R6.242 – The Judd/ de Kretser Scholarships

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Recitals –

1. On 6 November 2006, the University received a cheque for $1 million from Therese Yvonne de Kretser of 32 Male St, Brighton (‘the donor’), on the terms set out in Clause 3 of her Will dated 14 October 2005 (‘the Will’) which provides -

   ‘AFTER paying my debts funeral and testamentary expenses and all probate and estate and other duties payable by my estate (whether actual or notional) to any State or Federal Authority in consequence of my death I GIVE my residuary estate to the UNIVERSITY OF MELBOURNE of Royal Parade, Carlton Victoria (“the University”) AND IT IS MY EXPRESS WISH that the Council of the said University apply my residuary estate to the endowment of a scholarship to be called the JUDD/ de KRETSER SCHOLARSHIP the net annual income of which is to be applied to a scholarship for an Australian citizen undergraduate or post graduate student or students enrolled in the Faculty of Music at the University in pianoforte studies the award is to be made on the basis of academic achievement and financial need at the absolute discretion of the Dean of Music.’

2. By letter dated 30 March 2007 to the University, the donor advised that notwithstanding the above clause, she did not intend the University to be restricted to awarding one scholarship each year and confirmed it may award more than one each year.
3. The scholarships are named after the donor and her friend, the late Phyllis Judd, who died on 27 June 2005.
4. At 31 March 2007 the sum of $1 million had increased to $1,021,780.62.

It is provided as follows –

1. The sum of $1,021,780.62, and any accumulations and additions to the sum, forms a fund called ‘The Judd/de Kretser Scholarships’ (‘the fund’) and the fund must be paid into an investment pool and remain there until Council directs otherwise.
2. The net annual income of the fund is to provide scholarships for Australian citizens, undergraduate or postgraduate, who are enrolled in the faculty of Music in pianoforte studies, such scholarships to be awarded in the absolute discretion of the dean of Music on the basis of academic achievement and financial need.
3. Each scholarship is to be called ‘The Judd/de Kretser Scholarship’.