Ecclesiastical Investment Funds annual report and accounts - long ...

ECCLESIASTICAL Investment Funds 19Statement of the Authorised Corporate Director’s ResponsibilitiesThe Authorised Corporate Director (“ACD”) of EcclesiasticalInvestment Funds (“Company”) is responsible for preparing theAnnual Report and the financial statements in accordance withthe Open-Ended Investment Companies Regulations 2001 (“theOEIC Regulations”), the Financial Services Authority’s CollectiveInvestment Schemes’ Sourcebook (“COLL”) and the Company’sInstrument of Incorporation.The OEIC Regulations and COLL require the ACD to preparefinancial statements for each annual accounting period which:• are in accordance with United Kingdom Generally AcceptedAccounting Practice (United Kingdom Accounting Standardsand applicable law) (“UK GAAP”) and the Statement ofRecommended Practice: “Financial Statements of AuthorisedFunds” (“SORP”) issued by the Investment ManagementAssociation (“IMA”) in November 2008; and• give a true and fair view of the financial position of theCompany and each of its sub-funds as at the end of thatperiod and the net revenue and the net capital gains or losseson the property of the Company and each of its sub-funds forthat period.In preparing the financial statements, the ACD is required to:• select suitable accounting policies and then apply themconsistently;• make judgements and estimates that are reasonable andprudent• state whether the applicable IMA SORP has been followed;• state whether applicable UK Accounting Standards have beenfollowed; and• prepare the financial statements on the going concern basisunless it is inappropriate to presume that the Company willcontinue in operation.The ACD is responsible for keeping proper accounting recordsthat disclose with reasonable accuracy at any time the financialposition of the Company and enable them to ensure that thefinancial statements comply with the applicable IMA SORP andUK GAAP. The ACD is also responsible for the system of internalcontrols, for safeguarding the assets of the Company and fortaking reasonable steps for the prevention and detection of fraudand other irregularities.In accordance with COLL 4.5.8BR, the Annual Report and theaudited financial statements were approved by the board ofdirectors of the Authorised Corporate Director of the Companyand authorised for issue on 23 March 2010.MH Tripp, Directorm Hews, DirectorFor and on behalf of Ecclesiastical Investment ManagementLimitedAuthorised Corporate Director of Ecclesiastical Investment Funds23 March 2010Statement of the Depositary’s ResponsibilitiesThe Depositary is responsible for the safekeeping of all of theproperty of the Company (other than tangible moveable property)which is entrusted to it and for the collection of revenue thatarises from that property.It is the duty of the Depositary to take reasonable care to ensurethat the Company is managed in accordance with the FinancialServices Authority’s Collective Investment Schemes’ Sourcebook,as amended (“COLL”), the Open-Ended Investment CompaniesRegulations 2001 (“SI 2001/1228”), as amended (“the OEICRegulations”), the Company’s Instrument of Incorporation andProspectus in relation to the pricing of, and dealings in, shares inthe Company; the application of the revenue of the Company; andthe investment and borrowing powers and restrictions applicableto the Company.Report of the Depositary to the Shareholders of the CompanyHaving carried out such procedures as we considered necessaryto discharge our responsibilities as Depositary of the Company,it is our opinion based on the information available to us and theexplanations provided, that in all material respects the Company,acting through the Authorised Corporate Director:ii)has observed the investment and borrowing powers andrestrictions applicable to the Company.i) has carried out the issue, sale, redemption, cancellationand calculation of the price of the Company’s shares andthe application of the Company’s revenue, in accordancewith COLL and, where applicable, the OEIC Regulations,the Instrument of Incorporation and the Prospectus of theCompany; andFor and on behalf of BNY Mellon Trust & Depositary (UK) Limited23 March 2010