The day-to-day management of the Group’s investment portfolio and the upkeep of the Group’s accounting records is managed internally, with the custody of its investments outsourced to 3rd-celebration service suppliers. Accordingly, our audit work is concentrated on obtaining an understanding of, and evaluating, internal controls by the Group and inspecting information and documents held by the third-celebration service suppliers. We undertook substantive testing on important transactions, balances and disclosures, the extent of which was primarily based on numerous components such as our total assessment of the control environment, the effectiveness of controls over particular person systems and the administration of particular risks.
However, as a result of the coverage over the previous ten years of rising the annual dividend and retaining to revenue reserves the utmost permitted under the laws regarding investment trusts, the Company is in a robust place and can pay its dividend for a while from amassed reserves. The Strategic Report comprising pages 1 to sixteen has been ready in accordance with Section 414A of the Companies Act 2006 (‘the Act’). Its purpose is to inform shareholders and help them perceive how the Directors have performed their obligation beneath Section 172 of the …