Registered Chartty No 204018
ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
TRUSTEES. REPORT AND ACCOUNTS
FOR THE YEAR ENDING 31" DECEMBER 2024
Carpenter Box
Chartered Accountants
Piper House
4 Dukes Court
Bognor Road
Chichester
P019 8FX

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
CONTENTS
Page
Report Cover
Cor*tents
Trust Information. Officers & Advisors
Trustees. Report-
Statement of Trustees. Responsibilities
Independent Examinerf5 Report
Statement of Financial Activities
Balance Sheet
io
Notes to the Accounts
IltolS

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
TRUST INFORMATION
AT31° DECEMBER 2024
TRUSTEES
Co-optative
Mr Paul Williams
Lt Col Neville C N Harris
Mrjohn E Jerome MBE
Reverend John WA Harvev
Mr Rob Duncan
NominatÉve
Lt Col David Ruffle
Cdr Mike Pearce RN
Rear Admiral Alan Rymer
Ex Officio
Rev Andrew Latrfa CF
Clerk to Trustees
Christine Thirkell
CHARITY NUMBER
204018
OFFICE
clo Christine Thirkell
12 New Odiham Road
Alton
Hants GU34 IQD
BANKERS
NATWEST Bank
30 Wellington Street
Alder5hot
Hants GUII IEB
INVESTMENT MANAGERS
Charles Stanley & Company Limited
Ropemaker Place
25 Ropemaker Street
London
EC2 9LY
INDEPENDENT EXAMINERS
Carpenter Box
Chartered Accountants
Piper House
4 Dukes Court
Bognor Road
Chichester
P019 8FX

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
RegiSte￿d Charity No. 204018
TRUSTEES, REPORTFOR THE YEAR ENDING 31" DECEMBER 2024
OBJEcfs OF THE CHARITY
The Tru5tee5 shall apply the clear income of the Chartty for the purpose of furthering the religious
and other charitable work of the Chtjrch of England amongst members and foimer members of the
Armed Forces of the Crown. resident or serving in the area of benefit, and the dependants of such
members. and the promotion of the efficiency of the Armed Forces of the Crown by provision of
benefits not normally provided out of funds of the Exchequer in accordance with The Scheme dated
2 June 1981, as later amended.
When planning activities for the year, the Trustees have considered the Charity Commission's
guidance on public benefri and, in particular. the specific guidance on charities for the advancement
of religion.
MANAGEMENT OFTHE CHARITY
The administration of the Chartty is carried out in accordance with The Scheme as Set out and issued
by the Charity Commissioners signed and sealed on the second of JLsne nineteen eiEhty one and by
the Scheme varying the Scheme signed and sealed on the fifth day of December nineteen ninety four
and the eighteenth day of April 2013. The body of Tnjstees shall consist of six Co-optative Trustees,
three Nominative Trustees and one Ex-officio Tnjstee. The Co-optative Trustees shall be persons
who through residence. occupation or employment or otherwise have special knowledge of the area
of benefit and are appointed for a period of five years. The NominatFve Trustees shall be appointed
by the Council of the Church of England Soldiers. Sailors, & Airmen's Clubs for a period of four years.
The Ex-officio Trustee shall be selected by the Trustees as the serving Senior Chaplain Regional
Command within the defined area of benefrt. All Trustees are voluntary but are entitled to
reimbursement of expenses incurred on thè business of the Trust. Existing Trustees may nominate
persons to fill a vacanty for a C￿0ptatWe Trustee who will be invited to Stt in at a meeting and, if all
agreed and approved, will be appointed by the Board of Trustees. In recent years it has become
increasingly drfficult to find volunteer5 prepared to give their time and expertise as Trustee5.
Trustees who served during the year and at the time of approval were..
Co-optative
Mr Paul Williams
Ichairmanl
Lt Col Neville C N Harris
Mrjohn E Jerome MBE
Reverènd John WA Harvey
Mr Rob Duncan
Nominative
Cdr Patrick T Mayfield RN
Lt Col David Ruffle
Cdr Mike Pearce RN to 15110124
Rear Admiral Alan Rymer from 15110/24
Col Rev Dr James Francis M8E to 15110124
Rev Andrew Latrfa CF from 15/10124
Ex Officio

