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COIF CHARITIES InvESTmEnT Fund AnnuAl REpORT And …

COIF CHARITIES InvESTmEnT Fund AnnuAl REpORT And FInAnCIAl STATEmEnTS. year ended 31 december 2017. COIF CHARITIES InvESTmEnT FuND. CONTENTS. REpORT of the Board 03. REpORT of the InvESTmEnT manager* 06. REpORT of the depositary 10. Independent Auditors' REpORT 11. Risk and reward profile 15. Comparative table 16. Operating charges analysis 18. portfolio analysis 19. portfolio statement* 20. Statement of total retur n** 28. Statement of changes in net assets attr ibutable to unitholders** 28. Balance sheet** 29. notes to the financial statements** 30. distr ibution tables** 49. Statement of Board, depositary and manager responsibilities 50. AIFmd disclosures 53. Board and manager* 54. descr iption of the COIF Char ity Funds 55. *Collectively, these comprise the manager's REpORT . **Audited. References to CClA refer to the CClA Group, comprising CClA InvESTmEnT management limited and CClA Fund managers limited.

COIF CHARITIES INvESTmENT FuND 06 Annual Report and Financial Statements 31 december 2017 performance Over the year the Fund achieved a total return

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Transcription of COIF CHARITIES InvESTmEnT Fund AnnuAl REpORT And …

1 COIF CHARITIES InvESTmEnT Fund AnnuAl REpORT And FInAnCIAl STATEmEnTS. year ended 31 december 2017. COIF CHARITIES InvESTmEnT FuND. CONTENTS. REpORT of the Board 03. REpORT of the InvESTmEnT manager* 06. REpORT of the depositary 10. Independent Auditors' REpORT 11. Risk and reward profile 15. Comparative table 16. Operating charges analysis 18. portfolio analysis 19. portfolio statement* 20. Statement of total retur n** 28. Statement of changes in net assets attr ibutable to unitholders** 28. Balance sheet** 29. notes to the financial statements** 30. distr ibution tables** 49. Statement of Board, depositary and manager responsibilities 50. AIFmd disclosures 53. Board and manager* 54. descr iption of the COIF Char ity Funds 55. *Collectively, these comprise the manager's REpORT . **Audited. References to CClA refer to the CClA Group, comprising CClA InvESTmEnT management limited and CClA Fund managers limited.

2 Disability Discrimination Act 1995. Extracts from the AnnuAl REpORT and Financial Statements are available in large print and audio formats. 02 AnnuAl REpORT and Financial Statements 31 december 2017. COIF CHARITIES InvESTmEnT FuND. REpORT OF THE BOARD. for the year ended 31 December 2017. On behalf of the Board, I have pleasure in The Fund owns of the ordinary share presenting the AnnuAl REpORT and Financial capital of the manager's parent company, CClA. Statements of the COIF CHARITIES InvESTmEnT InvESTmEnT management limited, a proportion Fund (the Fund), which includes a separate of which are non-voting shares. REpORT from CClA Fund managers limited (the manager) as manager of the Fund. The Board is responsible for setting and subsequently reviewing the InvESTmEnT policy of Structure and management of the Fund the Fund, monitoring performance, obtaining The Fund is a Common InvESTmEnT Fund Charity Commission orders for the appointment established in 1962 and is now regulated by the and discharge of the manager and depositary, Scheme dated 14 may 2008 and made under appointing the Auditors to the Fund and section 24 of the CHARITIES Act 1993, now section agreeing the fees charged by the depositary, 96 of the CHARITIES Act 2011 and amended by the manager and the Auditors.

3 Resolutions of the depositary of the Fund dated 13 may 2009, 21 July 2014, 22 July 2014, The Trustee and depositary, HSBC Bank plc, 5 december 2015 and 15 may 2017 (as amended appointed under the Scheme is responsible for or replaced from time to time). The Fund is the supervision and oversight of the manager's managed by the manager as an unregulated compliance with the Scheme and Scheme collective InvESTmEnT scheme and as an alternative particulars and also for the custody and InvESTmEnT fund in accordance with the FCA safekeeping of the property of the Fund. It is Regulations and the Alternative InvESTmEnT Fund also responsible for the appointment and managers directive (AIFmd) legislation. supervision of the Registrar of the Fund. The division between management and depositary The Board, created under the Scheme, is made functions provides an additional layer of up of individuals appointed under the Scheme.

4 Protection for unitholders. The Board, Together, these individuals have wide experience depositary and manager are considered Charity of nance, investments, CHARITIES and the law. no Trustees of the Fund within the meaning of the Board member is required to be authorised by CHARITIES Act 1993 (amended CHARITIES Act 2011). the FCA because the Board does not carry out regulated activities in relation to the Fund. The InvESTmEnT management, administration, registrar and secretarial functions of the Fund have been delegated to the manager. The Board meets at least four times per annum to receive reports and monitor the progress of the Fund. 03 AnnuAl REpORT and Financial Statements 31 december 2017. COIF CHARITIES InvESTmEnT FuND. REpORT OF THE BOARD. for the year ended 31 December 2017. InvESTmEnT objective and benchmark Review of InvESTmEnT activities and policies The Fund aims to provide a long-term total of the Fund return comprising growth in capital and income.

