COIF Charity Funds - CCLA

COIF Charities Investment FundNotes to the Accounts(unaudited)3. Other (losses)/gains 30.6.2006 30.6.2005£’000 £’000Other (losses)/gains comprise:Currency (loss)/gain (363) 5544. Gross income 30.6.2006 30.6.2005£’000 £’000UK dividends 12,395 12,263COIF Charities Property Fund dividends 2,252 2,182Overseas dividends 2,927 2,542Dividends on unquoted stocks 114 108Interest on debt securities 1,754 2,201Interest on COIF Charities Deposit Fund 280 263Bank interest 73 7519,795 19,634In the current period UK special dividends of £495,000 (30.6.2005, £458,000) have been taken tocapital in accordance with the IMA SORP issued in December 2005. The decision whether aspecial dividend is income or capital depends upon the proportion paid as a dividend relative tothe capital value of the entity paying the dividend. Where this is significant, which is regarded as alevel of more than 5% of the value of the entity, the special dividend is treated as capital.Previously, the underlying circumstances were reviewed on a case by case basis to determinewhether the special dividends should be treated as income or capital.5. Expenses 30.6.2006 30.6.2005£’000 £’000Payable to the Manager, associates of the Manager andagents of either of them:Manager’s periodic charge – see Note 1(c) 1,824 1,571Manager’s periodic charge rebate – see Note 1(c)* (370) (328)1,454 1,243Payable to the Corporate Trustee, associates of theCorporate Trustee and agents of either of them:Corporate Trustee fee 11 11Safe custody fees and transaction charges 86 76Other expenses:97 87Insurance 11 12Professional fees 29 -Audit fee 6 8Consultancy fee 1 -47 20Total expenses 1,598 1,350* This amount represents the rebate of management fees credited to the Fund’s income for itsholding in the COIF Charities Property Fund and for the Fund’s deposits in the COIF CharitiesDeposit Fund where, in both Funds, the management fees are charged to income.The above expenses include VAT where applicable.24