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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