REGISTERED COMPANY NUMBER: 02984176 (England and Wales) REGISTERED CHARITY NUMBER: 1041634
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE RETA LILA HOWARD FOUNDATION
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
THE RETA LILA HOWARD FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 13 |
| Detailed Statement of Financial Activities | 14 |
THE RETA LILA HOWARD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
During the year, the Charity passed a special resolution dated 15[th] July 2023 to amend article 2 (the objects) of its Articles of Association.
The Charity's principal objective is to advance such charitable purposes (according to the law of England and Wales) within the United Kingdom of Great Britain and Northern Ireland and the Republic of Ireland as the Directors from time to time see fit.
As Reta Lila Howard had a great interest in children, the focus of the Foundation will be to support a few innovative projects for the benefit of children aged up to and including 18 years, but with the primary focus being on children aged up to and including 16 years. The funds will be directed to selected projects to support the education of young people or to ameliorate their physical and emotional environment. Donations are intended to be given over a finite period, with the aim of a project being able to continue by itself without further funding from The Reta Lila Howard Foundation.
It is the ongoing intention of the Trustees to distribute substantially all of the Foundation's income after meeting administration expenses.
There have been no major changes in these policies in the current period.
At present there is no dependence on volunteers, or other donations in kind.
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit and paid due regard to it in deciding what activities the charity should undertake.
The trustees are satisfied that the ongoing grants they are making means that the charity is continuing to meet the public benefit requirement.
Page 1
THE RETA LILA HOWARD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Investment policy and objectives
The Trustees have organised the investment of funds with an investment manager, as detailed on page 3.
Investment income amounting to £121,819 was earned. Gains on investments during the current year amounted to £1,792,625.
Twenty grants amounting to £450,000 were paid during the year, in accordance with the above policies and objectives.
At the Board Meetings held in June 2024 a further twenty-one grants were approved totalling £524,540. These grants were paid between July and October 2024.
Investments had a market value of £19,949,558 at the end of the period. Overall the net assets of the Foundation at 31 March 2024 are £19,990,065. The funds are adequate to fulfil the obligations of the Charity.
The trustees seek to maintain the value of the endowment as adjusted for United Kingdom inflation since March 1995. The trustees also seek to maintain adequate available monies to enable to smooth day to day operations of the charity.
The trustees consider the main risk for the charity is fluctuation in investment returns. The risk is managed by agreement with the investment managers of an appropriate investment diversification policy and by monitoring this policy and investment value movements with the investment managers.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
02984176 (England and Wales)
Registered Charity number
1041634
Registered office
6 Trull Farm Buildings Trull Tetbury GL8 8SQ
Trustees
Melissa Murdoch Tamara Rebanks Pilar Bauta (resigned 6 November 2023) Sarah Mitchell (resigned 6 November 2023) Alannah Cochrane Graham Weston Christian Bauta (appointed 6 November 2023) Serena Mitchell (appointed 20 January 2024)
Company Secretary
The Trust Partnership Ltd
Page 2
THE RETA LILA HOWARD FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Shona Wardrop CA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA Bankers C. Hoare & Co 37 Fleet Street Temple London EC4P 4DQ
Investment advisors Barnett Waddingham LLP 2 London Wall Place London EC2Y 5AU Investment managers Morningstar Associates Europe Limited 1 Olivers Yard 55/71 City Road London EC1Y 1HQ
Approved by order of the board of trustees on 7 November 2024 and signed on its behalf by:
Vamara (rbankae
Tamara Rebanks - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RETA LILA HOWARD FOUNDATION
Independent examiner's report to the trustees of The Reta Lila Howard Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shona Wardrop
Shona Wardrop (Nov 20, 2024 13:49 GMT)
Shona Wardrop CA
The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
7 November 2024
Page 4
THE RETA LILA HOWARD FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds Charitable activities Charitable expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 9 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 121,819 49,604 497,197 546,801 - (424,982) 424,982 - - - |
Endowment fund £ - - - - 1,792,625 1,792,625 (424,982) 1,367,643 18,622,422 19,990,065 |
2024 Total funds £ 121,819 49,604 497,197 546,801 1,792,625 1,367,643 - 1,367,643 18,622,422 19,990,065 |
2023 Total funds £ 77,581 40,191 626,144 666,335 (86,424) (675,178) - (675,178) 19,297,600 18,622,422 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
THE RETA LILA HOWARD FOUNDATION (REGISTERED NUMBER: 02984176)
BALANCE SHEET 31 MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| fund | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 7 | - | 19,949,588 | 19,949,588 | 18,614,176 |
| CURRENT ASSETS | |||||
| Cash at bank | - | 57,151 | 57,151 | 32,019 | |
| CREDITORS | |||||
| Amounts falling due within one year | 8 | - | (16,644) | (16,644) | (23,773) |
| NET CURRENT ASSETS | - | 40,507 | 40,507 | 8,246 | |
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | - | 19,990,065 | 19,990,065 | 18,622,422 | |
| NET ASSETS | - | 19,990,065 | 19,990,065 | 18,622,422 | |
| FUNDS | 9 | ||||
| Endowment funds | 19,990,065 | 18,622,422 | |||
| TOTAL FUNDS | 19,990,065 | 18,622,422 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.
