COIF Charities Property Fund - CCLA

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Notes to the accounts 7. Property investments 30.6.2012 £’000 31.12.2011 £'000 Market value at the start of the year 136,240 134,320 Acquisitions at cost 4,001 3,012 Capitalised expenses 111 250 Sales proceeds from disposals (2,810) - Realised losses on disposals (362) - Unrealised losses on revaluation (2,555) (1,342) Market value at the end of the period 134,625 136,240 Historical cost at the end of the period 149,054 148,114 8. Debtors 30.6.2012 £’000 31.12.2011 £'000 Rents receivable 99 505 Property payments recoverable 361 253 Property incentives 426 360 Lease incentives 196 - Sundry 7 45 1,089 1,163 9. Cash and bank balances 30.6.2012 £’000 31.12.2011 £'000 Cash in the COIF Charities Deposit Fund 4,531 3,035 Cash at bank 3,484 3,249 8,015 6,284 10. Creditors 30.6.2012 £’000 31.12.2011 £'000 Rent received in advance 1,833 1,734 VAT payable 235 102 Accrued expenses 16 52 Rent deposits 206 213 Other creditors 96 - 2,386 2,101 32
Notes to the accounts 11. Loan Payable 31.12.2011 £’000 31.12.2010 £'000 Bank Loan - 1,000 The Fund had a loan facility provided by The Royal Bank of Scotland plc which expired in May 2012. At 30 June 2012 no loan was outstanding (31 December 2011, £1,000,000). 12. Income Reserve The income reserve, accumulated out of revenue, is used to smooth fluctuations in the revenue received in the Fund. The income reserve is included in the total capital value of the Fund attributable to income unitholders. 30.6.2012 £’000 31.12.2011 £'000 Income reserve at the start of the year 51 155 Transfer to/(from) income reserve 7 (104) Income reserve at the end of the year 58 51 13. Financial instruments The main risks arising from the Fund’s financial instruments and Manager’s policies for managing these risks are summarised below. These policies have been applied throughout the year and the comparative year. Market price risk Whilst the value of direct property is independently valued on a monthly basis, such valuations are a matter of the valuer’s opinion and such values may or may not be achieved on disposal. The Fund seeks to minimise the impact of these risks by maintaining a well diversified property portfolio, both geographically and by sector. Financial assets All cash and bank balances earn interest at a floating rate based on either LIBOR or base rate. Debtors and creditors of the Fund do not pay or receive interest. Financial liabilities Under the Scheme of the Fund, the Manager may borrow a maximum of 25% of the value of the property of the Fund to assist with investing in, improvements to, or the managing of property and the short-term financing of, or meeting payments to be made out of the Fund. Liquidity risk By their very nature, direct properties are less liquid and therefore the investments may not be readily realisable. The Fund’s liquidity may be affected by unexpected or high levels of 33
Page 1 and 2: COIF Charities Property Fund Report
Page 3 and 4: Report of the Board for the half ye
Page 5 and 6: Report of the Board for the half ye
Page 7 and 8: Report of the Fund Manager for the
Page 9 and 10: Report of the Valuers Dear Sirs, Th
Page 11 and 12: Net asset value, unit price range,
Page 13 and 14: Portfolio statement at 30 June 2012
Page 15 and 16: Property portfolio - offices/shops
Page 17 and 18: Property portfolio - offices at 30
Page 19 and 20: Property portfolio - offices at 30
Page 21 and 22: Property portfolio - warehouses/ind
Page 23 and 24: Property portfolio - retail warehou
Page 25 and 26: Statement of change in net assets a
Page 27 and 28: Cash flow statement for the half ye
Page 29 and 30: Notes to the accounts 2. Net capita
Page 31: Notes to the accounts 6. Finance co
Page 35 and 36: Notes to the accounts 31 December 2
Page 37 and 38: Distribution table for the half yea
Page 39 and 40: Statement of Board, Corporate Trust
Page 41: CCLA INVESTMENT MANAGEMENT LIMITED

COIF Charities Property Fund - CCLA

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