Roadshows December 2018 _______________________________________ - - PowerPoint PPT Presentation
Roadshows December 2018 _______________________________________ Steve Thomas Julia Hill Yvonne Thompson Oliver Jones-Davies - CCLA Nigel Burden - NatWest Bank Natalie Warn NatWest Bank Introduction Welcome, thank you for coming!
December 2018
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Steve Thomas Julia Hill Yvonne Thompson Oliver Jones-Davies - CCLA Nigel Burden - NatWest Bank Natalie Warn – NatWest Bank
HELPING YOUR CHURCH THRIVE INTO THE FUTURE
MAKING YOUR MONEY WORK FOR YOUR MISSION
Oliver Jones-Davies, Client Investment Director
7th December 2018
LOW INTEREST RATES GIVE A HIGH COST TO CERTAINTY
0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 01/06/2018 01/10/2018 01/02/2019 01/06/2019 01/10/2019 01/02/2020 01/06/2020 01/10/2020 01/02/2021 01/06/2021 01/10/2021 01/02/2022 01/06/2022 01/10/2022 01/02/2023 01/06/2023 01/10/2023 01/02/2024 01/06/2024 01/10/2024 01/02/2025 01/06/2025 01/10/2025 01/02/2026
Implied Bank of England Official Base Rate
after Nov 2017 Inflation Report after Feb 2018 Inflation Report
Source: CCLA & Bloomberg
Meanwhile, inflation (CPI) is 2.4% as at October 2018
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EVEN MODEST INFLATION HAS A DAMAGING EFFECT OVER THE LONG TERM
Source: CCLA & ONS. Based on CPI index June 1988-2018.
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£0 £10 £20 £30 £40 £50 £60 £70 £80 £90 £100
5 years 10 years 20 years
Real value of £100 today that’s been held for …
QUESTIONS YOU SHOULD BE CONSIDERING
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− What are short term requirements? − What is seen as long term and therefore appropriate to consider investment
− Will vary across sub accounts (unrestricted, designated, restricted, permanently endowed)
What are you holding the cash for?
REASONS GIVEN FOR STAYING IN CASH
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– You can estimate for non insurance covered outgoings
– How quickly? Today? Next week? In six months’ time?
– Safety now v future safety
– 1958 Church Funds Investment measure recognised this
Matthew 25:14-30
REASONS TO MOVE AWAY FROM CASH
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− The spending power of your cash reserve is shrinking (even if you do not spend the interest)
− Costs (labour and materials) are very likely to rise faster than inflation
Cash is not risk free
IF NOT CASH, THEN WHAT?
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We need to look at both the income and capital components of total return
INCOME AND CAPITAL RETURNS FROM UK EQUITIES
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0% 10% 20% 30% Equity price movement Income yield
Capital returns are more volatile than income
Source: Barclays
INCOME - THE CERTAINTY OF CASH...AND ITS COST - EXAMPLE 1
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Holdings Market value Income Yield Forecast annual income Cash £40,000 0.55% £220 TOTAL PORTFOLIO £40,000 0.55% £220
INCOME - CERTAINTY VS COST - EXAMPLE 2
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Holdings Market value Income Yield Forecast annual income Multi-asset Fund £10,000 3.10% £310 Cash £30,000 0.55% £165 TOTAL PORTFOLIO £40,000 1.19% £475
INCOME - CERTAINTY VS COST - EXAMPLE 3
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Holdings Market value Income Yield Forecast annual income Multi-asset Fund £20,000 3.10% £620 Cash £20,000 0.55% £110 TOTAL PORTFOLIO £40,000 1.82% £730
A TALE OF TWO CHURCHES – WHICH HAS MANAGED RISK BETTER?
£40,000 cash only £30,000 cash, £10,000 equities
£0 £10,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000 £0 £500 £1,000 £1,500 £2,000 £2,500 £3,000
Income in yr (lhs) Balance sheet year end
£0 £10,000 £20,000 £30,000 £40,000 £50,000 £60,000 £70,000 £0 £500 £1,000 £1,500 £2,000 £2,500 £3,000
Income in yr Balance sheet yr end
If cash balances are likely to persist, a modest allocation to real investments can make good sense £40,000 invested 1 Jan 1993: income returns and movement in capital value
Source: CCLA, Barclays as at 31.12.17. Based on nominal UK equity prices, equity income yield and average 3 mth sterling LIBOR.
