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

20ECCLESIASTICAL Investment FundsIndependent Auditors’ Report to the Shareholders ofThe Ecclesiastical Investment FundsWe have audited the financial statements of EcclesiasticalInvestment Funds (the “Company”) for the year ended 31 December2009 which comprise the Aggregated Statement of Total Return,the Aggregated Statement of Change in Net Assets Attributableto Shareholders, the Aggregated Balance Sheet, the related notes1 to 16 and for each sub-fund: the Statement of Total Return, theStatement of Change in Net Assets Attributable to Shareholders,the Balance Sheet, the related notes, and the distribution tables.These financial statements have been prepared under theaccounting policies set out therein.This report is made solely to the shareholders of the Company, asa body, in accordance with Paragraph 4.5.12R of the CollectiveInvestment Schemes Sourcebook of the Financial ServicesAuthority. Our audit work has been undertaken so that we mightstate to the Company’s shareholders those matters we are requiredto state to them in an auditors’ report and for no other purpose. Tothe fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the Company and the Company’sshareholders as a body, for our audit work, for this report, or for theopinions we have formed.Respective Responsibilities of the Depositary, theAuthorised Corporate Director (ACD) and the AuditorsAs described in the Statement of Depositary’s Responsibilitiesand the Statement of ACD’s Responsibilities, the Depositary isresponsible for safeguarding the property of the Company and theACD is responsible for the preparation of financial statements,which are required to be prepared in accordance with applicablelaw, United Kingdom Accounting Standards (United KingdomGenerally Accepted Accounting Practice), the Statement ofRecommended Practice: “Financial Statements of AuthorisedFunds” issued by the Investment Management Association inNovember 2008, the Collective Investment Schemes Sourcebookand the Instrument of Incorporation.Our responsibility is to audit the financial statements inaccordance with relevant legal and regulatory requirements andInternational Standards on Auditing (UK and Ireland) and therequirements of the Collective Investment Schemes Sourcebook.We report to you our opinion as to whether the financialstatements give a true and fair view and are properly preparedin accordance with the Statement of Recommended Practice“Financial Statements of Authorised Funds”, the CollectiveInvestment Schemes Sourcebook and the Instrument ofIncorporation. We also report to you whether, in our opinion,proper accounting records for the Company and the subfunds have been kept, whether the financial statements arein agreement with the accounting records, whether we havereceived all the information and explanations, which, to the bestof our knowledge and belief, are necessary for the purpose ofour audit and whether the information disclosed in the AnnualReport for the purpose of complying with Paragraph 4.5.9R of theCollective Investment Schemes Sourcebook is consistent with thefinancial statements.We read the other information contained in the Annual Reportas described in the contents section, and consider whether it isconsistent with the audited financial statements. We consider theimplications for our report if we become aware of any apparentmisstatements or material inconsistencies with the financialstatements. Our responsibilities do not extend to any furtherinformation outside the Annual Report.Basis of OpinionWe conducted our audit in accordance with InternationalStandards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination on a test basis, ofevidence relevant to the amounts and disclosures in the financialstatements. It also includes an assessment of the significantestimates and judgements made by the ACD in the preparation ofthe financial statements and of whether the accounting policiesare appropriate to the Company’s circumstances, consistentlyapplied and adequately disclosed.We planned and performed our audit so as to obtain allinformation and explanations which we considered necessary inorder to provide us with sufficient evidence to give reasonableassurance that the financial statements are free from materialmisstatement, whether caused by fraud or other irregularityor error. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the financialstatements.OpinionIn our opinion:• the financial statements give a true and fair view, inaccordance with United Kingdom Generally AcceptedAccounting Practice, of the financial position of the Companyand the sub funds as at 31 December 2009 and of the netrevenue and the net capital gains on the property of theCompany and the sub funds for the year ended 31 December2009;• the financial statements have been properly prepared inaccordance with the Statement of Recommended Practice“Financial Statements of Authorised Funds”, the CollectiveInvestment Schemes Sourcebook and the Instrument ofIncorporation;• proper accounting records for the Company and the sub fundshave been kept and the financial statements are in agreementwith those records;• we have received all the information and explanations which,to the best of our knowledge and belief, were necessary forthe purposes of our audit; and• the information disclosed in the Annual Report for the yearended 31 December 2009 for the purpose of complyingwith Paragraph 4.5.9R of the Collective Investment SchemesSourcebook is consistent with the financial statements.Deloitte LLPChartered Accountants & Registered AuditorsLondonUnited Kingdom23 March 2010