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Distribution policy – continued","page_number":15,"box":{"x":57,"y":151,"width":305,"height":11}},{"id":"4a0864c3-a0d9-40a0-8d59-65d99dfb23b8","block_type":"box","text":"Equalisation applies only to units purchased during the","page_number":15,"box":{"x":58,"y":169,"width":419,"height":10}},{"id":"d13f5dca-1aa1-45e1-8fea-7948161ebb2b","block_type":"box","text":"distribution period (Group 2 units). It represents the accrued","page_number":15,"box":{"x":57,"y":184,"width":420,"height":10}},{"id":"abaeea91-3f10-42b9-ad8c-b094463762f4","block_type":"box","text":"revenue included in the purchase price of the units. After","page_number":15,"box":{"x":58,"y":198,"width":420,"height":10}},{"id":"479d51b8-462f-41bb-8aca-7e0a71350700","block_type":"box","text":"averaging it is returned with the distribution as a capital","page_number":15,"box":{"x":57,"y":212,"width":420,"height":10}},{"id":"599458cf-4ccb-4d19-ab8c-345cbceceac3","block_type":"box","text":"repayment. It is not liable to Income Tax but must be deducted","page_number":15,"box":{"x":58,"y":226,"width":419,"height":10}},{"id":"9aac57c2-1618-4ae3-8b56-caa5a1e13b41","block_type":"box","text":"from the cost of the units for Capital Gains Tax purposes.","page_number":15,"box":{"x":57,"y":241,"width":384,"height":10}},{"id":"79959544-36e1-494f-bfc7-a7ea7d286afb","block_type":"box","text":"3. Risk management policies","page_number":15,"box":{"x":57,"y":267,"width":268,"height":12}},{"id":"52285179-cf85-4b1b-8d62-11fcae820464","block_type":"box","text":"In pursuing the Trust’s objectives set out on page","page_number":15,"box":{"x":58,"y":286,"width":368,"height":10}},{"id":"02bf6185-b362-49b8-8141-1e7bd34c9cfd","block_type":"box","text":"4","page_number":15,"box":{"x":435,"y":286,"width":8,"height":8}},{"id":"8d2d5993-346a-41ac-aca8-356f56d86691","block_type":"box","text":", the","page_number":15,"box":{"x":445,"y":286,"width":32,"height":9}},{"id":"08ad8f35-5f10-43b3-aa45-e941b0af0d67","block_type":"box","text":"Trust holds a number of financial instruments which include:","page_number":15,"box":{"x":57,"y":300,"width":403,"height":8}},{"id":"b4ee89c1-e1be-4b0b-bcaf-164a1cfe36a0","block_type":"box","text":"•","page_number":15,"box":{"x":57,"y":324,"width":4,"height":3}},{"id":"66c52984-149f-4e70-aab7-02d340202130","block_type":"box","text":"Equity shares held in accordance with the Trust’s investment","page_number":15,"box":{"x":70,"y":321,"width":408,"height":10}},{"id":"4f337b28-dbfd-4d0c-9a56-aecef7df46f8","block_type":"box","text":"objectives and policies.","page_number":15,"box":{"x":69,"y":336,"width":156,"height":9}},{"id":"9e496703-4f1e-4af2-8911-5f6271dc098f","block_type":"box","text":"•","page_number":15,"box":{"x":57,"y":356,"width":4,"height":3}},{"id":"9b9eee27-c32b-4bdd-a5e2-40dbca633e5e","block_type":"box","text":"Cash, liquid resources and short","page_number":15,"box":{"x":69,"y":353,"width":223,"height":10}},{"id":"4c6a57ac-e758-4a2a-bba9-141deca3e568","block_type":"box","text":"-","page_number":15,"box":{"x":292,"y":358,"width":4,"height":1}},{"id":"8c37d218-4718-4d7f-afdb-9c975ff1d3b1","block_type":"box","text":"term debtors and creditors","page_number":15,"box":{"x":297,"y":353,"width":180,"height":8}},{"id":"8ed95a56-1264-4122-ac51-a0a591f4ef8e","block_type":"box","text":"that arise directly from its operations.","page_number":15,"box":{"x":69,"y":367,"width":249,"height":10}},{"id":"46afeb6e-bc97-4eb2-a3d7-b99e672b18b5","block_type":"box","text":"The main risks arising from the Trust’s financial instruments are","page_number":15,"box":{"x":57,"y":388,"width":420,"height":10}},{"id":"e181f0cd-7058-40ca-bc32-f5e427040d39","block_type":"box","text":"summarised below, and remain unchanged from the prior year.","page_number":15,"box":{"x":57,"y":403,"width":420,"height":10}},{"id":"93ab92f3-afee-4d0a-afe7-06a61b8d056b","block_type":"box","text":"Market price