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The City Imperial Volunteers originated in conversations between the Lord Mayor and Lord Garnet Wolseley, a senior Army officer, as to the possibility of raising a force of volunteers for the war in South Africa. Having received authorisation from the War Office and having been assured of financial support by the masters of the City Livery Companies, bankers and merchants, a fund for that purpose was opened by a donation of £25,000 voted by the Common Council on 20 December 1899.
On 1 January 1900 the first volunteers were sworn in at Guildhall by the Lord Mayor, five aldermen and the sheriffs. On 12 January volunteers received the Freedom of the City of London and the following day the first detachment embarked on the troopship BRITON at Southampton. The C.I.V.s served in South Africa until October 1900. On 29 October they landed in England and marched through the City of London to be welcomed by the Corporation. On 31 October 1900 the Force was disbanded.
On 31 October 1900 the unexpended money in the C.I.V. fund was transferred to a new fund for the granting of compassionate allowances or pensions 'for the succouring supporting assisting maintaining or advancing in life Freemen of the City of London who were Members of the City of London Imperial Volunteers their families and dependants'. The trustees of this fund were the Lord Mayor and the Recorder ex officio, and the Chief Commoner (at the formation of the fund) for life. The fund exhausted its capital in 1971. At this time there remained four widows who were beneficiaries. The fund was continued by donations given by the Corporation with the proviso that when the last of the beneficiaries died, the fund would cease to exist. In November 1978 the last surviving recipient died and the fund was declared defunct.
A C.I.V. Old Comrades Association was formed in 1902, its last reunion appears to have been held in 1964.