Charitable objects
AFTER PAYMENT OF ANY EXPENSES OF ADMINISTRATION, THE NET INCOME OF THE FOUNDATION SHALL BE APPLIED BY THE TRUSTEES FOR THE BENEFIT OF BOYS AND YOUNG MEN NOT EXCEEDING THE AGE OF TWENTY-FIVE YEARS, RESIDENT IN THE BOROUGH OF COLCHESTER, WHO, IN THE OPINION OF THE TRUSTEES, ARE IN NEED OF FINANCIAL ASSISTANCE (SUCH BOYS AND YOUNG MEN BEING IN THIS CLAUSE REFERRED TO AS "BENEFICIARIES") FOR FURTHER DETAILS SEE SCHEMES.
