Finances:
Objects:
(1) after payment of any expenses of administration the net income of the foundation shall be applied by the trustees in any of the following ways for the benefit of boys and girls resident in the borough of bury st edmunds who, in the opinion of the trustees, are in need of financial assistance. (a) in awarding to beneficiaries scholarships, bursaries, maintenance allowances, or grants tenable at any school, university or other place of learning, approved by the trustees;(b) in providing financial assistance, outfits, clothing, tools, instruments or books to help beneficiaries on leaving school, a university or any other educational establishment to prepare for, or to enter, a profession, trade or calling; and (c) in otherwise promoting the education (including social and physical training) of beneficiaries.(2) in the allocation of benefits the trustees shall have regard to the promotion of education in the principles of the church of england.(3) the trustees shall consult the local education authority as to their general action under this clause and, if occasion requires as to educational qualifications of candidates for benefit.
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