Charitable objects
A) TO BE USED AS PLAYING FIELDS FOR USE BY THE SCHOOL, FREE OF CHARGE, OR FOR USE BY OTHER SCHOOLS IN OR AROUND LEAMINGTON SPA BUT ONLY TO THE EXTENT THAT EITHER:
• THEY ARE NOT BEING USED BY THE SCHOOL; OR
• THE USE BY THE OTHER SCHOOLS IS BENEFICIAL TO THE SCHOOL EITHER BECAUSE THEY GENERATE AN INCOME FOR THE SCHOOL OR BECAUSE THE OTHER SCHOOL PERMITS THE SCHOOL TO USE THEIR FACILITIES AND SUCH USE DOES NOT SIGNIFICANTLY IMPACT ON THE SCHOOL’S USE OF THE PLAYING FIELD.
B) THE RESERVE FUNDS CONTINUE TO BE INVESTED AND THE ANNUAL INCOME FROM THOSE FUNDS BE APPLIED FOR THE BENEFIT OF THE SCHOOL SO LONG AS IT SHALL EXIST;