Northern Ireland Central Investment Fund for Charities

This page contains information on the Northern Ireland Central Investment Fund for Charities. It is updated monthly with the latest share valuation and capital value of the fund. It holds relevant forms for shareholders and the annual accounts.

Northern Ireland Central Investment Fund for Charities background

Established in 1965 through the Charities Act (Northern Ireland) 1964, the Northern Ireland Central Investment Fund for Charities (the Fund) aims to provide trustees of charities with the opportunity to invest all or part of their funds with the benefit of expert supervision. It is managed by the Department through recognised fund managers, and its investment policy is guided by a locally based Advisory Committee appointed by the Department, which meets in February, May, August and November each year.

The Fund operates as a discretionary managed fund. Participating charities pool their investments and are given a proportionate number of shares based on the most recent valuation (share price).

The Fund invests in fixed-interest securities and selected equities. The allocation between fixed-interest securities and equities is reviewed and adjusted periodically, in line with the Fund’s investment policy.

Current fund manager

The current fund manager is Aberdeen Standard Capital who are authorised and regulated by the Financial Conduct Authority.

Fund objective

The objective of the fund is to generate an income return in excess of the benchmark yield and thereafter long-term capital growth (+5 years) in real terms. The Fund manager has committed to achieving the aim of the Fund taking into account the following investment restrictions:

  • no more than 5 per cent of the portfolio to be invested in any single issue (excluding Government Gilts and AAA rated Corporate bonds)
  • no direct investment in tobacco related stocks
  • no investment in securities that are not readily realisable
  • no own company products without prior written approval

Composite benchmark

The composite benchmark is shown in the table below, along with the permitted ranges within which the Department and the Advisory Committee will allow the fund manager to operate.

Asset class Composite
benchmark (percent)
Range (percent) Benchmark index comparator
Fixed interest 25 15 - 35 FTA Government All-Stocks Index (12.5%) BOFAML STG Non-Gilts (12.5%)
UK Equities 50 25 - 55 FTSE All Share Index
Overseas Equities 20 25 – 45 FTSE World (ex UK) Index
Other/Cash 5 0 - 10 7 day cash

Northern Ireland Central Investment Fund for Charities Statement of Investment Policy  

The Investment Policy Statement gives guidelines on the accountability standards in place to manage and monitor the performance of the Fund.

Fund performance

Latest valuation

At 28 February 2019, the capital share value of the fund was £44,024,104 and a single share/unit was valued at 1280.30 pence.

Key features of NICIFC

Aim -  to achieve an annual income return in excess of the benchmark yield and thereafter long-term capital growth in real terms.

Eligibility - any charitable organisation may invest in the Fund provided it is based in Northern Ireland.

Benefit - investment in the fund should be viewed as long-term to achieve maximum benefit from capital growth. Benefit is also derived from dividend payments, which are paid bi-annually.

Risk Factors - based on the definitions of risk determined by Standard Life Wealth, the portfolio is categorised as being managed with a higher medium risk approach. The value of your investment may go down as well as up, as can the income from it.

Contributions - accepted at any time and earn interest from the date of receipt. Shares are allocated immediately after the next monthly valuation following receipt. There is no minimum contribution.

Withdrawals - these are processed at the next end of month valuation.

Valuation - completed as soon as possible after the end of the month but no later than the ninth working day of the following month.

Dividends - paid bi-annually on 1 June and 1 December. No tax is deducted from dividends.

Capital Gains Tax - does not apply to charities.

Tax - claims are dealt with by the department.

Performance - the shares were first issued in 1965 at £1 each.

Northern Ireland Central Investment Fund for Charities flyer

The flyer provides the key facts of the Fund.

Annual reports

If you require historic NICIFC Annual Reports please contact

Fact sheets

These fact sheets provide a quarterly overview of the performance and composition of the Fund.

Northern Ireland Central Investment Fund for Charities forms

Northern Ireland Central Investment Fund for Charities forms for shareholders to make withdrawals or change details:

Northern Ireland Central Investment Fund for Charities Advisory Committee Members

Biography of the members of the Northern Ireland Central Investment Fund for Charities Advisory Committee

David Murphy

David is a Fellow of the Institute of Chartering Accountants with 25 years experience of public sector finances include strategic planning, service delivery, financial and investment management, preparation of accounts, compliance with Managing Public Money and risk management.

He is the Chief Executive (Accounting Officer) of the Northern Ireland Local Government Officers' Superannuation Committee which manages Northern Ireland's largest investment fund and provides pension services to over 120,000 members. As well as Mr Murphy's work for NILGOSC he is also an independent director of Northern Bank Pension Trust Limited.

David was appointed to the NICIFC Advisory Committee on 1 September 2016.

Jeremy Stewart

Jeremy has worked for 29 years in UK regulated investment businesses, in a range of roles. He has served on the Executive Committee of a local bank, with leadership responsibility for investment advice, share dealing service, discretionary portfolio management and development and implementation of new investment management and advice policies and governance procedures.

He has previously chaired the Trustee Investment Committee for the UK DC Pension Fund of a UK bank.

Jeremy is a Fellow of the Institute of Bankers and also has an MBA from the University of Ulster. Investment qualifications include the CII Certificate in Financial Planning and a number of examinations for the Diploma in Regulated Financial Planning.

Lindsay Todd

Lindsay currently holds roles within the Northern Ireland Judicial Appointments Commission and the Local Government Pension Scheme for Northern Ireland, as well as being a School Governor at Sullivan Upper and a Trustee for the charity Relate (NI).  Lindsay was previously a Partner in PricewaterhouseCoopers for 24 years, retiring as NI Head of Tax in 2012 and was personally authorised by the Financial Conduct Authority to provide investment advice in the UK.

Lindsay was appointed to the NICIFC Advisory Committee on 1 August 2014.

Charitable donations and bequests

Under the Charities Act (NI) 1964 and the Charities Order 1987 the Department acts as trustee to some 300 charities in the following circumstances:

  • where donations are transferred by the existing charity trustees under Section 15 of the 1964 Act
  • where there is uncertainty concerning the continued operation of the charity concerned
  • where the trusteeship of the Commissioners of Charitable Donations and Bequests was transferred to the then Ministry of Finance in 1922 on the setting up of the Northern Ireland Government

It is the Department's policy to invest the capital of these charities in the Northern Ireland Central Investment Fund for Charities (NICIFC) unless prevented by the charity's governing instruments. Dividends from the NICIFC are received into the Charitable Donations and Bequests Account and paid over to local administrators on the Department's behalf.

Annual reports

These financial statements relate to the Charitable Donations & Bequests Accounts detailing receipts and payments for the financial year.

If you require historic CDB Annual Reports please contact


For further information, please contact 

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