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THE LEONARD LAITY STOATE CHARITABLE TRUST |
FEBRUARY 2006 |
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TERMS of the TRUST |
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The Leonard Laity Stoate Charitable Trust was
founded by Deed dated 24 June 1950. As originally founded, one half of the
trust income had to be applied to charitable purposes connected with
Methodism in Bristol or the counties of Somerset, Devon and Cornwall. The
other half could be applied for any charitable purpose in England or Wales. In 1959, the Founder modified this
arrangement by a supplemental Deed. Henceforth the trustees had complete
discretion over the whole of the income, subject only to a minimum figure of
£500 per annum (at that time just over 20% of the income) to be applied to
Methodism in Bristol and the specified counties, which were expanded to
include Dorset. With the continuance of inflation and with the growth in
income of the trust, the trustees now try to follow the spirit rather than
the letter of this part of the Deed, and apply a significant proportion of
income to Methodist causes, as shown separately in the annual accounts. A further express link with Methodism is
effected by provision in the Deed (as amended) that the Chairman of a west
country Methodist District (which to date has always been the Bristol
District) shall be an ex-officio trustee. There is power to accumulate and/or
capitalise surplus income, and the supplemental Deed also gave power to apply
part of the capital to charitable purposes. As a supplement to the formal terms of the
Deed, the Founder signed a Memorandum of Wishes. Particular still relevant
wishes are :
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