COIF Charity Funds - CCLA

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COIF Charities Investment Fund(Charity Registration No. 218873)COIF Charities Fixed Interest Fund(Charity Registration No. 803610)BoardB.H.B. Wrey, Chairman of the Board, Former Chairman, Henderson Global InvestorsP.E.B. Cawdron, FCA, Company DirectorR. Fitzalan Howard, Chief Executive, FF&P Asset Management LimitedA. Huntley, FRICSMrs F. Quint, BarristerN.S. Wilson, Solicitor, a former Partner, Slaughter and MaySecretaryMrs J. Glass, ACISInvestment Manager, Administrator and RegistrarCCLA Investment Management LimitedAuthorised and regulated by the Financial Services Authority80 Cheapside, London EC2V 6DZT: 020 7489 6000Client Service: Freephone: 0808 220 2252T: 020 7489 6010F: 020 7489 6126www.ccla.co.ukDirectors responsible for the A.G. Gibbs, FCA (Chief Executive, up to 8.3.2006)COIF Charities Investment Fund and M. F. Quicke (Chief Executive, from 8.3.2006)COIF Charities Fixed Interest Fund T.H. Lavis (Corporate Relationship, up to 14.7.2006)C.J. Peters (Investment)D.A.W. Butler, FCA (Operations)Fund ManagersClient Relationship ManagerCompany Secretary and Head of ComplianceSocially Responsible Investment (SRI) UnitCorporate TrusteeCustodianBankersSolicitors®Independent AuditorsCCLA INVESTMENT MANAGEMENT LIMITEDC.G. FinchS.P. FreemanMrs M.J. Gow (up to 14.7.2006)T.J. SambrookM.J. GoddingsMrs J. Glass, ACISMrs A.V. YoungHSBC Bank plc8 Canada Square, London E14 5HQHSBC Bank plc8 Canada Square, London E14 5HQThe Royal Bank of Scotland plc62/63 Threadneedle Street, London EC2R 8LAEversheds LLPSenator House, 85 Queen Victoria StreetLondon EC4V 4JLPricewaterhouseCoopers LLPSouthwark Towers, 32 London Bridge StreetLondon SE1 9SY48
COIF Charities Deposit FundReport of the Trusteesfor the six months ended 30 June 2006We have pleasure in presenting our half-yearreport on COIF Charities Deposit Fund.Responsibilities of the TrusteesWe have met quarterly during the period to carryout our responsibility for the approval of strategy,for setting interest rate policy, to monitorinvestment diversification, suitability and risk,and to review the performance of the Fund. Inaddition we have monitored the administrationand expenses of the Fund and are alsoresponsible for the appointment of the Fund’sInvestment Manager and Administrator, and theAuditors.Review of investment activities and policies ofthe FundDuring the period we met quarterly with theInvestment Manager to review the investments,transactions and policies of the Fund. TheInvestment Manager’s report on the Fund, whichappears later, provides further details. In additionto receiving regular reports on the managementof the Fund, the Trustees also met as an auditcommittee to approve the annual Accounts.The Trustees receive an annual report on thecontrols of the Manager (FRAG 21). The last reportcovered the year ended 31 December 2005 andincluded a satisfactory report by the Manager’sreporting accountants, PricewaterhouseCoopersLLP.During the period, the Trustees, assisted by theManager, reviewed the Fund’s system of internalcontrol. At each quarterly meeting the Trusteesreceive from the Manager, and review, a formalrisk management report setting out the main risksfacing the Fund, the controls in place to mitigatethe risks and the assessment of each risk in termsof both gross exposure and residual exposureafter application of mitigating controls.B.H.B. WreyChairman of the Trustees27 July 2006Delegation of functionsFollowing our regular meetings and considerationof the reports and papers we have received, weare satisfied that CCLA Investment ManagementLimited, to whom we have delegated theadministration and management of the Fund, hascomplied in all material respects with the termsof the Scheme and with the relevantmanagement agreement.Controls and Risk ManagementThe Trustees receive and consider regular reportsfrom the Manager and ad hoc reports andinformation are supplied to the Trustees asrequired. The Manager has established aninternal control framework to provide reasonable,but not absolute, assurance on the effectivenessof the internal controls operated on behalf of itsclients. The effectiveness of the internal controlsis assessed by the directors and seniormanagement of the Manager on a continuingbasis.49
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