coif charities ethical investment fund annual report … ccla coif ethical investment...

COIF CHARITIES ETHICAl InvESTmEnT Fund

AnnuAl REpORT And

FInAnCIAl STATEmEnTS

Year ended 31 december 2019

COIF CHARITIES ETHICAL INVESTMENT FuND

Annual Report and Financial Statements02 31 december 2019

CONTENTS

Report of the Board 03

Report of the Investment manager* 07

Report of the depositary 11

Independent Auditors’ Report 12

Summary r isk indicator 16

Comparative table 17

Operating charges analysis 19

portfolio analysis 20

portfolio statement* 21

Statement of total return** 28

Statement of change in net assets attr ibutable to unitholders** 28

Balance sheet** 29

notes to the financial statements** 30

distr ibution tables** 49

Statement of Board, Trustee, depositary and manager responsibilities 50

AIFmd disclosures 55

directory* 56

*Collectively, these comprise the manager’s Report.**Audited.

References to “CClA” refer to the CClA Group, comprising CClA Investment managementlimited and CClA Fund managers limited.

Disability Discrimination Act 1995Extracts from the Annual Report and Financial Statementsare available in large print and audio formats.

On behalf of the Board, I have pleasure inpresenting the Annual Report and FinancialStatements of the COIF Charities EthicalInvestment Fund (the Fund), which includes aseparate report from CClA Fund managerslimited (the manager) as manager of the Fund.

Structure and management of the FundThe Fund is a Common Investment Fundestablished and regulated by the Scheme dated8 October 2009 and made under section 24 ofthe Charities Act 1993, now section 96 of theCharities Act 2011 and amended by resolutionsof the depositary of the Fund dated 21 July 2014,22 July 2014, 5 december 2015 and 15 may2017. The Fund is managed by the manager as anunregulated collective investment scheme and asan alternative investment fund in accordance withthe Financial Conduct Authority Regulationsand the Alternative Investment Fund managersdirective (AIFmd) legislation.

The Board, created under the Scheme, is madeup of individuals appointed under the Scheme.Together, these individuals have wide experienceof finance, investments, charities and the law.no Board member is required to be authorisedby the Financial Conduct Authority because theBoard does not carry out regulated activities inrelation to the Fund. The investment management,administration, registrar and secretarial functionsof the Fund have been delegated to the manager.The Board meets at least four times per annumto receive reports and monitor the progress ofthe Fund.

The Board is responsible for setting andsubsequently reviewing the investment policyof the Fund, monitoring performance,appointing the Auditors to the Fund andagreeing the fees charged by the depositary,the manager and the Auditors.

The Trustee and depositary, HSBC Bank plc,appointed under the Scheme is responsible forthe supervision and oversight of the manager’scompliance with the Scheme and Schemeparticulars and also for the custody andsafekeeping of the property of the Fund. It is alsoresponsible for the appointment and supervisionof the Registrar of the Fund. The divisionbetween management and depositary functionsprovides an additional layer of protection forunitholders. The Board, depositary and managerare considered Charity Trustees of the Fundwithin the meaning of the Charities Act 2011.

Investment objectiveThe Fund aims to provide a long-term totalreturn comprising growth in capital and income.

BenchmarkA long-term total return of 5% per annum beforeexpenses, but net of inflation as measured by theincrease in the Consumer price Index.



REpORT OF THE BOARD

for the year ended 31 December 2019

Investment policyThe Fund is an actively managed, diversifiedportfolio of assets designed to help protect bothpresent and future beneficiaries from the effectsof inflation. It will have an emphasis on equities,but will also include property, bonds and otherasset classes.

The Fund has a wide range of ethical restrictionsand is advised by an ethical advisory group thatassists in the development of the Fund’s client-driven ethical investment policy.

Distribution policyThe Fund has the capacity to make distributionsfrom both income and capital, but at least threequarters of the distribution made will besourced from the income earned on investments.The annual rate of distribution is approved bythe Board in discussions with the manager.

Target investorsThe Fund is suitable for all of a charity’s long-termfunds where the charity is looking for a goodlevel of distributions, long-term protection frominflation and a wide range of ethical restrictions.

Review of investment activities and policiesof the FundThe Board met quarterly during the year tocarry out its responsibility for the approval ofinvestment strategy, for setting distribution policy,to monitor investment diversification, suitabilityand risk and to review the performance of theFund. In addition, the Board reviewed theadministration, expenses and pricing of the Fund.

The Board reviewed the progress of the managerand approved the valuation of the investmentsin the Fund, which are included within theportfolio statement of these Financial Statements.

during the year, the Board also met quarterlywith the manager to review the investments,transactions and policies of the Fund. Themanager’s report, which appears later, providesfurther details.

Responsible investment and stewardshipThe Fund is managed in accordance withCClA’s responsible investment approach. Thisintegrates environmental, social and governanceissues into investment decision making andprioritises ongoing stewardship with investeecompanies. These activities are conducted withthe aim of increasing the security of the Fund.

The manager is a signatory to the unitednations backed principles for ResponsibleInvestment (pRI) and the Financial ReportingCouncil’s Stewardship Code. The most recentpRI Assessment and the full response to theStewardship Code are available athttps://www.ccla.co.uk/our-approach/how-we-approach-stewardship-and-ethics.

Ethical investmentThe Board’s main purpose is to obtain thebest return for unitholders, consistent withcommercial prudence and the need to ensureadequate spread and diversification of assets.



REpORT OF THE BOARD


The Board has adopted an ethical investmentpolicy that is designed to reflect the valuesof the Fund’s unitholders. It is set every threeyears following an extensive period ofclient consultation.

The policy incorporates a mix of ethicalrestrictions, engagement and positive investments.

Ethical restrictions are targeted on unitholders’real concerns. They include companies that havebeen identified by our third party data provider,mSCI (unless otherwise noted), as beinginvolved in:

• producing landmines, cluster bombs,chemical/biological weapons, and/ornuclear weapons;

• Having significant involvement (>10% ofturnover) in alcohol, gambling, pornography,tobacco, high interest rate lending (asdefined by the Church of England policy),non-military weapons, or strategicmilitary sales;

• Failing the manager’s rules relating to thetesting of cosmetics on animals;

• Having fallen behind the transition to a lowcarbon economy. This is currently defined asno investment in companies:– That derive more than 5% of their revenue

from the extraction of energy coal ortar sands;

– Whose principal business is the extraction of‘fossil fuel’ reserves or the generation ofelectricity and have not demonstrated the abilityto align their business with the Paris ClimateChange Agreement (as determined by CCLA);

• not meeting the FTSE4Good Index Screenfor baby milk substitutes or mSCI’s standardscreen for single-use abortifacients. (Theserestrictions are implemented to reflect theunitholders’ wish to co-operate with eachother to meet the specific requirements ofsome client groups); and

• Having a FTSE ESG Rating of less than2, on any theme, and have been judged tofail a subsequent CClA ‘comply orexplain’ assessment.

In addition, the Fund will not purchasesovereign debt from countries agreed by themanager and the Fund’s Advisory Committeeas being amongst the world’s most oppressive.

The Fund benefits from engagementprogrammes that are prioritised to meet theneeds of its unitholders.

The manager has an aspirational target to dedicate5% of the Fund’s capital to investments thatprovide a clear social or environmental benefit.

A client advisory committee has been appointedto oversee the Fund’s engagement activity andadvise the manager on any ethical investmentissues that arise in between policy consultations.



REpORT OF THE BOARD


Controls and risk managementThe Board receives and considers regular reportsfrom the manager. Ad hoc reports and informationare supplied to the Board as required. Themanager has established an internal controlframework to provide reasonable, but notabsolute, assurance on the effectiveness of theinternal controls operated on behalf of its clients.The effectiveness of the internal controls isassessed by the directors and senior managementof the manager on a continuing basis.

during the year, the Board, assisted by themanager, reviewed the Fund’s systems of internalcontrol and risk report.

n morecroftChairman11 may 2020



REpORT OF THE BOARD




performanceOver the year, the Fund achieved a total returnafter expenses of 22.19% on both income unitsand accumulation units. This compares with areturn of 17.07% on the comparator.

REpORT OF THE INVESTMENT MANAgER


Annualised total capital and income return

1 year 5 years 10 yearsTo 31 december 2019 % % p.a. % p.a.

performance against market indices (after expenses)

COIF Charities Ethical Investment Fund:Income units* 22.19% 10.46% 9.95%Accumulation units* 22.19% 10.55% 10.00%Comparator# 17.07% 8.49% 8.86%mSCI united Kingdom Investable market Index (ImI) 18.40% 7.23% 7.86%mSCI World ex uK 23.09% 12.72% 12.02%iBoxx markit £ Gilts 7.13% 4.05% 5.64%Ipd All properties monthly 2.11% 7.36% 9.15%# Comparator – Composite: From 01.01.18 mSCI uK ImI 30%, mSCI World ex uK 45%, mSCI uK

monthly property 5%, iBoxx £ Gilt 15% & 7 day lIBId 5%. To 31.12.17 mSCI uK ImI 45%, mSCIEurope Ex uK 10%, mSCI north America 10%, mSCI pacific 10%, AREF/Ipd™ All properties 5%,iBoxx £ Gilt 15% & 7 day lIBId 5%. To 31.12.15 mSCI uK All Cap 45%, mSCI Europe Ex uK(50% Hedged) 10%, mSCI north America (50% Hedged) 10%, mSCI pacific (50% Hedged) 10%,Ipd™ All properties 5%, BarCap 15% & 7 day lIBId 5% and to 31.12.11 FTSE All-Share 60%. FTSEAll -World developed Ex uK 20%, Ipd™ All properties 10% and FTSE uK Government All Stocks 10%.

* mid to mid plus income re-invested.Source: CClA.



