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accounts under trusteea authorised investmentsthe investments which trustees are permitted to hold may be specifically stated in the will or deed
income accounta classificationincome will be classified under appropriate headingsrentsinterest on government securitiesdividendsinterest on
assets 1 the classification of investments in the balance sheet will be under a few broad headings with schedules listing the individual assets
balance sheetgrouping of items items in the balance sheet should be grouped under appropriate headings in particular a trust operating the
content of accountsperiodical accounts should normally consist of 1 balance sheet of the whole trust
accounting datein determining the accounting date of the trust the trustees will consider the followingdate of death accounts to anniversary of
history of trustthe following general information should be kept with the trust documentssummary of will or trust deedshort history of the
trust accountsa object of trust accountsto demonstrate that the trust funds have been applied in accordance with the trust instrumentto give details
tracing trust property apart from suing the trustee in the event of a breach of trust the beneficiary may follow the trust property and recover it
contribution and indemnitygenerally the trustees are jointly and severally liable to the beneficiaries and a trustee sued may claim contribution from
defence of trustee 1 he may be relieved from liability if in the opinion of the court he acted honestly and reasonably and ought to be excused2 he
remedies available to beneficiary1 injunction - to prevent unauthorised action by trustees2 personal action - a trustee is only liable for his own
breach of trustremedies available to beneficiary injunction personal action criminal liabilitydefence of trusts he may be relieved from liability if
to observe terms of trust trustees must comply with the trust instrument and the rules of equity they need not consult the beneficiaries or take
trustees right to be indemnifiedtrustees have however a right to be indemnified1 out of trust property for all expenses properly incurred in the
trustees remunerationa trustee may not receive remuneration except1 by order of the court if the trust is very onerous or the services of the trustee
duties of trustees1 not to profit from the trusta trustee may not receive remuneration except by order of the court if the trust is very onerous or
settlement of liabilitieswide powers of compromise are granted to trustees by the trustee act two or more trustees or a sole trustee where authorised
protection against claimsthe trustees may protect themselves against claims after discharge in the following ways 1 as regards liability for rent
advancementtrustees may apply not more than half of the presumptive or vested share of the capital held in trust for any person infant or adult
maintenancetrustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance
delegationa trustee cannot deleget unless1 it is necessary or in the ordinary course of administration or2 authorised by the
powers of investment 1 shares and debentures a trustee mayinvest in bearer securities if these would otherwise be authorised
investments under the trustee actthe act defines the categories of investment as follows 1 fixed interest securities
powers of investmentthe trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities the trustees may