Past performance is no guide to future performance and you should not make any assumption on the future value of the funds on the basis of this information. The value of units and the income there from may fall as well as rise as a result of market and currency fluctuations and you may not get back as much as you originally invested. The Chariguard UK Equity Fund and the Chariguard Overseas Equity Fund may invest in technology stocks which may be highly volatile. These funds may also invest in smaller companies which carry a higher risk than larger companies and there is also a liquidity risk when investing in these securities (i.e. they may not be easy to buy and sell).

The general power of investment contained in the Trustee Act 2000 (which applies to most unincorporated charities) enables trustees to consider investing in overseas markets. Investing in overseas markets should only be considered in the context of obtaining diversification within a portfolio and as a means of spreading risk. Before acquiring any investment (and this includes any investment overseas or the acquisition of units in the Chariguard Overseas Equity Fund and possible the Chariguard Fixed Interest Fund) trustees should consider, normally with the benefit of advice, the suitability of the asset class involved (including the maximum level of exposure to it) and then separately the suitability of the particular investment within that asset class.

Investment in assets which are not denominated in sterling introduces currency risk into the portfolio unless this risk is hedged. The Chariguard Overseas Equity Fund and the Chariguard Fixed Interest Fund does not hedge the currency risk attributable to its non-sterling investments. Any change in exchange rates (up or down) as between the currency in which specific investments are made and sterling could affect the value of units in Chariguard Overseas Equity Fund or possibly units in Chariguard Fixed Interest Fund. Trustees must from time to time review all their investments.

Client information may be stored on and processed by computer systems so that RCM and any Associated Companies can provide the services requested by you. Such information may be passed to third party service providers used by RCM and may be transferred and processed outside of the European Economic Area. The use of personal information is covered by RCM’s registration under the Data Protection Act 1998. Under the terms of the Data Protection Act 1998, individuals have the right, upon payment of the appropriate fee, to obtain a copy of the information held and may do so by writing to RCM at 1st Floor 155 Bishopsgate, London EC2M 3AD. To assist in confirming personal identity we may make searches at credit reference agencies who will supply us with information in addition to that which they obtain from the Electoral Register etc. The agencies may record details of the searches. We may also pass information to law enforcement agencies.

The Scheme Particulars provide for a preliminary charge, payable to RCM, to be included within the offer price of the units of each fund. However, RCM has agreed to waive any preliminary charges for the time being. A copy of the Scheme Particulars can be obtained by telephoning 0800 716 853.

The Trustee has the right to pay any charges or expenses, other than the preliminary charge, out of income or capital; currently these are taken from income. These charges include fund management charges, payable to RCM, which under the terms of the Scheme Particulars of each fund are limited to 1% per annum of value of each fund plus VAT. The standard fee rates currently set out in the Scheme Particulars are 0.20% per annum plus VAT in respect of the Chariguard UK Equity Fund, and 0.35% per annum plus VAT in respect of the Chariguard Overseas Equity Fund and the Chariguard Fixed Interest Fund. The periodic charges shall be calculated on the basis of the average value of the fund over the quarter using the month end valuations as at the last business day of the month. The periodic charge will be deducted from the fund on the next dealing date.

For acting as Trustee HSBC Bank plc is entitled to receive a fee from each fund which under the terms of the Scheme Particulars is subject to a maximum of 0.05% per annum of the value of each fund plus VAT. The standard annual fees currently set out in the Scheme Particulars are (plus VAT): up to £200 million @ 0.02%; the next £300 million @ 0.015%; and over £500 million @ 0.01%.

Any increase to the Manager’s or Trustee’s charges are subject to the giving of 90 days prior notice of such increase to participating charities and subject to the prior approval of the Charity Commission.

For acting as Custodian HSBC Bank is entitled to receive a fee payable from each fund based on periodic fees and transactions fees that vary according to country.

Other expenses payable out of the Funds include brokerage commission and charges, interest on any borrowings, overseas taxation, auditors’ fees and expenses, legal costs of the Trustee, the cost of printing and publishing accounts, Scheme and Scheme Particulars and the cost of any meetings of the participating charities.

