Announcements

ISO Accreditation

We are proud to announce that CCLA has successfully been certified to the ISO 14001:2015 standard.

ISO 14001 is an internationally recognised Environmental Management System that demonstrates continual improvement in our environmental performance. The certification is independently verified by BSI to show we are actively addressing our environmental responsibilities.

 

Diversified Income Fund

The Diversified Income Fund was launched on the 2 December 2016 and will start accepting third party investments in the first quarter of 2017.

Fund objective

The investment objective of the Fund is to provide growth in income and capital over the long-term from an actively managed diversified portfolio.

Fund suitability

The Fund is an appropriate choice for investors seeking to achieve an attractive income on funds available for long-term investment.

Fund structure

The Fund is an Authorised Contractual Scheme, an FCA regulated tax transparent fund.

Who can invest?

The Fund will be open to Eligible Investors, being UK tax residents who comply with one of the following:

  1. A professional investor (being a person who is a professional client for the purpose of the Markets in Financial Instruments Directive);
  2. A large investor (being a person who in exchange for units makes a payment of not less than £1 million or contributes property with a value of not less than £1 million);
  3. A person who already properly holds units in the Fund.

Only gross paying units are available, and therefore investors must be eligible to receive gross income payments.

Daily prices can be found in the related links section.

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Previous announcements

 

Dealing times for Christmas 2016

The CBF CHURCH OF ENGLAND FUNDS

Week commencing 19 December 2016

Dealing Tuesday 20 December 2016 (Normal Dealing day)

Week commencing 26 December 2016

Dealing Wednesday 28th December 2016

Instructions for dealing must be received by close of business Friday 23rd December 2016

The CBF Church of England Property Fund will deal on Wednesday 28th December 2016

Instructions for dealing must be received by close of business Friday 23rd December 2016

Week commencing 03rd Jan 2017

Dealing Tuesday 03rd Jan 2017

Instructions for dealing must be received by close of business Friday 30th December 2016

 

COIF CHARITY FUNDS

Week commencing 19 December 2016

Dealing Thursday 22nd December 2016 (Normal Dealing day)

Week commencing 26 December 2016

Dealing Thursday 29th December 2016

Instructions for dealing must be received by close of business Wednesday 28th December 2016

COIF Charities Property Fund will deal on Wednesday 28th and Thursday 29th December 2016

Instructions for dealing must be received by either by close of business on Friday 23rd or Wednesday 28th December 2016

Week commencing 03rd Jan 2017

Dealing Thursday 05th Jan 2017

Instructions for dealing must be received by close of business Wednesday 04th January 2017

 

Property valuation uncertainty following the EU referendum

COIF Charities Property Fund and The CBF Church of England Property Fund

The vote to leave the EU has created considerable uncertainty, and has resulted in a fall in the value of many assets. This has already been reflected in quoted security markets.  However, there has been insufficient time since the results of the referendum for the independent valuation of our property funds to reflect underlying market movements.

There is an expectation that valuations in the UK commercial property market will face downward pressure.  In the interests of treating all investors fairly and until the independent valuation is able to reflect evidence of market activity since the vote, CCLA has included a fair value adjustment reducing the prices of the COIF Charities Property Fund and The CBF Church of England Property Fund.

This adjustment has been approved by CCLA’s valuation committee with input from our property fund managers and we will continue to monitor the situation closely. CCLA advises that clients considering buying or selling shares in these funds bear in mind the current uncertainty around values in the UK commercial property market before deciding to proceed.

The funds’ focus on income, the quality of the underlying assets and diversity of the tenant base will continue to support income payments to investors and long-term returns.

If you need further information, contact John Kelly on 0207 489 6041

Please note this is not an investment recommendation.

(June 2016)

 

This announcement is to advise you of various changes for the COIF Charity Funds and The CBF Church of England Funds. These include change of year-ends, benchmarks, comparators, foreign exchange hedging policy and calculation of bid and offer prices.

Benchmark and comparator changes with effect from 1 January 2016

COIF Charity Funds

COIF Charities Investment Fund

The current comparator index for the Fund is:

MSCI UK All Cap Index, 45%; MSCI Europe ex UK Index (50% hedged), 10%; MSCI North America Index (50% hedged), 10%; MSCI Pacific Index (50% hedged), 10%; IPD All Properties Index, 5%; Barcap Gilt Index, 15% and 7 day LIBID, 5%.

