‘Inspire – the definitive guide to work experience’
FINANCIAL REVIEW AND RESULTS
FUND MANAGEMENT All investments held by the charity have been acquired in accordance with the powers available to the Trustees.
For the year under review the Trust’s portfolio was managed in equal proportions by Schroders Investment Management Limited and Lazard Asset Management. Subject to satisfactory performance the Fund Managers are re-appointed on an annual basis with the last re-appointment taking place in May 2008. The Investment Committee and Trustees are aware of their obligation under the Trustee Act 2000 to conduct periodic independent reviews of their Fund Managers.
INVESTMENT POLICY AND OBJECTIVES The Trust’s investment objectives are “
o
order to povide for real increases in annu the fund’s capital base in real terms
r
to seek t tal return over the long term in al grant gi
ving wh ile preservn i g ”. The funds are invested in such a way as
to maximise total return while providing a level of income agreed annually by the Trustees. For the year under review, the funds were invested within a bespoke benchmark recommended by each of the Fund Managers and approved by the Investment Committee and Trustees. The benchmarks aim to provide a yardstick for measuring the success of the investment managers whilst at the same time translating the charity’s circumstances, objectives and willingness to bear risk, into a suitable asset allocation with appropriate diversification to provide protection against falling share prices and increased volatility.
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