Charitable objects
(1) THE PROVISION AND MAINTENANCE OF HOMES TO PERSONS WHO ARE OR WHO WERE FORMERLY BRITISH SEAMEN AND MARINERS (INCLUDING MASTERS AND PILOTS) AND THE WIVES, WIDOWS, AND DEPENDENT CHILDREN OF SUCH PERSONS, WHO BY REASON OF AGE, ILL HEALTH ACCIDENT OR INFIRMITY ARE IN FINANCIAL NEED;
(2) ANY RESIDUAL INCOME NOT REQUIRED IN ANY ONE YEAR FOR THIS PURPOSE SHALL BE APPLIED IN EITHER OR BOTH OF THE FOLLOWING WAYS: (I) FOR THE BENEFIT OF THE RESIDENTS OR ANY OF THEM IN SUCH A MANNER AS THE CORPORATION THINKS FIT FROM TIME TO TIME; (II) FOR THE PROVISION OF PERSONS FOR RESIDENTS IN ACCORDANCE WITH THE PROVISIONS FOR PENSIONS AND PENSIONERS HEREINAFTER CONTAINED IN THIS SCHEME OF THE COMMISSIONERS DATED 07 AUGUST 1995;
(3) ANY FURTHER RESIDUAL INCOME WHICH IS NOT REQUIRED FOR THE ABOVE PURPOSES SHALL BE APPLIED IN ACCORDANCE WITH THE PROVISIONS SET OUT IN CLAUSES 18 AND 40 OF THE SAID 1995 SCHEME.