TRS - One Trust to Rule them All?

Parents hold funds on an express trust for 3 minor children, with the underlying investments being managed as three pots by the same investment manager.

Is this one bare trust, or are there three bare trusts? If the latter, do all three need to be registered separately?

If there’s a single trust deed, I don’t see how you could be criticised for registering it as a single trust with three absolute beneficiaries.

Thank you Andrew, that’s probably right.