MARKET REVIEW – 10 YEAR RETURNS TO 31 OCTOBER 2018
7th December 2018 Bath & Wells Parish Training 15 Source: Bloomberg as at 31 October 2018
+0% +50% +100% +150% +200% +250% +300% 31/10/2008 31/10/2010 31/10/2012 31/10/2014 31/10/2016 31/10/2018 UK Equities +135.30% Global Equities +220.49% UK Government Bonds +74.07% Cash +4.29% Inflation +23.81% UK Commercial Property +105.09%
ACCESSING INVESTMENTS - MERITS OF POOLED FUNDS
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− Diversification − Risk modelling
− Commissions − Benefits of scale
ABOUT CCLA
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company specific material
CCLA POOLED FUND RANGE FOR THE CHURCH OF ENGLAND
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− Charities in their own right − Board of trustees gives extra level of oversight
bodies
CCLA FUND RANGE FOR THE CHURCH OF ENGLAND
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− CBF Deposit Fund (deals daily) − CBF Investment Fund (deals weekly-Tuesday)
− CBF Fixed Interest Securities Fund (deals weekly-Tuesday) − CBF Global Equity Income Fund (deals weekly-Tuesday) − CBF Property Fund (deals monthly- last Tuesday) − CBF UK Equity Fund (deals weekly-Tuesday)
THE CBF CHURCH OF ENGLAND FUNDS – LATEST PUBLISHED FEES AND COSTS
The CBF Church of England Funds Annual Management Charge (AMC) Ongoing Charges Figure (OCF)* Total Charge Investment Fund 0.55% 0.68% Fixed Interest Securities Fund 0.22% 0.35% Property Fund** 0.65% 0.69% Global Equity Income Fund 0.75% 0.96% UK Equity Fund 0.50% 0.68% Deposit Fund 0.20% 0.26%
7th December 2018 Bath & Wells Parish Training 20 *The difference between the AMC and the OCF consists of irrecoverable taxes (including VAT), legal, audit, custody and other third party costs. The OCFs quoted above are taken from the latest Report & Accounts and are not a guarantee of future OCFs which are subject to change. **VAT charged to the property fund is recoverable Spreads are subject to change to reflect actual costs incurred; details of current spreads are available upon request
THE CBF CHURCH OF ENGLAND INVESTMENT FUND
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for most Church charities
income requirements
and well balanced spread of investments
growing income
Source: CCLA as at 30 September 2018 *Based upon mid-market price as at 30 September 2018 and a projected annual distribution of 54.89p per unit. Asset allocation is subject to change.
Asset Allocation
Overseas Equities 52.47% UK Equities 17.60% Infrastructure & Operating Assets 9.43% Contractual & Other Income 4.78% Property 4.47% Private Equity & Other 3.73%
Overseas Equity % North America 34.8 Europe ex UK 10.1 Asia Pacific ex Japan 3.9 Japan 3.7 52.5
OUR MULTI-ASSET PERFORMANCE & RISK RECORD
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ahead of the median fund and over multiple time periods
volatility within the risk budget of 75%
Source Morningstar and CCLA as at 30 September 2018 Peer Group: Investment Association 40%-85% equity funds peer group.