Economic and Market ReviewThe world economy grew at a moderate paceover the year. Growth was supported by resilientconsumer activity but came under pressure fromthe effects of previous increases in interest ratesand the effect on confidence of the trade disputebetween China and the uS. manufacturingoutput was particularly hard hit by the disputeand lower exports saw trade volumes fall. Thedisappointing growth performance triggered achange in policy by a number of central bankswhich reversed the move to higher borrowingcosts and cut rates again. The list of thosecutting rates included major economies such asthe uS, Eu and China, with over 20 countriesmaking reductions.

Investment markets gave positive returns.Equities were the strongest performers, makingsteady progress over the year. Investorsincreasingly anticipated improved economicgrowth rates as interest rate reductions graduallyhad an effect. Of the major regional indices, theuS gave the highest returns to a uK investor, of26.55%. performances elsewhere were alsostrong, the European index gained 20.50%. Japan14.84% and Asia 14.48%. The uK performed inline with their international peers, returning19.17%. At the individual market level, sevenEuropean exchanges improved by 20% or more.Greece, +47.50%, was the strongest performer.In Asia, Taiwan headed the list, up by 31.13%;only malaysia gave negative returns of -4.07%.domestic fixed interest markets also advancedalthough not to the extent recorded by equities.

Corporate bonds outperformed the governmentissued alternatives and investors showed a clearpreference for longer dated and lower creditrated issues. Returns from property werepositive despite lower valuations because of thecontribution from income. In this sector, retailrelated assets were poor performers, to an extentthat the weakness here offset the gains inindustrials. Sterling rose over the year withparticular strength in the final few months. Itgained 6.32% relative to the Euro, 3.94% againstthe dollar and 3.01% against the Yen.

StrategyThere were no changes to the investmentobjective of the Fund or to the strategyemployed to achieve it. The portfolio isdiversified but has a structural bias to real assetssuch as global equities, domestic property andinfrastructure. There are no holdings inconventional fixed income assets. Within theequity portfolio there is a focus on good qualitycompanies able to grow profits independently ofthe broad economic cycle. This approach hasresulted in relatively high weightings in areassuch as technology, health and industries relatedto the consumer. There are low exposures tosectors such as utilities and parts of the financialsectors. The Fund does not invest in companiessignificantly involved with oil and gasproduction or refining.



OutlookThe COvId-19 pandemic will have a significantnegative effect on the world economy, severelyreducing in the early months of the year. Such isthe scale of impact that output for 2020 as awhole is unlikely to show any growth on 2019.Governments have responded to the crisis byeasing monetary conditions and increasingspending; actions which will be beneficial overtime but can do little in the short term tomoderate a shock to both supply and demandsides of the economy. The crisis has come at atime when investment markets, after a decade ofrising prices, were far from bargain levels, theresult has been a sharp fall in sentiment and asevere correction in asset values. After a crisis onthis scale, recovery will take time but we arehopeful of a return to more normal conditionsin the second half of the year. This will allow arecovery which will continue into the new year.In the near term, asset markets are likely toremain volatile, but as confidence increases thatthe peak of the pandemic has passed, we expectasset prices to stabilise and then begin toimprove once more.

J BevanChief Investment OfficerCClA Fund managers limited11 may 2020









Risk warningpast performance is not a reliable indicator of futureresults. The price of the Fund’s units and any incomedistributions from them may fall as well as riseand an investor may not get back the amountoriginally invested.

The Fund’s units and the revenue from them can fallas well as rise and an investor may not get back theamount originally invested. past performance is noguarantee of future returns.

The Fund’s units are intended only for long-terminvestment and are not suitable for money liable tobe spent in the near future. units are realisable oneach weekly dealing day only.

This Fund may invest in emerging market countrieswhich could be subject to political andeconomic change.

The Fund may invest in collective investmentschemes and other assets which may be illiquid.These include limited partnerships and otherunquoted investments where valuations are open tosubstantial subjectivitiy. The Fund may also invest inthe COIF Charities property Fund, which investsdirectly in property and property related assets whichare valued by an independent valuer and as such areopen to substantial subjectivity. The performance ofthis Fund may be adversely affected by a downturnin the property market, which could impact on thecapital and/or income value of this Fund.

Top ten changes in portfolio composition

Cost £’000

purchases:COIF Charities property FundIncome units 17,124verizon Communications 10,646unilever 9,950Agilent Technologies 9,864Roche Holding 8,822merck & Co. 8,174danaher 7,458pepsiCo 7,229Electronic Arts 6,955Wolters Kluwer 6,846

proceeds £’000

Sales:uS Treasury 0.5% 15/01/2028 13,140Reckitt Benckiser 7,408uS Treasury 2.5% 30/06/2020 6,349Booking Holdings 5,635Total 4,974diaSorin 4,644nestlé 4,585dS Smith 4,289Citigroup 4,231Royal dutch Shell B 4,185

When a stock has both purchases and sales in the year, these transactions have been netted and the netamount has been reflected as either a net purchase or net sale in the table above.

Having carried out such procedures as weconsider necessary to discharge ourresponsibilities as depositary of the Fund, it isour opinion, based on the information availableto us and the explanations provided, that in allmaterial respects the Fund, acting through theAIFm has been managed in accordance with therules in the Sourcebook, the Scheme particularsof the Company and as required by the AIFmd.

HSBC Bank plcTrustee and depositary Services8 Canada SquarelondonE14 5HQ

HSBC Bank plc is authorised and regulated bythe Financial Conduct Authority11 may 2020



REpORT OF THE DEpOSITARy


Report on the audit of the financial statementsOpinionIn our opinion, COIF Charities EthicalInvestment Fund’s financial statements(the “financial statements”):

• give a true and fair view of the state of theFund’s affairs as at 31 december 2019 and ofits incoming resources and application ofresources, for the year then ended and of themovements in the net assets of the Fundbetween their position as at 1 January 2019and 31 december 2019;

• have been properly prepared in accordancewith united Kingdom Generally AcceptedAccounting practice (united KingdomAccounting Standards, comprising FRS 102“The Financial Reporting Standard applicablein the uK and Republic of Ireland”, andapplicable law), and

• have been prepared in accordance with therequirements of section 144 of the CharitiesAct 2011 and Regulation 6 of The Charities(Accounts and Reports) Regulations 2008).

We have audited the financial statements,included within the Annual Report and AuditedFinancial Statements (the “Annual Report”),which comprise: the balance sheet as at31 december 2019; the statement of total return;the statement of change in net assets attributableto unitholders for the year then ended; thedistribution tables; and the notes to the financialstatements, which include a description of thesignificant accounting policies.

Basis for opinionWe conducted our audit in accordance withInternational Standards on Auditing (uK)(“ISAs (uK)”) and applicable law. Ourresponsibilities under ISAs (uK) are furtherdescribed in the Auditors’ responsibilities for theaudit of the financial statements section of ourreport. We believe that the audit evidence wehave obtained is sufficient and appropriate toprovide a basis for our opinion.

IndependenceWe remained independent of the Fund inaccordance with the ethical requirements thatare relevant to our audit of the financialstatements in the uK, which includes theFRC’s Ethical Standard and we have fulfilledour other ethical responsibilities in accordancewith these requirements.

Conclusions relating to going concernWe have nothing to report in respect of thefollowing matters in relation to which ISAs(uK) require us to report to you when:

• the managers’ use of the going concern basisof accounting in the preparation of thefinancial statements is not appropriate; or

• the managers’ have not disclosed in thefinancial statements any identified materialuncertainties that may cast significant doubtabout the Fund’s ability to continue to adoptthe going concern basis of accounting for aperiod of at least twelve months from the datewhen the financial statements are authorisedfor issue.



INDEpENDENT AuDITORS’ REpORT

to the Trustees of COIF Charities Ethical Investment Fund

However, because not all future events orconditions can be predicted, this statement is nota guarantee as to Fund’s ability to continue as agoing concern.

Reporting on other information The other information comprises all of theinformation in the Annual Report other thanthe financial statements and our auditors’ reportthereon. The managers are responsible for theother information. Our opinion on the financialstatements does not cover the other informationand, accordingly, we do not express an auditopinion or, except to the extent otherwiseexplicitly stated in this report, any form ofassurance thereon.

In connection with our audit of the financialstatements, our responsibility is to read the otherinformation and, in doing so, consider whetherthe other information is materially inconsistentwith the financial statements or our knowledgeobtained in the audit, or otherwise appears to bematerially misstated. If we identify an apparentmaterial inconsistency or material misstatement,we are required to perform procedures toconclude whether there is a materialmisstatement of the financial statements or amaterial misstatement of the other information.If, based on the work we have performed, weconclude that there is a material misstatement ofthis other information, we are required to reportthat fact. We have nothing to report based onthese responsibilities.

Based on the responsibilities described aboveand our work undertaken in the course of theaudit, ISAs (uK) require us also to report certainopinions and matters as described below.

Reporting required by the Charities Act 2011under the Charities Act 2011 we are required toreport to you if, in our opinion the informationgiven in the managers’ Annual Report isinconsistent in any material respect with thefinancial statements. We have no exceptions toreport arising from this responsibility.

Responsibilities for the financial statementsand the auditResponsibilities of the Manager for thefinancial statementsAs explained more fully in the Statement ofBoard, depositary and manager Responsibilitiesset out on page 50, the manager is responsiblefor the preparation of the financial statements inaccordance with the applicable framework andfor being satisfied that they give a true and fairview. The manager is also responsible for suchinternal control as they determine is necessaryto enable the preparation of financial statementsthat are free from material misstatement,whether due to fraud or error.





In preparing the financial statements, themanager is responsible for assessing the Fund’sability to continue as a going concern, disclosingas applicable, matters related to going concernand using the going concern basis of accountingunless the managers either intends to liquidatethe Fund or to cease operations, or has norealistic alternative but to do so.

