Christopher Tower NEW Forest Library Endowment Fund

3 OBJECTS3.1 SUBJECT TO THE TERMS OF CLAUSE 3.2 THE ENDOWMENT TRUSTEES SHALL HOLD THE CAPITAL AND INCOME OF THE ENDOWMENT FUND UPON TRUST TO APPLY THE INCOME, AND ALL OR SUCH PART OR PARTS OF THE CAPITAL, AT SUCH TIME OR TIMES AND IN SUCH MANNER AS THE ENDOWMENT TRUSTEES MAY IN THEIR DISCRETION THINK FIT AS A CONTRIBUTION TO THE TRUST (OR TO ANY OTHER TRUSTEE WHICH MAY BECOME RESPONSIBLE FOR THE LIBRARY) TOWARDS THE COST OF MAINTAINING THE LIBRARY AS A FIRST CLASS SUITABLY STAFFED REFERENCE LIBRARY SERVICE TO WHICH CHRISTOPHER TOWER COULD BE PROUD TO HAVE HIS NAME ASSOCIATED AND AS A FITTING MEMORIAL TO CHRISTOPHER TOWER3.2 IN FURTHERANCE OF THE OBJECTS THE ENDOWMENT TRUSTEES SHALL BE RESTRICTED IN EACH FINANCIAL YEAR OF THE TRUST TO DRAWINGS FROM THE ENDOWMENT FUND EQUAL TO 4% OF THE TOTAL VALUE OF THE ENDOWMENT FUND INCLUDING INCOME IN HAND AND ACCUMULATED INCOME AS VALUED AT THE END OF THE PRECEDING FINANCIAL YEARIN THE FIRST YEAR THE PERMITTED DRAWINGS SHALL BE CALCULATED PRO RATA TO THE DATE DURING THE FINANCIAL YEAR THAT THE ENDOWMENT FUND WAS PROVIDEDIN THE EVENT OF THE TRUST ALTERING FOR ANY REASON THE FINANCIAL YEAR FOR WHICH IT ACCOUNTS THEN THE PERMITTED DRAWINGS SHALL NOT BE CAPABLE OF BEING CALCULATED IN ANY WAY BY WHICH THE TOTAL AMOUNT DRAWN IN ANY ONE YEAR PERIOD EXCEEDS 4% OF THE VALUE OF THE ENDOWMENT FUND AS DEFINED ABOVE AS VALUED AT THE BEGINNING OF SUCH YEAR PERIOD3.3 THE ENDOWMENT TRUSTEES MAY IN THEIR DISCRETION, FOR THE PERIOD OF 21 YEARS FROM THE DATE OF THIS DEED, INSTEAD OF APPLYING THE INCOME OF THE ENDOWMENT FUND 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 AND AS PART OF THE CAPITAL OF THE ENDOWMENT FUND, WITHOUT PREJUDICE TO THEIR RIGHT TO APPLY THE WHOLE OR ANY PART OF SUCH ACCUMULATED INCOME IN ANY SUBSEQUENT YEAR AS IF THE SAME WERE INCOME OF THE ENDOWMENT FUND ARISING IN THE THEN CURRENT YEAR