Past performance is not a reliable indicator of future results. 1st & 4th Quartile 2nd & 3rd Quartile Media n 1st & 4th Quartile 2nd & 3rd Quartile Media n
2 4 6 8 10 12 14 16 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr % Annualised Return Over Period The CBF Church of England Investment Fund 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr Volatility as % of UK Equity Market Relative Risk against Benchmark Over Period The CBF Church of England Investment Fund
THE CBF CHURCH OF ENGLAND INVESTMENT FUND
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Historical and projected annual distribution
49.72 50.71 51.72 52.75 53.81 54.89 55.99 57.11 10 20 30 40 50 60 2013 2014 2015 2016 2017 2018^ 2019^ 2020^ Pence per unit
Source: CCLA as at 30 September 2018 *Comparator - Composite: From 1.1.18: MSCI World ex UK Index, 45%; MSCI UK Investable Market Index, 30%; IPD All Properties Index, 5%; Markit iBoxx £ Gilts Index, 15% and 7 day LIBID, 5%. From 1.1.16 to 31.12.17: MSCI UK Investable Market Index, 45%; MSCI Europe ex UK Index, 10%; MSCI North America Index,10%; MSCI Pacific Index, 10%; IPD All Properties Index, 5%; Markit iBoxx £ Gilts Index, 15% and 7 day LIBID, 5%. From 01.01.12 to 31.12.2015 MSCI UK All Cap 45%, MSCI Europe Ex UK (50% Hedged) 10%, MSCI North America (50% Hedged) 10%, MSCI Pacific (50% Hedged) 10%, IPD All Properties 5%, BarCap Gilt 15% & 7 Day LIBID 5% . Performance shown gross of management fees and expenses on a mid price basis. Net returns will be lower after the deduction of fees and expenses. Distributions: Years 2013 and 2014 are as at 30 November. In December 2015 there was an additional distribution of 2.95 per share as a result of the change in accounting year. ^Projected annual distribution
Past performance and distributions are not a reliable indicator of future returns.
Discrete year total return performance (gross) 12 months to 30 September
10.85 5.57 18.06 12.39 14.41 7.83 0.91 18.13 9.76 9.08 5 10 15 20 2014 2015 2016 2017 2018 The CBF Church of England Investment Fund Comparator* CPI plus 5% (Benchmark)
THE CBF CHURCH OF ENGLAND INVESTMENT FUND
7th December 2018 Bath & Wells Parish Training 24 Source: CCLA and ONS as at 30 September 2018 Since launch date: May 1958. Performance is shown net of management fees and expenses on a mid price basis. RPI has been used as the measure of inflation as CPI was not available until 1996.
Past performance is not a reliable indicator of future results.
Net annualised returns % to 30 September 2018 The CBF Church of England Investment Fund Inflation (RPI) Difference Since launch 11.07 5.34 5.73 50 years 10.71 5.82 4.88 40 years 11.24 4.41 6.83 30 years 8.77 3.29 5.48 20 years 6.30 2.76 3.54 10 years 8.80 2.65 6.15
PARTING THOUGHTS – GOOD STEWARDSHIP
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PEER GROUP PERFORMANCE & RISK DATA EXPLANATION
from comparable competitor funds over varying time periods
all the funds graphed (2.5%-97.5%) and splits the fund performance results into four
are shown along with the average (median) return
Association (IA) fund universe. Data shows total returns, net of fees.
FTSE All Share volatility (data from Morningstar) has been used as the reference when comparing volatility of CCLA and competitor funds.
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2 4 6 8 10 12 14 16 18 20 1yr 2yr 3yr 4yr 5yr 6yr 7yr 8yr 9yr 10yr Return % p.a. (Annualised)
% Annualised Return Over Period (to latest quarter end)
CCLA Fund
Source: Morningstar and CCLA.
