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2022-12-31-accounts

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

TRUSTEES’ REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Charity No: 266877

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

REPORT AND ACCOUNTS

CONTENTS

Page
Trustees’ Report 2 - 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9 - 15

1

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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).

OUR PURPOSE AND ACTIVITIES

The object of the charity, as s et out by the Trust Deed, is to ‘pay, apply or appropriate the whole or any part or parts of the capital and income thereof, at any time or from time to time, for such purposes or objects which are from time to time recognised by law as charitable purposes ’.

The charity carried out the objects noted above through the award of grants and donations to various organisations to support general charitable purposes or charitable institutions in the United Kingdom or elsewhere.

Achievements and Performance

During the year the charity made grant awards totalling £58,285 (2021 - £69,021).

The largest donation made this year was for £20,000 to The Christopher Reeves VA Primary School, to fund a regular after school club over 5 years. Smaller donations to various charities were also made ranging from £500 to £6,000.

Future Activities

The Trust’s Grant Criteria favours charities already associated with the Trust, but the trustees also consider a broad range of applications, which are regularly made to the Trust. The trustees meet regularly, and new requests received after the last meetings are discussed. All appeals must be made in writing with a copy of the ap plicant’s latest report and accounts.

Public benefit statement

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, includin g the guidanc e ‘p ublic benefit: running a charity (PD2). The achievements and activities above demonstrate the public benefit arising through the ch arity’s activities.

FINANCIAL REVIEW

– The net deficit for the year amounted to £374,914 (2021 net surplus £279,552). The Trust incurred a deficit of – £12,686 (2021 deficit £33,012) prior to an investment loss arising on the charity’s investment portfolio totalling – £362,228 (2021 net investment gain £312,564).

The principal funding came from the investment income arising on the charit y’ s investment portfolio. Investment returns on the ch arity’s investment portfolio increased in comparison to prior period and amounted to £61,842 compared to £52,441 for the year ended 31 December 2021.

There have been no significant changes in the way the charity has operated or is policy for carrying out its objects.

The charity is not reliant on the services on unpaid volunteers or donations in kind.

Principal funding sources

The principal funding source of the charity is growth and dividend income from the investment portfolio.

2

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

TRUSTEES’ REPORT (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

INVESTMENT POWERS AND POLICY

The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. The trustees have the power to invest in any way that they see fit.

It is the policy of the trustees that the investment holdings are maintained through a portfolio of equities, government stocks and unit trusts, managed by a recognised investment manager. The portfolio is moderately adventurous, as the trustees concentrate on total returns, that is to say, capital growth with only ancillary income.

RESERVES POLICY

At the balance sheet date, the charity had retained unrestricted funds totalling £2,975,828 (2021 - £3,350,742).

It is the policy of the trustees to maintain reserves at their current levels so that sufficient investment income may be derived in order to finance the award of grants. The maintenance of such significant reserves represent the t rustees’ aims of long term operations through the continued receipt of reasonable levels of investment income to finance grant awards, whilst maintaining a hedge against possible future decreases in the market value of investments.

GRANT MAKING POLICY

Grants are awarded after submission of a claim by the applicant to the trustees. The trustees review the application to judge if the grant falls within the charity’s o bjectives and whether the application meets its requirements in terms of the benefits it gives. Each application is discussed, reviewed and decided upon by the trustees at their regular meetings. Appeals by the applicants should be made in writing with a copy of the applicant’s Report and Accounts.

In respect of general donations, the Trust’s main areas of interest a re in food allergy research, in education and in disability, residential care and development. The Trust will consider a broader range of charities in the area of North Bedfordshire and its immediate surrounds. Future donations will favour charities already associated with the Trust.

In particular, the Trust does not wish to receive appeals relating to:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Organisation is a charitable trust, established under a trust deed dated 21 December 1973 and registered as a charity with the Charity Commission on 11 February 1974 under registration number 266877. The organisation is governed by the Trust Deed which sets out the objects and powers of the charity and governs the actions of the trustees.

Recruitment and Appointment of Trustees

The Trust Deed stipulates that there shall not be less than three nor more than seven trustees at any one time. The power to appoint new trustees is vested in the existing trustees. No trustees were appointed or resigned during the year under review.