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
FINANCIAL REVIEW
The Trust is a direct successor to one founded in 1883. The original Trust established the Church of
England Soldiers, and Sailors, Instttute in Aldershot which provided off-duty servicemen with
spiritual and recreational facilsties including accommodation. As a re5vlt of competition from more
modern facilities and a reduction in the size of the garrison, the Institute eventually closed its doors
in 1971. The substantial freehold premises were sold the following year for £335,000 and the net
proceeds passed to the present day Trust.
Thus, over 140 years after tts foundation, the successor body is continuing to provide welfare and
5UPPOrt, albeit in a different form. to the Armed Forces of the Crown. With the reduction in the size
of the forces and the consequential change in their organisation and structure. the Charit(s Area of
Benefit has expanded overthe years to cover twelve counties.
Investment Policy
The Trust's investment objectrve is to obtain maximum income compatible with a medium low
balanced level of risk. The level of risk applies to the portfolio as a whole rather than the individual
stocks and shares. In furtherance of this objeclive the current guidance. agreed with the i nvestment
managers, Charles Stanley, is to maintain a segregated portFolio with an investment split in the
rènge of: Equities 55-75%, Fixed Interest 10-25%. Mixed Investments Nil-IO%, Alternatives Nil-7.5%,
Commercial Property Nil-7.5%, Cash Nil-7.5%. The appointed investment managers manage the
portfolio on a discretionary basi5. The investment funds are subject to the Trustee Act 2000. The
Trustees review the investment policy annually.
Major Risks
The Trustees consider that the major risks to the Trust are inflation and a signtficant fall in the stock
market leading to a loss of income and devaluation of the portfolio of investments held. The
portfolio is reviewed at each ordinary meeting of the Trustees and the investment m3nagers provide
reports and a briefing on the portfolio's perfomiance. The portfolio 15 managed to maximise income
whilst maintaining the portfolio value as far a5 P055ible in real temis. The Trustees monitor the
investment manage¢s guidance on the fixed interest investment, equities and cash. The investments
cover a wide spread of in(Justries and markets to minimise the iwnpact of any of the market's
inherent instabilities.
The Trust relies solely on the income of the investment portfolio to provide the funds for mèking
grants. The Trustees tommtt to grants based on the merits of the applications and the availability of
funds as at the date the request is considered- they do not commit to making grants based upon
future income projertions.