Auditors’ responsibilities for the audit of thefinancial statementsOur objectives are to obtain reasonableassurance about whether the financial statementsas a whole are free from material misstatement,whether due to fraud or error, and to issue anauditors’ report that includes our opinion.Reasonable assurance is a high level of assurance,but is not a guarantee that an audit conductedin accordance with ISAs (uK) will always detecta material misstatement when it exists.misstatements can arise from fraud or error andare considered material if, individually or in theaggregate, they could reasonably be expected toinfluence the economic decisions of users takenon the basis of these financial statements.

A further description of our responsibilities forthe audit of the financial statements is locatedon the Financial Reporting Council’s website at:www.frc.org.uk/auditorsresponsibilities. Thisdescription forms part of our auditors’ report.

Use of this reportThis report, including the opinions, has beenprepared for and only for the Fund’s managersas a body in accordance with section 144 of theCharities Act 2011 and regulations made undersection 154 of that Act (Regulation 24 of TheCharities (Accounts and Reports) Regulations2008) and for no other purpose. We do not, ingiving these opinions, accept or assumeresponsibility for any other purpose or to anyother person to whom this report is shown orinto whose hands it may come save whereexpressly agreed by our prior consent in writing.

Other required reportingCharities Act 2011 exception reportingunder the Charities Act 2011 we are requiredto report to you if, in our opinion:

• we have not received all the information andexplanations we require for our audit; or

• sufficient accounting records have not beenkept; or

• the financial statements are not in agreementwith the accounting records and returns.





We have no exceptions to report arising fromthis responsibility.

pricewaterhouseCoopers llpChartered Accountants and Statutory Auditors7 more londonRiversidelondon11 may 2020

pricewaterhouseCoopers llp is eligible to act,and has been appointed, as auditor under section144(2) of the Charities Act 2011.







SuMMARy RISK INDICATOR

The European union imposed legislation which sets out detailed guidelines for the calculation of therisk ratings of products to be portrayed through a summary risk indicator. It is intended to be a guideto the level of risk of this product compared to other products. It shows how likely it is that theproduct will lose money because of movements in the markets or because the manager is not able topay you. The risk of the product may be significantly higher than the one represented in the summaryrisk indicator where the product is not held for the recommended holding period (RHp).

The manager has classified the COIF Charities Ethical Investment Fund as 3 out of 7, which is amedium-low risk class. This rates the potential losses from future performance at a medium-lowlevel and poor market conditions are unlikely to impact the manager’s capacity to pay you. Thisclassification is not guaranteed and may change over time and may not be a reliable indication ofthe future risk profile of the Fund. The lowest category does not mean risk free.

The summary risk indicator assumes investment in the Fund for the RHp of five years. The actual riskcan vary significantly if you cash in at an early stage and you may get back less.

The Fund should be considered illiquid as it is not admitted to trading on a secondary market andno alternative liquidity facility is promoted by the manager or a third party. However, investors canrequest redemption at any time and the Fund deals on a weekly basis. The Fund does not include anyprotection from future market performance, so you could lose some or all of your investment.

A more detailed description of risk factors that apply to this product is set out in the latest Schemeparticulars, which is available on CClA’s website or by request.

1 2 3 4 5 6 7

lower risk Higher risk

Change in net assets per unit Income units year to Year to Year to 31.12.2019 31.12.2018 31.12.2017 pence pence pence per unit per unit per unit

Opening net asset value per unit 218.92 225.73 208.81Return before operating charges* 50.04 2.86 26.36Operating charges (1.83) (1.71) (1.65)Return after operating charges* 48.21 1.15 24.71distributions on Income units (8.11) (7.96) (7.79)Closing net asset value per unit 259.02 218.92 225.73

* after direct transaction costs of: 0.09 0.10 0.13

performanceReturn after charges 22.02% 0.51% 11.83%

Other informationClosing net asset value (£’000) 790,563 499,549 358,124Closing number of units 305,217,463 228,192,607 158,649,746Operating charges** 0.74% 0.74% 0.75%direct transaction costs 0.03% 0.04% 0.06%

prices (pence per unit)Highest unit price (offer) 264.45 243.25 229.50 lowest unit price (bid) 217.14 214.76 208.36

The return after charges has been calculated in accordance with the Statement of Recommendedpractice for uK Authorised Funds’ (SORp) prescribed calculation methodology. This is for financialstatement reporting purposes only and may differ from the Fund’s performance disclosed in the Reportof the Investment manager.

** Operating charges comprise the manager’s periodic charge and other expenses, including vAT, butbefore taking account of rebates, as these only offset charges incurred within the underlying funds. Thepercentages above reflect these charges divided by average net assets for the year.



COMpARATIVE TABLE

Change in net assets per unit Accumulation units year to Year to Year to 31.12.2019 31.12.2018 31.12.2017 pence pence pence per unit per unit per unit

Opening net asset value per unit 316.55 315.15 282.80Return before operating charges* 73.02 3.82 34.60Operating charges (2.69) (2.42) (2.25)Return after operating charges* 70.33 1.40 32.35distributions on Accumulation units (9.21) (8.94) (9.36)Retained distributions on Accumulation units 9.21 8.94 9.36Closing net asset value per unit 386.88 316.55 315.15

* after direct transaction costs of: 0.13 0.14 0.18

performanceReturn after charges 22.22% 0.44% 11.44%

Other informationClosing net asset value (£’000) 163,515 81,893 65,163 Closing number of units 42,265,370 25,870,260 20,677,076 Operating charges** 0.74% 0.74% 0.75%direct transaction costs 0.03% 0.04% 0.06%

prices (pence per unit)Highest unit price (offer) 391.92 345.79 317.77 lowest unit price (bid) 313.97 299.81 280.84

The return after charges has been calculated in accordance with the Statement of Recommendedpractice for uK Authorised Funds’ (SORp) prescribed calculation methodology. This is for financialstatement reporting purposes only and may differ from the Fund’s performance disclosed in the Reportof the Investment manager.

** Operating charges comprise the manager’s periodic charge and other expenses, including vAT, butbefore taking account of rebates, as these only offset charges incurred within the underlying funds. Thepercentages above reflect these charges divided by average net assets for the year.



COMpARATIVE TABLE

The table below analyses expenses in note 4 to the financial statements. These expenses also representthe total operating charges, which are shown below as a percentage of average net assets of the Fund.

31.12.2019 31.12.2018% %

manager’s periodic charge including vAT 0.72 0.72manager’s fee for ethical services 0.00 0.00Safe custody fees and depositary fee 0.01 0.01Other expenses 0.01 0.01Total operating charges 0.74 0.74



OpERATINg CHARgES ANALySIS




pORTFOLIO ANALySIS

at 31 December 2019

Breakdown of Overseas Equitiesby geography

north America 38.90%developed Europe 11.06%Asia pacific ex-Japan 6.30%Japan 2.55%

58.81%

Breakdown of Equities by Sector

Information Technology 13.47%Health Care 13.20%Industrials 8.14%Financials 8.08%Consumer Staples 8.02%Communication Services 7.01%Consumer discretionary 6.16%Real Estate 3.13%materials 2.47%utilities 1.08%

70.76%

The portfolio analyses above which differ from the following portfolio statement because: (i) pricesused here are mid-market rather than bid; and (ii) allocations are adjusted on a ’look through’ basis inrespect of cross holdings in other CClA funds (i.e. such funds are shown in a single category in theportfolio statement, but are analysed by their underlying holdings on this page).

Overseas Equities 58.81%

UK Equities 11.95%

Infrastructure & Operating Assets 10.98%

Cash and Near Cash 6.38%

Property 5.38%

Contractual & Other Income 5.03%

Private Equity & Other 1.47%



pORTFOLIO STATEMENT

at 31 December 2019

Fair % ofvalue total net

Holding £’000 assets

uNITED KINgDOM EQuITIES 13.24%(31.12.18 – 17.01%)Consumer Discretionary 1.36% (31.12.18 – 1.73%)Compass Group 375,014 7,088 0.74InterContinental Hotels Group 113,088 5,886 0.62

Consumer Staples 2.18% (31.12.18 – 3.01%)unilever 479,109 20,844 2.18

Energy 0.00% (31.12.18 – 1.18%)

Financials 1.78% (31.12.18 – 2.86%)london Stock Exchange 133,865 10,337 1.08prudential 461,787 6,678 0.70

Health Care 0.71% (31.12.18 – 0.40%)Abcam 279,583 3,780 0.39Genus 95,042 3,017 0.32

Industrials 2.86% (31.12.18 – 3.39%)Bunzl 307,414 6,348 0.66Experian 331,064 8,449 0.88RElX 662,168 12,614 1.32

Materials 1.38% (31.12.18 – 2.03%)Croda International 136,597 6,987 0.73Rio Tinto 137,127 6,174 0.65

Real Estate 2.97% (31.12.18 – 2.41%)Empiric Student property 7,215,453 7,028 0.74primary Health properties REIT 7,758,734 12,398 1.30Target Healthcare REIT 3,576,980 4,131 0.43Tritax Big Box REIT 3,214,049 4,779 0.50

OVERSEAS EQuITIES 58.91% (31.12.18 – 50.76%)DEVELOpED EuROpE 11.07% (31.12.18 – 10.03%)Consumer Discretionary 1.64% (31.12.18 – 1.19%)Adidas 30,761 7,572 0.79Kering 16,301 8,083 0.85



pORTFOLIO STATEMENT

at 31 December 2019



Consumer Staples 1.74% (31.12.18 – 2.37%)l’Oreal 33,730 7,531 0.79nestlé 111,173 9,081 0.95

