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Charity registration number 1060725
THE HEDLEY DENTON CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
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THE HEDLEY DENTON CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees I H Nicholson C M Watts C C Nicholson V Stevenson Charity number 1060725 Independent examiner Simon Brown BA ACA DChA Azets Audit Services Azets Audit Services Bulman House Gosforth Newcastle Upon Tyne NE3 3LS Solicitors Iain Nicholson & Co 5 West Road Ponteland Newcastle Upon Tyne Tyne And Wear United Kingdom NE20 9ST
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THE HEDLEY DENTON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 - 13 |
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THE HEDLEY DENTON CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
Objectives and activities
Objects and aims
The trustees shall hold the trust and its income upon trust to apply them for such general charitable purposes as the trustees in their absolute discretion decide.
Fundraising disclosures
The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.
Public benefit
The trustees consider a range of objectives mainly to charities in the North of England which can provide benefits locally and further afield covering areas such as medical research and care, youth development, the disabled, arts and assisting the disadvantaged both at home and overseas.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
Grant making policies
The trustees review applications received from persons and organisations, decide to accept or decline, and decide how much they are prepared to give. There are no set rules, it is all at the trustees' own discretion, as long as all trustees agree.
Achievements and performance
The Trustees made 42 (2024: 49) grants in the year totalling £36,500 (2024: £38,500).
Financial review
Going concern
The charity's forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period. The charity has strong positive investments and cash balances available and is forecasting for this to be the case.
Policy on reserves
It is the policy of the charity to maintain Net Current Assets, at a level which equates to approximately six months expenditure. This provides sufficient funds to cover management, administration and support costs and to respond to emergency applications for grants which arise from time to time. Fixed asset investments are used to provide the charity with its annual income.
The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable company to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. This exercise considered both the normal requirements for working capital and the loss of income of a hypothetical but reasonable reduction in the scale of operations. Accordingly, the trustees consider that free reserves of around £ 50,000 will allow the charity to pay grants and administrative overheads for one year.
At year end, free reserves were £14,814 (2024: £17,223), a decrease of £2,409 in the year.
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THE HEDLEY DENTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Investment policy and objectives
The trustees can invest any sums or investments received by them in investments in which they are by law authorised to invest trust money, with power from time to time to change for others of a like nature.
Structure, governance and management
Nature of governing document
The Hedley Denton Charitable Trust is a registered charity (registered number 1060725).
The governing document is the Trust Deed dates 26th September 1996, and last amended on 18th December 1996.
The trustees also act as organising committee of the charity.
The trustees are appointed in accordance with the Trust Deed.
The Hedley Denton Charitable Trust was set up in 1996 primarily to help charitable causes in the North East of England. The object has been to benefit a wide range of causes including medical care and research, the disabled and youth programmes. However, the trustees have a flexible approach not limiting their awards to only these areas.
At bi-annual trustees' meetings, the trustees agree the board strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management. The day to day administration of grants and the processing and handling of applications prior to consideration is outsourced to Iain Nicholson & Co Solicitors. The day to day management of the investments between meetings is outsourced to Charles Nicholson Asset Management.
Arrangements for setting key management personnel remuneration
The charity does not employ any staff and therefore the board remain responsible for the day-to-day operation of the charity.
The trustees who served during the year and up to the date of signature of the financial statements were:
I H Nicholson
C M Watts
C C Nicholson
V Stevenson
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THE HEDLEY DENTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Independent examiner
In accordance with the company's articles, a resolution proposing that Simon Brown BA ACA DChA be reappointed as Independent Examiner of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
..............................Iain Nicholson 28 May 2025 09:22:35 BST (UTC +1) ..............................Michael Watts 02 Jun 2025 12:55:10 BST (UTC +1) I H Nicholson C M Watts trustee trustee Date: .............................................28 May 2025
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THE HEDLEY DENTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE HEDLEY DENTON CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of The Hedley Denton Charitable Trust (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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 financial statements to be reached.
Simon Brown 02 Jun 2025 13:27:36 BST (UTC +1)
Simon Brown BA ACA DChA
Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS
02/06/2025 Dated: .........................
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THE HEDLEY DENTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted Unrestricted | Unrestricted Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 54,745 | 56,499 |
| Expenditure on: | |||
| Raising funds | 3 | 28,685 | 27,423 |
| Charitable activities | 4 | 55,760 | 56,860 |
| Total expenditure | 84,445 | 84,283 | |
| Net gains/(losses) on investments | 9 | (22,115) | 61,957 |
| Net (expenditure)/income for the year/ | |||
| Net movement in funds | (51,815) | 34,173 | |
| Fund balances at 6 April 2024 | 2,153,567 | 2,119,394 | |
| Fund balances at 5 April 2025 | 2,101,752 | 2,153,567 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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THE HEDLEY DENTON CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Investments | 11 | 2,086,938 | 2,136,344 | ||||
| Current assets | |||||||
| Cash at bank and in hand | 34,661 | 36,176 | |||||
| Creditors: amounts falling due within | |||||||
| one year | 12 | (19,847) | (18,953) | ||||
| Net current assets | 14,814 | 17,223 | |||||
| Total assets less current liabilities | 2,101,752 | 2,153,567 | |||||
| Income funds | |||||||
| Unrestricted funds | 2,101,752 | 2,153,567 | |||||
| 2,101,752 | 2,153,567 |
28/05/2025 The financial statements were approved by the Trustees on .........................
| Iain Nicholson 28 May 2025 09:22:35 BST (UTC +1) | Michael Watts 02 Jun 2025 12:55:10 BST (UTC +1) |
|---|---|
| .............................. | .............................. |
| I H Nicholson | C M Watts |
| Trustee | Trustee |
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Investment income
Income from investments is included in incoming resources once the dividend is declared and notification has been received of the dividend due. This is normally upon receiving notification by our investment advisor of the dividend.