The new comparator index will be:

MSCI UK Investable Market Index, 45%; MSCI Europe ex UK Index, 10%; MSCI North America Index,10%; MSCI Pacific Index, 10%; IPD All Properties Index, 5%; Markit iBoxx £ Gilts Index, 15% and 7 day LIBID, 5%.

 

COIF Charities Ethical Investment Fund

The current comparator index for the Fund is:

MSCI UK All Cap Index, 45%; MSCI Europe ex UK Index (50% hedged), 10%; MSCI North America Index (50% hedged), 10%; MSCI Pacific Index (50% hedged), 10%; IPD All Properties Index, 5%; Barcap Gilt Index, 15% and 7 day LIBID, 5%.

The new comparator index will be:

MSCI UK Investable Market Index, 45%; MSCI Europe ex UK Index, 10%; MSCI North America Index,10%; MSCI Pacific Index, 10%; IPD All Properties Index, 5%; Markit iBoxx £ Gilts Index, 15% and 7 day LIBID, 5%.

 

COIF Charities Global Equity Income Fund

The current comparator index for the Fund is:  MSCI World Index, 50% currency hedged.

The new comparator index will be: MSCI World Index.

 

COIF Charities Fixed Interest Fund

The current benchmark index is: Barcap £ Gilt Index, 50%; Barcap £ Agg 100mm Non Gilt Index, 50%.

The new benchmark will be: Markit iBoxx £ Gilts Index, 50%; Markit iBoxx £ Non Gilts Index, 50%.

The only significant change is the removal of foreign currency hedging from the comparator for the COIF Charities Investment Fund, the COIF Charities Ethical Investment Fund and the COIF Charities Global Equity Income Fund.  The manager will continue to use foreign exchange hedging for these funds to improve risk adjusted returns.

 

The CBF Church of England Funds

The CBF Church of England Investment Fund

The current comparator index for the Fund is:

MSCI UK All Cap Index, 45%; MSCI Europe ex UK Index (50% hedged), 10%; MSCI North America Index (50% hedged), 10%; MSCI Pacific Index (50% hedged), 10%; IPD All Properties Index, 5%; Barcap Gilt Index, 15% and 7 day LIBID, 5%.

The new comparator index will be:

MSCI UK Investable Market Index, 45%; MSCI Europe ex UK Index, 10%; MSCI North America Index,10%; MSCI Pacific Index, 10%; IPD All Properties Index, 5%; Markit iBoxx £ Gilts Index, 15% and 7 day LIBID, 5%.

 

The CBF Church of England Global Equity Income Fund

The current comparator index for the Fund is: MSCI World Index, 50% currency hedged.

The new comparator index will be: MSCI World Index.

 

The CBF Church of England Fixed Interest Securities Fund

The current benchmark index is: Barcap £ Gilt Index, 50%; Barcap £ Agg 100mm Non Gilt Index, 50%.

The new benchmark will be: Markit iBoxx £ Gilts Index, 50%; Markit iBoxx £ Non Gilts Index, 50%.

 

The CBF Church of England UK Equity Fund

The current benchmark is: MSCI UK All Cap Index.

The new benchmark will be: MSCI UK Investable Market Index.

The only significant change is the removal of foreign currency hedging from the comparator for The CBF Church of England Investment Fund and The CBF Church of England Global Equity Income Fund.  The manager will continue to use foreign exchange hedging for these funds to improve risk adjusted returns.

 

Changes to bid and offer prices with effect from 1 January 2016

The COIF Charities Fixed Interest Fund

The bid and offer prices of the shares are currently based upon the mid-market valuation of the Fund minus or plus a 0.20% deduction or surcharge respectively.

The new bid and offer prices will be calculated upon the mid-market valuation of the Fund minus or plus a 0.25% deduction or surcharge respectively.

The Manager believes that the changes to the calculation of the bid and offer prices will better represent the estimated transaction costs incurred in purchasing or disposing of assets.

 

The CBF Church of England UK Equity Fund

The bid and offer prices of the shares are currently based upon the mid-market valuation of the Fund minus or plus a 0.50% deduction or surcharge respectively.

