Docusign Envelope ID: F8B17A46-80A5-45BE-A0E4-A4ED7A1BD0AB 

## **TRUSTEES OF THE LLYSDINAM TRUST ANNUAL REPORT OF THE ACTIVITIES OF THE TRUSTEES FOR THE YEAR ENDED 5[TH] APRIL 2024** 

1. **Charity Name** : The Llysdinam Trust 2. **Registration Number** : 255528 3. **Charity’s Registered Address** : Druslyn House 

De la Beche Street 

Swansea SA1 3HH 

4. **Names of the Trustees** : Mary Julia Elster Norman Oliver Tyler Lady Carolyn Venables Llewelyn 

## 5. **Description Of The Charity** : 

The charity was set up by Trust Deed dated 1[st] March 1968 the Settlor being Brigadier Sir C.M.D. Venables Llewelyn Bart. M.V.O. The Settlor required the Trustees to stand possessed of the Trust Fund Upon Trust to pay, or apply, the annual income thereof and with power to pay or apply all or any of the capital thereof from time to time respectively to such Charities or for such Charitable purposes as the Trustees in their absolute discretion, without being liable to account for the exercise of the same shall from time to time think fit.  The Settlor expressed the hope that the Trustees would in the execution of the Trust and the exercise of power vested in them give preference to charities and Charitable purposes specified in the schedule attached to the Deed.  The schedule states: 

- A. The advancement of education in the natural sciences and in particular in Botany and Biology. 

- B. The advancement (so far as legally charitable) of Horticulture, Agriculture and silviculture. 

- C. The advancement of the Christian religion in Wales and in particular by support of the Church of Wales. 

- D. The relief of poverty in Wales and particularly in the parishes of Llysdinam Llanfihangel-Bryn-Pabuan and Llanafan Fawr in the County of Brecon and the Parish of Llanyre in the county of Radnor. 

1 



Docusign Envelope ID: F8B17A46-80A5-45BE-A0E4-A4ED7A1BD0AB 

## 6. **Charity’s Activities and Achievements in the Year Ended 5[th] April 2024:** 

Commitments to the maintenance of heritage property continues to be challenging out of rental income yet consideration is being given to upgrade the trust’s residential real estate property portfolio with the goal to provide modern accommodation that meets current regulatory standards. 

Increased yields from financial investments have proved an essential contribution to the diversity of the Trust’s asset base thereby enabling it to continue its support of a range of worthy local causes. The trust has continued its long-standing support for local arts initiatives. This financial year the trust has funded several projects including community theater productions, art exhibitions and music festivals. These projects have enriched the cultural landscape of the local community and provided opportunities for local artists to showcase their talents. Of exceptional note the Llysdinam Trust was called upon to make its first urgent contribution towards the Wyeside Arts Centre (charity number 505656) following withdrawal of significant funding from government grants. It has been confirmed by the board of trustees that such contribution saved that charitable organisation from winding up and is a particularly pleasing result. 

In addition to supporting the arts, the Trust has contributed to various other causes. Grants have been provided to local schools for educational programs, support for environmental conservation projects and funding for health and wellness initiatives. These efforts have had a positive impact on the well-being of the local community. An increased contribution from volunteers who enjoy the health benefits of working in the Llysdinam Gardens has enabled the trust to raise its production of garden produce which is being sold fresh to local markets. 

Planning matters continue to plague the trustees in that whilst there is enthusiasm from private enterprise to promote development projects, progress is often delayed or suppressed by regulatory process such that market opportunities are missed and developers withdraw. Contract documentation has however been progressed for the prospective Renewable Energy Battery Storage Facility reported last year on part of the Swansea Region real estate and is now going through the planning process and will be shortly determined. Should planning permission be granted this will completely change the financial dynamic for the Llysdinam trust and a welcome diversification to its real estate portfolio to ensure a stable and sustainable future.. 

On the topic of renewable energy, the trustees are looking forward to realising their plans to reducing Carbon Footprint by introducing electric powered tools to the Llysdinam Gardens. A local solar installation is nearing completion and a green energy supply will be available as a result through a private wire arrangement. It should be noted that all of the land incorporated in Llysdinam Gardens is managed in accordance with best environmental practice. 