Past performance is not a reliable indicator of future results. 1st & 4th Quartile 2nd & 3rd Quartile Media n
RISK WARNING AND DISCLOSURE
7th December 2018 Bath & Wells Parish Training 27 Risk Warning This document is a financial promotion and is issued for information purposes only. It does not constitute the provision of financial, investment or other professional advice. CCLA have not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the Fund Factsheet document and the Scheme Particulars. We strongly recommend you seek independent professional advice prior to investing. Investors should consider the following risk factors identified as specific to the Fund before investing: Market Risk (investment value affected by market conditions), Issuer/credit Risk (issuer/financial institution may not pay), Liquidity Risk (investment in non-readily realisable assets), Interest Rate risk (changes to interest rate affecting income), Concentration Risk (need for diversification and suitability of investment), Operational Risk (general operational risks) and Business Risk (possibility of lower than anticipated profits). Please see the Fund Scheme Particulars for further details. Disclosure Investment in the Fund is only available to charitable trusts with objects closely connected with the work of the Church of England. Past performance is not an indicator of future performance. The value of investments and the income derived from them may fall as well as rise. Investors may not get back the amount originally invested and may lose money. Any forward looking statements are based upon our current opinions, expectations and
Investments in the Fund and the Fund are not covered by the Financial Services Compensation Scheme (FSCS). However, the Manager may pay fair compensation on eligible claims arising from its negligence or error in the management and administration of the Fund. The Fund is a Common Fund established under The Church Funds Investment Measure 1958 (as amended or replaced from time to time). The Fund is not a regulated Fund and is not recognised as an Alternative Investment Fund. CCLA Investment Management Limited (registered in England No. 2183088 at the office above) is authorised and regulated by the Financial Conduct Authority and is the manager of The CBF Church of England Funds. The CBF Funds Trustee Limited, is a Registered Charity No. 1116932 and is registered in England as a company limited by guarantee (No. 5957490)
www.ccla.co.uk CCLA Investment Management Limited (registered in England No. 2183088) and CCLA Fund Managers Limited (registered in England
regulated by the Financial Conduct Authority.
Client Services: 0800 022 3505
December 2018
Information classification: Confidential
Contents
1. Introductions – Nigel Burden & Natalie Warn 2. Who do you Contact 3. Online Banking
5. Online Banking Vs Bankline
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Who do you Contact
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For smaller businesses managing a lower volume/value of payments in the office or on the move.
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Register here- https://www.nwolb.com/defau lt.aspx?CookieCheck=2018- 11-27T08:48:34
Key Features of Online Banking
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View all your account balances
Visibi bility ity
Make payments to staff and suppliers
Payments ments
Access up to seven years of statements
Stateme tements nts
Transfer money between your accounts
Transfe nsfers rs
Free security tools to keep you safe
Security rity
Online Banking- Supporting Materials
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For businesses that need a more comprehensive digital service, with enhanced security and control, unlimited daily payment limits and a range of account management options.
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Key Features of Bankline
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Get online access to real-time banking information. Once a registration has been approved, that user can add additional accounts themselves – there's no limit to the number of users.
Easily ly accessible essible
View accounts individually or in groups, access recordings of key activities for auditing purposes and see online copies of paper vouchers such as cheques.
Streaml mlin ined processe esses
Bankline keeps your finances safer with the latest security and encryption technology. Multi-level password, PIN and user ID protection, smart card security for making payments and Trusteer Rapport for extra protection.
Safe e and Secure ure
Import payment files and get instant, accurate views of your finances. Send money quickly and cheaply using standard domestic payments, CHAPS, Faster Payments or international payments.
Payme ment nt Power
System administrators have complete control over users, roles and functionality. Payment limits can also be set for individual users.
Flexi xibl ble Control rol
Get support from our FAQs, user guides and the Bankline telephone helpdesk. And there’s no need to download new software – updates are made automatically.
Comprehen rehensi sive ve Support
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Online Banking Vs Bankline
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Benefits Online Banking Bankline
Secur urit ity and and cont ntrol
2 to sign authorisation (payments and administration) Set different user access rights and privileges Comprehensive audit trail of user activity N Y Payment nts Payment limit per day* Per faster payment Per CHAPS payment Create bulk payment lists / import payment files from accounting systems Number of payments authorised at the same time Manage Currency Accounts (view and make payments) Make payments to an overseas account £50k £50k N/A N 15 N Y Unlimited £250k Unlimited Y Unlimited Y Y Account unt Manag nagem ement nt Customise/export account information in a range of formats View statements/balances for accounts held with other banks View images of cheques issued and most credits paid in Set up and amend standing orders Access via a mobile app Maximum account reporting capacity N N N N Y Y 60 Y Y Y Y N N 999
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Do you need 2 to sign AUTHORISATION HORISATION when n making ng paymen ent t or admin n change ges? s? Do you need to set differe ferent nt user ACCESS ESS RIGHTS HTS & PRIVILEGES? VILEGES? Do you need to view MORE E THAN N 60 ACCOU OUNTS? NTS? Do you need to view CURREN ENCY CY ACCOUNTS? OUNTS? Do you need to make CHAPS PS PAYMENTS? MENTS? Do you need a DAILY LY PAYMENT MENT LIMIT IT OVER R 50K? ONLINE INE BANKING KING BANKLIN KLINE
NO NO
YES YES
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Services Available in the Post Office
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You can deposit Cheques into a Post Office by using a Natwest envelope provided by the Post Office. Please allow an extra two working days to the cheque clearing cycle when depositing cheques via the Post Office.
