COIF Charity Funds - CCLA

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COIF Charities Fixed Interest FundNotes to the Accounts(unaudited)14. Portfolio transaction costsAnalysis of total purchase costs:30.6.2006 30.6.2005£’000 £’000Purchases in period before transaction costs 87,132 45,653Commissions - -Gross purchases total 87,132 45,653Analysis of total sale costs:Gross sales in period before transaction costs 87,764 45,525Commissions - -Total sales net of transaction costs 87,764 45,52546
COIF Charities Investment FundCOIF Charities Fixed Interest FundStatement of Board, Corporate Trustee and ManagerResponsibilitiesResponsibilities of the BoardThe Board is required by the Schemes ofthe Charity Commissioners made under theCharities Act 1993, dated 29 November 2000,for each of the Funds to: prepare an annual report and to inform theCharity Commissioners if it is not satisfiedwith the Corporate Trustee’s or theManager’s compliance with the Schemes orthe Scheme Particulars; meet regularly to receive reports and monitorthe progress of the Funds; obtain Charity Commission orders for thedischarge and appointment of the CorporateTrustee and Manager of the Funds; appoint the Auditors of the Funds and toagree their terms of engagement; determine the rate of remuneration ofthe Corporate Trustee and Manager inaccordance with the Schemes.Responsibilities of the Corporate TrusteeThe Corporate Trustee is required by theSchemes to: ensure that the Funds are managed by theManager in accordance with the Schemesand Scheme Particulars and that properaccounting records have been maintained; safeguard the assets of the Funds and hencetake reasonable steps for the prevention anddetection of fraud and other irregularities; appoint and supervise the Registrar of theFunds; be responsible for any winding-up of theFunds in accordance with the Schemes.Responsibilities of the ManagerThe Manager of the respective Funds is requiredby the Schemes to prepare accounts for each ofthe Funds in accordance with the Statement ofRecommended Practice 2005 (Accounting andReporting by Charities).The Manager is required to: select suitable accounting policies that areappropriate for the Funds and apply them ona consistent basis; comply with the disclosure requirements ofthe Statement of Recommended Practicerelating to Authorised Funds issued by theInvestment Management Association (IMA) inDecember 2005; follow generally accepted accountingprinciples and applicable accountingstandards; keep proper accounting records whichenables the Manager to demonstrate that theaccounts as prepared comply with the aboverequirements; make judgements and estimates that arereasonable and prudent; prepare the accounts on the basis that theFunds will continue in operation unless it isinappropriate to presume this.The Manager is required to manage andadminister the Funds in accordance with theSchemes, maintain accounting records and takereasonable steps for the prevention and detectionof fraud and other irregularities.The Corporate Trustee has appointed theManager to act as Registrar to the Funds.47
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COIF Charity Funds - CCLA

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