1. The funds received by the University following payment of deferred consideration from the sale of Wytham Abbey shall be held as expendable endowment on the trusts declared in these regulations. Further money and property may be paid or transferred to the University to be held as expendable endowment on the same trusts. The assets so held will be known as the ffennell Fund (“the Fund”).
2. (1) The University shall apply the income and, in its discretion, the capital of the remainder of the Fund, to support the preservation and upkeep of the Wytham Estate and its use for educational and research purposes.
(2) The University shall give preference to the funding of educational activity whenever practicable. The term ‘educational’ shall be used in its widest sense and refers here in the main to brightening the mind and strengthening the body.
3. The preservation and upkeep of the Wytham Estate shall include but not be limited to:
(1) preservation and upkeep of buildings and other structures on the Wytham Estate, including (but not limited to) preserving their characteristics on the date that the ffennell Agreement was entered into;
(2) preservation of the natural beauty of the Wytham Estate as an adjunct to the valuable gardens and open spaces of Oxford, including (but not limited to) preservation of the woodlands and preservation of parts of the Wytham Estate as a bird sanctuary and wild flower sanctuary;
(3) permitting access to Wytham Woods to the citizens of Oxford and;
(4) the erection of buildings for recreational purposes.
4. The educational and research purposes shall include but not be limited to:
(1) work for the benefit of school children and young people, in particular work in which the latest methods in children’s education are tried, practised and proved or the best methods for children’s education are demonstrated;
(2) special facilities that will tend to the happiness health and welfare of children and young persons, both those living in the neighbourhood and in large cities, especially children and young people from deprived socio-economic areas including (but not limited to) providing special facilities for scouts, guides and school children on portions of the Wytham Estate for air, exercise, schoolwork, camping, play and relaxation;
(3) use of Wytham Woods for instruction of all students;
(4) the provision of facilities for research in Wytham Woods; and
(5) the erection of buildings for research and educational purposes.
5. The administration of the Fund and the application of its income, shall be the responsibility of the Environmental Sustainability Subcommittee of the Planning and Resource Allocation Committee.
6. The University may in its absolute discretion in the period ending 21 years from the date of these regulations, instead of applying the income of the Fund in any year, accumulate all or any part of such income by investing it, and holding it as part of the capital of the Fund. The University may apply the whole or any part of such accumulated income in any subsequent year as if it were income of the Fund arising in the then current year.
7. The University shall have power to pay out of the capital or the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund.
8. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with these regulations.
9. These regulations shall be deemed to be Trust Regulations under the provisions of part D of Statute XVI.
10. Subject to regulation 11, Council may amend, repeal or add to these regulations in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to cease to be exclusively charitable according to the law of England and Wales.
11. Any amendment to regulation 2 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by the Congregation of the University and subsequently by His Majesty in Council.