The Pearcecroft Charitable Trust

1) THE TRUSTEES SHALL HOLD THE CAPITAL AND THE INCOME OF THE TRUST FUND UPON TRUST TO APPLY THE INCOME AND ALL OR OTHER SUCH PART OR PARTS OF THE CAPITAL, AT SUCH TIME OR TIMES AND IN SUCH MANNER TO, OR FOR THE BENEFIT OF SUCH EXCLUSIVELY CHARITABLE OBJECTS AND PURPOSES IN ANY PART OF THE UNITED KINGDOM AS THE TRUSTEES MAY IN THEIR ABSOLUTE DISCRETION THINK FIT, IN PARTICULAR THE TRUSTEES WILL APPLY THE TRUST FUND TO RELIEVE THE SICKNESS OF AND PROMOTE THE GOOD HEALTH OF RUGBY PLAYERS (AND THEIR FAMILIES) WHO HAVE SUFFERED LIFE CHANGING INJURIES. 2) THE TRUSTEES MAY IN THEIR ABSOLUTE DISCRETION FOR A PERIOD OF 21 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 BY INVESTING THE SAME, AND THE RESULTING INCOME IN ANY INVESTMENTS AUTHORISED BY THIS DEED OR BY LAW AS AN ACCRETION TO OR AS PART OF THE CAPITAL OF THE CHARITY, WITHOUT PREJUDICE TO THEIR RIGHTS TO APPLY THE WHOLE OR ANY PART OF THE ACCUMULATED INCOME IN ANY SUBSEQUENT YEAR AS IF THE SAME WERE INCOME OF THE CHARITY ARISING IN THE THEN CURRENT YEAR.