Trustees Induction and Training

As noted above, no new trustees were appointed in the year. The existing trustees are made aware of changes in charity regulations and any other factors impacting on their appointment and duties.

3

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

TRUSTEES’ REPO RT (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

Organisation

The Board of Trustees, which comprises of three members, administers the charity. The Board meets regularly to review the affairs of the charity and to consider grant applications which are only paid to a beneficiary upon the approval of the Board. All decisions relating to the strategy and policy and made by the Board of Trustees.

Risk Management

The trustees have a risk management strategy which comprises:

The review has identified some risks primarily relating to investment exposure. Investment risk is minimised by the maintenance of a diversified portfolio in moderately adventurous holdings. A key element in the management of financial risk is the use of a discretionary investment manager, the setting of a reserves policy and its regular review by the trustees.

Related parties

One of the t rustees, Mr Andrew Reeves, is also a director of the Trust’s i nvestment advisors. Transactions with related parties are disclosed in notes to accounts.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Number: 266877 Trustees: A Reeves E Royall L Rand Secretary: Jill Nellis Registered Office: Estate, Glebe Farm, Podington, Wellingborough, Northamptonshire NN29 7HP Independent Examiner: David Terry, Ramon Lee Ltd, 93 Tabernacle Street, London EC2A 4BA Bankers: The Co-operative Bank Lloyds TSB Plc., Long Causeway Branch, 30-31 Long Causeway, Peterborough PE1 1XP Investment Managers: Wealthtime, 1 London Road Office Park, London Road, Salisbury SP1 3HP

4

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

TRUS TEES’ REPO RT (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES’ RESPONSIB ILITIES

The trustees are responsible for preparing the Trus tees’ Annual 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 & 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 charity and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPROVAL

This report was approved by the trustees on 14 April 2023 and signed on its behalf.

A REEVES - TRUSTEE

5

INDEPENDENT EXAMINER ’S REPORT TO THE TRUSTEES OF

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

I report to the trustees on my exam ination of the accounts of the above charity (“the Trust”) f or the year ended 31 December 2022.

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner’s report and fo r no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s acc ounts carried out under section 145 of the 2011 Act and 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

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

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.

DAVID TERRY RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA

14 April 2023

6

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Notes
Income
Investment income
2
Total income
Expenditure
Cost of raising funds
3
Expenditure on charitable activities
3
Total Expenditure
Net income / (expenditure) & net movements in
funds before gains & losses on investments
Net gains/losses on investments
8
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net movement in funds		 Unrestricted
Funds
£
61,842
61,842
13,929
60,599
74,528
(12,686)
(362,228)
(374,914)
3,350,742
2,975,828		 01/01/2022
to
31/12/2022
21/12/2020
to
31/12/2021
Total
Total
£
£
61,842
52,441
61,842
52,441
13,929
14,236
60,599
71,217
74,528
85,453
(12,686)
(33,012)
(362,228)
312,564
(374,914)
279,552
3,350,742
3,071,190
2,975,828
3,350,742

CONTINUING OPERATIONS

None of the Trust’s activities was acquired or discontinued during the above two financial periods.

TOTAL RECOGNISED GAINS AND LOSSES

The Trust has no recognised gains or losses other than the above movement in funds for the above two financial periods.

The notes on pages 9 to 15 form part of these accounts

7

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

BALANCE SHEET AS AT 31 DECEMBER 2022

Notes 31/12/2022 31/12/2021
£ £ £ £
Fixed assets
Investments 8 2,904,292 3,321,336
2,904,292 3,321,336
Current assets
Cash at bank and in hand 73,816 31,506
73,816 31,506
Liabilities
Creditors falling due within one year 9 (2,280) (2,100)
Net current assets 71,536 29,406
Net assets 2,975,828 3,350,742
The funds of the charity
Unrestricted funds 10 2,975,828 3,350,742
Total charity funds 2,975,828 3,350,742

Approved and authorised for issue by the trustees on 14 April 2023 and signed on their behalf:

…………………………………………………………. A Reeves – Trustee

…………………………………………………………. L Rand – Trustee

The notes on pages 9 to 15 form part of these accounts

8

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

1.1 Basis of preparation of accounts

The financial statements have been prepared in accordance with 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Christopher H R Reeves Charitable Trust meet the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

1.2 Preparation of accounts on a going concern basis

The c harity’s financial statements show net deficit of £374,914 (2021 – net surplus £279,552) for the year and free reserves of £2,975,828 (2021 - £3,350,742). The trust continues to have sufficient investments to be able to fulfil its obligations and continue operating as a going concern.