The new bid and offer prices will be calculated upon the mid-market valuation of the Fund minus or plus a 0.45% deduction or surcharge respectively.

 

The CBF Church of England Fixed Interest Securities Fund

The bid and offer prices of the shares are currently based upon the mid-market valuation of the Fund minus or plus a 0.20% deduction or surcharge respectively.

The new bid and offer prices will be calculated upon the mid-market valuation of the Fund minus or plus a 0.25% deduction or surcharge respectively.

The Manager believes that the changes to the calculation of the bid and offer prices will better represent the estimated transaction costs incurred in purchasing or disposing of assets.

 

Change of accounting year for The CBF Church of England Funds

For the following funds the financial year due to end on 30 November 2015 will be extended by one month to 31 December 2015. From 1 January 2016 the accounting period will therefore be aligned with the calendar year, ending a long standing anomaly.  This will also standardise the reporting period and improve performance comparisons.

The CBF Church of England Investment Fund
The CBF Church of England Global Equity Income Fund
The CBF Church of England Fixed Interest Securities Fund
The CBF Church of England UK Equity Fund
The CBF Church of England Deposit Fund

The CBF Church of England Property Fund already has a year-end of 31 December.

As a result of the change in year-ends, there will be changes to the income distribution timetables as follows:

The CBF Church of England Investment Fund
The CBF Church of England Global Equity Income Fund
The CBF Church of England Fixed Interest Securities Fund
The CBF Church of England UK Equity Fund

The November 2015 ex dividend and consequent income distribution will continue unchanged. There will be an additional payment for December with an ex dividend date of the 31st of that month. From 1 January 2016 the ex dividend dates will be 31 March, 30 June, 30 September, and 31 December.

The special payment for December 2015 and all future distributions will be paid two months after the ex dividend dates. Please note that this is a change to the current arrangement for The CBF Church of England Investment Fund which currently distributes income one month after the ex dividend date. 

 

The CBF Church of England Deposit Fund

The distribution on the 30 November 2015 income payment date will be unchanged. There will be an additional payment to investors of the income accrued at 31 December 2015. From 1 January 2016 the quarterly interest payment and statement dates will be 31 March, 30 June, 30 September and 31 December.

 

Dealing times for Christmas 2015 

The CBF CHURCH OF ENGLAND FUNDS 

Week commencing 14 December 2015

Normal dealing days 

Week commencing 21 December 2015

Dealing Tuesday 22 December 2015 (normal dealing day) 

Week commencing 28 December 2015 

Dealing Tuesday 29 December (normal dealing day) (including for The CBF Church of England Property Fund) 

Instructions for dealing must be received by close of business on Monday 28 December 2015 

 

COIF CHARITY FUNDS 

Week commencing 14 December 2015 

Normal dealing days 

Week commencing 21 December 2015 

Dealing Wednesday 23 December 2015 

Instructions for dealing must be received by close of business on Tuesday 22 December 2015 

Week commencing 28 December 2015 

Dealing Wednesday 30 December 2015 

Instructions for dealing must be received by close of business on Tuesday 29 December 2015 

NB: COIF Charities Property Fund will deal on Tuesday 29 December 2015 and Wednesday 30 December 2015 

 

COIF Charities Property Fund - Withdrawal of accumulation units
The CBF Church of England Property Fund - Withdrawal of accumulation units

This notice is to advise you that Property Fund accumulation units will no longer be available (from 25th August 2015).

We made this change in order to put all unitholders onto the same footing in relation to the reinvestment of income. Accumulation unitholders reinvest their income at the mid-price rather than the offer price. As the income from property investment and the costs of investment are both high, the accumulation shareholders are receiving a significant advantage over the income shareholders which we were keen to address.

On 25 August 2015 all accumulation units were automatically transferred into income units. Quarterly dividends with effect from 30 November 2015 can either be reinvested to buy additional income units, paid to a corresponding Deposit account or paid to the Charity's bank account.

We are happy to answer any questions you may have about this change and how it affects your organisation. Please contact your principal contact at CCLA or our client services team on 0800 022 3505 (email ClientServices@ccla.co.uk).

Terms and conditions

Website terms of use policy

Welcome to CCLA's website for:

  • fund management services for The CBF Church of England Funds and the COIF Charities Funds (together referred to as "the Funds"); and for
  • discretionary investment management services for individual client portfolios.

