(a charitable company limited by guarantee)
Registered Charity No. 1054914
Company Number 3182826
CFDG receives income on an annual basis through membership subscriptions, sponsorships, grants and other sources. It plans activities over a three to five year time horizon and budgets to expend all anticipated income, except for retaining a prudent amount in reserves. It has no permanent endowment and provides for capital expenditure within the budget. The only funds of CFDG that are not expendable within 12 months of receipt are reserves and any grants or contracts for activities over a longer period.
Consequently the Board of Trustees does not consider that it is prudent to invest income for the longer term. Its policy for investment is therefore to retain funds as cash and place them on bank deposit at the best rate obtainable. As a result it considers that it is not appropriate for CFDG to adopt an ethical investment policy.
A resolution for the appointment of PKF (UK) LLP will be proposed at the forthcoming annual general meeting.
Paul Breckell
Chair
30 May 2007
Page 18 - Annual Report and Financial Statements 2007