Philip and Granville Charitable Trust

THE TRUSTEES SHALL HOLD THE CAPITAL AND INCOME OF THE TRUST FUND UPON TRUST (A) AS TO THE INCOME AND ALL OR SUCH PART OR PARTS OF THE CAPITAL AS THE FOUNDER MAY BY NOTICE IN WRITING TO THE TRUSTEES DETERMINE FOR OR TOWARDS SUCH CHARITABLE PURPOSES AND TO MAKE DONATIONS TO SUCH CHARITABLE INSTITUTION OR INSTITUTIONS AT SUCH TIME OR TIMES AND IN SUCH MANNER AS THE FOUNDER MAY BY A LIKE NOTICE DIRECT PROVIDED ALWAYS THAT WHERE THE FOUNDER HAS NOT BY THE 5TH APRIL IN THE INCOME TAX YEAR FOLLOWING THAT IN WHICH THE INCOME ARISES GIVEN A DIRECTION WHICH FULLY DISPOSES OF THE INCOME THEN SUCH INCOME SHALL BE DISPOSED OF IN ACCORDANCE WITH SUB-CLAUSE (B) SUBJECT TO AND IN DEFAULT OF ANY SUCH DIRECTION AND INSOFAR AS ANY SUCH DIRECTION IS NOT EXHAUSTIVE TO APPLY THE INCOME FOR OR TOWARDS SUCH CHARITABLE PURPOSES AND TO MAKE DONATIONS TO SUCH CHARITABLE INSTITUTION OR INSTITUTIONS AT SUCH TIME OR TIMES AND IN SUCH MANNER AS THE TRUSTEES IN THEIR ABSOLUTE DISCRETION THINK FIT PROVIDED THAT THE TRUSTEES MAY IN THEIR ABSOLUTE DISCRETION FOR A PERIOD OF TWENTY ONE YEARS FROM THE DATE OF THIS DEED INSTEAD OF APPLYING THE INCOME OF THE CHARITY IN ANY YEAR ACCUMULATE ALL OR ANY PART OF SUCH INCOME AT COMPOUND INTEREST BY INVESTING THE SAME AND THE RESULTING INCOME IN ANY AUTHORISED INVESTMENTS AND HOLD THE SAME AS AN ACCRETION TO AND AS PART OF THE CAPITAL OF THE CHARITY WITHOUT PREJUDICE TO THE RIGHT OF THE TRUSTEES TO APPLY THE WHOLE OR ANY PART OF SUCH ACCUMULATED INCOME IN ANY SUBSEQUENT YEAR AS IF IT WERE INCOME OF THE CHARITY ARISING IN THE THEN CURRENT YEAR.