This page provides you with information about CCLA and the legal terms and conditions ("Terms of Use") on which you can access and use this website.

By using or accessing any part of this website, you confirm that you accept these Terms of Use and that you agree to comply with them. Please read these Terms of Use carefully and make sure that you understand them before using this website. If you do not wish to be bound by these terms and conditions you must not use or access this website.

Where necessary, we may amend these Terms of Use from time to time and where this is the case we will do so by updating this page. We therefore recommend that you check this page periodically to ensure that you understand the terms which will apply from time to time.

  1. Information about CCLA

Any reference to "CCLA" on this website (including these Terms of Use) means CCLA Investment Management Limited and/or CCLA Fund Managers Limited (as applicable).

CCLA Investment Management Limited (a company registered in England and Wales with Company No. 2183088) and CCLA Fund Managers Limited (a company registered in England and Wales with Company No. 8735639) are each authorised and regulated by the Financial Conduct Authority ("FCA") under the Financial Services and Markets Act 2000 ("FSMA"), and are entered in the FCA Register under Registration Numbers 119281 and 611707 respectively. CCLA Fund Managers Limited is a wholly owned subsidiary of CCLA Investment Management Limited.

CCLA Investment Management Limited is the manager of The CBF Church of England Funds and provides discretionary investment management services for individual client portfolios. CCLA Fund Managers Limited is the manager of the COIF Charities Funds. The registered office of CCLA Investment Management Limited and CCLA Fund Managers Limited is Senator House, 85 Queen Victoria Street, London, EC4V 4ET.

2. Who may use this website

The information in this website is primarily intended for "charities" in the United Kingdom (and in particular the information in relation to the Funds is intended for UK "charities" only).  "Charities" for these purposes are charities or charitable organisations who are registered with the Charity Commission, or charities exempt from registration, or other persons eligible to participate in collective investment schemes constituted under the Church Funds Investment Measure 1958 or section 24 of the Charities Act 1993, or equivalent organisations in Scotland or Northern Ireland. Certain investments or services to which this material relates may only be available to such persons. This material must not be relied upon or acted upon by any other persons in the United Kingdom.

3. The purpose of this website

This website is for information purposes only and is intended as a general introduction to CCLA and its products. The website content and any products and/or services described within it are subject to change without notice. We do not accept any liability to you, or any third party, for the accuracy, completeness or appropriateness of the information and materials made available on this website and your use of any information or materials is entirely at your own risk provided that nothing contained in this section or elsewhere in these terms shall limit or exclude our liability to you to the extent that such liability is attributable to a breach by us of the FCA's rules, FSMA or any other applicable law.

Any application or investment must only be made on the basis of the relevant investment documents which will be issued to you when you make an enquiry about investing in a CCLA fund, such as, for example, the scheme particulars and terms and conditions. Nothing contained on this website constitutes the provision of investment, tax, legal or other advice.

Persons who do not have professional experience in matters relating to investments are strongly encouraged to consult with a financial adviser before making any investment decision. Any opinions expressed on individual funds, services or products represent our views at the time of preparation and should not be interpreted as a personal recommendation to buy or sell any of the investments that may be referred to.

4. Risk warning

The value of the Funds’ units and/or shares and the income from them can fall as well as rise and an investor may not get back the amount originally invested. Past performance is no guarantee of future returns.

Please refer to the Funds’ scheme particulars for an overview of the investment risks identified by CCLA and the applicable terms and conditions for investing in the Funds, including rules concerning when sums invested may be realised by the investor. Any estimates of future capital or income returns or details of past performance on this website are for information purposes and are not to be relied on as a guide to future performance.

The investments and investment services referred to on this website may not be suitable for all eligible investors.

As the Funds are not authorised unit trusts within the meaning of FSMA, investments or deposits in the Funds are not covered by the Financial Services Compensation Scheme (FSCS).

However, unitholders and/or shareholders may be eligible for compensation under FSCS if CCLA cannot meet its obligations. There are limits on who can claim and the amount of compensation available. Further information about FSCS is available at www.fscs.org.uk

5. CCLA's liability for website content

The information on this website does not necessarily reflect our views and opinions. Neither should any suggestions or advice contained on the website be relied upon in place of individual advice. You are responsible for checking the accuracy of relevant facts, instructions, suggestions and/or opinions given on the website before entering into any commitment based upon them. We do not accept any liability arising from any inaccuracy or omission in the information.

