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 had considerable assets.

The assets formed the 'permanent endowment' of the charity and it was agreed the income from this 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 2009 grants amounting to £22094 were made for the benefits of education in Spilsby and surrounding area. These included :-
£8500 to King Edwards VI Humanities College including £1000 to support the Prize Funds.
Grants of £1000 to each of the five feeder Primary Schools at, Spilsby, Halton Holegate, Great Steeping, Toynton all Saints and Partney.
Grants to 28 former pupils totalling £8375.
Donation to the Sunshine Schools for Blind Children as per the foundation charter of £199.

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