Purpose of the Cornwall Leukaemia Trust charity (CLT)

Investment Policy

Introduction

  • The Cornwall Leukaemia Trust is an unincorporated grant making charity whose purposes are:
    1. to support patients (and their families) who are or have been receiving treatment in Cornwall for Leukaemia and other blood related illnesses.
    2. To contribute to the advancement of the careers of nursing and medical staff working on such blood disorders.
    3. To support research into the diagnosis, treatment and cure of such disorders.
    4. As a subsidiary purpose, to finance or part-finance a capital project which furthers the objectives of the Trust.
    5. Any other purpose designed to further the workings of the Unit.
      1. The Trust has currently approximately £900,000 of investment assets which, alongside gifts and the product of fund-raising, finance the grant making activities.
  • The Trust aims to distribute grants totalling £50,000 per year but it is intended that this figure will vary from year to year depending on the level of demand for grants and investment returns.
  • The trustees of the Trust have delegated decision making on investment matters to the Finance Sub-committee.

Investment Objectives

  • The Trust seeks to produce the best financial return within an acceptable level of risk.
  • The investment objective is to generate an annual return after expenses that protects the invested funds against inflation and maintains the real value of the Trust’s assets after that year’s grant-making activities.

Risk

  • The Trust relies on investment returns (alongside some limited fund-raising) to fund grant-making.
  • However, grants are ordinarily one off awards and the number and value of these may vary depending on circumstances. The key risk to the long term sustainability of the Trust is inflation and the assets should be invested to mitigate this risk over the long term. The Trust is able to tolerate some volatility of the capital value of its invested funds provided that its ability to pursue its grant-making activity is not compromised.

Assets

The Finance Sub-committee, comprising the Honorary Secretary, the Honorary Treasurer and a further agreed trustee, is charged with agreeing a suitable asset allocation strategy with the Trust’s investment managers, designed to achieve the Trust’s overall objectives.

Currency

The base currency of the investment portfolio is sterling.

Liquidity Requirements

The Trust’s investments need to be invested with a sufficient level  of  liquidity to fund the Trust’s grant making activities.

Management, Reporting and Monitoring

  • The Trust has appointed a professional investment management company to manage the Trust’s investments on a discretionary basis in line with this policy. The investment managers are responsible for custody of the Trust’s invested assets and are required to produce a valuation and performance report half-yearly.
  • The Finance Sub-committee has responsibility for agreeing strategy and monitoring the investment assets. The committee will review the portfolio on a six-monthly basis. Performance will be monitored against agreed market benchmarks and against the Trust’s investment objectives.
  • The Finance Sub-committee is to report formally to the full trustee board at least annually.

Approval and Review

This investment policy statement is to be reviewed by the Finance Sub-committee and proposed to the Board on an annual basis to ensure continued appropriateness.

Nick Vincent, Trustee.
Geoff Wolstencroft, Honorary Treasurer.
Dr Michael Desmond Creagh, Honourary Secretary.
CLT Finance Sub-committee April 2017

 

Approved by the CLT Board 27th April 2017.

Dr Desmond Creagh
Consultant Haematologist and Honourary Secretary to the Cornwall Leukaemia Trust
PA Kerry Morris Tel 01872 252524

www.cornleuk.org.uk

Contact us on info@cornleuk.org.uk

Contact us on info@cornleuk.org.uk