risk","page_number":15,"box":{"x":58,"y":427,"width":121,"height":10}},{"id":"99567c5c-4626-4c21-9aff-435ed30c4746","block_type":"box","text":"Market price risk arises mainly from uncertainty about future","page_number":15,"box":{"x":58,"y":445,"width":419,"height":10}},{"id":"fe412599-65c5-4d17-b9d9-9e88542a4740","block_type":"box","text":"prices of financial instruments held. It represents the potential","page_number":15,"box":{"x":58,"y":459,"width":419,"height":10}},{"id":"ee330a06-ff28-4958-8ec2-b8c360fb7b4a","block_type":"box","text":"loss the Trust might suffer through holding market positions","page_number":15,"box":{"x":58,"y":473,"width":419,"height":10}},{"id":"cddee12c-3b3b-44c9-a5e6-281ec35c6ef3","block_type":"box","text":"in the face of price movements. The asset allocation of the","page_number":15,"box":{"x":58,"y":487,"width":419,"height":10}},{"id":"41926590-8383-43a6-a25c-0d13c258d363","block_type":"box","text":"portfolio is reviewed in order to manage the risk associated","page_number":15,"box":{"x":58,"y":502,"width":419,"height":10}},{"id":"11c44cf3-2422-4f7b-8f48-dee5b26ecee4","block_type":"box","text":"with particular industry sectors whilst continuing to follow","page_number":15,"box":{"x":57,"y":516,"width":421,"height":10}},{"id":"4b70aec3-742c-4e76-a303-2f48f9ef2166","block_type":"box","text":"the investment objective. An individual Fund Manager has","page_number":15,"box":{"x":57,"y":530,"width":420,"height":10}},{"id":"259e089b-6ac4-4602-be56-4986e7b2db8d","block_type":"box","text":"responsibility for monitoring the existing portfolio selected in","page_number":15,"box":{"x":58,"y":544,"width":419,"height":10}},{"id":"f1b31749-2987-4432-9832-8b7780a0e556","block_type":"box","text":"accordance with an overall asset allocation parameter and","page_number":15,"box":{"x":57,"y":559,"width":420,"height":9}},{"id":"a6ee3d9b-48d8-4209-82c4-3c918b0c130f","block_type":"box","text":"seeks to ensure that the Trust invests in a diversified fashion,","page_number":15,"box":{"x":57,"y":573,"width":420,"height":9}},{"id":"29e38e5f-e092-4439-a1b7-1170bba8c21c","block_type":"box","text":"to reduce the risk of exposure to a significant event affecting","page_number":15,"box":{"x":57,"y":587,"width":420,"height":10}},{"id":"d8b8a320-08ed-40fa-9325-90a033fa2aab","block_type":"box","text":"a single security, or industry, subject to the obligation under","page_number":15,"box":{"x":57,"y":601,"width":421,"height":10}},{"id":"e9e11513-6372-469c-9d05-2889c2e6374e","block_type":"box","text":"the Trust’s objective to invest in securities which share","page_number":15,"box":{"x":57,"y":616,"width":420,"height":10}},{"id":"aa54ed4b-03ec-412e-bb87-cde6c7d61ff2","block_type":"box","text":"certain characteristics.","page_number":15,"box":{"x":57,"y":630,"width":152,"height":8}},{"id":"9966afc8-4be9-43af-91be-8a62002e7f01","block_type":"box","text":"Foreign currency risk","page_number":15,"box":{"x":58,"y":654,"width":156,"height":10}},{"id":"5dd3cabe-70d9-4f8d-b41b-5426f977035a","block_type":"box","text":"The value of the Trust’s investments may be affected by","page_number":15,"box":{"x":57,"y":672,"width":421,"height":10}},{"id":"81c22847-3716-48b8-adb2-48bc5f5468c3","block_type":"box","text":"currency movements since a proportion of the assets","page_number":15,"box":{"x":57,"y":686,"width":420,"height":10}},{"id":"6ef2a5f9-e0a8-4ecb-9042-f17e656e300d","block_type":"box","text":"are denominated in currencies other than sterling. The","page_number":15,"box":{"x":57,"y":700,"width":420,"height":10}},{"id":"d14ea102-54ab-4a48-b77c-2fc220cd3683","block_type":"box","text":"Manager may, from time to time, seek to mitigate the effect","page_number":15,"box":{"x":58,"y":715,"width":420,"height":10}},{"id":"c06b0d21-a262-4af1-a9c6-8a30b8e6c365","block_type":"box","text":"of these currency exposures by covering a proportion of its","page_number":15,"box":{"x":57,"y":729,"width":420,"height":10}},{"id":"5dc568a4-feb5-4ebc-8501-366ea3071b93","block_type":"box","text":"investments