Newton Bursary Fund

THE TRUSTEES SHALL HOLD THE FUND UPON TRUST FOR THE APPLICATION OF THE INCOME AND CAPITAL IN PERPETUITY FOR THE PROMOTION AND ENCOURAGEMENT OF EDUCATION AT THE SCHOOL IN THE MANNER SPECIFIED IN CLAUSE 7 7.1 THE SCHOLARSHIPS THE INCOME OF THE FUND SHALL BE APPLIED IN ESTABLISHING AND MAINTAINING SCHOLARSHIPS TO BE CALLED THE FOUNDATION SCHOLARSHIPS TO BE FROM TIME TO TIME AWARDED IN THE MANNER SPECIFIED IN CLAUSE 8 TO PUPILS OF THE SCHOOL AND TO BE HELD AND ENJOYED AS PROVIDED IN CLAUSE 8 7.2 THE TRUSTEES MAY IN ANY ONE ACADEMIC YEAR AT THEIR ABSOLUTE DISCRETION APPLY ANY INCOME ACCUMULATED AND ALLOCATED AS CAPITAL PURSUANT TO CLAUSE 9 THEREOF AND UP TO BUT NOT EXCEEDING TEN PER CENT OF THE CAPITAL OF THE FUND FOR THE PURPOSES SPECIFIED IN CLAUSE 7.1 HEREOF 8. NUMBER OF SCHOLARSHIPS THE SCHOLARSHIPS SHALL BE OF SUCH NUMBER AND EACH SHALL BE OF SUCH YEARLY VALUE AS THE TRUSTEES MAY DECIDE FROM TIME TO TIME HAVING REGARD TO THE INCOME OF THE FUND 9. RESIDUE OF INCOME ANY RESIDUE OF INCOME AFTER SATISFYING THE ABOVE PURPOSE SHALL BE ACCUMULATED AND ADDED TO THE CAPITAL OF THE FUND AND BE DEALT WITH AS PART OF SUCH CAPITAL.