Energy 0.00% (31.12.18 – 0.85%)

Financials 0.53% (31.12.18 – 0.50%)deutsche Böerse 43,042 5,122 0.53

Health Care 2.61% (31.12.18 – 2.71%)diaSorin 40,091 3,920 0.41novartis 91,480 6,553 0.69Roche Holding 58,793 14,391 1.51

Industrials 2.22% (31.12.18 – 0.94%)Assa Abloy 237,041 4,182 0.44Epiroc A 415,206 3,835 0.40SGS 3,046 6,292 0.66Wolters Kluwer 124,905 6,882 0.72

Information Technology 1.62% (31.12.18 – 0.79%)Hexagon 149,308 6,299 0.66SAp 90,253 9,182 0.96

Materials 0.71% (31.12.18 – 0.68%)Chr. Hansen 62,863 3,777 0.40Sika 21,001 2,977 0.31

NORTH AMERICA 38.98% (31.12.18 – 32.61%)Communication Services 5.36% (31.12.18 – 2.42%)Activision Blizzard 172,066 7,717 0.81Alphabet C 14,011 14,127 1.48Electronic Arts 89,066 7,225 0.76Telus 224,275 6,556 0.67verizon Communications 235,413 10,902 1.14The Walt disney Company 43,786 4,778 0.50



pORTFOLIO STATEMENT

at 31 December 2019



Consumer Discretionary 3.18% (31.12.18 – 3.15%)Amazon 7,857 10,954 1.15mcdonald’s 45,823 6,833 0.72nike 86,213 6,591 0.69Starbucks Corporation 88,476 5,870 0.62

Consumer Staples 2.46% (31.12.18 – 1.97%)Coca Cola 148,358 6,196 0.65Colgate-palmolive 115,787 6,015 0.63pepsiCo 108,798 11,219 1.18

Energy 0.00% (31.12.18 – 0.31%)

Financials 4.69% (31.12.18 – 6.75%)Bank of America 241,279 6,411 0.67Blackstone Group 99,931 4,219 0.44Chicago mercantile Exchange 51,363 7,779 0.82Jp morgan Chase & Co. 68,140 7,169 0.75nASdAQ 96,417 7,795 0.82S&p Global 37,320 7,689 0.81Schwab (Charles) 101,770 3,652 0.38

Health Care 9.02% (31.12.18 – 5.35%)Agilent Technologies 162,379 10,453 1.10danaher Corporation 96,598 11,191 1.17Elanco Animal Health 214,070 4,759 0.50Illumina 13,156 3,293 0.35Intuitive Surgical 7,212 3,217 0.34medtronic 107,889 9,235 0.96merck & Co. 121,679 8,351 0.88Stryker Corporation 67,232 10,651 1.12Thermo Fisher Scientific 33,602 8,233 0.86unitedHealth Group 49,980 11,085 1.16Zoetis 55,771 5,570 0.58



pORTFOLIO STATEMENT

at 31 December 2019



Industrials 1.98% (31.12.18 – 2.04%)Ametex 63,340 4,767 0.50Canadian pacific Railway 23,806 4,580 0.48IdEX Biometrics 54,483 7,072 0.74Rockwell Automation 16,179 2,476 0.26

Information Technology 9.35% (31.12.18 – 7.32%)Accenture 46,643 7,411 0.78Adobe 49,489 12,316 1.29Fidelity national Information Services 91,166 9,568 1.00mastercard 39,343 8,859 0.93microsoft Corporation 103,899 12,351 1.29paypal Holdings 131,618 10,746 1.13Servicenow 11,922 2,540 0.27SS&C Technologies Holdings 163,721 7,588 0.80Texas Instruments 45,322 4,388 0.46visa A 94,406 13,385 1.40

Materials 0.39% (31.12.18 – 0.96%)Ecolab 25,590 3,727 0.39

Real Estate 1.47% (31.12.18 – 1.50%)Alexandria Real Estate Equities 53,610 6,538 0.69prologis 110,299 7,420 0.78

utilities 1.08% (31.12.18 – 0.84%)duke Energy Corporation 92,988 6,400 0.67nextEra Energy 21,282 3,887 0.41

JApAN 2.55% (31.12.18 – 2.77%)Consumer Staples 0.94% (31.12.18 – 0.99%)Kao Corporation 142,923 8,960 0.94

Industrials 1.07% (31.12.18 – 0.79%)FAnuC Corporation 26,166 3,694 0.39Recruit Holdings 229,272 6,526 0.68



pORTFOLIO STATEMENT

at 31 December 2019



Information Technology 0.54% (31.12.18 – 0.99%)Keyence Corporation 19,400 5,185 0.54

ASIA pACIFIC EX JApAN 6.31% (31.12.18 – 5.35%)Communication Services 1.65% (31.12.18 – 1.95%)HKT Trust and HKT limited 5,346,000 5,687 0.60Tencent Holdings 274,612 9,992 1.05

Consumer Staples 0.71% (31.12.18 – 0.61%)lG Household & Healthcare 8,258 6,792 0.71

Financials 1.09% (31.12.18 – 1.30%)AIA 1,311,159 10,391 1.09

Health Care 0.88% (31.12.18 – 0.78%)Sonic Healthcare 551,171 8,379 0.88

Information Technology 1.98% (31.12.18 – 0.71%)Iress 327,155 2,250 0.24network International Holdings 755,698 4,844 0.51nICE 38,507 4,510 0.47Taiwan Semiconductor manufacturing 871,000 7,260 0.76

pRIVATE EQuITy & OTHER 1.46%(31.12.18 – 1.68%)private Equity 1.43% (31.12.18 – 1.63%)Blackstone Capital partners Asia** 1 778 0.08BmO private Equity 1,735,397 6,490 0.68Clean Energy and Environment Fund** 1 206 0.02princess private Equity Holdings 670,594 6,194 0.65

Other 0.03% (31.12.18 – 0.05%)Triodos microfinance Fund 13,587 314 0.03



pORTFOLIO STATEMENT

at 31 December 2019



INFRASTRuCTuRE & OpERATINg ASSETS 9.68%(31.12.18 – 10.54%)Energy Resources & Environment 6.23%(31.12.18 – 4.53%)Aquila European Renewables Income Fund 3,586,612 3,252 0.34Bluefield Solar Income Fund 6,894,147 9,721 1.02Foresight Solar Fund 5,361,420 6,729 0.71Greencoat uK Wind 6,052,832 9,079 0.95Gresham House Energy Storage Fund 3,088,590 3,305 0.35JlEn Environmental Assets Group 5,674,525 6,866 0.72Octopus Renewables Infrastructure Trust 4,171,250 4,463 0.47SdCl Energy Efficiency Income Trust 4,214,339 4,509 0.47The Forest Company** 67,360 187 0.02The Renewables Infrastructure Group 5,500,116 7,612 0.80uK Energy Efficiency Investment IA** 1 10 –uS Solar Fund 4,618,403 3,626 0.38

general 1.46% (31.12.18 – 1.59%)Infracapital partners III** 1 1,729 0.18KKR Global Infrastructure Investors III** 1 629 0.07pan-European Infrastructure Fund II** 1 7,198 0.75pan-European Infrastructure Fund** 1 3,393 0.36Strategic partners Offshore Real Assets – Infrastructure II** 1 963 0.10

Social 1.99% (31.12.18 – 4.42%)European Student Housing Fund** 1 2,297 0.24GCp Student living 3,983,130 7,887 0.83Impact Healthcare REIT 2,450,024 2,646 0.28KmG Wren Retirement Fund** 1,416 1,054 0.11Triple point Social Housing REIT 5,616,598 5,055 0.53

pROpERTy 5.31% (31.12.18 – 5.54%)Aberdeen Standard European logistics Income 3,015,365 2,720 0.29COIF Charities property Fund Income units 39,091,751 44,842 4.70Tritax EuroBox 3,307,114 3,095 0.32



pORTFOLIO STATEMENT

at 31 December 2019



CONTRACTuAL & OTHER INCOME 5.01%(31.12.18 – 6.16%)Alcentra European Floating Rate Income Fund 1,836,507 1,800 0.19Ares Capital Corporation 337,626 4,753 0.50Blackstone mortgage Trust 271,370 7,622 0.80Chenavari Capital Solutions 488,572 293 0.03duet Real Estate Finance*** 549,085 – –GCp Asset Backed Income Fund 5,819,808 6,285 0.66GCp Infrastructure Investments 3,562,969 4,696 0.49Hadrains Wall Secured Investments 1,951,504 1,151 0.12Hipgnosis Songs Fund 6,531,853 7,054 0.74KKR mezzanine partners I** 1 280 0.03KKR private Credit Opportunities partners II** 1 1,713 0.18nimrod Sea Assets*** 1,464,552 22 –Rm Secured direct lending 3,312,693 3,246 0.34Sequoia Economic Infrastructure Income Fund 3,407,679 3,967 0.42Social and Sustainable Housing** 1 91 0.01SQn Asset Finance Income Fund 2,994,591 2,468 0.26SQn Asset Finance Income Fund – C Shares 2,711,624 2,332 0.24

FIXED INTEREST 0.00% (31.12.18 – 2.91%)

FORWARD CuRRENCy CONTRACTS 0.04%(31.12.18 – (0.53%))Buy GBp 35,316,715 & Sell EuR 41,951,315 (245) (0.03)Buy GBp 179,969,783 & Sell uSd 237,608,706 676 0.07INVESTMENT ASSETS 893,494 93.65

NET OTHER ASSETS 60,584 6.35TOTAL NET ASSETS 954,078 100.00

* The COIF Charities property Fund is managed by the manager and represents a related party transaction.** unquoted investments.*** Suspended quoted securities.

year ended Year ended31.12.2019 31.12.2018

Note £’000 £’000 £ ’000 £’000

Incomenet capital gains/(losses) 2 136,026 (13,489)Revenue 3 22,365 15,270

Expenses 4 (5,961) (3,882)net revenue before taxation 16,404 11,388Taxation 5 (1,456) (756)net revenue after taxation 14,948 10,632 Total return/(deficit) before distributions 150,974 (2,857)distributions 6 (25,741) (17,673)Change in net assets attributable tounitholders from investment activities 125,233 (20,530)

STATEMENT OF CHANgE IN NET ASSETS ATTRIBuTABLE TO uNITHOLDERS


year ended Year ended31.12.2019 31.12.2018

£’000 £’000 £ ’000 £’000

Opening net assets attributable to unitholders 581,442 423,287 Amounts receivable on issue of units 277,954 115,735 Amounts payable on cancellation of units (33,974) (18,617)In-specie transactions – 79,533

243,980 176,651 Change in net assets attributable tounitholders from investment activities 125,233 (20,530)Retained distributions on Accumulation units 3,423 2,034 Closing net assets attributable to unitholders 954,078 581,442

The notes on pages 30 to 48 and distribution tables on page 49 form part of these financial statements.



