{"id":8856,"date":"2023-09-29T09:58:20","date_gmt":"2023-09-29T08:58:20","guid":{"rendered":"https:\/\/sarasinandpartners.com\/row\/think\/what-cc14-means-for-trustees\/"},"modified":"2023-10-25T17:53:59","modified_gmt":"2023-10-25T16:53:59","slug":"what-cc14-means-for-trustees","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/row\/think\/what-cc14-means-for-trustees\/","title":{"rendered":"What CC14 means for trustees"},"content":{"rendered":"

There is plenty of material to help trustees understand their roles and responsibilities, but CC14 is the document to which most will turn.<\/p>\n

The revised guidance, published in August, includes a number of changes but is more \u2018evolution than revolution\u2019. Overall, there is improved clarity in a number of areas. For example, the opening lines on \u2018Your trustee duties\u2019 leave no room for debate: \"As trustees, your principal duty is to further your charity\u2019s purposes. This means that you must make your investment decisions to further those purposes.\"<\/p>\n

Trustees have discretion to choose what is best in their circumstances and a range of investment options open to them<\/p><\/blockquote>\n

Which changes should we focus on?<\/h3>\n

Every charity\u2019s situation is unique<\/strong>
\nHelen Stephenson, CEO of the Charity Commission commented: \u201cWe are clear that each charity\u2019s situation is unique, and there is no \u2018one-size fits all\u2019 approach to charity investments. We are also clear that trustees have discretion to choose what is best in their circumstances and a range of investment options open to them.\u201d<\/p>\n

Investment policy
\n<\/strong>Your charity\u2019s investment policy should not be prepared by your investment manager, but they can certainly help. There is clear direction that \u2018the Commission expects all charities that invest to have a written policy\u2019, reinforcing a message we have consistently seen trustees embrace over the years.<\/p>\n

Clear choice of type of investment<\/strong>
\n\u2018Mixed motive\u2019 and \u2018programme related\u2019 are out, and \u2018financial investment\u2019 and \u2018social investment\u2019 are in.\u00a0 Where the former seek financial returns and can consider non-financial factors such as sustainability, the latter relate specifically to achieving the charity\u2019s purpose directly through the investment (while also making a financial return). \u2018If your charity is making a social investment, the specific trustee duties that apply are different from those that apply to financial investment.\u2019 It is worth reading the detail of what constitutes a social investment and trustees\u2019 duties in this respect.<\/p>\n

Recent High Court ruling following the Butler-Schloss case
\n<\/strong>The new guidance removes references to \u2018ethical\u2019 investment. Instead, it clarifies recent legal changes, and addresses the balancing act needed when considering an investment that might conflict with your charity\u2019s purposes or harm its reputation. As long as the potential investment risks and benefits are balanced, charities have discretion to choose investments that align with their values, providing they further their charitable purposes.<\/p>\n

Charities should take professional advice
\n<\/strong>In this new section the Commission expects charities to take professional advice when making investment decisions. Advice can be given by a professional adviser outside your charity, such as an investment adviser or discretionary investment manager. Alternatively, it can be a member of staff or (as we see on many charity boards) a trustee with relevant investment experience. If charities choose to have a trustee give professional advice, the trustee will be held responsible for the quality of the advice.<\/p>\n

Trustees should feel empowered<\/strong>
\nThe new guidance should give trustees confidence to be decisive: \u2018the Commission is unlikely to have concerns about your investment decisions or policy if you can show that you have: complied with your trustee duties and your governing document; considered and balanced relevant factors, taken advice and reached a reasonable decision.\u2019 Throughout the document, we are reminded that trustees can take almost any decision, as long as it is thought through carefully.<\/p>\n

Working with investment managers
\n<\/strong>Notably how a charity\u2019s investments might be delegated to an investment manager. This includes a checklist of considerations when hiring a new manager, a reminder to \u2018regularly review the service they provide\u2019 and a note to be aware of the manager\u2019s voting policy, \u2018to understand how your investment manager has voted on your behalf\u2019.<\/p>\n