Deposit sit Cheques es
You can deposit a maximum of £2000 per day into the Post Office with a maximum of £10000 per week. Maximum coin deposits per day is £250 with denominations less that £1 in full bags as the Post Office may not accept.
Deposit sit Cash
With a debit card you can withdraw up to £500 per day from the Post Office
Withd hdra raw w Cash
If you have a debit card you can check your account balance at the Post Office using Chip & Pin.
Check k Balance nce
You can register for a Change Giving Card which will enable you to exchange notes for coin in the Post Office
Collect ct Change
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Services Available in NatWest & RBS branches
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You can deposit your banking using the Business Quick Deposit service saving you time spent in the branch.
Busine ness ss Quick ck Deposit sit
You can deposit large volumes of coin into the machine where you are then provided with a deposit slip to take to the counter to credit your account.
Coin In Machine
Cash can be requested in advance so that when you need to collect this from the branch it is already made up for you saving you time spent in the branch
Withd hdra raw w Cash
If you have a debit card or the Mobile app you can withdraw cash using the ATMs.
ATMs
This machine allows you to deposit cash, coin and cheques as well as other functions such as requesting a cheque book.
Cash and Deposit sit Machin ines
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http://personal.natwest.com/personal/ways-to-bank/mobile- branch.html
Services Available in Mobile Branches
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Providing you are either an account signatory or have an open credit facility in place the Mobile branches can support you with this as other Natwest branches do.
Cashing ing Cheques ues
You can make cash and cheque deposits
Deposit sit Cash and Cheques es
You are able to make account balance enquiries in a Mobile branch as you would any
Balance nce Enquiri iries es
You can make withdrawals
Withd hdra raw w Cash
Free security tools to keep you safe
Security rity
You can deposit your banking using the Business Quick Deposit service saving you time spent in the branch.
Busine ness ss Quick ck Deposit sit
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Transaction Services – Commercial Cards
ePCS framework
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Government approved ePurchasing card solution
The ePCS framework gives UK public sector organisations and charities specially negotiated payment and pricing terms, including a spend-related rebate. The Commercial Card framework is managed by the Crown Commercial Service (CCS). Cards and card management systems are provided at nil cost.
Overview
Improved liquidity – through extended payment terms Rebates – competitive rebate terms, subject to level of spend (*new rebate matrix to be confirmed in December) Appropriate – meets the government requirement for building a responsible payment culture Fee free – no annual card fee for public sector organisations Pre-tendered – CCS encourages organisations to Direct Award to one of the three approved ePCS card issuers, rather than follow a full tender process, saving you time and money
Key Benefits
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Simplify payments, control spending, ease cash flow and get comprehensive MI reporting using Smart Data OnLine
This multi-use card is suitable for both business procurement and travel & entertainment spending. Accepted at millions of outlets worldwide, you can either give employees their own card or use the hosted onecard option, where details are lodged with specific suppliers and all spend goes against one card number.
Overview
Lower admin costs – easier expense reclaim and reconciliation, fewer errors – Efficient VAT accounting with HMRC accredited VAT reporting Reduce payment costs – replace payment methods with per transaction charges More control – set monthly and single transaction limits and merchant blocking restrictions Tailor to your expense policy – use Smart Data OnLine (SDOL), our market leading expense management software Increase visibility – expense reporting to cost centre level using SDOL Improve cash flow – extended payment terms Convenience – all the benefits of making contactless payments, while retaining the ability to set merchant blocking
Key Benefits
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Information classification: Confidential 51
7th December 2018
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What is a Card Reader? What equipment do we need? What do we need to do? www.parishbuying.org.uk/categories/contactless-donations Any fees?