STATEMENT OF TOTAL RETuRN


31.12.2019 31.12.2018Note £’000 £’000 £ ’000 £’000

ASSETSFixed assets:

Investments 893,739 554,255 Current assets:

debtors 7 1,495 1,935 Cash equivalents 8 61,652 19,008 Cash and bank balances 8 2,290 13,534 Amounts held for forward contracts 8 1,980 3,095

Total current assets 67,417 37,572Total assets 961,156 591,827

LIABILITIESInvestment liabilities 245 5,517 Creditors:

Other creditors 9 607 395 distribution payable on Income units 6,226 4,473

Total creditors 6,833 4,868Total liabilities 7,078 10,385Net assets attributable to unitholders 954,078 581,442

The financial statements on pages 29 and 49 have been approved by the Board.

Approved on behalf of the Board n morecroft, Chairman11 may 2020

The notes on pages 30 to 48 and distribution tables on page 49 form part of these financial statements.



BALANCE SHEET

at 31 December 2019

1. Accounting policies(a) Basis of preparationThe financial statements have been prepared on a going concern basis, in compliance withFRS 102 and in accordance with the Statement of Recommended practice for uK AuthorisedFunds (SORp) issued by The Investment Association in may 2014 (and amended in June 2017),the Charities Act 2011, and in accordance with the Scheme and the Collective InvestmentScheme sourcebook. The financial statements have been prepared under the historical costbasis, as modified by the revaluation of investments.

The Fund is exempt from preparing a statement of cash flows under FRS 102 as substantially allof the Fund’s investments are highly liquid, substantially all of the Fund’s investments are carriedat market value and the Fund provides a statement of change in net assets.

(b) Revenue recognitiondividends on ordinary stocks, including special dividends where appropriate, distributionsreceived on collective investment schemes, preference shares and unit trusts are accrued torevenue on the dates when the investments are first quoted ex-dividend or otherwise, on receiptof cash. Interest on Government and other fixed interest stocks, bank deposits and interest ondeposits in the COIF Charities deposit Fund are accrued on a daily basis.

Revenue on debt securities is recognised on the effective yield basis which takes into account theamortisation of any discounts or premiums arising on the purchase price, compared to the finalmaturity value, over the remaining life of the security. Accrued interest purchased or sold isexcluded from the cost of the security and is recognised as revenue of the Fund.

dividends received from uS real estate investment trusts (uS REITs) are allocated betweenrevenue and capital for distribution purposes. The split is based on the year-end tax reporting dateissued by the uS REIT. Where the split of revenue and capital has not been announced at theaccounting date a provisional split will be used. The provision will be calculated on the prioryear’s aggregated dividend split for each uS REIT.

Revenue is stated net of irrecoverable tax credits. In the case where revenue is received after thededuction of withholding tax, the revenue is shown gross of taxation, and the tax consequencesare shown within the tax charge. Overseas tax recovered is recorded in the period it is received.



NOTES TO THE FINANCIAL STATEMENTS


1. Accounting policies (continued)(c) Stock dividendsThe ordinary element of stock received in lieu of cash dividends is recognised as revenue of theFund. Any enhancement above the cash dividend is treated as capital.

(d) Special dividends, share buy-back or additional share issueThe underlying circumstances behind a special dividend, share buy-back or additional share issue arereviewed on a case by case basis in determining whether the amount is revenue or capital in nature.

(e) Expensesduring the year, the manager’s periodic charge, paid to the manager, was taken to the capital ofthe Fund before distribution. The fee is based on a fixed percentage of the value of the Fund andwas 0.60% plus vAT during the year. The Fund received a management fee rebate credited to thecapital of the Fund for its holdings in the COIF Charities property Fund, where during the year,management fees were taken to capital. The Fund also received a management fee rebate creditedto the revenue of the Fund for its deposits in the COIF Charities deposit Fund where managementfees were charged to revenue.

On a daily basis, the value of the Fund at the end of the previous day is taken to calculate thefee due. This fee covers the provision of investment services and other expenses incurred by themanager. From 1 October 2019, the manager ceased charging the fee for ethical and stewardshipservices. The depositary fee, audit, legal, safe custody fees and transaction charges and insurancefees are charged separately to the revenue of the Fund before distribution.

(f) Distributionsdistributions are paid quarterly. The Fund utilises an income reserve to even out the fluctuationsin revenue which arise over the years (see note 10). movements in the income reserve are thereforeadjustments made to net revenue in determining the distribution.

It is the Fund’s policy to calculate the distribution based on the revenue on debt securities whichis computed on a coupon basis. A reconciliation of the net distribution to the net income of theFund as reported in the statement of total return is shown in note 6.

From 1 January 2017, distributions can also be supported by the Fund’s capital. The annual rate ofdistribution is approved by the Board in discussions with the manager. On an annual basis, at least75% of the distribution must come from income.





1. Accounting policies (continued)(g) Basis of valuationQuoted 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 are statedat valuation by the manager, and reviewed by the Board.

The manager’s valuation is based upon valuations supplied by the manager of the underlyinginvestments. The manager satisfies itself that these valuations can be relied on by valuations fromindependent experts (which may include discounted cash flow calculations, or prices based uponincome yield); or net asset values which the manager considers reliable, based upon audit reportsand the manager’s own knowledge of the investee entity. The estimates and assumptions underlyingthe valuations are kept under review by the manager, and judgements are reviewed, considering allfactors affecting the investments.

For unquoted investments, the latest valuation point may be prior to the year end, but the manageris satisfied that the resultant portfolio valuation would not be materially different from a valuationcarried out as at the year end.

Suspended securities are valued by the manager having regard to the last quoted price on or beforethe date of suspension and subsequent available information. Suspended securities are written offafter they have been carried at nil value for two years.

(h) Foreign exchangeAssets and liabilities in foreign currencies are expressed in sterling at rates of exchange ruling onthe accounting date. Transactions in foreign currencies are translated into sterling at the exchangerates ruling on the transaction dates.

The Fund may enter into forward currency contracts to protect the sterling value of theunderlying portfolio of securities against the effect of possible adverse movements in foreignexchange rates. Fluctuations in the value of such forward currency contracts are recorded asunrealised gains or losses. Realised gains or losses include net gains or losses on transactions thathave terminated by settlement or by the Fund entering into offsetting commitments.





1. Accounting policies (continued)(i) Cash equivalentsThe manager has treated some assets as Cash equivalents for the purposes of the Balance Sheetdisclosure. Investments are regarded as Cash equivalents if they meet all of the following criteria:

• highly liquid investments held in sterling that are readily convertible to a known amount of cash;• are subject to an insignificant risk of change in value; and• provide a return no greater than the rate of a three month high quality government bond.

2. Net capital gains/(losses)31.12.2019 31.12.2018

£’000 £’000

The net capital gains/(losses) during the year comprise:unrealised gains/(losses) on non-derivative securities* 102,184 (24,163)Realised gains on non-derivative securities* 24,257 13,550Realised gains on forward currency contracts* 9,235 1unrealised gains/(losses) on forward currency contracts* 431 (3,063)manager’s periodic charge rebate – see note 1(e)** 310 154Currency (losses)/gains (391) 32

136,026 (13,489)

* Where net realised gains include gains/(losses) arising in previous years, a corresponding (loss)/gain isincluded in unrealised gains/(losses).

** This amount includes the rebates credited to the capital of the Fund for its holding in theCOIF Charities property Fund where management fees are taken to capital.





3. Revenue31.12.2019 31.12.2018

£’000 £’000

Overseas dividends 11,939 8,819uK dividends 5,287 3,248Franked dividend distributions 2,294 1,167property income distributions 1,237 821Franked dividends on unquoted stocks 592 782Interest on debt securities 470 223Interest on the COIF Charities deposit Fund 400 133manager’s periodic charge rebate* 126 66Bank interest 20 11

22,365 15,270

* This amount represents the rebate of management fees credited to the Fund’s revenue for the Fund’sdeposit in the COIF Charities deposit Fund where the management fees are charged to revenue.

4. Expenses31.12.2019 31.12.2018

£’000 £’000

payable to the manager, associates of the managerand agents of either of them:manager’s periodic charge – see note 1(e) 5,768 3,752manager’s fee for ethical services 6 8

5,774 3,760

payable to the depositary, associates of thedepositary and agents of either of them:Safe custody fees 56 35depositary fee 52 37

108 72





4. Expenses (continued)31.12.2019 31.12.2018

£’000 £’000

Other expenses:Audit fee 13 12Insurance fee 2 4Other fees 64 34

79 50

Total expenses 5,961 3,882

The above expenses include vAT where applicable.

