Statute 10.3 - Other Gifts

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Surplus income from funds

10.3.1 Subject to any statute, regulation or the terms of any gift, surplus income from any fund relating to any gift other than for a prize, exhibition or scholarship is to be added to the fund but must be available to be treated as income in any subsequent year as the Council thinks fit.

Changes to terms of gifts¹

10.3.2 Subject to any other statute and to the terms of any gift, the Council may amend the regulation implementing the gift.

Net annual income

10.3.3 The expression ‘net annual income’ in connection with a fund provided for in any regulation made under this statute means the annual income of that fund less any deductions allowable under the terms of the trust or gift which created the fund. It does not include any increases in the capital of the fund.

1 The power to amend does not extend to altering the terms upon which a donor has made a gift, but may be used to alter the administrative machinery established by the Council to implement the gift.