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
Grant Making Polity
The Trust only considers grant applications through Service channels of HM Armed Forces or from
gistered charitable organisations where any grant would meet the remtt of the Trust. Grants are
considered for specrfic projects, not for ongoing running costs or where other sources of funding
should be available through HM Armed Forces. Applications for grants through Service channels
must be presented to the Trustees on one of the Trust'5 application forms which must be completed
and then endorsed by the commanding officer and the Untt chaplain. Applications which come from
charitable organisations with links to the armed forces must demonstrdte that the benefits from
receiving the grant will frt within the ethos and remit of the Aldershot Church of England Services
Trust. The Trust may pledge a contribution towards larger projects, but before releasing it they will
require confirmation that enough funds have also been raised elsewhere to allow the project to
proceed. The Trustees always require confirmation that funds have been received and expert to
receive letters of thanks once the project has been completed. Where projects are known to have
been delayed. the Trustees will endeavour to keep in contact with the recipient to ensure that the
project eventually proceed5 and that the Trnsys funds have been used for their specified purpose.
Overview of Progress
Following the COVID pandemic the Trustees realised that many things had changed. Keen to attract
more grant applicants from wtthin the Armed Services of the Crown the Trust's website has been
updated. They also increased their a￿a of benefrt to include Gloucestershire. Sornerset, Avon,
Bristol. Devon and Cornwall. In order to make more Army Padres aware of the Trnst's existence it
was decided to mail as many Army Padres in the Trust's area of beneftt as possible with a letter
introducing the Trust and the welfare benefits available to them. Arthough inttially this has just been
to Army Padres future mailings are planned. To further extend their reach in January 2024 the
Trustees decided to include military Reserves 8nd Cadets as beneficiaries.
The portfolio started the year at a valuation of £1.593,409 and ended valued at £1,656,385. The
investment managers have provided quarterly reports which the Tnjstees have reviewed at each of
their board meetings. They have kept a close watch on the investment guideline5 as the investment
manèger5 have moved to a greater weighting on equities while fixed interest returns are low. The
irbve5tment manager5 also continue to invest funds into overseas markets. to diversify the portfolio.
Followin8 a 5UStability review with the investment m3naEets. the Trustees ￿vieWed the portfolio
objectives and agreed the investment objective focus to generate income wtthout diminishing the
capital value of the portFolio in real terms.
During 2024, the total investment income amounted to £62,0351£64,7731. The income of the Trust
was utilised in the payment of approved grants- six grant applications were approved totalling
£44,3921£11,7441 with a previously approved unused grant of £10.786 being returned to the Trust,
bringing the total to £33.6061£11.7441 which represents 54% 118%) of the Trust's unrestricted
income.
At the end of the year the Trustees decided to transfer £40,¢XJO from income to their investment
portfolio towards maintaining the capital value of the portfolio.

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
The administrative cost of managing the Trust amounted to £21,431 1£20,3621 including the
honorarium of £4,600 and portfolio management fees of £14.091 IE13,7041.
Reserves
The reserves of the Trust amounted to £1.712.9011£1.668.8361. Out of thi5 £1,656.3851£1.593.4091
forms a restricted fund and the remainder £56,5161£75,4271 is unrestricted. The restricted fund 15
the value of the Trusvs investment portfolio plus any balance in the capital account, i.e. the
proceeds of disposals awaiting re-investment. which may not be distributed without prior reference
to the Charity Commi55ioners. but which generates unrestricted income for distribution.
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The Trustees are required under the Charities Act 2011 to prepare financial statements for each
financial year which give a tnje and fair view of the financial attivtties of the Chartty and of its
financial posttion at the end of that year. In preparing these financial statement5 the Trvstee5 are
required to..
Select suttable actounting policies and apply them consistentty.
b. Make judgements and estimates that are reasonable and prudent.
c. State whether the policies adopted are in accordance with the Statement of Recommended
Practice ISORPI 2018 for chartties applying FR5102 and with applrcable accounting standards
subject to any material departures being disclosed and explained in the financial statements.
d. Prepare the financial statements on a "going concern" basis, unless tt 15 inappropriate to
assume that the Charity will continue to operate.
e. Restrict Investments in the normal way for Capital Funds of an endowment under the
Trustee Act 1981.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial posttion of the Charity and enable them to ensure that the
financial statements comply with applicable law and regulations. They are responsible for
safeguarding the assets of the Charty and hence for taking reasonable step5 for the prevention and
detection of fraud and other irregularwtie5.
We, the Trustees confirni the above have been applied and are true.
APPROVAL: This report was approved by the Board ofTru5tees on ....
signed on its behalf by
2015
. and was
Mr Paul Williams
Chaimian