Audit fee net of vAT is £10,979 (31.12.2018, £10,455)

5. TaxationThe Fund has charitable status and is exempt from uK Income and Capital Gains Tax pursuant topart 11 Chapter 3 of the Corporation Tax Act 2010. distributions are paid, and reinvested revenuecredited gross to unitholders on the basis that all recoverable uK taxation has been reclaimed.Overseas withholding tax is deducted in full from overseas revenue. Recoverable withholding taxis credited to revenue, on receipt.

31.12.2019 31.12.2018£’000 £’000

Overseas taxation suffered in the year 1,177 768Overseas recoverable withholding tax written off/(windfall) in the year 264 (12)Tax on capital special dividends 15 –

Total taxation 1,456 756





6. Distributionsdistributions take account of revenue received on the issue of units and revenue deducted on thecancellation of units, and comprise:

31.12.2019 31.12.2018£’000 £’000

31 march – interim distribution 5,864 3,91830 June – interim distribution 6,649 4,11830 September – interim distribution 6,851 4,84331 december – final distribution 7,053 5,032

26,417 17,911

Add: revenue deducted on cancellation of units 75 63deduct: revenue received on in-specie transactions – (9)deduct: revenue received on issue of units (751) (292)

net distribution for the year 25,741 17,673

net revenue after taxation for the year 14,948 10,632Amortisation under effective yield (222) (108)distribution from capital 5,226 3,229Transfer from income reserve – see note 10 – 151manager’s periodic charge – see note 1(e) 5,774 3,760Tax on capital special dividends 15 –Expenses charged to capital – 9

net distribution for the year 25,741 17,673

details of the distribution per unit are set out in the distribution tables on page 49.

The manager’s periodic charge is charged to capital, so this amount above is added back in thetable above to the net distribution for the year and deducted from capital.

There were unclaimed distributions as at 31 december 2019 of £3,045 (31.12.2018, £1,009).





7. Debtors

31.12.2019 31.12.2018£’000 £’000

Accrued revenue 1,444 964prepayments 42 25Sales awaiting settlement 9 6Amounts receivable on creation of units – 929Income tax recoverable – 5Overseas tax recoverable – 6

1,495 1,935

8. Cash equivalents, cash and bank balances31.12.2019 31.12.2018

£’000 £’000

Cash equivalents – cash in the COIF Charities deposit Fund 61,652 19,008

Cash and bank balances: cash at bank 2,290 13,534

Amounts held for forward currency contracts 1,980 3,095

9. Other creditors31.12.2019 31.12.2018

£’000 £’000

Accrued expenses 603 379Accrued income tax 4 1Amount payable on cancellation of units – 15

607 395





10. Income reserveThe income reserve, accumulated out of revenue, is used to smooth fluctuations in the revenuereceived in the Fund. The income reserve is included in the total value of the Fund and isattributable to Income unitholders.

31.12.2019 31.12.2018£’000 £’000

Income reserve at the start of the year – 131Equalisation of the income reserve – 20Transfer from income reserve – (151)

Income reserve at the end of the year – –

11. Financial instrumentsFair valueSecurities held by the Fund are valued at bid-market value (see note 1(g)). Bid-market value isconsidered to be a fair representation of the amount repayable to unitholders should they wish tosell their units. Other financial assets and liabilities of the Fund are included in the balance sheetat their fair value.

The main risks arising from the Fund’s financial instruments and the manager’s policies formanaging these risks are summarised below. These policies have been applied consistentlythroughout the year and the comparative year.

Market price riskThis is an actively managed Fund which invests mainly in uK and overseas equities, uKproperty and fixed interest investments. Investors are thus exposed to market price risk, whichcan be defined as the uncertainty about future price movements of the financial instruments theFund is invested in. market price risk arises mainly from economic factors, including investorconfidence and is not limited to interest rate and currency movements. This exposure to marketprice risk may result in substantial fluctuations in the unit price from time to time, although therewill generally be a positive correlation in the movement of the unit price to the markets theFund is invested in. The Fund seeks to minimise the risks by holding a diversified portfolio ofinvestments in line with the Fund’s investment objectives. Risk is monitored at both the assetallocation and stock selection levels by directors of the manager on a regular basis and also bythe Board.





11. Financial instruments (continued)Market price risk (continued)At 31 december 2019, if the price of the investments held by the Fund increased or decreased by5%, with all other variables remaining constant, then the net assets attributable to unitholders, andprofit or loss, would increase or decrease respectively by approximately £44,675,000(31.12.2018: £27,437,000).

Credit riskThe Fund’s transactions in securities expose it to the risk that the counterparty will not deliverthe investment for a purchase, the cash for a sale or the settlement amounts for forward currencycontracts. To minimise this, the Fund only deals with an approved list of brokers maintained by themanager. depending on the counterparty, the Fund may employ collateral arrangements forforward currency contracts.

Liquidity riskFinancial instruments held by the Fund, excluding short-term debtors and creditors, are made upof uK and overseas equities, fixed interest securities, pooled funds and sterling and overseas cashdeposits. These assets are generally liquid (except for the unit trusts, which are realisable only ontheir weekly or monthly dealing dates, and the holdings in the unquoted investments, which arenot readily realisable) and enable the Fund to meet the payment of any redemption of units thatunitholders may wish to make.

Currency riskThe Fund is exposed to fluctuations in foreign currencies as some of its assets and revenue aredenominated in currencies other than sterling, the base currency of the Fund. The Fund mayenter into forward currency contracts to protect the sterling value of the underlying portfolio ofsecurities against the effect of possible adverse movements in foreign exchange rates on investmentsand revenue accrued, but not yet received. In respect of revenue, receipts are converted to sterlingshortly after receipt.

At 31 december 2019, if the value of sterling increased or decreased by 1% against all currencies,with all other variables remaining constant, then the net assets attributable to unitholders, andprofit or loss, would decrease or increase respectively by approximately £3,861,000(31.12.2018: £3,433,000).





11. Financial instruments (continued)Currency risk (continued)The Fund held derivatives relating to forward currency contracts with a net value of £430,804 asat 31 december 2019 (31.12.2018, (£3,063,407)).

The total foreign currency exposure at 31 december was:

31.12.2019 31.12.2018 Non- non- Monetary monetary monetary monetary exposures exposures Total exposures exposures TotalCurrency £’000 £’000 £’000 £’000 £’000 £’000

Australian dollar – 10,629 10,629 – 4,564 4,564Canadian dollar 75 11,136 11,211 10 4,446 4,456danish krona – 3,776 3,776 – 1,879 1,879Euro 28 36,776 36,804 58 51,546 51,604Hong Kong dollar – 26,070 26,070 – 18,933 18,933Japanese yen 58 24,365 24,423 38 16,118 16,156Korean won – 6,792 6,792 – 3,548 3,548Swedish krona – 14,317 14,317 – 5,468 5,468Swiss franc – 39,294 39,294 – 18,857 18,857Taiwan dollar 43 7,260 7,303 – 4,115 4,115uS dollar 547 204,900 205,447 418 213,350 213,768

Total 751 385,315 386,066 524 342,824 343,348

Interest rate riskThe majority of the Fund’s financial assets are equities which neither receive interest nor havematurity dates. The Fund also invests in fixed interest securities and cash deposits, the revenue ofwhich may be affected by changes to interest rates relevant to particular securities or as a result ofthe manager being unable to secure similar returns on the disposal or redemption of securities.The value of fixed interest securities may be affected by interest rate movements or the expectationof such movements in the future.

A sensitivity analysis for interest rate risk is not shown as the impact is unlikely to be significant.





11. Financial instruments (continued)Interest rate risk (continued)The total exposure at 31 december 2019 was:

Financial assetsFloating rate Fixed rate not carrying

financial assets* financial assets interest TotalCurrency £’000 £’000 £’000 £’000

Sterling 65,901 – 508,944 574,845Euro – – 72,366 72,366Japanese yen – – 24,423 24,423uS dollar 21 – 384,720 384,741Other – – 119,392 119,392

Total 65,922 – 1,109,845 1,175,767

FinancialFloating rate Fixed rate liabilities

financial financial not carryingliabilities liabilities interest Total

Currency £’000 £’000 £’000 £’000

Sterling – – (6,833) (6,833)Euro – – (35,562) (35,562)uS dollar – – (179,294) (179,294)

Total – – (221,689) (221,689)





11. Financial instruments (continued)Interest rate risk (continued)The total exposure at 31 december 2018 was:

Financial assets Floating rate Fixed rate not carrying

financial assets* financial assets interest TotalCurrency £’000 £’000 £’000 £’000

Sterling 35,637 – 350,336 385,973Euro – – 78,823 78,823Japanese yen – – 16,156 16,156uS dollar 11,218 5,692 315,103 332,013Other – – 61,820 61,820

Total 46,855 5,692 822,238 874,785

FinancialFloating rate Fixed rate liabilities

financial financial not carryingliabilities liabilities interest Total

Currency £’000 £’000 £’000 £’000

Sterling – – (147,879) (147,879)Euro – – (27,219) (27,219)uS dollar – – (118,245) (118,245)

Total – – (293,343) (293,343)

* The floating rate financial assets of the Fund earn interest at rates based on either lIBOR or base rate.

All financial liabilities are due to be settled within one year or on demand.





12. Commitments and contingent liabilitiesundrawn commitments at 31 december were:

31.12.2019 31.12.2018£’000 £’000

pan-European Infrastructure Fund 165,494 175,308KKR mezzanine partners I 119,338 131,674uK Energy Efficiency 1A 334,775 334,775pan-European Infrastructure Fund II 1,722,587 3,783,695European Student Housing Fund – –KKR private Credit Opportunities partners II 2,411,967 3,143,824Strategic partners Offshore Real Assets – Infrastructure II 1,449,147 1,926,416KKR Global Infrastructure Investors III 1,615,943 2,192,319Infracapital partners III 2,252,642 3,767,183Blackstone Capital partners Asia 1,358,977 2,011,926Clean Energy and Environment Fund 1,848,134 –Social and Sustainable Housing 558,567 –

There were no other commitments or contingent liabilities as at 31 december 2019(31.12.2018, £nil).

