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1. THE TRUSTEES SHALL HOLD THE TRUST FUND AND THE INCOME DERIVED FROM THE TRUST FUND UPON TRUST TO APPLY THE INCOME FOR SUCH CHARITABLE PURPOSES AS THE TRUSTEES IN THEIR ABSOLUTE DISCRETION FROM TIME TO TIME THINK FIT. 2. PROVIDED THAT THE TRUSTEES MAY AT THEIR ABSOLUTE DISCRETION FOR THE PERIOD OF TWENTY ONE YEARS FROM THE DATE OF THIS DEED INSTEAD OF APPLYING THE INCOME OF THE CHARITY IN ANY YEAR ACCUMULATE ALL OR ANY PART OF SUCH INCOME AT COMPOUND INTEREST BY INVESTING THE SAME AND THE RESULTING INCOME IN ANY OF THE AUTHORISED INVESTMENTS AND HOLD THE SAME AS AN ACCRETION TO AND AS PART OF THE CAPITAL OF THE CHARITY WITHOUT PREJUDICE TO THEIR RIGHT TO APPLY THE WHOLE OR ANY PART OF SUCH ACCUMULATED INCOME IN ANY SUBSEQUENT YEAR AS IF THE SAME WERE INCOME OF THE CHARITY ARISING IN THE THEN CURRENT YEAR. 3. THE TRUSTEES SHALL HAVE THE POWER AT ANY TIME AND FROM TIME TO TIME TO APPLY THE WHOLE OR ANY PART OF THE CAPITAL OF THE TRUST FUND AS IF IT WERE INCOME.
DECLARATION OF TRUST DATED 15TH NOVEMBER 2002.
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