1. This Order may be cited as the Diocese of Lincoln (Educational Endowments) (Saxilby Church of England School) Order 2018 and comes into force on the day after the day on which it is made (“the operative date”).
2. In this Order—
“the deed” means the deed of the foundation being a deed dated 16th October 1845 and made between (1) the Reverend Edward Garfit and (2) the Reverend William Brocklehurst Stonehouse, the Reverend Charles Macquaric George Jarvis and the Reverend George James Atkinson;
“the endowment” means the endowment comprised in the deed;
“the foundation” means the educational foundation known as Saxilby Church of England School;
“the Diocesan Board” means Lincoln Diocesan Trust and Board of Finance Limited; and
“trust assets” means the sum of £66,015.49 held on deposit at CCLA Investment Management Limited representing the remaining endowment of the foundation and being the proceeds of sale of the teacher’s house, together with any income derived therefrom (whether before or after the operative date).
3.—(1) The trust assets must be divided into two separate trust funds, namely—
(a)the Saxilby Church of England School Fund (“the School Fund”), comprising eleven-fourteenths of the trust assets; and
(b)the Saxilby Church of England School Religious Education Fund (“the Religious Education Fund”), comprising three-fourteenths of the trust assets.
(2) The apportionment of the trust assets required by virtue of this article must be made in every case after payment of any expenses of administration in accordance with article 5(1).
4.—(1) The Diocesan Board is appointed to be the trustee of—
(a)the foundation;
(b)the trust assets; and
(c)the School Fund established by article 3(1)(a).
(2) The Vicar and Churchwardens for the time being of the Parish of Saxilby are hereby appointed to be the trustees of the Religious Education Fund established by article 3(1)(b).
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)).
6. The School Fund must be consolidated with the School Buildings Section 86/2 accumulated funds(2) and that consolidated fund shall be known as the School Buildings Section 86/2 accumulated funds.
7. The Diocesan Board must consult Lincoln Diocesan Board of Education with regard to the exercise of the powers and functions conferred on it by this Order.
Signed by the authority of the Secretary of State
Louise Whitesman
Deputy Director
Department for Education
26th April 2018