39.        The minutes show that the chairman then summarised the proposals

"and the impact on the areas which (the trustee's solicitor) had advised the Directors to satisfy themselves. Firstly in no cases would the accrued rights of any member be reduced, secondly all classes of members had been considered in the light of the proposed chances and finally the trustees had considered whether they are acting in the best interest of the members in agreeing to the changes. (The Trustee's solicitor) assured the trustees that using a single trust was a wholly proper method of handling the proposed arrangements and that in accepting the proposal as a whole they would be acting properly and in the best interests of the members."

This is an account of what the minutes say one of the trustee-directors (the chairman) had to say about what somebody else had said.  A "single trust" does not imply mingled funds.