• Who can invest in CIFs?
• What is the minimum initial investment?
• When are prices calculated?
• What is the dealing frequency?
• What is the settlement period?
• Is income distributed or re-invested?
• What is the tax position of these investments?
• What documentation will I receive after investing?
• How will I be able to follow the progress of the investment?

Who can invest in CIFs?

CIFs are unitised investment funds established under the Charities Act (1993). They are themselves registered charities, and therefore only charities may invest in them, unless the power to do so is specifically excluded in the Trust Deed of a charity.

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What is the minimum initial investment?

The minimum initial investment is £10,000.

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When are prices calculated?

The prices at which subscribers buy units (the offer price) and sell units (the bid price), are based upon the valuations of respective funds. Valuations are determined according to the portfolio holdings at close of business on the dealing day, using prices ruling at the close of business that day.

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What is the dealing frequency?

Units in the Chariguard UK Equity Fund, Chariguard Overseas Equity Fund, and Chariguard Fixed Interest Fund may be bought or sold on any dealing day, being the 15th of each month (or nearest preceding business day); and the last business day of each month.

Applications to buy and sell units must be with RCM two business days before the relevant dealing day in respect of the Chariguard UK Equity Fund and the Chariguard Overseas Equity Fund, and one business day before in respect of the Chariguard Fixed Interest Fund.

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What is the settlement period?

The settlement period in respect of the Chariguard Fixed Interest Fund is one business day after dealing (T+1). The settlement period in respect of the Chariguard UK Equity Fund and Overseas Equity Fund is three business days after dealing (T+3).

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Is income distributed or re-invested?

Participating charities share in the capital and income of each of Chariguard UK Equity Fund, Chariguard Overseas Equity Fund and Chariguard Fixed Interest Fund in proportion to the share of the fund represented by the units held by them. For each of the three funds, both income units and accumulation units are available, and on any dealing day (see above) participating charities may switch, at no cost, between the income and accumulation units of the same fund.

Fund income attributable to the income units in issue is distributed to the holders of such units, without any deduction of UK tax, at the end of February, May, August and November and is accompanied by the appropriate distribution warrant. The ex-dividend dates are the day after the last business days of March, June, September and December.

The income attributable to accumulation units is not distributed but is reinvested within the fund, and that part of the enlarged fund represented by accumulation units is increased proportionally.

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What is the tax position of these investments?

The Chariguard UK Equity Fund, Chariguard Overseas Equity Fund and Chariguard Fixed Interest Fund are registered charities. Accordingly, they are not liable to UK tax on gains arising on disposals of investments, nor on income from investments. Participating charities are not liable to UK tax in respect of distributions if used for charitable purposes.

In the case of Chariguard Overseas Equity Fund, income from overseas investment is subject to overseas withholding taxes. Usually, by virtue of double taxation treaties between the UK and the countries concerned, such taxes are charged at a maximum rate of 15% but are not recoverable.

The references to taxation, including stamp duty, in this website are general only based o the law as at 31 December 1999, and are subject to change or the withdrawal of reliefs or exemptions. Investors should seek their own tax advice on their particular position.

There is a possibility that other taxes or costs may exist that are not paid through the firm or imposed by it.

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What documentation will I receive after investing?

You will receive an acknowledgement after your initial investment, which will tell you your account number, the number of shares you have purchased, the amount invested and the unit price. You will receive an acknowledgement for any subsequent investments or switches placed on your account. Certificates will not be issued.

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How will I be able to follow the progress of the investment?

Prices and yields can be obtained by clicking here or by calling our free Chariguard Helpline on 0800 716 853.

A valuation of your investment can be obtained by telephoning our Investment Fund Administrators on 0870 601 6117. You will automatically be sent a statement of any transactions and a valuation of your investment every six months, as at 5 April and 5 October. You should normally receive these by the end of May and November respectively.

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