5 The Board met quarterly during the year to carry out its responsibility for the approval of The objective is to provide a long-term gross InvESTmEnT strategy, for setting distribution policy, total return of 5% per annum before expenses, to monitor InvESTmEnT diversi cation, suitability but net of inflation as measured by the increase and risk and to review the performance of the in the Consumer price Index. Within this total Fund. In addition, the Board monitored the return, the Fund aims to deliver a consistent administration, expenses and pricing of the Fund. AnnuAl distribution to investors. The Fund aims to deliver these returns within a level of risk as The Board reviewed the progress of the measured by volatility which is no greater than manager and approved the valuation of the 75% of the volatility of the uK equity market. investments in the Fund, which are included within these Financial Statements in the InvESTmEnT policy portfolio statement.

6 The portfolio is an actively managed, diversified portfolio of assets designed to help protect both during the year , the Board also met quarterly present and future beneficiaries from the effects with the manager to review investments, of inflation. It will have an emphasis on equities, transactions and policies of the Fund. The but will also include property, bonds and other manager's REpORT , which appears later, provides asset classes. further details. Distribution policy Responsible InvESTmEnT and stewardship From 1 January 2017, the Fund has the capacity to The Fund is managed in accordance with make distributions from capital but at least three CClA's responsible InvESTmEnT approach. This quarters of the distribution made will be sourced integrates environmental, social and governance from the income earned on investments. issues into InvESTmEnT decision making and prioritises ongoing stewardship with investee Suitability companies.

7 These activities are conducted with The Fund is suitable for all of a charity's long- the aim of increasing the security of the Fund. term funds where the charity is looking for a good level of distributions and long-term protection from inflation. 04 AnnuAl REpORT and Financial Statements 31 december 2017. COIF CHARITIES InvESTmEnT FuND. REpORT OF THE BOARD. for the year ended 31 December 2017. The manager is a signatory to the united Tighten the de nition of signi cant business nations backed principles of Responsible activity' in online gambling and the production InvESTmEnT and the Financial Reporting of pornography from 33% of revenue to 10%. Council's Stewardship Code. The most recent of revenue. pRI Assessment and the full response to the Stewardship Code are available at The changes will come into e ect from 1 July 2018. approach-stewardship-and-ethics. Controls and risk management The Board receives and considers regular Ethical InvESTmEnT reports from the manager.

8 Ad hoc reports The Board's main purpose is to obtain the and information are supplied to the Board best return for unitholders, consistent with as required. The manager has established commercial prudence and the need to ensure an internal control framework to provide adequate spread and diversification of assets. reasonable, but not absolute, assurance on the effectiveness of the internal controls operated In this spirit, the Board has adopted an ethical on behalf of its clients. The effectiveness of the InvESTmEnT policy which re ects client priorities internal controls is assessed by the directors and researched by the Fund avoids senior management of the manager on a investing in companies involved in the production continuing basis. of weapons banned by international treaties ( land mines and cluster bombs) or with signi cant during the year , the Board, assisted by the business activity (de ned as 33% of revenue) in the manager, reviewed the Fund's systems of following areas: online gambling, production of internal control.

9 The Board receives from the pornography or tobacco. manager and reviews a formal risk management REpORT setting out the main risks facing the We recognise that the ethical InvESTmEnT priorities Fund, the controls in place to mitigate the risks of unitholders change over time. For this reason, and the assessment of each risk after application the Fund's policy is reviewed every three years. of mitigating controls. Following an extensive client survey, the Board has agreed a number of small revisions to the ethical InvESTmEnT policy. These changes will: R norris Chairman Refocus the existing InvESTmEnT restriction 14 may 2018. from companies who derive more than 33% of their revenue from tobacco to those involved in the production of tobacco products; and 05 AnnuAl REpORT and Financial Statements 31 december 2017. COIF CHARITIES InvESTmEnT FuND. REpORT OF THE InvESTmEnT mANAgER. for the year ended 31 December 2017.

10 Performance relative performance was supported by the asset Over the year the Fund achieved a total return split within the portfolio and in particular the of before expenses. In a positive year for bias towards real assets including equities. The InvESTmEnT markets, the strongest returns were contribution from stock selection was mixed as earned by international equities. The total return gains made earlier in the year were eroded by a on the Income units, after all costs was ; sharp rally in the energy and resource sectors the Accumulation units, on the same basis, gave where the portfolio's weightings were less than a return of The total return on the those of the market index. comparator index was The Fund's Annualised total capital and income return 1 year 5 years 10 years To 31 december 2017 % % % performance against market indices (before expenses). COIF CHARITIES InvESTmEnT Fund Comparator# mSCI uK Investable market Index mSCI World ex uK iBoxx Gilts Ipd All properties monthly* performance after expenses Income units* Accumulation units* # Comparator Composite: From mSCI uK ImI 45%, mSCI Europe Ex uK 10%, mSCI north America 10%, mSCI pacific 10%, AREF/Ipd All properties 5%, iBoxx Gilt 15% & 7 day lIBId 5%.


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