using forward currency hedges. However, no","page_number":15,"box":{"x":58,"y":743,"width":420,"height":10}},{"id":"eaead889-2b71-476e-bd2f-35cc00d1d942","block_type":"box","text":"such arrangements were in place at the year end. The risk of","page_number":15,"box":{"x":57,"y":757,"width":422,"height":10}},{"id":"4261eb80-ed19-4509-b39f-edc8bc2c6c1f","block_type":"box","text":"currency movements on the income property of the Trust is","page_number":15,"box":{"x":57,"y":772,"width":421,"height":10}},{"id":"b0b4ad82-63c6-4f29-9240-1fc61971fe17","block_type":"box","text":"minimised by converting income received in foreign currency","page_number":15,"box":{"x":58,"y":786,"width":420,"height":10}},{"id":"1061c131-595c-4e6e-95ae-0af51649e9b1","block_type":"box","text":"into sterling on the date of transaction.","page_number":15,"box":{"x":58,"y":800,"width":256,"height":10}},{"id":"558030cf-a9fc-4843-9044-bf0ad335fb35","block_type":"box","text":"Credit risk","page_number":15,"box":{"x":522,"y":151,"width":75,"height":8}},{"id":"457b51ac-2152-4bc6-9748-3b97c8b06bfd","block_type":"box","text":"Credit risk is the risk that one party to a financial instrument will","page_number":15,"box":{"x":522,"y":169,"width":419,"height":10}},{"id":"2bef6786-727a-4a61-9bd3-01167a813df7","block_type":"box","text":"cause a financial loss for the other party by failing to discharge","page_number":15,"box":{"x":522,"y":183,"width":420,"height":10}},{"id":"6d263853-6f00-4c76-b2d5-efb54057580f","block_type":"box","text":"an obligation. This includes counterparty and issuer risk.","page_number":15,"box":{"x":521,"y":197,"width":420,"height":10}},{"id":"a004003b-aab6-4cdb-affd-48e749546c55","block_type":"box","text":"Cash is held with reputable credit institutions and credit risk is","page_number":15,"box":{"x":522,"y":211,"width":420,"height":10}},{"id":"f3f61a7b-6de2-4393-a056-3edfe3fff7d4","block_type":"box","text":"assessed on a regular basis. Certain transactions in securities","page_number":15,"box":{"x":521,"y":226,"width":421,"height":10}},{"id":"37733690-69a9-464a-bba6-4d75ae619c58","block_type":"box","text":"that the Trust enters into expose it to the risk that a counterparty","page_number":15,"box":{"x":521,"y":240,"width":421,"height":10}},{"id":"753f782d-69b9-4365-bcf2-473eae4c8a8c","block_type":"box","text":"will not deliver the investment for a purchase, or cash for a sale","page_number":15,"box":{"x":521,"y":254,"width":421,"height":10}},{"id":"a8515721-1d0c-4c6b-b98d-7c736467c493","block_type":"box","text":"after the Trust has fulfilled its responsibilities. The Trust only","page_number":15,"box":{"x":521,"y":268,"width":421,"height":10}},{"id":"2f4aed20-99d9-423d-8642-c44d9d7e7821","block_type":"box","text":"buys and sells investments through brokers which have been","page_number":15,"box":{"x":522,"y":283,"width":419,"height":10}},{"id":"ed23b6a6-2420-4de8-bdcc-b397b2db1c0b","block_type":"box","text":"approved by the Manager as an acceptable counterparty and","page_number":15,"box":{"x":521,"y":297,"width":420,"height":10}},{"id":"c96bc583-1d88-4daf-928f-cfb97a3a2eaa","block_type":"box","text":"these are reviewed on an ongoing basis.","page_number":15,"box":{"x":521,"y":311,"width":272,"height":10}},{"id":"1818e640-ea9b-43f5-b495-8dbb8e489e8f","block_type":"box","text":"Liquidity risk","page_number":15,"box":{"x":522,"y":336,"width":95,"height":10}},{"id":"32d6f518-ed56-4860-9d1f-f6da633c43b3","block_type":"box","text":"The Trust’s assets comprise mainly readily available realisable","page_number":15,"box":{"x":521,"y":353,"width":421,"height":10}},{"id":"33aa8e43-1394-413d-834a-64c1ac479dc6","block_type":"box","text":"securities, which can be sold to meet funding requirements","page_number":15,"box":{"x":521,"y":367,"width":421,"height":10}},{"id":"c9ecf295-f844-4697-992d-cfce96e831ff","block_type":"box","text":"if and when necessary. 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