Regulation 5 Mixed trusts etc.
Where the associated school property was held by a charity established for charitable purposes which are partly educational purposes and partly other purposes the value of B for the purpose of regulation 3 above shall be the proportion of the net proceeds of disposal of the associated school property or, as the case may be, its market value that is determined by the Secretary of State to be attributable to the educational purposes of the charity.
Where—
the Secretary of State has made an order under section 554 of the Act relating to an endowment the assets of which are or include the associated school property or its proceeds of disposal; and
such an order makes provision for the application of part of such assets towards a religious education fund,
the value of B in regulation 3 above shall be reduced by the value of the assets constituting the religious education fund, valued at the date of the establishment of that fund, or, where associated school property is disposed of by way of sale and the fund was established before the date of the sale, at the date of completion of the sale.