Charity of Richard Cloudesley

28. Application of income (1) Subject as aforesaid and to clause 28(2) (below), the Trustees shall apply the income of the investments for the time being representing the investments and cash specified in Part II of the schedule hereto and one half of the residue of the yearly income of the Charity for the preservation and improvement of health and/or the relief of sickness among persons in need because of poor physical or mental health, disability, financial hardship or other disadvantage in the London Borough of Islington. (2) In exceptional circumstances, the Trustees may support persons otherwise eligible who are resident immediately outside of the said area but who, in the opinion of the Trustees, ought nevertheless for sufficient reason to be treated as if resident therein or who are located for the time being within that area. (3) The Trustees shall apply the other half of the residue of the yearly income of the Charity to make grants of such amount as the Trustees think fit towards the upkeep, repair and redevelopment of the fabric and facilities of any of the churches of the Church of England in the London Borough of Islington and the maintenance or development of the public acts of worship and other work of the church in those churches. For the purpose of this clause 28(3), “churches” includes all buildings, structures, gardens, paths and grounds within the curtilage of the principal place of worship and any other premises in the London Borough of Islington which are the responsibility of the incumbent and/or the Parochial Church Council of that church and used for worship or other work of the church (save for vicarages and other residential buildings).”