CCLA is not responsible for the accuracy of information contained within websites provided by third parties, which may have links to or from our pages.

The information on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Due to the inherent nature of the Internet, errors, interruptions and delays may occur in the service at any time. Accordingly, this website is provided on an "AS IS" and "AS AVAILABLE" basis without any warranties of any kind. CCLA shall have no liability, contingent or otherwise, to you or to third parties, or any responsibility whatsoever, for the failure of any connection or communication service to provide or maintain your access to this service, or for any interruption or disruption of such access or any erroneous communication between CCLA and you, regardless of whether the connection or communication service is provided by CCLA or a third party service provider.

CCLA shall have no liability, contingent or otherwise, to you or to third parties, for the correctness, quality, accuracy, timeliness, reliability, performance, continued availability, completeness or delays, omissions, or interruptions in the delivery of the data and services available on this website or for any other aspect of the performance of this service or for any failure or delay in the execution of any transactions through this service. CCLA makes no warranty whatsoever to you, express or implied, regarding the security of the website.

This service may provide links to certain websites sponsored and maintained by third parties. CCLA makes no representations concerning the content of such third party websites. The fact that CCLA may provide a link to another website does not constitute an endorsement, authorisation, sponsorship, or affiliation by CCLA with respect to that website, its owners, or its providers. Your use of the products and services on this website may be monitored by CCLA.

6. Copyright and trade marks

CCLA is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

You must not use any part of the materials on this website for commercial purposes without obtaining a licence to do so from us or our licensors.

No use of CCLA's name, logos and/or other trade marks (whether registered or unregistered) may be made by you without separate express written agreement being given by us, which shall be at our sole discretion.

7. Data protection

We will hold any personal information that you may provide to us through our CCLA website in confidence and in accordance with the Data Protection Act 1998. CCLA is the data controller of any such information for these purposes. CCLA will use any such information for the administration and servicing of your investments and all other related activities. We may disclose your information to our agents and service providers. Where a financial adviser acts on your behalf, we may disclose such information to that financial adviser.

By accepting these Terms of Use, you agree to the processing and disclosure of personal information as above. You are entitled to request details of information we may hold about you upon payment of a fee and to require us to correct any inaccuracies in your personal data.

If you supply such information to us via this website, CCLA may use your personal data to contact you by post, e-mail or telephone to bring to your attention additional products or services which may be of interest to you. You may inform CCLA at any time if you do not want to receive such communications.

Full details of CCLA’s Data Protection Policy, including its Privacy Notice are available on request.

8. Cookies

This website uses cookies to distinguish you from other users of the website. This helps us to provide you with a good experience when you browse the website and also allows us to improve the website.

Please note that when you confirm you have read this page we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this website on future occasions. The cookie will expire after six months, or sooner should there be a change to this important information.

Please note that you can activate the setting on your Internet browser to refuse the setting of all or some cookies. However, if you use your Internet browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of the website. To help us provide a more personalised viewing experience we recommend that you view this website with a JavaScript enabled browser.

For more information about cookies, including how to set your Internet browser to reject cookies, please visit www.allaboutcookies.org.

9. General

Unfortunately, the transmission of information via the Internet is not completely secure. Although we will do our best to protect your information (including personal data), we cannot guarantee the security of your data transmitted to this website; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access. However, CCLA accepts no liability in the unlikely event of a breach of our secure computer servers.

We will use reasonable endeavours to ensure that this website does not contain or promulgate any viruses or other malicious code. However, it is recommended that you should virus check all materials downloaded from this website and regularly check for the presence of viruses and other malicious code. We exclude to the fullest extent permitted by applicable laws all liability in connection with any damage or loss caused by computer viruses or other malicious code originating or contracted from this website.

Each of the paragraphs of these Terms of Use operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.

If we fail to insist that you perform any of your obligations under these Terms of Use, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations.

These Terms of Use are governed by English law and are available only in English. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction over any dispute or claim arising under these Terms of Use.

September 2015