This is probably a very simple question, however I am looking at an old Trust deed (with very little punctuation) in which the ‘Trust Fund’ is defined as "any monies lent by the Settlor to the Trustees and all monies investments and property at any time added by way of further loan settlement accumulation of income capital accretion or otherwise and all monies investments and property from time to time representing the same or any parts thereof’.
My colleague has asked whether the wording reads such that assets in the Trust fund
a) will always be on a ‘loan basis’ or
b) whether trust assets can be a mix of loaned assets and gifted assets?
My initial interpretation is (b) - they can be a mix of assets received on loan or received via accumulation, accretion or otherwise (I assume ‘otherwise’ being any other means of adding to the fund, including gifts). Is this correct?
Many thanks in advance.