Pricing Comparison SumUp iZettle Card-reader purchase price (excl. VAT) £19 £29 SPECIAL OFFER from SumUp :
0% fees for the first £250 processed through the card reader. Simply register before 7th December 2018
Usual cost £29 Usual cost £29 for first reader and £59 for next readers Transaction rate for debit cards 1.1% usual cost 1.69% 1.25% usual cost 1.75% Transaction rate for credit cards 1.3% usual cost 1.69% 1.25% usual cost 1.75% Transaction rate for American Express cards 1.3% usual cost 1.69% 2.75% usual cost 2.75% Transaction rate for SMS billing 1.95% usual cost 2.95% +25p Not available Transaction rate for email billing Not available 2.5% usual cost 2.5% Transaction rate for VTT billing (over the phone) 1.95%usual cost 2.95% +25p Not available Charging cradle £29 £39
December 2018
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Stewardship & Parish Resources Team Sue Whitehead - PA to the Parish Resources & Development Advisers (part –time) sue.whitehead@bathwells.anglican.org or 01749 670777 Giving Resources:
www.parishresources.org.uk/givingforlife
http://www.bathandwells.org.uk/supporting-parishes/stewardship/planned-giving/planned-giving-review-programmes/
www.givingingrace.org
www.parishresources.org.uk/giving
Some ideas:
Stewardship & Parish Resources Team Sue Whitehead - PA to the Parish Resources & Development Advisers (part –time) sue.whitehead@bathwells.anglican.org or 01749 670777 Funding:
https://www.parishresources.org.uk/resources-for-treasurers/funding/
https://www.heritagefundingdirectoryuk.org/
https://www.vansweb.org.uk/ http://www.sparksomerset.org.uk/ http://www.engagews.org.uk/
http://www.lpwscheme.org.uk/ http://www.memorialgrant.org.uk./
Church maintenance and repair:
http://www.churchcare.co.uk/
Caroline Bruce Parish Consultancy Officer – Support during vacancies and with vision days E: caroline.bruce@bathwells.anglican.org T: 01749 685127 James Fox Robinson Prayer and Spirituality Enabler – how can we pray/make our church a place for people to pray in? E: james.fox-robinson@bathwells.anglican.org T: 01749 670777 Revd Andy Gray Faith Sharing Enabler – ideas to help people share their faith – naturally! E: andy.gray@bathwells.anglican.org T: 01749 685162 Elizabeth Harper Lay Ministries Enabler – training for lay people e.g. Readers, Lay Worship Assistants, Lay Pastoral Assistants E: elizabeth.harper@bathwells.anglican.org T: 01749 670777 Revd Mike Haslam Chaplaincy Development Adviser – ideas for introducing chaplains E: mike.haslam@bathwells.anglican.org T: 01749 685121 David Maggs Mission Team Leader – Faith and the world e.g. environment, overseas mission, modern day slavery E: david.maggs@bathwells.anglican.org T: 01749 685119 Julia Hill Discipleship Team Leader E: julia.hill@bathwells.anglican.org T: 01749 685114
Treasurer’s newsletters Regular updates to the Finance News section of the diocesan website and online “Handbook” “Treasurers Learning Network” Luke 14-28 Forum
http://groups.yahoo.com/group/Luke14-28
Cashbook and fees training Telephone/email support for diocesan Cashbook and general queries Occasional roadshows on “hot topics” https://www.bathandwells.org.uk/supporting-parishes/stewardship/
www.parishresources.org.uk
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EXCEL based software originally developed in Gloucester Diocese - most suitable for smaller parishes with income <£100k Free - Available to download with a WORD manual from the website
http://www.bathandwells.org.uk/supporting-parishes/finances/for-treasurers/
Free training available Support - volunteer Cashbook Champions
cashbooksupport@bathwells.anglican.org
“Single entry” of receipts and payments on a single page Statutory Year end R&P Report CofE Annual Return of Parish Finance Tailored interim and final local reporting
“Behind the Scenes” double entry processing
Parochial Fees Return
SO/DD shortcuts
Standard Accounts codes
Inter-a/c transfer mgt
Simple bank reconciliation
Local codes for analysis Real time balances Budget facility