Mary J Elster Senior Trustee, Llysdinam Trust 

2 



Charity No. 255528
THE LLYSDINAM TRUST
TRUST ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024

THE LLYSDINAM TRUST
TRUST INFORMATION
Trust¢e$ '.
Mrs.M.J.Elsler
Mr.N.O.Tyler
Lady C.Venables Llewelyn
Managing Agents '.
Messrs. Rees Richards & Partners
Chartered SuN&yors, Land & EstateAgents
Drusfyn House
De la Beche Street
Swansea
SA13HH
Bankers '.
Barclays Bank plc
262 Oxford Street
Swansea
Solicrtors '.
Morgan La Roche
Bay House
Phoenix Way
Swansea
SA7 9YT
Accountants '.
Butterfield Morgan ￿mited
Chartered Accountants
Druslyn House
De la Bethe Street
Swansea
SA1 3HJ

THE LLYSDINAM TRUST
CONTENTS
Pag•
AccoLrntsnls' report
Profft and loss account
Balance sheet
Notes to thè a¢counts

THE LLYSDINAM TRUST
CHARTERED ACCOUNTANTS, REPORT TO THE TRUSTEES
ON THE UNAUDITEDACCOUNTS
I report on the ac¢ounl$ of the Trust for the year ended S April 2024 which are set out on pages 2 to 6.
Respectlve responsibilities of tr￿le￿ and examlner
rhè eharlty's trustees are respon8ibl¢ for th• preparallon ofthe accourrt¥.
The charity's trustees cOns￿er that an audit 15 not required for Ihis year under sectK)n 144121
of the Charifr'es Act 2011 Ilhe 2011 Act) and that an independent ex8min8tion is needed.
It is my ￿SpOnsIbl11ty to..
examine the accounts under Secti￿ 145 of the 2011 Act
lo follow the pro￿du￿S laid down in the General Directions given by the Charity Commission
under seob'on 14515llbl of the 2011 Act. and
to state whether particular matters have come lo ny attention.
B¥si$ ol independerrt examiners. Tèport
My examination w8s carried out in aco)rdance with the G¥ngral Dlrections given by the Charty
Commission. An examinabon indu(Jes a review of the ac£ounting records kept by the charity and a
comparison of the accounts presented with those reo)rds. It al30 indudes consideration of any unusual
rtems or disclosures in the ￿0￿nts, and seeking explanatlolls from you as tw$lees ¢oneerning any
such matters. The procedures undertakgn do not provide all the evidence that would be ￿quired in gn
audit and, consequently. no opinion is gwen as to whether the accounts pre8ent a'true and tsirvie
and the report is limited to those matters set out in the stateff￿nt below.
Independent oxamin•rs' statemerrt
In connection wilh my eXa￿nat￿ln. no matter h88 come lo rry *tents"on '.
(?} which gNes me reasonable cause lo bglvava th8t, in any Material ￿spect, the wUire￿￿nts'.
to keep accounting records in accordance with section 130 of th8 2011 Act., and
to prepare accounts which accord wrth the accounting records and comply with the accounts.ng
requirements of the2011 A¢t
have not been met, or
121 lo which. in my opinion, attention should be drawn in order to onablo a proper understanding of the
accounts lo be reached.
R Wookny FCCA
Butterfeld Morgan Limil¢d
Chartered Ae&)untant$
Drustyn House
De la Bed)e Stregt
Swan3ea
Dated ".
..2024
Pagol-