13. unquoted and other investmentsAt 31 december 2019, 4.70% (31.12.2018, 5.06%) of the value of the Fund was held in units inthe COIF Charities property Fund, 6.46% (31.12.2018, 3.27%) of the value of the Fund was heldin units of the COIF Charities deposit Fund.

At 31 december 2019, the Fund held 7.28% (31.12.2018, 4.92%) of the COIF Charities propertyFund. The investment in the COIF Charities property Fund may not be readily realisable, as themanager may impose a period of notice or delay, not exceeding six months, before carrying out aredemption of units in that Fund, if it is deemed to be necessary to protect the interests ofunitholders of the Fund or to permit properties to be sold to meet a redemption.

14. Board remunerationThe Board members receive no remuneration from the COIF Charity Funds. mr Glennnewson was appointed a director of CClA Investment management limited on 29 October2018 and received remuneration from CClA Investment management limited, which isdisclosed in CClA Investment management limited’s financial statements.





15. Related party transactionsFrom 1 October 2019, the manager, a related party of the Fund, ceased charging the fee forethical and stewardship services. The amounts paid in respect of these charges are disclosed innote 4. during the year, the Fund received rebates of management fees for its holding in theCOIF Charities property Fund where, management fees are taken to capital as disclosed innote 2. An amount of £535,292 was due to the manager at 31 december 2019 (31.12.2018,£335,764). There were no other transactions entered into with the manager during the year.

At 31 december 2019 a cash balance of £61,651,560 (31.12.2018, £19,008,212) was held inthe COIF Charities deposit Fund. during the year, the Fund received interest of £399,642(31.12.2018, £132,935) from the COIF Charities deposit Fund.

during the year the Fund received rebates of management fees for its deposits in the COIFCharities deposit Fund where the management fees were charged to revenue as disclosed in note 3.

Further details of the Fund’s holdings in CClA Investment management limited and other COIFCharities Funds are disclosed in note 13.

There is no individual investor holding more than 20% of the Fund.





16. portfolio transaction costsFor the year ended 31 december 2019

Value Commissions Taxes Total £’000 £’000 % £’000 % £’000

Analysis of totalpurchases costsEquity transactions 364,170 156 0.04 32 0.01 364,358Bond transactions 8,675 – – – – 8,675Fund transactions 15,174 – – – – 15,174In-specie transactions 19,423 – – – – 19,423Corporate actions 10,115 – – – – 10,115

Total 417,557 156 32 417,745

Value Commissions Taxes Total £’000 £’000 % £’000 % £’000

Analysis of totalsales costsEquity transactions 165,979 (84) 0.05 (6) – 165,889Bond transactions 28,975 – – – – 28,975Fund transactions 369 – – – – 369In-specie transactions 6,336 – – – – 6,336Corporate actions 662 – – – – 662

Total 202,321 (84) (6) 202,231

Commissions and taxes as a percentage of average net assetsCommissions 0.03%Taxes 0.00%

The average portfolio dealing spread, including the effect of foreign exchange, as at 31 december2019 was 0.37%.





16. portfolio transaction costs (continued)For the year ended 31 december 2018

value Commissions Taxes Total £’000 £’000 % £’000 % £’000

Analysis of totalpurchases costsEquity transactions 197,183 97 0.05 47 0.02 197,327Bond transactions 15,775 – – – – 15,775Fund transactions 13,716 – – – – 13,716In-specie transactions 63,630 – – – – 63,630Corporate actions 8,943 – – – – 8,943

Total 299,247 97 47 299,391

value Commissions Taxes Total £’000 £’000 % £’000 % £’000

Analysis of totalsales costsEquity transactions 129,246 (67) 0.05 (8) 0.01 129,171Corporate actions 699 – – – – 699

Total 129,945 (67) (8) 129,870

Commissions and taxes as a percentage of average net assetsCommissions 0.03%Taxes 0.01%

The average portfolio dealing spread, including the effect of foreign exchange, as at 31 december2018 was 0.43%.

For the current year and the comparative year, in the case of equities, commissions and taxes arepaid by the Fund on each transaction. In addition, there is a dealing spread between the buyingand selling prices of the underlying investments. unlike shares, the majority of other types ofinvestments (such as bonds, funds, money market instruments, derivatives) have no separatelyidentifiable transaction costs; these costs form part of the dealing spread. dealing spreads varyconsiderably depending on the transaction value and market sentiment.





17. unitholders’ funds – reconciliation of units

31.12.2019Income Accumulation

units units

Opening number of units at beginning of year 228,192,607 25,870,260units issued in year 81,132,504 22,901,150units cancelled in year (6,745,977) (4,714,691)units converted in year 2,638,329 (1,791,349)

Closing number of units at end of year 305,217,463 42,265,370

All units carry the same rights.

18. Fair value of financial assets and financial liabilitiesIn respect of financial assets and liabilities other than investments (including investment liabilities), thereis no material difference between their value, as shown on the balance sheet, and their fair value.

Investments are held at fair value. An analysis of the valuation technique used to derive fair valueof the investments is shown below:

The fair value of investments has been determined using the following hierarchy:

level 1 The unadjusted quoted price in an active market for identical assets or liabilities that theentity can access at the measurement date.

level 2 Inputs other than quoted prices included above that are observable (i.e. developed usingmarket data) for the asset or liability, either directly or indirectly.

level 3 Inputs that are unobservable (i.e. for which market data is unavailable) for the asset or liability.

For the year ended 31 december 2019

Level 1 Level 2 Level 3 TotalCategory £’000 £’000 £’000 £’000

Investment assets 827,357 45,518 20,864 893,739

Investment liabilities – (245) – (245)

827,357 45,273 20,864 893,494





18. Fair value of financial assets and financial liabilities (continued)For the year ended 31 december 2018

level 1 level 2 level 3 TotalCategory £’000 £’000 £’000 £’000

Investment assets 501,527 34,306 18,422 554,255Investment liabilities – (5,517) – (5,517)

501,527 28,789 18,422 548,738

For financial instruments which have quoted prices for identical instruments in active markets,those prices are taken to be fair value.

For financial instruments for which the manager uses valuation techniques using observablemarket data, the inputs include: prices of recent transactions for identical instruments in inactivemarkets; broker quotes; evaluated pricing data from data providers; or prices quoted for closelysimilar (but not identical) instruments.

For financial instruments for which the manager uses valuation techniques using non-observabledata, the inputs include: valuations from independent experts (which may include discounted cashflow calculations, or prices based upon income yield); or net asset values which the managerconsiders reliable, based upon audit reports and the manager’s own knowledge of the investee entity.

For derivatives, fair value is the price that would be required to close out the contract at thebalance sheet date.

19. Subsequent event – COVID-19The table below shows the closing net asset value per unit class on 7 may 2020, which illustratesthe movement since the balance sheet date. This movement takes into account routine transactionsbut also reflects the market movements including the impact on the financial markets from theincreasing fears over the spread of Coronavirus.

year ended31.12.2019 07.05.2020

unit class NAV per unit NAV per unit

Income units 259.02 243.25Accumulation units 386.88 366.57





dividends paid/payableperiod ended date paid/payable pence per unit 2019 2018 2019 2018

Income units31 march 31 May 31 may 2.02 2.0230 June 30 August 31 August 2.02 2.0230 September 29 November 30 november 2.03 1.9631 december 28 February 28 February 2.04 1.96 8.11 7.96

Revenue accumulatedperiod ended pence per unit 2019 2018

Accumulation units31 march 2.32 2.0730 June 2.74 2.7130 September 2.20 2.0031 december 1.95 2.16 9.21 8.94

The distributions for Income units were paid in the same year, apart from the distribution declared on31 december which is payable on the 28 February in the subsequent year.



DISTRIBuTION TABLES


Responsibilities of the BoardThe Board shall comply with the duty of carewhen exercising its powers and discharging itsduties under the Scheme, as follows:

• making and revising the written statementof the investment objectives of the Fundand ensuring that details of such investmentobjectives will be included in theScheme particulars;

• determining the criteria and methods forevaluating the performance of the Fund;

• granting prior written approval to themanager should the manager wish to enterinto certain types of investment or a specificcourse of borrowing on behalf of the Fund;

• appointing the Auditor of the Fund andagreeing their terms of engagement;

• making an annual report on the discharge ofthe Board’s responsibilities;

• determining the rate of remuneration of theTrustee and the manager in accordance withthe Scheme and the Scheme particulars;

• applying to the Commission for an order todischarge the Trustee from the provisions ofthe Scheme and an order to appoint a newTrustee of the provisions of the Scheme;

• making representations to the Trustee on thewinding up of the Fund: provided that anyBoard member who has any interests in theTrustee or the manager shall not participatein the Board’s discussions and decisions onthe matter and shall not be counted in thequorum necessary for the transaction of suchbusiness; and

• informing the Charity Commission promptlyand in writing if the Board is not satisfied atany time as to the compliance of the Trusteeor the manager with the Scheme or theScheme particulars.

under the Alternative Investment Fundmanagers directive (“AIFmd”), the Board hascertain additional responsibilities including:

• the duty to inform the Financial ConductAuthority promptly and in writing if theBoard is not satisfied with the complianceof the Trustee or the manager with theapplicable provisions of AIFmd; and

• the direct power (without reference to theCharity Commission) to require the removalof the manager and/or the Trustee where itconsiders for good and sufficient reason that achange of manager or Trustee is in theinterests of the participating Charities.



