arms supporters — the Lion and the Dragon — are made to connect the handles to the Cup itself.

The Company owns a collection of silver gilt goblets, consisting of six sets of three, again designed and made by Mr Telford with the same theme as the Loving Cups and are placed for use of the Master, the Senior and Junior Wardens, the President of the Institute and the Senior Past Masters who are present at Livery dinners.

Similar to those are five further goblets, which are placed for use of Honorary Liverymen present or other distinguished guests attending Company functions.

Other silverware which the Company has in its collection has its standard place at table. A George II Silver Drinking Cup by Thomas Lawrence graces the area immediately in front of the Master, while the Antique Howitt Cup is always placed before the President of the Institute, the Sheffield Cup immediately before the proposer of the principal toast, and the Silver Domed Tankard before the Clerk. Also in the silver collection is the Fire Cup, which is a faithful copy of the cup presented by the Lord Mayor in 1666 to one Joseph Walls for bravery in the Great Fire, and a more recent gift being a silver Quaich.

Not all of the collection is silver or indeed cups. One of the earliest gifts was the Company's Mace, the head of which is detached and placed before the Master at Livery dinners.

The Robes worn by the Master and the Wardens together with the embellishment of the Company's Coat of Arms were also fine gifts donated by Past Masters, as were the Engraved Bowl, the Ceremonial Chain of Office for use by the Master at official gatherings, and the Brooch worn by the Master's Lady and passed to her successor each year. The retiring Master's Lady receives a replica of the Brooch, also donated, at the end of the Master's year of office.

The Institute has graciously set aside an area of the Members' Room in Chartered Accountants' Hall in which some of the Company's treasures are displayed. These include the Company's Letters Patent, and two fine portraits of Past Masters who achieved the Mayoralty and rendered outstanding service to the Company: Sir Kenneth Cork and Sir Brian Jenkins.