The Endowment Fund of the Schools of Queen Elizabeth the First, Barnet

APPLICATION OF INCOME OF THE BOYS' ENDOWMENT:- THE TRUSTEES MAY APPLY UP TO 80% OF THE CLEAR INCOME OF THE BOY'S ENDOWMENT IN PROVIDING SUCH SPECIAL BENEFITS OF ANY KIND NOT PROVIDED FROM PUBLIC FUNDS FOR THE QUEEN ELIZABETH'S GRANT MAINTAINED BOYS SCHOOL, BARNET AS MAY FROM TIME TO TIME BE AGREED UPON BETWEEN THE TRUSTEES AND THE SCHOOL GOVERNORS. THE RESIDUE OF THE SAID NET INCOME SHALL BE APPLIED BY THE TRUSTEES IN PROMOTING THE EDUCATION OF BOYS AND YOUNG MEN UNDER THE AGE OF TWENTY-FIVE YEARS WHO ARE ABOUT TO ATTEND OR ARE ATTENDING OR HAVE FOR NOT LESS THAN TWO YEARS ATTENDED THE SAID BOYS SCHOOL AND WHO ARE IN NEED OF FINANCIAL ASSISTANCE IN ONE OR MORE OF THE FOLLOWING WAYS:- (A) THE AWARD OF SCHOLARSHIPS, BURSARIES OR MAINTENANCE ALLOWANCES TENABLE AT ANY UNIVERSITY OR OTHER PLACE OF LEARNING APPROVED BY THE TRUSTEES; (B) THE PROVISION OF FINANCIAL ASSISTANCE, OUTFITS, CLOTHING TOOLS, INSTRUMENTS OR BOOKS TO ENABLE BENEFICIARIES ON LEAVING SCHOOL, UNIVERSITY, OR OTHER EDUCATIONAL ESTABLISHMENT TO PREPARE FOR OR TO ASSIST WITH THEIR ENTRY INTO, A PROFESSION, TRADE OR CALLING; (C) THE AWARD OF SCHOLARSHIPS OR MAINTENANCE ALLOWANCES TO ENABLE BENEFICIARIES TO STUDY MUSIC OR OTHER ARTS OR TO TRAVEL TO FURTHER THEIR EDUCATION; (C) IN OTHERWISE PROMOTING THE EDUCATION INCLUDING SOCIAL AND PHYSICAL TRAINING OF BENEFICIARIES.APPLICATION OF INCOME OF THE GIRLS' ENDOWMENT:- THE TRUSTEES MAY APPLY UP TO 80% OF THE CLEAR INCOME OF THE GIRLS' ENDOWMENT IN PROVIDING SUCH SPECIAL BENEFITS OF ANY KIND NOT PROVIDED BY THE LOCAL EDUCATION AUTHORITY FOR THE QUEEN ELIZABETH'S COUNTY MAINTAINED SCHOOL FOR GIRLS, BARNET AS MAY FROM TIME TO TIME BE AGREED UPON BETWEEN THE TRUSTEES AND THE SCHOOL GOVERNORS. THE RESIDUE OF THE SAID NET INCOME SHALL BE APPLIED BY THE TRUSTEES IN PROMOTING THE EDUCATION OF GIRLS AND YOUNG WOMEN UNDER THE AGE OF TWENTY-FIVE YEARS WHO ARE ABOUT TO ATTEND OR ARE ATTENDING OR HAVE FOR NOT LESS THAN TWO YEARS ATTENDED THE GIRLS SCHOOL AND ARE IN NEED OF FINANCIAL ASSISTANCE IN ONE OR MORE OF THE FOLLOWING WAYS:- (A) THE AWARD OF SCHOLARSHIPS, BURSARIES OR MAINTENANCE ALLOWANCES TENABLE AT ANY UNIVERSITY OR OTHER PLACE OF LEARNING APPROVED BY THE TRUSTEES; (B) THE PROVISION OF FINANCIAL ASSISTANCE, OUTFITS, CLOTHING, TOOLS, INSTRUMENTS OR BOOKS TO ENABLE BENEFICIARIES ON LEAVING SCHOOL, UNIVERSITY, OR OTHER EDUCATIONAL ESTABLISHMENT TO PREPARE FOR OR TO ASSIST WITH THEIR ENTRY INTO, A PROFESSION, TRADE OR CALLING; (C) THE AWARD OF SCHOLARSHIPS OR MAINTENANCE ALLOWANCES TO ENABLE BENEFICIARIES TO STUDY MUSIC OR OTHER ARTS OR TO TRAVEL TO FURTHER THEIR EDUCATION; (D) IN OTHERWISE PROMOTING THE EDUCATION INCLUDING SOCIAL AND PHYSICAL TRAINING OF BENEFICIARIES.DISCRETIONARY FUNDWHERE A BEQUEST OR DONATION IS RECEIVED, AND IT IS NOT DESIGNATED AS FOR THE BENEFIT OF THE BOYS’ ENDOWMENT OR THE GIRLS’ ENDOWMENT SUCH MONIES SHALL BE CREDITED TO THE DISCRETIONARY FUND.THE NET INCOME AFTER DEFRAYING THE DIRECT COSTS OF THE DISCRETIONARY FUND SHALL BE APPLIED BY THE TRUSTEES IN THE MANNER AND FOR THE OBJECTS PRESCRIBED IN CLAUSES 26 TO 31 OF THE SCHEME OF 3 FEBRUARY 1998 SAVE THAT THE TRUSTEES SHALL HAVE THE SOLE DISCRETION IN APPLYING THAT INCOME IN WHATEVER PROPORTIONS, IF ANY, THAT THEY SHALL DECIDE TO THE BENEFIT OF THE BOYS OR GIRLS AND SHALL NOT BE BOUND BY THE PERCENTAGES SET OUT IN CLAUSES 27, 28, 30 OR 31 OF THE SCHEME OF 3 FEBRUARY 1998.