(This note is not part of the Order)
The Order relates to the Peabody Donation Fund commonly called The Peabody Trust. The Charity (which is a very substantial provider of housing for those in need in Greater London) was founded by George Peabody in 1862 and is currently regulated by the Peabody Donation Fund Act 1948 (“the 1948 Act”).
The Scheme modernises the name, objects and powers of the Charity and substantial parts of the 1948 Act will cease to have effect but the Governorship is left intact. The Charity will in future be called the Peabody Trust. It will have an area of benefit of 30 miles radius of the Royal Exchange in the City of London, this being defined as “Greater London” for the purposes of the Scheme. The objects of the Charity are updated to remove the concept of the deserving poor and are extended to enable the Charity to assist elderly persons outside Greater London who have a real and substantial connection with Greater London as defined. The Governors are given modern powers of management and administration and wider powers of investment of charitable funds.