In the matter of the 1964 F Settlement and the 1987 F Settlement

On 25 th June, 2020 we made certain orders, having heard argument, in respect of the Representation of the Trustees. The Trustees are trustees of the 1964 F Settlement (the "64 Trust") and the 1987 F Settlement (the "87 Trust") together referred to as the "Trusts". We now give the reasons for our decision.

The 64 Trust is a discretionary trust established on 9 th January, 1964. The 87 Trust is a discretionary trust established on 15 th October, 1987. Both were established by the settlor, T, for the principal benefit of his three children and remoter issue. The Principal Beneficiaries under the Trusts, all of whom have been appointed life interests in sub-funds under each of the Trusts, are the settlor's three children and two adult grandchildren.

(i) Approval under Article 51 of the Law of a proposed reallocation of profits as a result of investment monies lent between sub-funds of the Trusts;

(ii) Approval under Article 51 of the Law of a proposed reorganisation and simplification of the corporate structure underlying the Trusts, so as to merge the investment companies held by sub-funds in respect of each of the Principal Beneficiaries and

(iii) An order granting the Trustees a power to self-deal under section 57 of the Trustee Act 1925, an Act of the United Kingdom Parliament.