Audlem Educational Foundation

1. THE COUNCIL MAY APPLY SUCH YEARLY SUM AS THEY THINK FIT, BEING NOT MORE THAN ONE-THIRD OF THE NET INCOME IN PROVIDING FOR ANY MAINTAINED VOLUNTARY OR COUNTY SCHOOL IN THE BENEFICIAL AREA SUCH SPECIAL BENEFITS OF ANY KIND NOT NORMALLY PROVIDED BY THE COUNCIL AS THE LOCAL EDUCATION AUTHORITY, AS MAY FROM TIME TO TIME BE AGREED UPON BETWEEN THE COUNCIL AND THE MANAGERS OR GOVERNORS OF THE SAID SCHOOL. 2. THE RESIDUE OF THE NEY YEARLY INCOME SHALL BE APPLIED BY THE COUNCIL TO AWARD EXHIBITIONS, GRANTS, BURSARIES, MAINTENANCE ALLOWANCES OR OTHER BENEFITS FOR THE FURTHERANCE OF EDUCATION (INCLUDING SOCIAL AND PHYSICAL TRAINING) OF RESIDENTS IN THE BENEFICIAL AREA. 3. BENEFICIARIES MEANS YOUNG PERSONS OF EITHER SEX WHO HAVE NOT ATTAINED THE AGE OF 25 YEARS, WHO ARE RESIDENT IN THE BENEFICIAL AREA AND WHO, IN THE OPINION OF THE COUNCIL, ARE IN NEED OF FINANCIAL ASSISTANCE, WITH A PREFERENCE FOR YOUNG PERSONS WHO ARE ATTENDING OR HAVE FOR NOT LESS THAN TWO YEARS ATTENDED AT ANY TIME AS REGISTERED PUPILS AT A MAINTAINED SCHOOL.