The Directors who served in the year received the following emoluments wholly in the form of fees:

Fees/Total 


                        Year to 30 April 2021 Year to 30 April 2020 
 
                        GBP                     GBP 
Lord Lamont (Chairman)  20,000                20,000 
H Myles                 20,000                20,000 
W van Heesewijk*        -                     - 
A Watkins               17,500                17,500 
                        57,500                57,500

* Mr van Heesewijk has waived his entitlement to fees.

During the year no Directors received taxable bene?ts (2020: same). Directors' interests (audited)

The interests of the Directors and any connected persons in the Ordinary shares and Zero Dividend Preference ('ZDP') shares of the subsidiary Company are set out below: 


Number of                            Number of     Number of       Number of 
Ordinary shares                      ZDP shares    Ordinary shares ZDP shares 
held at                              held at       held at         held at 
Director               30 April 2021 30 April 2021 30 April 2020   30 April 2020 
Lord Lamont (Chairman) 84,201        10,000        76,415          10,000 
W van Heesewijk        110,000       Nil           110,000         Nil 
H Myles                Nil           Nil           Nil             Nil 
A Watkins              13,100        Nil           13,100          Nil

In August 2020 the Board acting its capacity as the Remuneration Committee approved a revised and updated Share Dealing Policy for Directors. Signi?cance of spend on pay

Change 


                                                    2021      2020      % 
 
                                                    GBP         GBP 
Dividends paid to Ordinary shareholders in the year 2,064,000 2,523,000 (18.19) 
Total remuneration paid to Directors                57,500    57,500    -

None of the Directors nor any persons connected with them had a material interest in the Company's transactions, arrangements or agreements during the year.

The Directors' Remuneration Report for the year ended 30 April 2020 (Resolution 2) was approved by shareholders at the Annual General Meeting held on 9 September 2020. The votes cast by proxy were as follows:

Number of votes % of votes cast 


For                        1,011,835 94.0 
Against                    64,210    6.0 
At Chairman's discretion   0         0.0 
Total votes cast           1,076,045 
Number of votes abstained  19,964 Remuneration policy

The Board's policy is that the remuneration of non-executive Directors should be suf?cient to attract and retain directors with suitable skills and experience, and is determined in such a way as to re?ect the experience of the Board as a whole, in order to be comparable with other organisations and appointments.

The fees of the non-executive Directors are determined within the limits of GBP250,000, as set out in the Company's Articles of Association. The approval of shareholders would be required to increase the limits set out in the Articles of Association. Directors are not eligible for bonuses, pension bene?ts, share options, long-term incentive schemes or other bene?ts, as the Board does not consider such arrangements or bene?ts necessary or appropriate. Fees for any new Director appointed will be made on the same basis.

The Directors' Remuneration Policy (Resolution 7) was approved by shareholders at the Annual General Meeting held on 9 September 2020. The votes cast by proxy were as follows:

Number of votes % of votes cast 


For                                     991,995                   91.9 
Against                                 87,732                    8.1 
Total votes cast                        1,079,727 
Number of votes abstained               16,282 
                                        Expected Fees for Year to Fees for Year to 
                                        30 April 2022             30 April 2021 
Chairman basic fee 
                                        20,000                    20,000 
Non-Executive Director basic fee        17,500                    17,500 
Audit Committee Chairman additional fee 2,500                     2,500

The Company intends to continue with the Directors' Remuneration Policy approved by shareholders in 2020 over the next ?nancial year. Fees payable in respect of subsequent periods will be determined following an annual review. Any views expressed by shareholders on remuneration being paid to Directors would be taken into consideration by the Board. In accordance with the regulations, an Ordinary Resolution to approve the Directors' Remuneration Policy will be put to shareholders at least once every three years. Approval

The Directors' Remuneration Report on pages 34 to 36 was approved by the Board on 24 June 2021. On behalf of the Board Lord Lamont of Lerwick

Chairman

24 June 2021 Statement of Directors' Responsibilities

in respect of the Annual Report and the ?nancial statements

The Directors are responsible for preparing the Annual Report and the ?nancial statements. Company law requires the Directors to prepare ?nancial statements for each ?nancial year. Under that law the Directors have elected to prepare ?nancial statements in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the EU in conformity with the requirements of the Companies Act 2006 and applicable law.

Under company law the Directors must not approve the ?nancial statements unless they are satis?ed that they present fairly the ?nancial position, ?nancial performance and cash ?ows of the Group and the Company for that period.

In preparing each of the Group and the Company's ?nancial statements, the Directors are required to: ? select suitable accounting policies and then apply them consistently; ? make judgements and estimates that are reasonable and prudent; ? state that the Group and the Company have complied with IFRSs, as adopted by the EU subject to any material

departures disclosed and explained in the ?nancial statements; ? present information, including accounting policies, in a manner that provides relevant, reliable, comparable and

understandable information; ? provide additional disclosures when compliance with speci?c requirements in IFRSs is insuf?cient to enable users to

understand the impact of particular transactions, other events and conditions on the Group and the Company's

?nancial position and ?nancial performance; and ? make an assessment of the Group's ability to continue as a going concern.

The Directors are responsible for keeping adequate accounting records that are suf?cient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the ?nancial position of the Group and enable them to ensure that the Group's ?nancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, a Directors' Report, Directors' Remuneration Report and Statement on Corporate Governance that comply with that law and those regulations, and for ensuring that the Annual Report includes information required by the Listing Rules of the FCA.

The Directors are responsible for the maintenance and integrity of the corporate and ?nancial information relating to the Company on the Investment Manager's website. Legislation in the UK governing the preparation and dissemination of ?nancial statements differs from legislation in other jurisdictions.

The Directors con?rm that, to the best of their knowledge and belief: ? the ?nancial statements, prepared in accordance with the relevant ?nancial framework, give a true and fair view of

the assets, liabilities, ?nancial position and pro?t of the Group; ? the Annual Report includes a fair review of the development and performance of the Group and the position of the

Group, together with a description of the principal risks and uncertainties faced; ? the Annual Report is fair, balanced and understandable and provides the information necessary for shareholders to

assess the Company's performance, business model and strategy; and ? the Investment Managers' Report includes a fair review of the development and performance of the business and the

Group and its undertakings included in the consolidation taken as a whole and adequately describes the principal

risks and uncertainties they face.

On behalf of the Board of Directors Lord Lamont of Lerwick

Chairman

24 June 2021 Independent Auditor's Report

to the members of Chelverton UK Dividend Trust PLC Opinion

In our opinion, the ?nancial statements: ? give a true and fair view of the state of the Group's and Parent Company's affairs as at 30 April 2021 and of the

Group's and the Parent Company's pro?t for the year then ended; ? have been properly prepared in accordance with international accounting standards in conformity with the

requirements of the Companies Act 2006 and International Financial Reporting Standards ("IFRSs") as adopted by the

European Union and IFRSs as issued by the International Accounting Standards Board ("IASB);

We have audited the ?nancial statements of Chelverton UK Dividend Trust plc (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2021, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Parent Company Statement of Changes in Net Equity, the Consolidated and Parent Company Balance Sheets, the Consolidated and Parent Company Statement of Cash Flows and the related notes, including a description of signi?cant accounting policies.

(MORE TO FOLLOW) Dow Jones Newswires

June 24, 2021 02:04 ET (06:04 GMT)