BERMUDA'S charities are to receive a cash windfall next week, the final gift of a fund established to meet needs 50 years ago.

The brainchild of local philanthropist and businessman Sir Richard Gorham, the Bermuda Volunteer Independent Pension Fund has raised $52 million since its inception in 1954. However, when his son, Anthony, expressed an interested in establishing a charitable fund of his own, the 86 year old decided it was time to call it quits.

"It was so successful, I wanted to have it end like that," he explained.

In celebration of all it has helped accomplish, the Fund will distribute a final $200,000 among several of the island's charities during a special ceremony at Summer Haven, home for the physically challenged, on June 17.

One of the island's greatest supporters of charitable organisations, Sir Richard has helped fund, direct or lend advice to some 20 worthy institutions locally.

"My father was a very strong philanthropist," he explained. "But the major reason is that I spent four years overseas serving in Africa, Italy, Yugoslavia and Austria. My squadron had 21 fellows. Nineteen were killed. The Germans were shooting all the time and when I was flying I said to the Almighty, 'If you look after me, I'll work for you the rest of my life'."

The Fund was financed by some of the island's wealthier senior citizens, each of whom agreed to donate their pensions to its causes. Involved in politics at the time ? most notably as the island's first Parliamentary Secretary ? many of whom Sir Richard targeted were his political colleagues, the senior statesmen of the day.

"In raising large sums of money on a continuous basis, one of the biggest problems that you have is that people say I'll give you $10,000 or $5,000 or whatever, but then you have to chase them down to collect it," he said.

"When it comes to actually giving you the money, it's a different story. A lot of people have money, but they like to hold on to it for as long as they can. I was looking for an organisation whereby I could get the money automatically collected for me; where I didn't have to bother with it.

"And that's how I started my VIP Fund. I was sitting in my office and thought, 'Why not have the Government to do it for me'?" In 1954, however, those he approached to become participants could only guess at what might be achieved. For many, the decision to come on board was made solely on the reputation of the scheme's founder.

"A reputation is easy to lose, but hard to make. If I make a mistake after you've given me money, next time I ask for money you won't give me any. I've never had a refusal to this day. So I called up 20 people on the telephone. They all knew my reputation. They all said yes.

"And Government sent their pensions to my organisation. Eventually about 100 people signed on ? myself included ? and before long, we were getting between $100,000 and $200,000 a month. They ended up giving me large sums of money."