Finances:
Objects:
the company shall out of the yearly income of the nepton charity apply such sum as the company thinks fit, taking due account of the income available to the charity and the needs of the beneficiaries, in relieving in cases of need persons resident in the area of the ancient parish of barking, in the london borough of barking and dagenham, newham and redbridge in such manner as the company thinks fit.subject to the payments aforesaid the income of the nepton charity shall be available for the support of two charitable purposes referred to hereafter as the relief in need branch and the advancement in life branch, in such proportions as the company shall in its absolute discretion think fit. any amount of income not spent in a financial year shall be carried forward and be available for expenditure on any of the charity’s purposes in subsequent years.the relief in need branch shall be for the benefit of persons who are in conditions of need, hardship or distress and who are freemen or livery men of the company or widows or other dependants of such persons as the case may be with a preference for those persons otherwise qualified who are widows, in either or both of the following ways:i) in paying pensions to persons qualified as aforesaid in accordance with the provisions hereinafter contained.ii) in making grants of money to such persons or providing or paying for items, services or facilities calculated to reduce their need, hardship or distress: provided that the company may pay for such items, services or facilities by way of donations or subscriptions to institutions or organisations which provide or which undertake in return to provide such items, services or facilities for such persons.there shall be paid to each pensioner a pension at a rate determined by the company having regard to the circumstances of the pensioner and the income available to the charity: provided that instead of paying the whole of the pension to any pensioner in money the company may expend all or part thereof for his or her benefit in such ways as it thinks fit.the advancement in life branch shall be for the benefit of persons who are under the age of 25 years and in need of financial assistance of the following classes and in the following order of priority:(1) sons or daughters of freemen of the city of london and of persons residing or working in the said city of london preference being given to persons so qualified who are sons or daughters of freemen of the company;(2) persons residing or working in or attending educational establishments in the city of london;(3) sons or daughters of persons who have at any time resided or worked in the city of london for at least five years,in either or both of the following ways:(a) in assisting such persons who are preparing for, entering upon or engaged in any profession, trade, occupation or service, by providing them with outfits, or by paying their fees, travelling or maintenance expenses, or by other means for their advancement in life to enable them to earn their living.(b) in promoting the education (including social and physical training) of such persons in such manner as the company thinks fit.
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