Dear Mrs. Wright,
Re: Your Father's Trust Estate.
I have yours of the 4th inst. This suggested meeting arose out of my refusal as Trustee to approve the fees being charged by Messrs. Jackson Andrews & Co., in respect of preparing accounts and tax returns for the yearly income. Their fee for the year ended 1980 is £500 plus v.a.t. £75 i.e. £575 and for the year ended April 1981 £250 plus v.a.t. £37.50p i.e. £287.50p. They did say that their fees included work done for your mother. I have no knowledge of how much work was done for your mother or what the appropriate fee would be but in the Trust there is a holding of Government Stock, two Building Society accounts and a small bank deposit and a small current account (quite insufficient to pay their fees) and in all honesty I cannot see in respect of the above items how they can justify the fees charged.
Mr. Foster who I believe to be the senior partner of Messrs. Jackson Andrews & Co, has done his best to convince me and persuade me that the fees are reasonable but I am still not convinced. He wrote to your mother in October last and again on 30th December seeking her agreement and I believe your mother has not replied to those letters.
I have told Mr. Foster that the matter cannot be resolved and indeed if I feel that there would be a yearly question or argument about professional fees which I find distasteful I will resign from the Trust.
I am sorry that I cannot advise you on what course of action to take about this proposed meeting but I have tried to make my position clear to you.
Mr. Foster has suggested to your mother in October last that she should obtain from her three daughters consent to overdraw on the income mainly because your mother had received more income than was in fact obtained after payment of tax and that certainly is a matter in which you have a right to be interested. The fees to Jackson Andrews whatever they may be agreed would have to be paid out of capital or else your mother's income for the coming year reduced. Mr. Foster has suggested that you and your sisters agree that each year this will come out of capital if necessary.
You might want to give that some thought.
[Official Solicitor Brian Hall later engaged accountants Jackson Andrews & Co to do accounts for Freddie!!!]