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
I report to the trustees on my examination of the financial statements of Aldershot
Church of England Services Trust (the charity} for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial
statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
l ￿port in respect of my examination of the charrW5 financial statements carried out unLler
section 145 of the 2011 Act. In carrying out my examinatiorb I have followed all the applicable
Directions given by the Charity Commission under section 14515llbl of the 2011 Act.
Independent e]Eaminerfs statement
I have completed my examination. I confimi that no matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect-
accounting records were not kept in respect of the charity as required by section 130 of the
2011 Act.. or
the financial statements (Jo not accord wtth those records: or
the financial statements do not compty with the applicable requirements concernin8
the form and content of accounts set out in the Chartties (Atcounts and Reports)
Regulations 2008 other than any requirement that the accounts give a true and fair view
which is not a matter considered as part of an independent examination.
I have no concerns and have come acro55 no other matters in connertton with the
examination to which attention should be drdwn in this report in order to enable a proper
understanding of the financial statements to be reached.
Claire Norwood Bsc FCA ATII
.1610712025
Carpenter Box
Piper House 4 Dukes Court
Bognor Road
Chichester
West Sussex
P019 8FX

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
STATEMENT OF FINANCIAL A￿1VITIEs
FOR THE YEAR ENDED 31" DECEMBER 2024
Total
2024
Total
2023
Notes
Restricted
Unrestricted
Income from
Investments
62,035
62,035
64,773
Total Income
62,035
62,035
64,773
Expendilure on
Raising Funds
Charitable ActNities
14,091
14,091
40,946
13,704
18,402
Sto9
40,946
Total Expenditure
14,091
40,946
55,037
32,106
Net Gains/ (Losses) on
Investments
37.068
37,068
53.718
Transfer
io
40,O¢KJ
Net income / expenditure &
Net Movement of funds for
the Year
62,977
-18,911
44,066
86,385
Total Funds Brought
Forward
Total Funds Carried
Forward
1.593,409
75,427
1,668,836
1,582,451
1.656,385
56,516
1,712.901
1,668,836

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
BALANCE SHEEf AS AT 31" DECEMBER 2024
Notes
Restricted
Unrestricted
2024
2023
FIXED ASSETS
Investments
li
1,597,082
1.597.082
1.518,311
Investment Managers,
Capital Account
12
59.303
59.303
75.098
TOTAL
1,656.385
1.656,385
1.593,409
CURRENT ASSETS
Investment Managers.
Income Account
Cash at Bank
13
5.176
5.176
4,152
53.132
53,132
72,944
LIABILITIE5
Creditors..
Amounts falling due within one year
16
1,792
1.792
1,669
Net Current Assets
56.516
56.516
75,427
Net Assets
1.656,385
56,$16
1,712,901
1,668,836
THE FUNDS OF THE CHARITY
1,656.385
56.516
1.712,901
1,668,836
Approved by the Board of Trustees and stgned on their behalf
Mr Paul Williams
Chairman
io-

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDING 31" DECEMBER 2024
l. Accountin
olicies
Charity infomiation
The Aldershot Church of England SerVi￿s Trust is an unincorporated charity registered number
204018. The registered office is 12 New Odiham Road, Alton, Hants, GU34 IQD.
1.1 Accounting convention
These accounts have been prepared in accordance with "Accounting and Reporting by Charities" the
Statement of Recommended Practice for charities applying the Financial Reporting Standard
applicable in the UK aftd Republic of Ireland IFRS 1021 and UK Generally Accepted Accounting
Practice as it applies from l January 2019. The charity is a Public Benefit Entity as defined by FRS
102.
The accounts are prepared rn sterlin& which is the functional currency of the charity. Monetary
amounts in these financial stJtement5 are rounded to the nearest £.
The accounts have been prepared on the historical cost convention. modified to include the
revaluation of certain financial instnjments at fair value. The principal accounting policies adopted
are set out below.
The thartty has taken advantage of the provFSions in the SORP for charities applying FRS 102 not to
prepare a Statement of Cash Flows.
1.2 Going concern
At the time of approving the accounts, the trustees have a reasonable expertation that the charity
has adequate resources to continue in operational existence for the foreseeable future. Thus the
trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Incoming resources
Investment income plu5 associated tax recoverable is credited to income on an accruals basis, using
dates dividends are received 3nd daily accnjal for interest.
1.4 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their
charitable objectives unless the fund5 have been designated for other purposes.
Restricted funds are subjett to specific Conditions by donors as to how they may be used. The
purposes and uses of the restricted funds are set out in the notes to the accounts.
1.5 Resources expended
Costs of generating funds comprise stockbrokerfs fees payable for the management o* the Trust's
investment portfolio which provided income for the charty. VAT is included which is not recoverable
by the charity.
Charitable expenditure comprises grants that are paid in accordance with the declared objectives of
the charity.
Governance costs include those costs associated WTth meeting the constitutional and statutory
requirements of the char.ity and include fees and costs linked to the Strategic management of the
charity.
1.6 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term
liquid investments wtth original maturities of three months or less, and bank overdrafts.
1.7 Financial instruments
The charity has elected to apply the provisions of Section 11 '8asic Financial Instrument5. and
Section 12 '0ther Financial Instruments 15sues' of FRS 102 to all of its financial instrument5.
Financial instruments are recognised in the charty's balance sheet when the tharity becomes pèrty
to the contractual provisions of the instrument.
li

