COIF Charity Funds - CCLA

COIF Charities Investment Fund
Report of the Independent Auditors
to the unitholders of COIF Charities Investment Fund
We have audited the accounts of COIF Charities
Investment Fund for the year ended 31 December 2006
which comprise the statement of total return, the
statement of change in unitholders’ net assets, the
portfolio statement, the balance sheet, the summary of
material portfolio changes, the related notes and the
distribution table. These accounts have been prepared
under the accounting policies set out therein.
Respective responsibilities of Board, Manager and
Auditors
The Manager's responsibilities for preparing the annual
report and accounts in accordance with applicable law
and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) are set
out in the statement of Manager's responsibilities.
Our responsibility is to audit the accounts in accordance
with relevant legal and regulatory requirements and
International Standards on Auditing (UK and Ireland). This
report, including the opinion has been prepared for
and only for the unitholders of the Fund as a body
in accordance with the Scheme of the Charity
Commissioners under the Charities Act 1993, and for no
other purpose. We do not, in giving this opinion, accept
or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose
hands it may come save where expressly agreed by our
prior consent in writing.
We report to you our opinion as to whether the accounts
give a true and fair view and are properly prepared in
accordance with the Charities (Accounts and Reports)
Regulations 1995 and the Scheme of the Charity
Commissioners under the Charities Act 1993. We also
report to you if, in our opinion, the Report of the
Investment Manager is not consistent with the accounts, if
the Manager has not kept proper accounting records for
the Fund, if the accounts are not in agreement with those
accounting records or if we have not received all the
information and explanations we require for our audit.
We read the other information contained in the annual
report and consider whether it is consistent with the
audited accounts. This other information comprises only
the Report of the Investment Manager and the other items
set out on the contents page. We consider the
implications for our report if we become aware of any
apparent misstatements or material inconsistencies with
the accounts. Our responsibilities do not extend to any
other information.
Basis of audit opinion
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and
disclosures in the accounts. It also includes an assessment
of the significant estimates and judgements made by the
Manager in the preparation of the accounts, and of
whether the accounting policies are appropriate to the
Fund’s circumstances, consistently applied and
adequately disclosed.
We planned and performed our audit so as to obtain all
the information and explanations which we considered
necessary in order to provide us with sufficient evidence
to give reasonable assurance that the accounts are free
from material misstatement, whether caused by fraud or
other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of
information in the accounts.
Opinion
In our opinion the accounts:
• give a true and fair view, in accordance with United
Kingdom Accounting Standards of the financial position
of the Fund at 31 December 2006 and of the net income
and the net gains of the property of the Fund for the year
then ended; and
• have been properly prepared in accordance with UK
generally accepted accounting principles, Regulation 4 of
the Charities (Accounts and Reports) Regulations 1995
and the Scheme of the Charity Commissioners under the
Charities Act 1993, dated 29 November 2000.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
28 February 2007
Footnote to the Report of the Independent Auditors
The accounts are published on the www.ccla.co.uk website, which is a
website maintained by CCLA. The maintenance and integrity of the
website maintained by CCLA is, so far as it relates to the Fund, the
responsibility of CCLA. The work we carry out as auditors does not
involve consideration of the maintenance and integrity of this website
and accordingly we accept no responsibility for any changes that may
occur to the accounts following their presentation on the website.
Visitors to the website need to be aware that legislation in the United
Kingdom governing the preparation and dissemination of the accounts
may differ from legislation in their jurisdiction.
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