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and which should thereafter be made, not to exceed at any one time the said sum of 12,000l., exclusive of such loans as might have been required by the trustees to be Carpenter's repaid and might remain overdue for six months and upwards, provided the capital Charity. requisite to produce 607. per annum for the purpose of the Sth article should not be infringed upon.
Article 2 empowers the trustees to grant loans of any amount not exceeding 4001. without interest, for any term not exceeding seven years, to poor men not exceeding the age of 40 years, residing or bonâ fide carrying on business within the ward of Bread Street, upon such security as the trustees in their discretion should require, but so that a preference should be given to men under the age of 30 years.
The persons considered proper objects of the loans are to declare formally and to the satisfaction of the trustees that they have not sufficient capital for commencing or carrying on business, as the case may be, or that further capital would be of material assistance for the purpose.
The further sum of 1,500l. is to be applicable to the making of loans as in the 6th article mentioned, and such loans are not to exceed 1,500l. at one time, exclusive of such loans as might have been required to be repaid and might remain overdue for six months and upwards, provided that the capital requisite to produce 60l. per annum for the purpose of the 8th article be not infringed upon.
Article 6 empowers the trustees to grant loans of any sum not exceeding 100%., without interest, for any term not exceeding seven years on such security as aforesaid to any parents residing and who have resided for three years within the ward, and to the guardians of orphans, for the purpose of placing young men, children of such parents, and of deceased inhabitants, out as apprentices to any person in trade within the City of London or five miles thereof for any period not less than three or more than seven years, such young men to be under the age of 18 years and proper objects for charitable assistance, and such orphans to be the children of a man or woman who had resided for five consecutive years within the said ward.
Article 8 empowers the trustees to apply an annual sum not exceeding 607. in placing any number not exceeding six boys of good character, being the sons of fathers or mothers residing or bona fide carrying on business within the said ward of Bread Street, and who should have so resided or carried on business for one year, or being the orphan sons of fathers or mothers who at the time of their decease resided or carried on business within the said ward, such orphans also residing in the said ward and having so resided for one year, in any respectable school in the City of London or within five miles thereof for a period not exceeding six years for any boy to be educated and found in books and stationery at a sum not exceeding 107. per annum for each hoy.
The residue of the income of the Charity, after payment of expenses of management, is to be invested in Consolidated or Reduced Annuities.
The amount to be annually applied out of the income of the Charity for the advancement of education was afterwards increased, with the consent of the trustees, by a Scheme framed under the Endowed Schools Acts and approved by Her Majesty in Council on the 19th August 1871, which provides that an annual sum of 3007. (after payment thereout of the attendant expenses) is to be applied in providing exhibitions for children of persons residing or carrying on business, or earning a livelihood, within the ward of Bread Street, in the city of London, and for orphan children of persons who shall have resided or carried on business, or earned a livelihood, in the said ward.
The trustees afterwards applied to the Charity Commissioners for increased powers as regards application of income to educational purposes, and accordingly, by an Order of the said Commissioners dated the 12th June 1877, a Scheme was established, which provides that the trustees may, if they so think fit, apply the surplus annual income of the Charity, after satisfying the objects of the above-mentioned Schemes, to the advancement of education by providing exhibitions for children of deserving poor persons possessing the qualifications prescribed by the above-mentioned Scheme of the 19th August 1871.
pursuance of power given by the two last-mentioned Schemes, the trustees have made regulations concerning the award of exhibitions thereunder. These regulations are as follows:
1. The amount of each exhibition shall not exceed the sum of 127., to be bond fide cxpended on education.
Thomas Carpenter's Charity.
2. The proportion in which the exhibitions shall be given to boys and girls respectively, shall be two-thirds thereof to boys, and one-third thereof to girls, or if there be not at any time a sufficient number of boys or girls so to give the exhibitions then the same shall be given as near to such proportions as may be found convenient.
3. Each exhibition may be held for a period of not exceeding six years, but not after the child attains fifteen years of age.
4. The school at which the child shall be educated shall be situated within a radius of fifteen miles, measured from the General Post Office, London.
5. To entitle a child to an exhibition—
Either (A) one of the parents of the child shall have resided or carried on business within
Children eligible under sub-section A shall have priority over those eligible under sub-section B.
6. No child under the age of eight years shall be entitled to a gift.
Reports, dated respectively the 22nd January 1891 and the 28th October 1898, concerning the administration of the portion of the endowment applied to educational purposes, were made to the Charity Commissioners by Mr. G. S. D. Murray and Mr. R. E. Mitcheson, Assistant Commissioners.
The names of the trustees of the Charity (who are appointed by coöptation) are Charles William Smith (treasurer), John Mackrell, Walter Leaf, Litt.D., William Christopher Boyd, John Bouch, Frederick Prat Alliston, alderman of the ward of Bread Street, and John Sharland.
The trustees meet either at Mr. Maton's office, or, on the occasion of payment of school gifts and election of exhibitioners, at the vestry of the church of St. Mary-le-Bow. About six or eight meetings are held annually, and there is usually an attendance of about six trustees. Four trustees form a quorum. Formerly, in accordance with a practice which had prevailed for many years, each trustee received a payment of 17. for each meeting attended, but the Charity Commissioners pointed out that such payments were in their opinion unauthorised, and they were accordingly discontinued. The secretary to the trustees receives an annual salary of 1507. Proper minutes and accounts are kept by him, and the accounts are examined with vouchers half-yearly at meetings of the trustees. Inquiries as to the borrowers mentioned below and as to the financial position of their sureties are made by the secretary, and he also prepares fo the information of the trustees particulars of the applications for the school gifts. N charge is made by him for the use of his offices or clerks. A banking account is kept at the Bank of England. Cheques are signed by two trustees.