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
Financial assets and liabilities are offset, with the net amounts p￿sented in the financial statements,
when there is a legally enforceable right to set off the recognised amount5 and there 15 an intention
to Settle on a net basis or to realise the asset and settle the liability simultaneously.
Busicfinanciol t755ets
Basic financial assets. which include debtors and cash and bank balance5, are initially measured at
tran53Ction price including tran5artion costs and are subsequently carried at amortlsed cost using
the effective interest method unless the arrangement constrtute5 a fsnancing transaction, where the
transaction is measured at the present value of the future receipts discounted at a market rate of
interest. Financial assets classified as receivable within one year are not amortised.
Bosicfinonciol liabilities
Basic financial liabilities. including creditors and bank loans are initially ￿cOgnISed at transèction
price unle55 the arrangement constitutes a financing transaction, where the debt instrument 15
measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabrltties classtfied as payable within one year are not amortised.
Debt instruments are subsequently Carried at amortised cost, using the effertÉve interest rate
method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
course of operations from suppliers. Amounts payable are classified as current liabilities rf payment
15 due within one year or less. If not, they are presented as non-current liabilities. Trade creditor5 are
recognised initially at transaction price and subsequently measured at amortised cost using the
effective interest method.
Derecognition offinonciol liabilities
Financial liabilities are de￿cOgnised when the charit￿S contractual obligations expire or are
discharged or Cancelled.
1.8 FiKed Asset Investments
Fixed asset investments are initially measured at transactioft price excluding transaction c05ts. and
are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised
in net incomellexpenditurel for the year. Transattion costs are expensed as incurred.
2. Critical accountin
estimates and ud
ements
In the application of the chartt¥s accounting policies. the trustees are required to make judgements,
estimate5 and assumptions about the carrying amount of assets and liabiltties that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experiente and other factors that are considered to be relevant. Actual results may differ from these
estimate5.
The e5tirnates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the eStI￿ate is revised where the
revision affects only that period, or in the period of the revision and future periods where the
revision affects both current and future periods.
12-

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
NOTES TO THE ACCOUNTS
3. INVESTMENT INCOME
Income from listed investment
Unrestricted
Restricted
2024
£62.034.80
2023
£64,772.94
Interest Receivable on Cash Dewjsits
Total
£0.00
£64,772.94
£62.034.80
4. COStS of FiAISING FUNDS
These are the investment manager's charges for the management of the investment
portfolio which provides the income for the Trust. The charges include VAT which is not
recoverable by the Trust.
2024
£14.091.10
2023
£13,704.04
Charles Star)ley Management Fees
Legal and Professional Fees
5. CHARITABLE ACTIVITIES
2024
£33,606.(X)
£7339.66
£40.945.66
2023
£11.743.78
£6,658 43
£18.402.21
Grants payable Isee note 61
Share of governance costs (see note 71
Total
6.GRANTS
The grants payable figure of £44.392 for 2024 relates to 6 approved applications. In the
year the Trust received the return of unused grant of £10,786 from previous years, this has
been offset against grant expenditure for the year.
All Erants approved were wtthin the Trust's remit and to organisations.
Organisatiori Type
Number of Grants
Value of Grants Approved
SASRA
£1,900
CESSAC
£17,442
Sea Cadets
£22,000
Aldershot Garrison Church
£850
Soldier Academy
£2,200
Unspent Grant Returned
-£10,786
£33,606
Total
7.GOVERNANCI COSTS
2024
£4,600.00
£307.26
£424.80
£1863.60
£144.00
2023
£4.200.00
£203_36
£404.55
£1,706.52
£144.00
£6.658.43
Honorarium
Stationery, Postage & Honorarium Expenses
Trustee Travel Expenses
Independent Examiners fees
Website
Total
£7.339.66
Analwd between Chèritable Activities
£7,339.66
£6.658.43
13

