Wednesday 1 – Thursday 2 November 2023
By appellant’s notice filed on 5 May 2023, the defendant below, appeals the order of Mr Justice Zacaroli, sitting in the Business and Property Courts, dated 21 December 2022, whereby he ordered that the provisions of the deed dated 9th January 1928 specifying the trusts of the National Fund be modified.
The appellant, Zedra Fiduciary Services (UK) Ltd, (“the Trustee”) is the trustee of the National Fund. The National Fund is a charitable trust established in 1928 with the primary purpose of eventually discharging the National Debt. Zacaroli J held (in agreement with submissions from the Attorney General and the Trustee) that the purposes of the National Fund have failed, and that a scheme should be made applying it cy-près. By the order under appeal, Zacaroli J further held that the National Fund is to be applied cy-près to reduce the National Debt.