In order to meet these objectives, the trustees use Redmayne Bentley as their agent to manage a diversified portfolio of
suitable investments on a discretionary basis during the year. As advised by the trustees, Redmayne Bentley selected a
balanced investment objective with medium risk. The proportions invested in equities, fixed income stocks and cash
were reviewed with the Investment Managers from time to time to provide guidance on the ongoing suitability of that
element of investment policy and the level of income to be achieved. Additionally, with due regard to diversification, the
suitability of investments is taken to include the avoidance, to a reasonable degree, of investments in companies
predominantly involved with alcohol, armaments and tobacco. After discussion at the company AGM, the trustees
resolved that, having in mind the challenge of climate change and care for the environment, investment in companies
predominantly involved with fossil fuels should be avoided as far as reasonably necessary. Redmayne Bentley was
advised of this change.
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