THE LLYSDINAM TRUST
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
Unrostricted Endowmont
Funds
Funds
Total
Funds
2024
Total
Fund¥
2023
Note•
INCOMING RESOURCES
Rents and ground rents
Profil I (Lossl on granting of leas•$
Investment income
Other income
Revaluats'on gain
103,554
103.554
12.567
107,460
10.013
68,274
31,490
79,760
9,290
12,567
107,460
10.013
221,027
12,567
233,594
188.814
RESOURCES EXPENDEO
Direct charitable expenditure-
Donatsons and grants
Other expenditure".
Management and administration
Repairs and property upkaep
Rates and insurance
Wages
Estate management anfj other fees
Stockbrokers fees
Accountancy and taxation fees
Rent, rates. ub'litr'es and Sundry expenses
I Profit) ILos$ on disposal of listed investments
Depreciation
18)
69.658
69,656
52,774
65,985
6,218
41,013
46,925
13,997
2,520
8,072
18,669
2,410
65,985
6,218
41,013
46,925
13,997
2,520
8,072
18.669
2,410
71,407
5,705
46.064
40,640
17,750
2,400
5,6$2
117,1761
2,019
TOTAL EXPENDITURE
278,063
278,063
227,24S
NET INCOMINGIIOUTGOINGI
RESOURCES BEFORE TRANSFERS
157.0361
12.587
144,4691
138,4311
Gross trans￿r9 belw••n funds
12.567
112.5671
TOTAL FUNDS BROUGHT FORWARD
181.6901
5,281.036
5,199.346
5,237,777
TOTAL FUNDS CARRIED FORWARD
{126.1591
5,281.036
5,154.877
5,199,346
Pa982-

THE LLYSDINAM TRUST
BALANCE SHEET
ASAT5APRIL 2024
2024
2023
Notes
Flxed assets
Tangible assets
Investments
1,809,913
2,033,010
1,874,778
2.042.935
3,842,923
3,917,713
Current assets
Trade debtors
Prepayments
Cash at bank an¢J in hand
35,906
3.927
1,339.566
22,485
4,880
1,327.313
1,379,399
1.354.678
Current liabiliti
Creditors and accrued Charges
67,445
73,045
Net curront o$¥•ts
1,311,954
1.281,633
Total assets 1tr88 ¢urr•nt liabilities
5,154,877
5.199.346
ENDOWMENT FUNDS
UNRESTRICTED INCOME FUNOS
5,281,036
1126,1591
15,281,038}
181,6901
5,154.877
5,199,346
The A¢¢ounts set out on pages 2 10 6 We￿ approved by the Tru$t¢g$
} Trustees
-Page3-

THE LLYSDINAM TRUST
BALANCE SHEET
ASAT 5APRIL 2024
ACCOUNTING POLICIES
In preparing thé 8cwunts the following accounting poliaes have been complièd wth..
al The acLxiunts have been pr$pared on the historic cost convention with the &xception that
properties are valued at market value on 31 August 2(Y22. The 8ccounts arè in ac￿rdaTh￿ wlh
applrcable accounting standards and the Ch8ritEsAct 2011.
bl Investment inwme is recorded when re¢eivable.
cl Expendrture is induded in the accounts On an accruals basis.
dl The endowrnent of the charty 1$ expendable gndowment. The infJ)me arising from Ihe expendable
endowment is unrestricted.
el Dep￿Ciall0n is pmvided on tan9ible f￿ed asset$ al the follo¥Mng ratss..
Improvements- 10Y4 on the reducing balance
Garden Equipment- 10 10 on tho reducing ba18n¢e
MtsloT Vehicle- 25% on the reducing balanca
TANGIBLE FIXED ASSETS
Investment
Properties
Garden
Equipment
Molo
Vehicle
Improvements
Tot81
Cost or valuation
As at 06.04.23
Additrons l Revaluation
Disposals
1,867,671
24.108
23,857
7,200
5,994 1,915,628
7.200
169,6551
169,8551
As at 05.04.24
1,792,016
24.106
31,057
5,994 1,853.173
Depreeiation
As at 06.04.23
Charge for the year
17.532
657
19.853
1.121
3,465
632
40,850
2.410
As 8t 05.04.24
18.189
20,974
4.097
43,260
Net 8ook Values
As at 05.04.24
1.792,016
5,917
10,083
1,897 1.809.913
As at 06.04.23
f,861.671
6.574
4,004
2,529 1.874.778
Investment properties werè r￿alued on 31stAugust 2022 by Rees Richards & Partners, Chartered
Surveyors, on open mathei value basis in accordance wlth the guidelines issed by the Royal Instilute
of Chartered Surveyors.
-Page4-

