In England and Wales "independent schools" ("private schools" or, confusingly, "public schools") almost always have "charitable status". Hence, they are now subject to the new "public benefit" test imposed in the Charities Act 2006. There is much discussion as to whether this test will be a…

This article explores the law relating to the global custodianship of funds, notably as managed for endowed charities such as universities and independent schools. Is global custody based on the legal concept of bailment or of trusts? Just how secure are the legal underpinnings of this financial mechanism? The conclusions are that the legal…