Finances:
Objects:
(1)the managing trustees shall apply the clear income of the charity in assisting the governors of the school of the charity to discharge their obligations under the said education acts with respect to the maintenance of the school. (2)if and in so far as the income of the charity cannot be applied in manner aforesaid, the managing trustees shall apply the same in either or both of the following ways:- (a)in providing special benefits for the school of the charity of a kind not normally provided for by the local education authority, or where the school budget has been delegated to the governors in exercise of their powers under chapter 111 of the education reform act 1988. (b)in advancing the education of young persons under the age of 25 years who are present or former pupils of the school of the charity in such manner as the trustees think fit.
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