Webpage created: June 30, 2017.
Webpage updated: July 30, 2017
HENRY KELWAY'S TRUST
Mr Henry Kelway by his will dated April 15th 1732 directed that everything which he was obliged by marriage deeds to do for his wife, Dorothy, should forthwith be done, unless she should, within three months of his death, choose, in lieu of her dowry, to take the dividends of £1,600 of his bank stock for her own use and the dividends of £300 of bank stock for the use of his relatives. She was able to distribute this according to her discretion. Once she died, the bequest was to be distributed amongst his relations by the rest of the executors.
Mr Henry Kelway died in 1737 and Mrs Dorothy Kelway appears to have died sometime between March 1738, when she last signed-off any accounts, and January 1740.
This Trust was only of benefit to relatives and descendants of Mr Henry Kelway until an Order of the High Court of Chancery dated March 27th 1827 created two separate funds, one known as "The Relations Fund" and the other as "The Education Fund".
The Education Fund had some interesting rules. The Fund was to be financed by the dividends of 31/34ths of the sum of £4,860 17s 3d Bank Stock. This was to be applied to bringing up such children of the testator's relations as the trustees should deem the nearest of kin or the most deserving. Priority, as before, was to be given to 'those of his surname', whether boys or girls. They were to be assisted with clothing, in diet, in books and with schooling or anything else the trustees thought fit until they were ready for a calling or a trade. Boys would be supported until they reached the age of 24 years and girls until either they married or they reached the same age. But 'if any of such children should prove ill or disobedient, then the trustees should have power to discharge them and place others in their stead'. For that purpose the trustees could advertise in newspapers in London and in Devon for any qualified relatives but if none applied then 'the trustees should elect so many proper objects (!) of the town of Plymouth or Borough of Saltash to have or participate in the benefits of the Education Fund...'
As at 1907 the endowment of the Educational Fund stood at: Bank of England Stock, £4,431 19s 3d, invested in the names of the trustees, the Reverend William Edward Burroughs, vicar of Saint Andrew's Church, the Reverend Thomas Alfred Chapman, vicar of Charles Church, and Mr John Kinton Bond, headmaster of the Corporation Grammar School, from which a gross income of £419 17s 2d was received in 1907; Consols of £911 15s 4d, invested in the above-named person, which provided an income in 1907 of £22 15s 8d; and £71 8s invested by the same trustees in £2 10s per Cent Annuities, which provided an income during 1907 of £1 15s 8d. The total income for the year was thus £444 8s 6d.
In 1907 none of the beneficiaries of the Kelway Trust lived in the Borough of Plymouth.