THE LLYSDINAM TRUST
BALANCE SHEET
AS AT 5APRIL 2024
(Continuedl
INVESTMENTS
2024
2023
General
80,000'A' Shares of 25p each in Penllergaer
Eststes Limrted
Shares acquired via Stockbrokers
20.000
20,000
2,013,010 2,022.935
2,033,010 2.042,935
The market value of the shares are valued by Brewn Dolphin Stockbrokers at £2,204,￿)3, as at the Balan
Sheet date.12023". £2,151,182).
OEBTORS
2024
2023
Renlal incorTE dèbtors
35,9C
22,485
CREDITORS
2024
2023
Accruals
67.445
73,045
ENDOWMENT FUNOS
This is an expendable endowmentfund. There are no reslricb'ons on the caprtal or in¢ome of
this Trust.
TAXATION
The trust is a wistered charity and accordingty is exenwl from taxation on its iwme and gains
whert they are applied for charitable purp08es.
-P89e5-

THE LLYSDINAM TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
Icontinuedl
DONATIONS
2024
2023
Shye Arts Centre Ltdl
CARAD
Montgomeryshire YoLrth Theatre
National Gardens Scheme
Shakespeare Link
Wales AirAmbulance
XL Walès. Swansea
Helping the homeless Wales
Hay & Brecon Refuge Sanctuary
Llandrindod Wells Foodbank
Call￿r Research
Dementia Friendty Swansea
Newbridge 8￿j Project- Last year cheque
uncashed
Arts Connectk)n
LEAF
Newbridge on Baptist Chur¢h
NGS Powys South
Ryader by Nature
Newbridgé on We CIVVSthool
30,000
3,000
2.000
3,0(X)
2,000
7,600
3,000
5,226
1,000
10,000
5.000
3.000
6,081
1.000
10.000
3.000
1.760
2,948
2.000
3,000
13,0001
3,OCM)
1,000
1,000
1,485
350
10.000
10.000
69,856
52,774
EMPLOYEE REMUNERATION
Total remuneration for the year ai..-unted to £41.013 (2023 .' t46,0641. The average number of paid staff
for the year was 1.12023.. 11
10 TRUSTEES REMUNERATION AND EXPENSES
No remuneration direcuy or indirectly out of the lunds of the charity was paid or payabltt for the year to
any trusteè or to any person or persons known lo be connecled with artry of them.
No reimbur3enpnt ol expenses has been made or is due to be made to any ol the trustse$
in respect of the year.
-Page6-

Charity No. 255528
THE LLYSDINAM TRUST
TRUST ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024

THE LLYSDINAM TRUST
TRUST INFORMATION
Trust¢e$ '.
Mrs.M.J.Elsler
Mr.N.O.Tyler
Lady C.Venables Llewelyn
Managing Agents '.
Messrs. Rees Richards & Partners
Chartered SuN&yors, Land & EstateAgents
Drusfyn House
De la Beche Street
Swansea
SA13HH
Bankers '.
Barclays Bank plc
262 Oxford Street
Swansea
Solicrtors '.
Morgan La Roche
Bay House
Phoenix Way
Swansea
SA7 9YT
Accountants '.
Butterfield Morgan ￿mited
Chartered Accountants
Druslyn House
De la Bethe Street
Swansea
SA1 3HJ

THE LLYSDINAM TRUST
CONTENTS
Pag•
AccoLrntsnls' report
Profft and loss account
Balance sheet
Notes to thè a¢counts

