COIF Charity Funds - CCLA

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COIF Charities Investment FundBalance Sheetat 30 June 2006 (unaudited)30.6.2006 31.12.2005Notes £’000 £’000 £’000 £’000ASSETSPortfolio of investments 1,015,078 1,008,106Debtors 8 5,787 4,572Cash and bank balances 9 24,096 21,066Total current assets 29,883 25,638Total assets 1,044,961 1,033,744LIABILITIESCreditors 10 59 157Proposed distribution of income 6,986 8,505Total current liabilities 7,045 8,662Net assets attributable to unitholders 1,037,916 1,025,082The notes on pages 23 to 30 form part of these accounts.22
COIF Charities Investment FundNotes to the Accounts(unaudited)1. Accounting policies(a) Basis of accountingThe accounts have been prepared under the historical cost basis, as modified by therevaluation of investments, and in accordance with the Statement of Recommended Practice(Accounting and Reporting by Charities) issued by the Charity Commission in March 2005 andthe Statement of Recommended Practice for Authorised Funds issued by the InvestmentManagement Association (IMA) in December 2005.(b) Income recognitionDividends on ordinary stocks, including special dividends where appropriate, and unit trustsare accrued to income on the dates when the investments are first quoted ex-dividend. Intereston Government and other fixed interest stocks, bank and COIF Charities Deposit Fundbalances is accrued on a daily basis.(c) Management expensesThe Manager’s periodic charge paid to CCLA Investment Management Limited is charged 75%to the capital and 25% to the income of the Fund before distribution. The fee is based on afixed percentage of the value of the Fund, which is currently 0.30% p.a. plus VAT. The Fundreceives a management fee rebate credited to the income of the Fund for its holding in theCOIF Charities Property Fund and for the Fund’s deposits in COIF Charities Deposit Fundwhere, in both Funds, management fees are charged to income. Each month, the value at theend of the previous month is taken to calculate the fee due. This fee covers the provision ofstaff and investment services and other expenses incurred by the Manager. The CorporateTrustee fee, audit, legal, safe custody fees and transaction charges and insurance are chargedseparately to the income of the Fund before distribution.(d) DistributionsDistributions are paid quarterly. The Fund utilises an income reserve to even out thefluctuations in income which arise over the years (see Note 11).(e) Basis of valuationListed investments are valued at bid-market values at the close of business on the last businessday of the accounting period. Any unquoted, unlisted, delisted or suspended investments arestated at cost or valuation by CCLA Investment Management Limited and reviewed by theBoard.Suspended securities are valued by the Manager having regard to the last dealing price on thedate of suspension and subsequent available information. Suspended securities are writtenoff after they have been carried at nil value for two years.(f) Foreign exchangeAssets and liabilities in foreign currencies are expressed in Sterling at rates of exchange rulingon the accounting date. Transactions in foreign currencies are translated into Sterling at theexchange rates ruling on the transaction dates.2. Net gains on investments 30.6.2006 30.6.2005£’000 £’000The net gains on investments during the period comprise:Non-derivative securities 24,841 44,239Net gains on investments 24,841 44,23923
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COIF Charity Funds - CCLA

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