STATEMENT OF BOARD, TRuSTEE, DEpOSITARy AND

MANAgER RESpONSIBILITIES

Responsibilities of the Trustee The Trustee shall be responsible for those aspectsof the administration and management of theFund and its property which are specified in theScheme. The Trustee shall comply with the dutyof care when exercising its powers anddischarging its duties. The following are theduties and powers of the Trustee:

• the supervision and oversight of the manager’scompliance with the Scheme and the Schemeparticulars. In particular, the Trustee shall besatisfied that the manager is competentlyexercising its powers and discharging its dutiesunder the Scheme, and that the manager ismaintaining adequate and proper records;

• the appointment, supervision and oversight ofany Registrar or other delegate which it hasappointed in accordance with the Scheme;

• the custody and control of the property of theFund and the collection of all income due tothe Fund;

• the creation and cancellation of units asinstructed by the manager (except where theScheme particulars permit the Trustee todisregard those instructions);

• making distributions or allocations toparticipating Charities in proportion to theirrespective units in the property of the Fund;

• the making of an annual report on thedischarge of its responsibilities for themanagement of the Fund; and

• winding up the Fund.

The Trustee shall take all steps and executeall documents as are necessary to secure thatinstructions given to it by the manager arecarried out as to the exercise of rights (includingvoting rights) attaching to the ownership ofproperty of the Fund and that the purchases andsales of investments for or of the Fund areproperly completed.

The Trustee shall maintain such records as arenecessary to enable it to comply with thisScheme and with section 130 of the CharitiesAct and to demonstrate that such compliancehas been achieved.





Responsibilities of the DepositaryThe depositary must ensure that the Fund ismanaged in accordance with the FinancialConduct Authority’s Investment Fundssourcebook, (“the sourcebook”), the AlternativeInvestment Fund managers directive (“AIFmd”)(together “the Regulations”) and the Fund’sScheme particulars.

The depositary must in the context of its role acthonestly, fairly, professionally, independently andin the interests of the Fund and its investors.

The depositary is responsible for the safekeepingof the assets of the Fund in accordance withthe Regulations.

The depositary must ensure that:

• the Fund’s cash flows are properly monitored andthat cash of the Fund is booked into the cashaccounts in accordance with the Regulations;

• the sale, issue, repurchase, redemption andcancellation of units are carried out inaccordance with the Regulations;

• the assets under management and the net assetvalue per unit of the Fund are calculated inaccordance with the Regulations;

• any consideration relating to transactions in theFund’s assets is remitted to the Fund within theusual time limits;

• that the Fund’s income is applied in accordancewith the Regulations; and

• the instructions of the Alternative InvestmentFund manager (“the AIFm”) are carried out(unless they conflict with the Regulations).

The depositary also has a duty to takereasonable care to ensure that the Fund ismanaged in accordance with the Schemeparticulars in relation to the investment andborrowing powers applicable to the Fund.





Responsibilities of the ManagerThe manager shall be responsible for those aspectsof the administration and management of theFund and its property which are specified in theScheme. The manager shall comply with the dutyof care when exercising its powers and dischargingits duties under this Scheme. The following arethe duties and powers of the manager:

• instructing the Trustee with respect to thecreation and cancellation of units;

• managing the investments of the Fund inconformity with the investment objectivesmade by the Board;

• ensuring that regular valuations of theproperty of the Fund are carried out and toensure that the units are correctly priced;

• the creation and revision of theScheme particulars;

• maintenance of a daily record of unitspurchased or sold on behalf of the Trustee;

• the creation of all records in respect of theFund, available for inspection by the Trustee;

• the preparation of reports and accounts inrespect of every accounting period; and

• the supervision and oversight of anyappointed delegate.

The manager of the Fund is required by theScheme to:

• prepare and submit to the Commission astatement of accounts and annual reportcomplying with the requirements of theCharities Act 2011 and the Charities(Accounts and Reports) Regulations 2008, asamended or replaced from time to time; and

• prepare and submit to the Commission a half-yearly report and accounts for the Fund madeup to the date of the interim balance sheet.

The manager is required to:

• select suitable accounting policies that areappropriate for the Fund and apply them ona consistent basis;

• comply with the disclosure requirements ofthe Statement of Recommended practicerelating to Authorised Funds issued by TheInvestment Association in may 2014 (andamended in June 2017);

• follow generally accepted accountingprinciples and applicable accounting standards;

• keep proper accounting records which enablethe manager to demonstrate that the FinancialStatements as prepared comply with theabove requirements;





• make judgments and estimates that arereasonable and prudent; and

• prepare the Financial Statements on the basisthat the Fund will continue in operationunless it is inappropriate to presume this.

The Trustee has appointed the manager to act asRegistrar to the Fund.

under AIFmd, the manager has certainadditional responsibilities including, ensuringcompliance with the applicable provisions ofAIFmd and that any delegation by the manageris in accordance with AIFmd.

Should the manager wish to retire, the managercan only be discharged from its duties under theScheme following the appointment of areplacement manager who is eligible underAIFmd to act as manager of the Fund.





Manager RemunerationThe manager has no employees, but delegates the performance of its services to employees of its parentcompany, CClA Investment management limited.

Recharges for these services of CClA Investment management limited to the manager are levied inrespect of CClA Investment management limited’s year ending on 31 march each year. The rechargefor the year to 31 march 2019 was £24,000,000. A recharge of £22,700,000 was levied in the year to31 march 2018.

The average number of full time equivalent staff of CClA Investment management limited, includingtemporary staff, for the year ended 31 march 2019 was 124 (year ended 31 march 2018: 121).

during the year ended 31 december 2018 and the prior year, remuneration was paid to CClAInvestment management limited staff as shown below. Totals for staff whose actions have a materialimpact on the risk profile of the Fund (“identified staff”) are shown separately.

year to 31 December 2019Fixed Variable

remuneration remuneration Total£’000 £’000 £’000

Identified staff 1,212 3,394 4,606Other staff 9,824 3,412 13,236

Total 11,036 6,806 17,842

Year to 31 december 2018Fixed variable

remuneration remuneration Total£’000 £’000 £’000

Identified staff 1,155 1,267 2,422Other staff 8,744 3,113 11,857Total 9,899 4,380 14,279

Remuneration above is the total remuneration for CClA Investment management limited; it is notpossible to separate the element of that relating only to this fund. The components of remuneration areappropriately balanced and do not create a conflict of interest for the Fund.



AIFMD DISCLOSuRES



(Charity Registration No. 1132054)

Boardn morecroft, ASIp (Chairman)K Corrigan, FCCAA daws, Solicitor – retired 18 november 2019J Hobart, mAG newson, mRICSS niven, CFA – appointed 1 August 2019C Ong, mBA – appointed 1 August 2019A Watson, CBE – appointed 1 August 2019J West, FCA – retired 18 november 2019

SecretaryJ Fox

Manager and Alternative Investment FundManager (AIFM)CClA Fund managers limited

Investment Manager and RegistrarCClA Investment management limitedBoth CCLA Fund Managers Limited and CCLA InvestmentManagement Limited are authorised and regulated by theFinancial Conduct AuthoritySenator House, 85 Queen victoria StreetlondonEC4v 4ETTelephone: 0207 489 6000Client Service:Freephone: 0800 022 3505Email: [email protected]

AdministratorHSBC Bank plc8 Canada SquareCanary WharflondonE14 5HQAuthorised and regulated by the Financial Conduct Authority

Executive Directors of the Managerm Quicke, OBE (Chief Executive) – retired 8 July 2019p Hugh Smith (Chief Executive) – appointed 9 July 2019J Bevan (Chief Investment Officer)E Sheldon (Chief Operating Officer)A Robinson, mBE (director market development)

Non-Executive Directors of the ManagerR Horlick (Chairman)J Jesty – appointed 24 April 2020C Johnson G newson A Roughead – appointed 24 April 2020T Salmon, OBE – resigned 1 January 2019J Tattersall

Fund ManagerJ Bevan

Company SecretaryJ Fox

Head of Risk, Internal Audit and ComplianceR plumridge – resigned 31 January 2020Jp lim – appointed 1 may 2020

Head of Ethical and Responsible InvestmentJ Corah

Third party AdvisorsCustodian, Trustee and DepositaryHSBC Bank plc8 Canada SquareCanary WharflondonE14 5HQ

BankerHSBC Bank plc60 Queen victoria StreetlondonEC4n 4TR

SolicitorFarrer & Co llp66 lincoln’s Inn FieldslondonWC2A 3lH

Independent AuditorpricewaterhouseCoopers llp7 more london RiversidelondonSE1 2RT

BOARD AND MANAgER INFORMATION

CClA is the trading name for CClA Investment management limited (Registered in England and Wales no. 2183088)and CClA Fund managers limited (Registered in England and Wales no. 8735639).

Both companies are authorised and regulated by the Financial Conduct Authority. Registered address: Senator House, 85 Queen victoria Street, london EC4v 4ET.

printed on 100% post consumer waste and is certified by the Forest Stewardship Council (FSC).

CCLA Fund Managers Limited

Senator House, 85 Queen victoria Street, london EC4v 4ETT: 0800 022 3505 E: [email protected]

www.ccla.co.uk

Founded in 1958, CClA is one of the uK’s largest charity fund managers.managing investments for charities, religious organisations

and the public sector is all that we do.

Our purpose is to help our clients maximise their impact on society by harnessing the powerof investment markets. This requires us to provide a supportive and stable environment forour staff and deliver trusted, responsibly managed and strongly performing products and

services to all organisations, irrespective of their size.

ABOuT CCLA

coif charities ethical investment fund annual report … ccla coif ethical investment...

Documents