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Foundation Deed

24 Febrary 1919

FOUNDATION DEED OF WESLEY HOUSE,

24th FEBRUARY 1919

AS AMENDED. 29 JUNE 1976



TO ALL WHOM THESE PRESENTS SHALL COME MICHAEL GUTTERIDGE of Haslemere in the County of Surrey Esquire HAROLD COOKE GUTTERIDGE of Number 2 Pump Court Temple in the City of London Barrister-at-Law and SAMUEL COOKE of North Bank Muswell Hill in the County of Middlesex Warehouseman SEND GREETING:


WHEREAS in the month of December One thousand nine hundred and twelve the said Michael Gutteridge (hereinafter called ‘the Founder’) transferred and delivered certain securities into the names and hands of the said Harold Cooke Gutteridge and Samuel Cooke (hereinafter called ‘the Original Trustees’) in order that with the addition of further donations a fund might be created to enable the establishment of a college or hostel within the precincts of the University of Cambridge for the theological and pastoral education of accepted candidate for the ministry of the Wesleyan Methodist Church the intention being to provide a post graduate course in which students should have the full benefit of University life and tuition side by side with such distinctive teaching of the history constitution theology and polity of that church as would enable them to maintain in the Church Universal those doctrines of experimental religion and especially spiritual holiness upon which John Wesley laid emphasis AND WHEREAS further securities have since been transferred by the said Michael Gutteridge and further donations have been made by persons friendly to the project to the Original Trustees by way of addition to the said first recited securities A N D WHEREAS the Original Trustees are now possessed to the credit of the said fund of the investments and cash specified in the Schedule to these presents A N D WHEREAS no building or site for a building, has yet been acquired and no part of the capital or the said investments and cash has yet been applied AND WHEREAS the Founder and the Original Trustees are desirous of declaring the trusts upon which the Original Trustees hold the .said investments in manner hereinafter appearing, NOW THESE PRESENTS WITNESS that it is hereby declared as   follows:—



1.         The Original Trustees and the survivor of them and other the Trustees or Trustee for the time being, of these presents (all of whom are hereinafter included in the expression ‘the Trustees or Trustee’) will stand possessed of the said investments specified in the Schedule hereto and of all moneys and securities which may hereafter be given or transferred for the general purposes of these presents or which may be received by the Trustees or Trustee hereunder (all which sums and securities and other the Investments for the time being representing the same are hereinafter included in the expression 'the Trust Fund’)   and the income dividends and interest thereof Upon trust to apply the same for the establishment equipment maintenance and endowment in accordance with and subject to the powers and provisions hereinafter contained of a college hostel or institution within the precincts, of the University of Cambridge for the training in theology and the pastoral office of accepted candidates for the ministry of the Wesleyan Methodist Church.


2.         The Trustees or Trustee shall from time to time sell or convert into money the Trust Fund or a component part thereof as and when from time to time it may be requite or expedient so to do and shall apply the proceeds or sale and any accumulations of income of the Trust Fund in the purchase of such piece or pieces of land within the precincts of the said University with or without buildings erected thereon and whether of freehold copyhold or leasehold tenure (held for a term of at least five hundred years unless the Trustees or Trustee shall already have purchased or otherwise become entitled to the reversion expectant on such term) and whether the estate to be acquired be in possession or reverse as shall in the opinion of the Trustees or Trustee be suitable for the erection of the said college or adaptation to that purpose and in erecting on any land so purchased or on any land which may be given and which they may accept such buildings as may be adapted for the purpose of such college or hostel or in altering adapting or adding to any existing buildings so as to render the same fit for use for the purpose aforesaid and in paying for the equipment thereof and all costs and expenses of or incidental thereto.



3.         The Trustees or Trustee shall have an absolute and uncontrolled discretion as to the character and the mode and time of erection of the said buildings and as to the equipment thereof and for the purpose of the purchase of land and the erection of new buildings or the adaptation of existing buildings and the equipment of buildings old or new shall have full power to enter into such contracts and to employ and pay such professional or other persons and to do all such acts and things including the demolition of existing buildings laying out gardens and yards drainage and sanitary works and insuring against fire incidental to or connected with erecting the said buildings or altering adapting or adding to any existing building and furnishing decorating and fitting up (he sane as the Trustees or Trustee may think expedient .



