The Canewdon Educational Foundation

1.THE TRUSTEES SHALL FIRST DEFRAY OUT OF THE INCOME OF THE CHARITY THE COST OF MAINTAINING THE PROPERTY OF THE CHARITY (INCLUDING THE REPAIR AND INSURANCE OF ANY BUILDINGS THEREON) AND ALL OTHER CHARGES AND OUTGOINGS PAYABLE IN RESPECT THEREOF AND ALL THE PROPER COSTS, CHARGES AND EXPENSES OF AND INCIDENTAL TO THE ADMINISTRATION AND MANAGEMENT OF THE CHARITY. 2. SUBJECT TO PAYMENT OF THE EXPENSES AFORESAID THE TRUSTEES SHALL PAY A YEARLY SUM AMOUNTING TO 20% OF THE INCOME OF THE CHARITY TO THEMSELVES AS TRUSTEES OF THE CANEWDON POOR'S CHARITY, IN THE PARISH OF CANEWDON, IN THE COUNTY OF ESSEX. 3.SUBJECT TO THE PAYMENTS AFORESAID THE TRUSTEES SHALL APPLY THE INCOME OF THE CHARITY IN PROMOTING THE EDUCATION OF YOUNG PERSONS UNDER THE AGE OF 25 YEARS WHO ARE RESIDENT IN THE PARISH OF CANEWDON.( SEE CLAUSE 32 OF 1992 SCHEME FOR FULL DETAILS).