Under Article 2 of the Chancery Scheme a sum amounting usually to between 6,0007. and 8,000l. is lent out on loans of 4007. each without interest to persons possessing the prescribed qualifications. Notices containing particulars concerning the loans and the gifts for education are circulated in the ward, and it is stated that the existence of the Charity is well known to those qualified to receive its benefits.
Persons desiring to apply for the loans are required to fill up forms of application stating their name, age, business, residence and place of business, and declaring that they have not sufficient capital or would be materially assisted by further capital for starting or carrying on business, and they are required to furnish the name of three sureties. The applicant attends at a meeting of the trustees, and if, on consideration of the secretary's report, they are satisfied as to the qualifications of the applicant and the responsibility of his suretics, the loan is granted at the next meeting of the trustees. No qualified applicant whose sureties are sufficient is rejected. The loan is made upon the joint and several bond of the borrower and his sureties. A sum of 27. 12s. 6d. in respect of each bond (including the stamp) is paid to the clerk out of the income of the Charity. The loans are made repayable in six months, but are continued for seven years, provided the borrower annually satisfies the trustees that he continues to carry on business in the ward, and that neither he nor any of his
sureties has become insolvent or left the kingdom. In some instances the trustees have Thomas been obliged to have recourse to the sureties, but for very many years there has been Carpenter's Charity no case of failure to obtain repayment of the amount of the loan. The qualification of residence within the ward has in the case of the loans become practically a dead letter, as the only residents are caretakers. The borrowers are usually persons selling dry goods on commission, and doing a small business on their own account, and in the opinion and experience of the trustees the capital provided by the Charity has been a source of much assistance and advancement.
The trustees also, under Article 6 of the Chancery Scheme, offer loans of from 107. to 1007. without interest for apprenticeship fees for the sons of residents within the ward, but for many years there have been no applications for these loans, and the net income of the Charity, after setting aside the funds necessary for providing the loans under Article 2 of the said Scheme, is applied for the advancement of education.
Under Article 8 of the Chancery Scheme a sum amounting on the average to about 501. a year is applied in paying for the education of not more than six boys possessing the qualifications prescribed by the said article. Under the Scheme established under the Endowed Schools Acts a sum which occasionally rather exceeds the amount of 3007. mentioned in that Scheme and under the Scheme of 1877 residuary income to the amount of between 7007. and 8007. a year is applied in exhibitions for boys and girls in accordance with the regulations set out above. The payments under the Chancery Scheme are limited in each case to 10l. a year, and in the case of the other two Schemes to 127. a year, and they are not made until by inspection of the school bills the trustees have satisfied themselves that the amounts claimed have been actually expended on the education of the children. The average amount of the annual payments in the case of each child is under the Chancery Scheme 91., and under the other Schemes 101. 15s. The payments are made in each case for a period not exceeding six years, and the children for whose benefit they are made must be between the ages of 8 and 15.
Applications for the educational benefits of the Charity are made on printed forms containing particulars to be supplied concerning the age of the child, the school at which he or she is to be educated, whether the parents are living, the number of children. and their occupations and earnings (if any), the age, residence and business or employment of the applicant and the date of his coming into the ward. The applications are numerous, there being usually from 60 to 80 children awaiting vacancies. The appointments are made at meetings of the trustees, when the children and their parents attend, and inquiry is made as to the circumstances of the parents and the schools which they propose that their children should attend. The trustees give a preference to applicants whose means are small and who have large families. In the majority of cases the candidates who are appointed are the children of persons whose qualification is derived from employment within the ward (class B in the regulations) in such positions as clerks or warehousemen. There is no examination of the childen, either competitive or qualifying. trustees consider that the absence of an examination is justified in view of the early age at which the children are appointed, and on the ground also that a competitive award would place the children of poorer parents at a disadvantage. In their opinion the terms of the Schemes direct them to consider the qualifications of the parents only, and not of the children, and they regard assistance given to the education of a backward child as of special value alike to child and parent. The schools approved by the trustees are limited to such as are higher than elementary and include Aske's Schools, Hatcham, Alleyn's School, Dulwich, Blackheath Grammar School, Battersea Grammar School, City of London School, Camden School for Girls, the Vicarage School, Clapham Common, and other schools of the same class in London or the neighbourhood. Except in a few cases the children have not attended a public elementary school, and usually at the time of the award they have already entered the school at which it is proposed that the exhibition should be held. The parents and children are required to attend half yearly at a meeting of the trustees, when the school bills and reports as to the conduct and progress of the children are produced, and the children are questioned and their school books examined. The exhibitions are withdrawn if a child is elected to a scholarship, but there have been few cases or none in which it has been necessary to impose forfeiture for misconduct. The children usually leave school at the age of 15, and the boys for the most part enter warehouses or offices in the City of London.
In consequence of a suggestion made by the Charity Commissioners the trustees have recently passed a resolution in favour of an alteration of the bye-laws whereby they may be enabled in deserving cases to continue the school gifts up to the age of 16 years and also to grant continuation exhibitions of an amount not exceeding 601. each.