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The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 7 November 2024 and were signed on its behalf by:
Vamara (rbankae
Tamara Rebanks - Trustee
The notes form part of these financial statements
Page 6
THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key judgements and estimates
The trustees do not consider there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and received.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed asset investments
Fixed asset investments are stated at market value as at the balance sheet date using the closing quoted market price, details of which are provided in a valuation report by the investment managers. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the opening carrying value or purchase price and their valuation at market price at the year-end. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. INVESTMENT INCOME
| Dividends and other investment income Deposit account interest 3. GRANTS PAYABLE Charitable expenditure During the year grants were paid to the following institutions: Action for Conservation ARK UK Bibles for Children Boys Brigade of Northern Ireland Camden Music Trust Church Revitalisation Trust Countryside Education Trust Farms for City Children Go Beyond Home Start |
2024 £ 101,866 19,953 121,819 2024 £ 450,000 |
2023 £ 72,313 5,268 77,581 2023 £ 600,000 £ 75,000 35,000 14,000 25,000 15,000 15,000 8,000 25,000 18,000 8,000 |
|
|---|---|---|---|
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
3. GRANTS PAYABLE - continued
| Mindfulness in School New Forest Centre Rose Road Salisbury Cathedral Soldiers, Sailors, Airmen & Families Students Organising for Sustainability The Bike Project The Salvation Army Walk Through the Bible UK Windsor Horse Rangers |
25,000 8,000 8,000 47,000 25,000 30,000 20,000 25,000 14,000 10,000 |
|---|---|
450,000 |
4.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent Examination Fees | 3,440 | 3,060 |
5. TRUSTEES' REMUNERATION AND BENEFITS
No Trustees, or connected persons, received any remuneration during the year.
Trustees' expenses
Reimbursement of travel and subsistence expenses incurred by 4 Trustees amounted to £6,958 (2023: £6,296 incurred by 4 Trustees).
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Charitable expenditure Total Net (losses) on investments |
Unrestricted fund £ 77,581 40,191 626,144 666,335 - |
Endowment fund £ - - - - (86,424) |
Total funds £ 77,581 40,191 626,144 666,335 (86,424) |
|---|---|---|---|
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES – continued
| NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS Market Value at 1 April 2023 Additions Disposals Realised gain Unrealised gain Increase in cash held by stockbrokers Market value at 31 March 2024 Cost at 31 March 2024 Investments comprising more than 5% of the portfolio valuation 110,000 Associated British Foods plc 804,848 Blackrock UK Gilts Stocks 223,029 iShares MSCI USA SRI ETF 1,405,481 LG UK 100 Index Trust 21,457 UBS(Lux)FS MSCI Pacific SRI USD Adis 8,698 Vanguard UK Short Term Investment Bond 2,602 Vanguard UK Equity Index Investment assets in the UK Investment assets outside the UK Investments are further analysed between: Investments listed on recognised stock exchange Cash |
Unrestricted Endowment fund fund £ £ (588,754) (86,424) 588,754 (588,754) - (675,178) - 19,297,600 - 18,622,422 at 31 March 2024 were: 2024 19,897,908 51,650 19,949,558 19,403,507 546,051 19,949,558 |
Unrestricted Endowment fund fund £ £ (588,754) (86,424) 588,754 (588,754) - (675,178) - 19,297,600 - 18,622,422 at 31 March 2024 were: 2024 19,897,908 51,650 19,949,558 19,403,507 546,051 19,949,558 |
Total funds £ (675,178) - (675,178) 19,297,600 18,622,422 £ 18,614,176 - (546,217) 18,067,959 104,806 1,687,819 19,860,583 88,975 19,949,558 14,852,082 2,729,650 1,146,498 2,650,700 4,251,580 1,304,478 1,007,945 1,026,147 2023 18,007,356 606,820 18,614,176 18,157,100 457,076 18,614,176 |