1.3 Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably.

1.4 Expenditure recognition and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.5 Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs and governance costs which support the Trus t’s activit ies. These costs have been allocated to charit y’s sole activity of charitable giving.

1.6 Funds structure

The general fund comprises those monies, which may be used toward meeting the charitable objectives of the company at the discretion of the Board of Trustees.

9

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

1.7 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.

1.8 Realised/ unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments 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 period. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at bank and in hand

Cash at bank and in hand includes cash deposits and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.13 Judgement and key sources of estimation uncertainty

In the application of the charity ’s account ing policies, the charity is required to make judgments, 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 underling 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.

10

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

1.14 Taxation

The charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

1.15 Cash flow statement

The charity qualifies as a small charity and advantage has been taken of the exemption provided by SORP (FRS 102) as amended by Bulletin 1, not to prepare a cash flow statement.

2. INVESTMENT INCOME

Dividends and interest from investment portfolio
Other interest		 01/01/2022
to
31/12/2022
21/12/2020
to
31/12/2021
£
£
61,756
52,441
86
-
61,842
52,441

The investment income in 2022 totalling £61,842 (2021 - £52,441), was attributed to unrestricted funds.

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Grants payable (Note 5)
Investment management fees
Support costs (Note 4)
Governance costs (Note 4)		 Raising
Funds
£
-
13,929
-
-
13,929		 Charitable
Giving
£
58,285
-
34
2,280
60,599		 01/01/2022
to
31/12/2022
£
58,285
13,929
34
2,280
74,528		 21/12/2020
to
31/12/2021
£
69,021
14,236
96
2,100
85,453

The total £74,528 expenditure in 2022 (2021 - £85,453) was charged to unrestricted funds.

4. ANALYSIS OF SUPPORT AND GOVENANCE COSTS

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned key activities undertaken (see note 3) in the period. All the general support and governance costs have been apportioned to the various charitable activities on the basis of usage.

Independent Examiner's fees
Bank charges		 General
Support
£
-
34
34		 Governance
Function
£
2,280
-
2,280		 01/01/2022
to
31/12/2022
£
2,280
34
2,314		 21/12/2020
to
31/12/2021
£
2,100
96
2,196

11

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

5. ANALYSIS OF GRANTS

ANALYSIS OF GRANTS
Recipients of Institutional
grant(s)
Autism Bedfordshire
Cransley Hospice Trust
Willow Foundation
The Living Paintings Trust
British Dyslexis
Read Easy UK
Queen Elizabeth's Foundation
For Disabled People
Nene Valley Care Trust
Action Medical Research For
Children
The Multiple Sclerosis Trust
School Readers
Northamptonshire Community
Foundation
Anaphylaxis UK
The PSP Association
The Wildlife Trusts for
Bedfordshire, Cambridgeshire
and Northamptonshire
The Christopher Reeves VA
Primary School
BACS Wellingborough School
SERVE
Podington Cricket Club
Enterprising Youth Education
Cardiac Risk
Beds Womens Group
Motor Neurone disease
See Ability
Country Days
Horatios Garden
Prevent Breast Cancer
Willan Hospice
Spinal Muscular Atrophy UK		 Education
£
-
-
-
-
-
1,500
-
-
-
-
5,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Residential
Care and
Development
£
5,000
5,000
-
-
-
-
-
-
-
1,285
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Medical
research
£
-
-
-
-
-
-
-
-
3,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Support
£
-
-
500
1,000
4,000
-
2,000
6,000
-
-
-
1,000
1,000
1,000
1,000
20,000
-
-
-
-
-
-
-
-
-
-
-
-
-		 Grants to
31/12/2022
Grants to
31/12/2021
£
£
5,000
5,000
5,000
5,000
500
500
1,000
-
4,000
-
1,500
-
2,000
-
6,000
-
3,000
-
1,285
-
5,000
-
1,000
-
1,000
-
1,000
-
1,000
-
20,000
-
-
10,021
-
10,000
-
5,000
-
5,000
-
5,000
-
5,000
-
5,000
-
4,000
-
3,000
-
2,500
-
2,000
-
1,000
-
1,000
58,285
69,021
6,500 11,285 3,000 37,500