What else should trustees be thinking about?<\/strong><\/h3>\n

How up to date is your investment policy?
\n<\/strong>The investment policy is your charity\u2019s investment road map, covering your time horizon, liquidity requirements, diversification of assets, restrictions, attitude to risk, income needs and whether you take a total return approach. All these elements and any others that are pertinent to your charity should be included. We recommend reviewing your policy annually. If there are any changes to the charity, such as a large capital spend or the need to set up a designated reserve, they should be reflected in the policy.<\/p>\n

Have trustees had any training recently?<\/strong>
\nTrustees\u2019 investment knowledge can vary enormously, and \u2018knowing what you don\u2019t know\u2019 is important. Even if one has spent one\u2019s working life specialising in one aspect of the financial sector such as private equity or bonds, overseeing the management of a balanced charity portfolio requires a different skillset. Don\u2019t be afraid to attend regular training events run by investment managers to keep up to speed with changes to the sector and new regulations.<\/p>\n

What do the governing documents say?<\/strong>
\nYour charity\u2019s governing documents are a valuable guide to what the original donors intended when they set up the charity, and should clarify investment restrictions.<\/p>\n

What are your charity\u2019s investment objectives?
\n<\/strong>Many decisions will stem from answering this question.\u00a0 Most charities seek a balance between providing income for today\u2019s beneficiaries, whilst generating long-term capital growth for the beneficiaries of tomorrow. Whether your charity spends income only, or takes a total return approach, identifying your sustainable annual expenditure is key. In most organisations the needle should point squarely between the two, but in some cases it should lean more towards one end of the spectrum. This might be because the beneficiaries are declining \u2013 as with some religious orders \u2013 or there is a forthcoming capital project, such as building a new care home.\u00a0 Both approaches are defensible as long as the balance is redressed over time and the logic stated in your policy.<\/p>\n

Conclusions<\/strong><\/h3>\n

CC14 remains the go-to tool for trustees seeking a broad understanding of their roles, and the revised guidance is a clear and digestible reminder of trustees\u2019 responsibilities.<\/p>\n

There are a number of areas mentioned above that it may be helpful to review. Armed with this checklist, trustees should feel better equipped to ensure their charity\u2019s investments remain fit for purpose.<\/p>\n

View the full\u00a0text of CC14 \u2013 \u201cCharities and investment matters: a guide for trustees\u201d<\/span><\/a><\/p>\n

\n

Important information<\/strong><\/p>\n

If you are a private investor, you should not act or rely on this document but should contact your professional adviser.<\/strong><\/p>\n

This document has been approved by Sarasin & Partners LLP of Juxon House, 100 St Paul\u2019s Churchyard, London, EC4M 8BU, a limited liability partnership registered in England & Wales with registered number OC329859 which is authorised and regulated by the Financial Conduct Authority with firm reference number 475111.<\/p>\n

It has been prepared solely for information purposes and is not a solicitation, or an offer to buy or sell any security. The information on which the document is based has been obtained from sources that we believe to be reliable, and in good faith, but we have not independently verified such information and no representation or warranty, express or implied, is made as to their accuracy. All expressions of opinion are subject to change without notice.<\/p>\n

Please note that the prices of shares and the income from them can fall as well as rise and you may not get back the amount originally invested.<\/strong> This can be as a result of market movements and also of variations in the exchange rates between currencies. Past performance is not a guide to future returns and may not be repeated.<\/strong><\/p>\n

Neither Sarasin & Partners LLP nor any other member of the J. Safra Sarasin Holding Ltd group accepts any liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this document or any part of its contents. The use of this document should not be regarded as a substitute for the exercise by the recipient of his or her own judgment. Sarasin & Partners LLP and\/or any person connected with it may act upon or make use of the material referred to herein and\/or any of the information upon which it is based, prior to publication of this document. If you are a private investor you should not rely on this document but should contact your professional adviser.<\/p>\n

\u00a9 2023 Sarasin & Partners LLP \u2013 all rights reserved. This document can only be distributed or reproduced with permission from Sarasin & Partners LLP.<\/p>\n","protected":false},"excerpt":{"rendered":"

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