The Royal Opera House Endowment Fund 2000

THE TRUSTEES SHALL HOLD THE TRUST FUND AND ITS INCOME UPON TRUST TO PROMOTE THE EDUCATION OF THE PUBLIC IN THE ARTS OF OPERA AND BALLET BY MAKING GRANTS TO OR FOR THE BENEFIT OF ROYAL OPERA HOUSE, COVENT GARDEN LIMITED (REGISTERED CHARITY NUMBER 211775) ("ROH") AND (IN RELATION TO GRANTS FALLING WITHIN SUB-CLAUSE 2.1. 3 BELOW) THE ROYAL BALLET SCHOOL (REGISTERED CHARITY NUMBER 214364) ("RBS") OUT OF THE INCOME OF THE TRUST FUND FOR OR TOWARDS ANY OF THE PURPOSES SET OUT IN SUB-CLAUSES 2.1.1 TO 2.1.8 BELOW AND OUT OF THE CAPITAL OF THE TRUST FUND FOR OT TOWARDS ANY OF THE PURPOSES SET OUT IN SUB-CLAUSE 2.1.9. BELOW:-INCOME GRANTS:2.1.1 PRESENTING PRODUCTIONS OF OPERAS AND BALLETS; 2.1.2 COMMISSIONING NEW WORKS OF OPERAS AND BALLET; 2.1.3 SUPPORTING THE EDUCATIONAL PROGRAMMES AND ACTIVITIES OF ROH OR RBS; 2.1.4 PUBLISHING THE SCORES OR LIBRETTI OF OPERAS AND BALLETS AND ANY OTHER BOOKS, BOOKLETS OR PAMPHLETS WHICH RELATE TO THE ACTIVITIES OF ROH; 2.1.5 PURCHASING COPYRIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF OR IN OPERAS, BALLETS AND THE MUSICAL WORKS; 2.1.6 RECORDING, FILMING, VIDEOING OR BROADCASTING OPERAS, BALLETS AND OTHER MUSICAL WORKS 2.1.7 MAINTAINING, REPAIRING, RENEWING, IMPROVING OR EXTENDING ANY LAND, BUILDINGS, PLANT, MACHINERY OR ANY OTHER ASSETS OWNED BY ROH; 2.1.8 ACQUIRING, MAINTAINING AND PRESERVING CHATTELS OR OTHER ASSETS WHICH ARE HISTORICALLY ASSOCIATED WITH ROH OR ANY BUILDING OWNED OR OCCUPIED BY ROH;CAPITAL GRANTS:2.1.9 RENEWING, IMPROVING OR EXTENDING ANY BUILDINGS, PLANT OR MACHINERY OWNED BY ROH PROVIDED THAT AT THE TIME OF THE GRANT THE TRUSTEES (ACTING UNANIMOUSLY) HAVE A CLEAR POLICY FOR RESTORING TO THE TRUST FUND THE AMOUNT OF THE GRANT ( WHETHER OUT OF FUTURE INCOME OR FUTURE DONATIONS) WITHIN A PERIOD OF FIVE YEARS OR IN EXCEPTIONAL CIRCUMSTANCES ONLY SUCH LONGER PERIOD (NOT EXCEEDING 10 YEARS) AS THE TRUSTEES AGREE.