Stedeford (H M Inspector of Taxes) v Beloe – [1932] UKHL TC_16_505 11 March 1932
The Warden and Council of Bradfield College, acting under powers conferred on them by the college statutes, granted the Respondent an annual pension of £500 from the date of his resignation of the office of headmaster of the college. The statutes empowered the Warden and Council to apply certain moneys “ to “ such purposes as in their absolute discretion they may deem to be “ for the benefit of the college including …. the payment of any “ pension or retiring allowance to any person who may have held “ the office of … . headmaster,” but laid upon them no obligation to pay, or to continue payment of, such a pension.
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