1. The University accepts with gratitude the sum of £1.5 million from anonymous benefactors, and any further sums which may be contributed for the same purpose, to establish the Waverley Fund for the assistance of candidates from disadvantaged backgrounds who have shown themselves to have the potential to make a significant contribution in their future careers and who require financial assistance to enable them to study for an undergraduate or graduate degree of the University. Priority shall be given to candidates from outside the European Union who meet these criteria.
2. The arrangements for the administration of the fund shall be as determined from time to time by the Educational Policy and Standards Committee of Council. The panel or panels appointed to award scholarships shall have discretion to determine the criteria of eligibility, taking account of the main object of the donation as defined in clause 1 above and in the benefactors’ memorandum.
3. The whole fund shall be expendable, as to both capital and income.
4. Subject to the consent of the benefactors, funds may be expended for such costs (other than administrative costs) as to attract applications to the University from candidates who meet the criteria described in clause 1 above, particularly from areas of the world affected by conflict or natural disaster.
5. Council shall have power to alter this decree from time to time, provided that the main object of the fund, as defined in clause 1 above, is always kept in view.