4        The college when established shall be called "Wesley College Cambridge” or such other name as the Trustees or Trustee may decide.



5        The Trustees or Trustee shall permit the said college or hostel when established to be used as a theological institution for the purpose of residence and tuition or tuition without residence for such students as have taken a degree at some university whether in Great Britain or Ireland or elsewhere approved of by the Wesleyan Methodist Conference or any committee of that body authorised to approve and are accepted candidates for the Ministry of the Wesleyan Methodist Church subject to such regulations regards qualifications entrance residence course of study examination payment conduct and status of students and the qualifications appointment removal and emoluments of a provost or head and of professors tutors and other officers the government and administration of the college by the provost or head with or without the assistance of a committee or council the nomination of such committee or council and generally in all respects as may from time to time be directed or approved by the Wesleyan Methodist Conference PROVIDED ALWAYS that it shall be lawful to accept a student or a limited number of students for residence and tuition notwithstanding that he or they may not have taken a degree at a university as aforesaid if in the opinion of the Theological Institution Committee for the time being of the Wesleyan Methodist Conference he or they possess such capacity and gifts as to justify acceptance without the qualification aforesaid  But the Trustees or Trustee may at any annual meeting, or at any meeting duly convened for the purpose from time to time declare that the number of students or accepted candidates admitted into the college on other qualifications than that of a degree is in excess of the intentions of the Founder which were that the college should be a post graduate college with provision for few exceptions. In the event of any such declaration no students or accepted candidates other than those already admitted shall be admitted without a degree until in the judgment of the Trustees or Trustee the balance has been restored.


6.         It shall be lawful for the Trustees or Trustee with the consent in writing of the said Conference expressed under the hand of the President for the time being thereof and with such other consent as may be required by law to sell any such hereditaments with power to buy in and re-sell the same without being responsible for any loss that may thereby be incurred and all moneys arising from any such sale shall be deemed to be part of the Trust Fund and be applicable accordingly.


7.         It shall be lawful for the Trustees or Trustee with the consent in writing of the said Conference expressed under the hand of the President for the time being thereof and with such other consent as may be required by law to lease exchange mortgage charge or deal with any such hereditaments the moneys produced by any such transaction to be applied as part of the Trust fund.


8.         No Purchaser mortgagee chargee lessee or other person claiming for any valuable consideration under the said Trustees or Trustee shall be bound to see or enquire as to the expediency or propriety of the sale mortgage lease or other disposition of the said hereditaments or as to the regularity of the appointment of the Trustees or Trustee and notwithstanding and impropriety or irregularity whatsoever in any such sale mortgage lease or other disposition the same if made with the consent of the said Conference shall so far as regards the protection of the Purchaser mortgagee lessee or other person claiming for Value as aforesaid be deemed to be within the scope of the trusts contained In these presents and shall be valid and effectual accordingly.


9.         Any moneys or investments forming part of the Trust Fund which may not be required for the purchase erection adaptation and equipment of the said college shall be treated as on endowment the income of which may be applied for the support maintenance repair enlargement and improvement of the said college for the salaries of professors and tutors for bursaries or for other purposes for the benefit of the college or partly for one purpose and partly for another in such manner as the Trustees or Trustee may determine but the Trustees or Trustee may at any time or time and from time to time apply the capital or any part thereof and any unapplied income in making repairs alterations additions or improvements or in the purchase of additional land or any interest therein or in the purchase of reversionary interests in or the redemption of charges and incumbrances affecting any lands belonging to the college.


10.       The Trustees or Trustee may retain the Investments specified in the Schedule hereto for such period ns they may think proper and may accept transfers of any securities that may be offered by way of donation and if they think fit retain the same notwithstanding that they may not be within

the area of investments authorised by law for trust funds and notwithstanding that they may be payable to bearer and transferable by delivery or by delivery with indorsement but any moneys requiring to be invested by the Trustees or Trustee shall be invested only in securities authorised by law for trust funds.


11.       In these presents the Wesleyan Methodist Church shall mean the said Church as at present constituted or as it may hereafter from time to time be constituted. If at any time hereafter .the said Church shall unite with any other Methodist Church or with any other religious communion the benefit of the trusts of these presents shall be deemed to be transferred to the united body and so on from time to time if and when any further union or unions shall take place. The expression the Wesleyan Methodist Conference and the President of the Conference used in these presents shall include the supreme assembly or court of the highest authority and the President or other the chief officer for the time being respectively of any such united body as aforesaid The expression The Theological Institution Committee shall include the committee or body of persons for the time being exercising the functions at present exercised by the said committee.                  


