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R7.237 - THE LADY NORTHCOTE TRUST FUND

Recitals-

1. In 1908 the sum of 1891 pounds 4s and 6p was subscribed by Lady (Janet) Clark, Mary Miller, Sir James Barrett, Edward Fitzgerald, M Philip Fox, RJ Larking, AEJ Lee, W Harrington Moore, CL Pinschof, SG Pirani and R Hamilton Russell (‘the subscribers’) for the purpose of founding a fund to be known as ‘The Lady Northcote Permanent Orchestra Trust Fund’ for the establishment and maintenance of a permanent Orchestra in Melbourne under the direction of GWL Marshall-Hall, former Ormond Professor of Music at the University and founding director of the Conservatorium, and for otherwise promoting the study, practice, knowledge, and appreciation of Music in Melbourne and elsewhere.
   
2. Under the trust deed, the subscribers comprised a Board of Management and Equity Trustees Executors and Agency Company Ltd (later the Equity Trustees Company) consented to act as trustees.
   
3. The trust deed was amended in 1914, 1927, and 1928. After 1982 the Board comprised representatives of the University, the British Musical Society, the Royal Melbourne Philharmonic Society, the Musical Society of Victoria and the Victorian College of the Arts.
   
4. By a resolution of the Board dated 5 December 1995 the name of the trust was altered to ‘The Lady Northcote Trust Fund’.
   
5. In order to secure the future of the fund the University was appointed trustee by a Deed of Retirement and Appointment of New Trustee dated 14 May 1998.
   
6. Council on the recommendation of the committee is responsible for using the income of the fund for promoting the study practice knowledge and appreciation of music in Melbourne or elsewhere and in particular but without restricting the power aforesaid –
   1. to the establishment and maintenance of a permanent orchestra in Melbourne;
   2. to the purchase of musical instruments and copyrights;
   3. to give, arrange and aid concerts, operas, musical entertainments and production in Melbourne or elsewhere; and
   4. to do all such other things as the Board may consider are incidental or conducive to the attainment of the above objects or any of them.
      
7. In 1998 the sum of $108,688.83, being the accumulated proceeds from the fund, was paid to the University to invest for the purposes of the fund.
   
8. At 5 April 2005 the capital of The Lady Northcote Trust Fund was $170,205.61 and the accumulated income was $12,289.19.

It is provided as follows-

1. The sum of $170,205.61 and any accumulations or additions to the sum forms a fund called ‘The Lady Northcote Trust Fund’ (‘the fund’) and the fund must be paid into an investment pool and remain there until the Council directs otherwise.
   
2. The fund is to be administered by Council on the recommendation of a committee (‘the committee’) comprising -
   1. the Ormond Professor of Music, who will chair the committee;
   2. two members from the faculty of Music appointed by Council; and
   3. four members, who have particular interest in the objects of the fund, at least three of whom may not be employed by the University, appointed by Council.
      
3. The net annual income of the fund is to be used for promoting the study practice knowledge and appreciation of music in Melbourne or elsewhere and in particular but without restricting the power aforesaid -
   
   1. to the establishment and maintenance of a permanent orchestra in Melbourne;
   2. to the purchase of musical instruments music and copyright;
   3. to give arrange and aid concerts, operas, musical entertainment and productions in Melbourne or elsewhere; and
   4. to do all such other things as Council on the recommendation of the committee established pursuant to section 2, may consider are incidental or conducive to the attainment or the above objects or any of them.

[Made 5/9/05]