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
8. INDEPENDENT EXAMINATION
The cost of th8 Independent Examination for the 2023 accounts whith was paid for during
2024 was £ 1,740. The planned cost for the 2024 Independent Examination is £ 1.792.20.
9.TRUSTEES' EXPENSES
All Trustees are allowed to claim expenses incurred on the business of the Trust. Trustees,
claims for mileage during 2024 were paid at 45p per mile.
Expense Type
Number of Trustees Claimed
Mileage
None of the Trustees received any remuneration during the year12023.' none)
Amount Claimed
£424.80
10. TRANSFERS
The transfer relates to £40.000 of unrestricted funds that were added to the investment fund
with Charles Stanley.
11. INVESTMENTS
2024
Market Value
2023
Market
Value
£193,799
£547,594
Listed Investments
Cost
Cost
UK Fixed Interest
UK Equities
Overseas Fixed Interest
OveTsea5 Equities
Propertv
Mixed Inve5tmentS
Alternatives
Total
£241,061
£376,030
£242,886
£500.321
£190,294
£432,183
£507,532
£88.618
£74,644
£46,509
£1,334,394
£676,531
£59,941
£71.063
£46.340
£1.597.082
£434.718
£63.805
£124,510
£81,328
£1,326.838
£538,705
£38,263
£115,705
£84,245
£1,518.311
Included in the above are the following investments in excess of 5% of the portfolio value..
Cost
Market Value
None
None
£69,417
UK Fixed Interest
Mixed Investments
Overseas Investments
Schroder Unwt Trusts US
£104,887
6.57°A
12.INVESTMENT MANAGER'S- CAPtTAL ACCOUNT
2024
2023
Investment ManaEerf5 Capr(al Account
£59.303.37
£75,098.27
This account shows the balance of investments that had not been re-invested in the
portfolio as at the 31" December.
13.INVESTMENT MANAGERS- INCOME ACCOUNT
2024
2023
Investment Managerf5 Income Account
5,176.25
4,151.37
This account shows the balance of the dividend income that is due to be paid to the Trust as
at 31" December.
14-

ALDERSHOT CHURCH OF ENGLAND SERVICES TRUST
14.MOVEMENT IN INVESTMENTS
Market value at 01.01.24
Additions
Valuation changes
Disposals
Market value 31.12.24
£1,518.311
£162,574
£40,117
£123,920
£1,597,082
Carrying amount at 31.12.23
Carrying amount at 31.12.24
£1.518,311
£1,597,082
The investmerts are measured at fair value with reference to the market value of the
investment fund.
15. FINANCIAL INSTRUMENTS
2024
2023
Carrying Amount of Financial Assets
Instruments measured at fair value through
profit or loss.
£1,656,385
£1,593,409
16. LIABILITIES. Credttors, Amounts falling due within one year
2024
£1,792
£1,792
2023
£1.669
£1.669
Independent Examiners fees
Total
17. EMPLOYEES. During the year the Trust had no employees12023: nonel
18. RELATED PARTY TrANSACTIONS. There were no related party transaction5 during the period.
12023=nonel
Is-