|---|---|---|---|
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income 9. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Expendable Endowment Fund TOTAL FUNDS |
At 1/4/23 £ - 18,622,422 18,622,422 |
Net movement in funds £ (424,982) 1,792,625 1,367,643 |
2024 £ 16,644 Transfers between funds £ 424,982 (424,982) - |
2023 £ 23,773 At 31/3/24 £ - 19,990,065 19,990,065 |
|---|---|---|---|---|
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
9. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 121,819 Endowment funds Expendable Endowment Fund - TOTAL FUNDS 121,819 Comparatives for movement in funds At 1/4/22 £ Unrestricted funds General fund - Endowment funds Expendable Endowment Fund 19,297,600 TOTAL FUNDS 19,297,600 Comparative net movement in funds, included in the above are Incoming resources £ Unrestricted funds General fund 77,581 Endowment funds Expendable Endowment Fund - TOTAL FUNDS 77,581 |
|
|---|---|
continued...
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THE RETA LILA HOWARD FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
Page 13
THE RETA LILA HOWARD FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| 2024 £ INCOME AND ENDOWMENTS Investment income Dividends and other investment income 101,866 Deposit account interest 19,953 121,819 Total incoming resources 121,819 EXPENDITURE Raising donations and legacies Costs of generating funds 49,605 Charitable activities Sundries 1,228 Secretarial Services 22,133 Accountancy fees 4,721 Travel costs 7,004 Bank charges 563 Independent Examiners Fees 3,440 Consultancy fees - Legal and professional 8,108 Grants to institutions 450,000 497,197 Total resources expended 546,801 Net expenditure before gains and losses (424,982) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments 1,792,625 Net income/(expenditure) 1,367,643 |
2023 £ 72,313 5,268 77,581 77,581 40,191 71 8,984 5,676 6,451 489 3,360 1,113 - 600,000 626,144 666,335 (588,754) (86,424) (675,178) |
|---|---|
This page does not form part of the statutory financial statements
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RLHF 31.03.24 Annual Report TR & Shona to sign
Final Audit Report
2024-11-20
Created: 2024-11-20 By: Tracey Reeves (tracey.reeves@thetrustpartnership.com) Status: Signed Transaction ID: CBJCHBCAABAAw6bv_XdoY4vwCOjTR8hL4qqJf_6Muelo
"RLHF 31.03.24 Annual Report TR & Shona to sign" History
- Document created by Tracey Reeves (tracey.reeves@thetrustpartnership.com)
2024-11-20 - 12:58:27 GMT
Document emailed to Tamara Rebanks (tamara@applebanks.com) for signature 2024-11-20 - 12:58:31 GMT
- Tracey Reeves (tracey.reeves@thetrustpartnership.com) replaced signer shona.wardrop@chriothouse.co.uk with shona.wardrop@chariothouse.co.uk (shona.wardrop@chriothouse.co.uk)
2024-11-20 - 13:06:58 GMT
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Tracey Reeves (tracey.reeves@thetrustpartnership.com) replaced signer shona.wardrop@chriothouse.co.uk with Shona Wardrop (shona.wardrop@chariothouse.co.uk)
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2024-11-20 - 13:08:01 GMT
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Email viewed by Tamara Rebanks (tamara@applebanks.com) 2024-11-20 - 13:16:55 GMT
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Document e-signed by Tamara Rebanks (tamara@applebanks.com)
Signature Date: 2024-11-20 - 13:17:27 GMT - Time Source: server
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Document emailed to Shona Wardrop (shona.wardrop@chariothouse.co.uk) for signature 2024-11-20 - 13:17:29 GMT
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Document e-signed by Shona Wardrop (shona.wardrop@chariothouse.co.uk) Signature Date: 2024-11-20 - 13:49:04 GMT - Time Source: server
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Agreement completed.
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2024-11-20 - 13:49:04 GMT