Over its long history various benefactors had made gifts of property and funds to assist with the financing of the School and in 1894 the School became a Registered Charity and a Scheme for the future administration of the School was prepared at that time. This Scheme, with various amendments, was operative until the closure of the King Edward VI Grammar School in 1990.

At this time a New Charter had to be agreed with the Charity Commission for the continuation of the Foundation, which now had considerable assets, including the whole of the Grammar School site and buildings, the swimming pool site, ATC site, some small parcels of land and various prize funds.

All of these formed the 'permanent endowment' of the charity and it was agreed the income from these should in future be used by the Trustees to 'promote education in Spilsby & District'.

The Trustees decided this should take the form of

• special grants to the Spilsby High School - now the King Edward VI Humanities College
• special grants to the Feeder Primary Schools at Great Steeping, Halton Holegate, Partney, Spilsby and Toynton All Saints
• provision of grants to former pupils under the age of 25 to assist with the costs of further education.

In addition funds are provided annually to assist with the cost of the College Prize giving.