Educational Foundation of Philip and Sarah Stanford

THE SCHOOL OF THE CHARITY SHALL BE CONDUCTED AS HERETOFORE, NAMELY, AS A VOLUNTARY CONTROLLED SCHOOL CONDUCTED IN ACCORDANCE WITH THE PRINCIPLES AND PRACTICE OF THE CHURCH OF ENGLAND. IF THE SCHOOL IS NOT USED IN ACCORDANCE WITH PARAGRAPH 23(A) ABOVE THEN THE SCHOOL OF THE CHARITY SHALL BE CONDUCTED AS A SCHOOL WITHIN THE MEANING OF THE EDUCATION ACTS, INCLUDING AN ACADEMY. IN THIS CLAUSE 23(B) “THE EDUCATION ACTS” HAS THE MEANING DEFINED IN SECTION 578 OF THE EDUCATION ACT 1996 AND INCLUDES ANY AMENDMENT, EXTENSION OR RE- ENACTMENT FROM TIME TO TIME, AND ANY REGULATIONS MADE UNDER THE EDUCATION ACTS. YEARLY PAYMENTS. – (1) THE TRUSTEES SHALL PAY A YEARLY SUM OF £9 (OR SUCH OTHER SUM AS THE COMMISSIONERS FROM TIME TO TIME BY ORDER APPROVE) OUT OF THE INCOME OF THE CHARITY AS AN ADDITION TO THE YEARLY SUM OF £1 PAYABLE TO THE RECTOR OF THE PARISH OF LACEBY OUT OF THE INCOME OF THE CHARITY OF PHILIP AND SARAH STANFORD FOR PREACHING A SERMON OR SERMONS.THE TRUSTEES MAY PAY A YEARLY SUM DETERMINED BY THE TRUSTEES OUT OF THE INCOME OF THE CHARITY FOR THE PURPOSES OF THE SAID CHARITY FOR THE POOR.RESIDUARY INCOME. - SUBJECT TO THE PAYMENTS AFORESAID THE TRUSTEES SHALL APPLY THE INCOME OF THE CHARITY IN EITHER OR BOTH OF THE FOLLOWING WAYS:(1) IN PROVIDING SPECIAL BENEFITS FOR THE SAID SCHOOL AND LIBRARY AND EDUCATION CENTRE OF ANY KIND NOT NORMALLY PROVIDED BY, IN THE CASE OF THE SCHOOL, AN ACADEMY, AND IN THE CASE OF THE LIBRARY AND EDUCATION CENTRE THE LOCAL AUTHORITY, FOLLOWING APPROPRIATE CONSULTATIONS WITH THOSE CONCERNED;(2) IN ADVANCING THE EDUCATION OF PERSONS UNDER THE AGE OF 25 YEARS WHO ARE OR WHO HAVE A PARENT OR PARENTS RESIDENT IN THE AREA OF BENEFIT AND WHO, IN THE OPINION OF THE TRUSTEES, ARE IN NEED OF FINANCIAL ASSISTANCE.