Page 121 - Demo

Example – trustees’ report disclosure
Investment policy
The charity had a portfolio of listed investments with a market value of
£77.4 million at 31 December 2016 (2015 - £70.1 million). During 2016 the investments were managed by BlackRock Investment Management (UK) Limited, a company which operated within speci c guidelines that are set out and regularly reviewed by the trustees. The capital growth they achieved on our behalf re ected favourable market conditions illustrated in the graph below. At present the guidelines include an ethical policy precluding investment in any company which, after reasonable enquiry, clearly has signi cant pro ts from an activity which is contrary to the objectives of the Christian church.
UK FTSE All Share
FTSE 100
20 15 10 5 0 -5 -10
Feb 16
Apr 16
Jun 16
Aug 16
Oct 16
Dec 16
There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustees and takes into account income requirements, the risk pro le and the investment manager’s view of the market prospects in the medium term.
The overall investment objectives are to maximise total return through a diversi ed portfolio while providing a level of income advised by the trustees from time to time.
The performance of the portfolio and the charity’s investment strategy are reviewed by the trustees and their Finance Advisory Committee (FAC) who meet with the investment managers every three months.
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