12.       The Trustees shall be appointed under the hand of the President for the time being of the Conference of the Methodist Church acting in pursuance of a Resolution of the Conference and upon the nomination of the Division of Ministries of the Methodist Church following the recommendations (if any) of the Trustees and shall hold office until the succeeding appointment under the hand of the President of the Conference.

            The President of the Conference for the time being is the person nominated in these presents for the purpose of appointing new Trustees under Section 36 of the Trustee Act 1925.


13.       Not less than 75% of the Trustees shall be members of the Methodist Church.


14.       The Trustees or Trustee shall have power to act notwithstanding a vacancy or vacancies in the body of Trustees and a majority of the Trustees present and voting at a meeting duly convened and held shall have power to bind all the Trustees for the time being The Trustees for the time being shall have power to appoint a convener and clerk to fix a quorum and the method of passing resolutions and of holding meetings and generally to regulate their procedure in such manner as they may think fit.


15.       It shall be lawful for the Trustees or Trustee with the approval of the Wesleyan Methodist Conference expressed under the hand of the President thereof and with the approval in writing of the Founder during his life and with the consent of the Chancery Division of the High Court of Justice or of the Board of Education by deed from time to time to revoke or alter wholly or partially and to add to the trusts of these presents or any trusts declared in pursuance of this present power but so that any such revocation alteration or addition shall be consistent with a purpose conducive to the education in theology and the pastoral office of students for the ministry of the Wesleyan Methodist Church or of any body with which it may hereafter be united as aforesaid within the precincts of the University of Cambridge,


IN WITNESS whereof the said Michael Gutteridge Harold Cooke Gutteridge and Samuel Cooke have hereunto set their hands and seals the twenty fourth day of February One thousand nine hundred and nineteen.



THE SCHEDULE above referred to

List of Investments belonging to the Trust Fund

               

£1,000 Canadian Northern Ontario Railway Company 3½% Dominion Guaranteed Debenture Stock

F20,000 City of Zurich 4% Loan 1908 Series “A”

£1,800 London & North Western Railway 4% Preference Stock 1902

£1,000 London & North Western Railway 3% Perpetual Debenture Stock

£1,000 London & South Western Railway 3% Consolidated Debenture Stock

£1,000 Consolidated Stock 2½%

£3,000 Dominion of Canada 4% Registered Stock 1940-60

£1,100 Central Argentine Railway Limited 4% Debenture Stock

£1,500 Buenos Ayres Great Southern Railway Limited 4% Debenture Stock

£1,000 India 3% Stock

£1,000 City of Buenos Ayres 5% Loan 1914

£1,000 City of Montreal 4½% Sterling Registered Stock 1953

£1,000 Port of London 4% Inscribed Stock 1940-60

£1,000 Buenos Ayres Western Railway Limited 4% Debenture Stock

£1,000 North Eastern Railway Guaranteed 4% Stock

£1,000 North Eastern Railway Irredeemable 3% Debenture Stock

£1,000 London Chatham & Dover Railway Company 4% Debenture Stock 1909

£1,000 Great Northern Railway Railway Company 4% Perpetual Guaranteed Stock

£2,000 5% War Stock 1929-47

£1,000 East Indian Railway 4½%  Debenture Stock 1935-55

£1,000 Caledonian Railway 5% Debenture Stock

£1,000 Gas Light & Coke Company 3% Consolidated Debenture Stock

£700 London & Blackwall Railway 4½%  Stock

£1,200 Great Western Railway 4% Debenture Stock

£1,000 Buenos Ayres & Pacific Railway Company 5% Debenture Stock 1912

£2,000 Local Loans 3% Stock

£1,000 Local Loans 3% Stock

£1,000 5% National War Bonds 1923

£1,000 5% National War Bonds 1927

£1,000 5% National War Bonds 1928

£1,000 5% National War Bonds 1928 (3rd series Inscribed)

Cash at bank £836. 9s .6d.

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Signed Sealed and Delivered by the above named Michael Gutteridge

Signed Sealed and Delivered by the above named Harold Cooke Gutteridge

Signed Sealed and Delivered by the above named Samuel Cooke