12

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

6. NET INCOME/(EXPENDITURE) FOR THE YEAR

This is stated after charging:

Independent Examiner's fees
Independent Examination
Other services		 01/01/2022
to
31/12/2022
£
1,440
840
2,280		 21/12/2020
to
31/12/2021
£
1,200
900
2,100

7. ANALYSIS OF STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND COST OF KEY MANAGEMENT PERSONNEL

The charity did not have any employees during the year.

The key management personnel of the charity comprise of the trustees. None of the trustees were employed – or paid fees by the charity (2021 £Nil). No Trustee received any remuneration in respect of their services – (2021 - £Nil). No Trustee was reimbursed expenses during the year (2021 £Nil).

8. INVESTMENTS

Market value, brought forward
Additions during the period
Disposals during the period
Accumulation fund
Realised gains / (losses)
Unrealised gains / (losses)
Market value, carried forward
Historical cost
Market value analysed by type of investment
UK equities
UK bonds
Overseas equities
Overseas bonds
Property		 31/12/2022
£
3,321,336
729,489
(823,283)
38,978
(87,425)
(274,803)
2,904,292
2,768,079
646,585
69,012
1,844,269
344,426
-
2,904,292		 31/12/2021
£
3,047,274
839,394
(904,615)
26,719
39,590
272,974
3,321,336
2,822,534
752,608
123,224
2,006,792
373,740
64,972
3,321,336

13

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

9. CREDITORS: Amounts falling due within one year

Accruals
10.
NET MOVEMENT IN FUNDS
Balance as on
01/01/2022
£
Unrestricted funds
General funds
3,350,742
Total funds
3,350,742
MOVEMENT IN FUNDS– Previous Year
Balance as on
21/12/2020
£
Unrestricted funds
General funds
3,071,190
Total funds
3,071,190		 Income
£
61,842
61,842

Income
£
52,441
52,441		 Expenses
£
74,528
74,528
Expenses
£
85,453
85,453		 31/12/2022
£
2,280
2,280
Investment
Gains/
(Losses)
£
(362,228)		 31/12/2021
£
2,100
2,100
Balance as on
31/12/2022
£
2,975,828
(362,228) 2,975,828
Investment
Gains/
(Losses)
£
312,564		 Balance as on
31/12/2021
£
3,350,742
312,564 3,350,742

Description, nature and purpose of unrestricted funds:

General funds: General fund represents funds available to spend at the discretion of the trustees.

14

THE CHRISTOPHER H R REEVES CHARITABLE TRUST

NOTES TO THE ACCOUNTS (Cont/d)

FOR THE YEAR ENDED 31 DECEMBER 2022

11. ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS

ANALYSIS OF FUND BALANCES BETWEEN NET ASSETS
Unrestricted
Funds
£
Investments
2,904,292
Net current assets
71,536
2,975,828
Analysis of fund balances between net assets– previous period
Unrestricted
Funds
£
Investments
3,321,336
Net current assets
29,406
3,350,742		 Total
31/12/2022
£
2,904,292
71,536
2,975,828
Total
31/12/2021
£
3,321,336
29,406
3,350,742		 Total
31/12/2021
£
3,321,336
29,406
3,350,742
Total
20/12/2020
£
3,047,274
23,916
3,071,190

12. RELATED PARTY TRANSACTIONS

One of the trustees, Mr Andrew Reeves, is also a director of the Trus t’s inv estment advisors, The Investment Coach Limited. Investment management fees totalling £5,500 (2021 - £5,500) were paid in the year to The Investment Coach Limited.

15