ACCOUNTS

Trustees have a duty, under Manx Law (statute and case precedent), to keep clear and accurate accounts of a trust’s property and at all reasonable times, at the request of a beneficiary, to provide full and accurate information as to the amount and state of the trust’s property and permit a beneficiary to inspect the accounts and vouchers and other documents (including legal advice) relating to the trust, providing such documents do not reveal the reasons or reasoning behind any discretionary decision made by the trustees. The Manx Trustee Act 1961 provides that the trustees may require, at their discretion, every three years (or such shorter period if they consider it reasonable) for the accounts of a trust to be examined or audited by an independent accountant. Crossman Trust Company Limited seeks to have a trust’s accounts prepared annually in order that an independent account of the trust property can be made to beneficiaries on a more frequent basis and enable the beneficiaries or the trustee(s) to be able to give a better account of the trust’s activities, in particular any income or gains that have arisen, that may be required for reporting purposes.

Crossman Trust Company Limited PO Box 1, Portland House, Station Road, Ballasalla, Isle of Man, IM99 6AB, British Islands. Telephone: +44 (0)1624 825805 or 822816, Fax: +44 (0)1624 824570, E-Mail: mail@crossmantrust.com