THE LLYSDINAM TRUST
CHARTERED ACCOUNTANTS, REPORT TO THE TRUSTEES
ON THE UNAUDITEDACCOUNTS
I report on the ac¢ounl$ of the Trust for the year ended S April 2024 which are set out on pages 2 to 6.
Respectlve responsibilities of tr￿le￿ and examlner
rhè eharlty's trustees are respon8ibl¢ for th• preparallon ofthe accourrt¥.
The charity's trustees cOns￿er that an audit 15 not required for Ihis year under sectK)n 144121
of the Charifr'es Act 2011 Ilhe 2011 Act) and that an independent ex8min8tion is needed.
It is my ￿SpOnsIbl11ty to..
examine the accounts under Secti￿ 145 of the 2011 Act
lo follow the pro￿du￿S laid down in the General Directions given by the Charity Commission
under seob'on 14515llbl of the 2011 Act. and
to state whether particular matters have come lo ny attention.
B¥si$ ol independerrt examiners. Tèport
My examination w8s carried out in aco)rdance with the G¥ngral Dlrections given by the Charty
Commission. An examinabon indu(Jes a review of the ac£ounting records kept by the charity and a
comparison of the accounts presented with those reo)rds. It al30 indudes consideration of any unusual
rtems or disclosures in the ￿0￿nts, and seeking explanatlolls from you as tw$lees ¢oneerning any
such matters. The procedures undertakgn do not provide all the evidence that would be ￿quired in gn
audit and, consequently. no opinion is gwen as to whether the accounts pre8ent a'true and tsirvie
and the report is limited to those matters set out in the stateff￿nt below.
Independent oxamin•rs' statemerrt
In connection wilh my eXa￿nat￿ln. no matter h88 come lo rry *tents"on '.
(?} which gNes me reasonable cause lo bglvava th8t, in any Material ￿spect, the wUire￿￿nts'.
to keep accounting records in accordance with section 130 of th8 2011 Act., and
to prepare accounts which accord wrth the accounting records and comply with the accounts.ng
requirements of the2011 A¢t
have not been met, or
121 lo which. in my opinion, attention should be drawn in order to onablo a proper understanding of the
accounts lo be reached.
R Wookny FCCA
Butterfeld Morgan Limil¢d
Chartered Ae&)untant$
Drustyn House
De la Bed)e Stregt
Swan3ea
Dated ".
..2024
Pagol-

THE LLYSDINAM TRUST
DETAILED TRADING AND PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
Unrostricted Endowmont
Funds
Funds
Total
Funds
2024
Total
Fund¥
2023
Note•
INCOMING RESOURCES
Rents and ground rents
Profil I (Lossl on granting of leas•$
Investment income
Other income
Revaluats'on gain
103,554
103.554
12.567
107,460
10.013
68,274
31,490
79,760
9,290
12,567
107,460
10.013
221,027
12,567
233,594
188.814
RESOURCES EXPENDEO
Direct charitable expenditure-
Donatsons and grants
Other expenditure".
Management and administration
Repairs and property upkaep
Rates and insurance
Wages
Estate management anfj other fees
Stockbrokers fees
Accountancy and taxation fees
Rent, rates. ub'litr'es and Sundry expenses
I Profit) ILos$ on disposal of listed investments
Depreciation
18)
69.658
69,656
52,774
65,985
6,218
41,013
46,925
13,997
2,520
8,072
18,669
2,410
65,985
6,218
41,013
46,925
13,997
2,520
8,072
18.669
2,410
71,407
5,705
46.064
40,640
17,750
2,400
5,6$2
117,1761
2,019
TOTAL EXPENDITURE
278,063
278,063
227,24S
NET INCOMINGIIOUTGOINGI
RESOURCES BEFORE TRANSFERS
157.0361
12.587
144,4691
138,4311
Gross trans￿r9 belw••n funds
12.567
112.5671
TOTAL FUNDS BROUGHT FORWARD
181.6901
5,281.036
5,199.346
5,237,777
TOTAL FUNDS CARRIED FORWARD
{126.1591
5,281.036
5,154.877
5,199,346
Pa982-

THE LLYSDINAM TRUST
BALANCE SHEET
ASAT5APRIL 2024
2024
2023
Notes
Flxed assets
Tangible assets
Investments
1,809,913
2,033,010
1,874,778
2.042.935
3,842,923
3,917,713
Current assets
Trade debtors
Prepayments
Cash at bank an¢J in hand
35,906
3.927
1,339.566
22,485
4,880
1,327.313
1,379,399
1.354.678
Current liabiliti
Creditors and accrued Charges
67,445
73,045
Net curront o$¥•ts
1,311,954
1.281,633
Total assets 1tr88 ¢urr•nt liabilities
5,154,877
5.199.346
ENDOWMENT FUNDS
UNRESTRICTED INCOME FUNOS
5,281,036
1126,1591
15,281,038}
181,6901
5,154.877
5,199,346
The A¢¢ounts set out on pages 2 10 6 We￿ approved by the Tru$t¢g$
} Trustees
-Page3-