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Refer to the support costs note for further information on the basis of allocation.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Raising of funds
Rsising of funds costs are incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant expenditure
Grants payable are payments made to third parties in the furtherance of the charitable objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside the control of the charity.
Grant provisions
Grant provisions are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursed expenses.
Support costs
Support costs have been differentiated between governance and support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory independent examination and other costs with an apportionment of overhead and support costs.
1.6 Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the years and are credited or charged to the Statement of Financial Activities based on the market value at year-end.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Income from listed investments | 54,745 | 56,499 |
3 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Investment management costs | 28,685 | 27,423 |
| 28,685 | 27,423 |
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
4 Charitable activities
| Unrestricted | Unrestricted |
|
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Grant funding of activities (see note 5) | 36,500 | 38,500 |
| Share of support costs (see note 6) | 15,060 | 14,460 |
| Share of governance costs (see note 6) | 4,200 | 3,900 |
| 55,760 | 56,860 |
5 Grants payable
| Unrestricted | Unrestricted |
|
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Grants to institutions: | ||
| All institutions | 36,500 | 38,500 |
The support costs associated with grant making are £Nil (5 April 2024 - £Nil). Grants awarded are in the region of £500 - £1,000 and any above this are seperately disclosed.
During the year, the trust awarded single or multiple grants to the following entities that were in excess of £1,000:
| Parkinsons UK | - £ 2,000 |
|---|---|
| Newcastle Cathedral | - £ 2,000 |
6 Support costs
| Support costs Governance costs £ £ Human resources 14,460 - Finance costs 600 - Independent examination - 4,200 15,060 4,200 Analysed between Charitable activities 15,060 4,200 |
2025 Support costs Governance costs £ £ £ 14,460 13,860 - 600 600 - 4,200 - 3,900 19,260 14,460 3,900 19,260 14,460 3,900 |
2024 £ 13,860 600 3,900 |
|---|---|---|
| 18,360 | ||
| 18,360 |
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2025 | 2024 | |
| Number | Number | |
| Total | - | - |
| There were no employees within the charity during the current or prior year. | ||
| There were no key management personnel other than the Trustees themselves. | ||
| No trustees received any reimbursement expenses from the charity during the year. | ||
| See the related party note for details of related party transactions. |
9 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Gain/(loss) on sale of investments | (22,115) | 61,957 |
10 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
11 Fixed asset investments
| Listed investments £ Cost or valuation At 6 April 2024 2,053,015 Additions 215,478 Valuation changes (11,800) Cash in portfolio movement - Disposals (211,567) At 5 April 2025 2,045,126 Carrying amount At 05 April 2025 2,045,126 At 05 April 2024 2,053,015 |
Cash in portfolio 83,329 - - (41,517) - 41,812 41,812 83,329 |
Total £ 2,136,344 215,478 (11,800) (41,517) (211,567) 2,086,938 2,086,938 2,136,344 |
|---|---|---|
Fixed asset investments revalued
The investments shown above are held at valuation.
The historical cost of the investment at year-end was £1,689,645 (2024: £1,683,874 ).
The value of other investments (including unlisted investments which are fixed interest bonds) included in the investments above totalled £192,190 (2024: £140,764).
Financial Assets held at fair value
Fair value is taken as the market value of the investments held.
The charity holds 17.62% (2024: 24.95%) of the investment portfolio in Glaxosmithkline Plc, 6.27% (2024: 5.21%) of the investment portfolio in Haleon Plc, 5.10% (2024: 3.11%) of the investment portfolio in M&G Investment FD and 6.11% (2024: 4.72%) of the investment portfolio in Wisdomtree Metal S Physical Gold (GBP).
12 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Accruals | 19,847 | 18,953 |
| Analysis of net assets between funds | ||
| Unrestricted | Unrestricted |
|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Fund balances at 5 April 2025 are represented by: | ||
| Investments | 2,086,938 | 2,136,344 |
| Current assets/(liabilities) | 14,814 | 17,223 |
| 2,101,752 | 2,153,567 |
13 Analysis of net assets between funds
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THE HEDLEY DENTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
14 Related party transactions
During the year the charity made the following related party transactions:
Iain Nicholson & Co. Solicitors
Iain Nicholson & Co. Solicitors have invoiced £14,400 (2024: £13,800) for legal and administration matters of the trust. At the balance sheet date the amount due to Iain Nicholson & Co. Solicitors was £ 14,400 (2024: £13,800).
C.M. Watts
C.M. Watts, a trustee, charged £600 (2024: £600) in respect of administration and management charges during the year. At the balance sheet date the amount due to C.M. Watts was £600 (2024: £600).
Charles Nicholson Asset Management
Charles Nicholson Asset Management is related due to C. Nicholson, a trustee, being a principal at the firm. Charles Nicholson Asset Management charged £28,685 (2024: £27,423) during the year in respect of management fees for the investment portfolio that it managed. At the balance sheet date the amount due to Charles Nicholson Asset Management was £649 (2024: £652).
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