5.—(1) After payment of any expenses of administration, the Diocesan Board must account for that proportion of the capital and income of the trust assets of the foundation which represents the Religious Education Fund to the trustees of that fund.
(2) The trustees of the Religious Education Fund must apply the income, and may apply the capital, of that fund for educational purposes related to the Parish of Saxilby in connection with the provision of religious education in accordance with the tenets of the Church of England by means of a Sunday School or otherwise.
(3) The Diocesan Board must hold the School Fund on trust on the terms set out in the Schedule (being the uniform statutory trusts set out in Schedule 36 to the Education Act 1996(1)).
1996 c. 56. Schedule 36 was amended by paragraph 10 of Schedule 9 to the Education Act 2005 (c.18).