THE LLYSDINAM TRUST
BALANCE SHEET
ASAT 5APRIL 2024
ACCOUNTING POLICIES
In preparing thé 8cwunts the following accounting poliaes have been complièd wth..
al The acLxiunts have been pr$pared on the historic cost convention with the &xception that
properties are valued at market value on 31 August 2(Y22. The 8ccounts arè in ac￿rdaTh￿ wlh
applrcable accounting standards and the Ch8ritEsAct 2011.
bl Investment inwme is recorded when re¢eivable.
cl Expendrture is induded in the accounts On an accruals basis.
dl The endowrnent of the charty 1$ expendable gndowment. The infJ)me arising from Ihe expendable
endowment is unrestricted.
el Dep￿Ciall0n is pmvided on tan9ible f￿ed asset$ al the follo¥Mng ratss..
Improvements- 10Y4 on the reducing balance
Garden Equipment- 10 10 on tho reducing ba18n¢e
MtsloT Vehicle- 25% on the reducing balanca
TANGIBLE FIXED ASSETS
Investment
Properties
Garden
Equipment
Molo
Vehicle
Improvements
Tot81
Cost or valuation
As at 06.04.23
Additrons l Revaluation
Disposals
1,867,671
24.108
23,857
7,200
5,994 1,915,628
7.200
169,6551
169,8551
As at 05.04.24
1,792,016
24.106
31,057
5,994 1,853.173
Depreeiation
As at 06.04.23
Charge for the year
17.532
657
19.853
1.121
3,465
632
40,850
2.410
As 8t 05.04.24
18.189
20,974
4.097
43,260
Net 8ook Values
As at 05.04.24
1.792,016
5,917
10,083
1,897 1.809.913
As at 06.04.23
f,861.671
6.574
4,004
2,529 1.874.778
Investment properties werè r￿alued on 31stAugust 2022 by Rees Richards & Partners, Chartered
Surveyors, on open mathei value basis in accordance wlth the guidelines issed by the Royal Instilute
of Chartered Surveyors.
-Page4-

THE LLYSDINAM TRUST
BALANCE SHEET
AS AT 5APRIL 2024
(Continuedl
INVESTMENTS
2024
2023
General
80,000'A' Shares of 25p each in Penllergaer
Eststes Limrted
Shares acquired via Stockbrokers
20.000
20,000
2,013,010 2,022.935
2,033,010 2.042,935
The market value of the shares are valued by Brewn Dolphin Stockbrokers at £2,204,￿)3, as at the Balan
Sheet date.12023". £2,151,182).
OEBTORS
2024
2023
Renlal incorTE dèbtors
35,9C
22,485
CREDITORS
2024
2023
Accruals
67.445
73,045
ENDOWMENT FUNOS
This is an expendable endowmentfund. There are no reslricb'ons on the caprtal or in¢ome of
this Trust.
TAXATION
The trust is a wistered charity and accordingty is exenwl from taxation on its iwme and gains
whert they are applied for charitable purp08es.
-P89e5-

THE LLYSDINAM TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
Icontinuedl
DONATIONS
2024
2023
Shye Arts Centre Ltdl
CARAD
Montgomeryshire YoLrth Theatre
National Gardens Scheme
Shakespeare Link
Wales AirAmbulance
XL Walès. Swansea
Helping the homeless Wales
Hay & Brecon Refuge Sanctuary
Llandrindod Wells Foodbank
Call￿r Research
Dementia Friendty Swansea
Newbridge 8￿j Project- Last year cheque
uncashed
Arts Connectk)n
LEAF
Newbridge on Baptist Chur¢h
NGS Powys South
Ryader by Nature
Newbridgé on We CIVVSthool
30,000
3,000
2.000
3,0(X)
2,000
7,600
3,000
5,226
1,000
10,000
5.000
3.000
6,081
1.000
10.000
3.000
1.760
2,948
2.000
3,000
13,0001
3,OCM)
1,000
1,000
1,485
350
10.000
10.000
69,856
52,774
EMPLOYEE REMUNERATION
Total remuneration for the year ai..-unted to £41.013 (2023 .' t46,0641. The average number of paid staff
for the year was 1.12023.. 11
10 TRUSTEES REMUNERATION AND EXPENSES
No remuneration direcuy or indirectly out of the lunds of the charity was paid or payabltt for the year to
any trusteè or to any person or persons known lo be connecled with artry of them.
No reimbur3enpnt ol expenses has been made or is due to be made to any ol the trustse$
in respect of the year.
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