Charitable objects
28. Application of income - Subject to payment of the expenses aforesaid the Trustees shall apply the income of the Charity as follows:
(1) As to one third thereof, in dividing the same equally, or as near thereto as may be between the following charities and such other charities established for the advancement of education including religious education in the principles of the Church of England as the Trustees from time to time decide, to be applied by the Trustees of such charities in furtherance of their objects, for the benefit of young people in need of financial assistance:
(a) Alderman Newton's Educational Foundation, at Earl Shilton, in the County of Leicestershire;
(b) Alderman Newton's Educational Foundation, in the Ecclesiastical Parish of Christ Church, Coalville, in the said County;
(c) Alderman Newton's Educational Foundation, in the Ancient Parish of Claybrooke, in the said County;
(d) Alderman Newton's Educational Foundation, in the Ancient Parish of Barwell, in the said County;
(e) Alderman Newton's Educational Foundation, in the Parish of Lubenham, in the said County;
(f) Alderman Newton's Educational Foundation, in the former Borough of Huntingdon, in the County of Cambridgeshire;
(g) Alderman Newton's Educational Foundation, in the former Borough of Bedford, in the County of Bedfordshire;
(h) Ashby-de-la-Zouch Educational Foundation, in the Ancient Parish of Ashby-de-la-Zouch, in the County of Leicestershire;
(i) Newton's and Hatley's School Foundation, in the Ancient Parish of St. Neot's, in the County of Cambridgeshire;
(j) Newton Exhibition Foundation, in the former Borough of Hertford, in the County of Hertfordshire;
(k) Royal Latin School, in the Ancient Parish of Buckingham, in the County of Buckinghamshire;
(l) Northampton Blue Coat Foundation, in the former Borough of Northampton, in the County of Northamptonshire;
Provided that if, in the opinion of the Trustees, the Trustees of any such charities as aforesaid fail effectively to provide as set out above, the Trustees may discontinue payments for the benefit of such charity.
(2) as to the residue thereof, in either or both the following ways:
(a) In providing for any Church of England or state funded schools within the City of Leicester or any other Church of England school in the Diocese of Leicester (hereinafter referred to as the area of benefit) those things which are not normally funded by general revenue funding or capital funding available from the local authority or Department for Education and its agencies (or their successors);
(b) In promoting the education, including social and physical training, of persons in need of financial assistance and under the age of 25 years whom the Trustees consider resident (in accordance with their current Residency Policy) in the area of benefit in one or more of the following ways:
(i) In providing religious instruction for such persons in the doctrines of the Church of England;
(ii) In awarding to such persons grants to facilitate their attendance at any place of education or training approved by the Trustees;
(iii) In providing financial assistance, outfits, clothing, tools, instruments or books to enable such persons on leaving school, university or any other educational establishment, to prepare for, or to enter a profession, trade or calling;
(iv) In awarding bursaries or maintenance allowances to enable such persons to travel, whether in this country or abroad, to pursue their education;
(v) In providing financial assistance to enable such persons to study music or other arts;
(vi) In otherwise promoting the education of such persons.
Provided that
- within the limits prescribed by this Scheme the Trustees shall have full power to make rules for the award of grants, bursaries or maintenance allowances or other benefits, including rules as to the value and period of tenure of the awards, and the qualifications and method of ascertainment and selection of persons to benefit
-the Trustees shall when appropriate consult with the local education authority or such other bodies or authorities as they consider relevant, taking into account the relevant status of the school, as to their general action under this clause and, if the occasion requires, as to the educational qualifications of candidates for benefit.
(3) In the event that all the income is not required for the purposes above within any year, the Trustees may at their discretion consider grants to other charitable projects for the advancement of education or training of children and young people under the age of 25 years who are resident in the area of benefit and who are in need of financial assistance.
