The Trust was founded by a deed dated 6th October 1949 made by Francis Neilson for the promotion and encouragement of education in the cultural arts and sciences among the choirboys and members of the Cross Guild under the age of twenty one and for the costs and expenses in the promotion of special services sanctioned by the Dean. The Trust deed gives the Trustees the power to apply the funds in such manner as they think fit in accordance with the terms and conditions in the Trust. The Trustees identify projects they wish to support and consider grant applications made from Liverpool Cathedral. The Trust does not support individuals or organisations other than in relation to those associated with Liverpool Cathedral. The Trust receives income from the Will Trust of the late Francis Neilson as administered by JP Morgan Chase, New York, USA. The level of income is affected by the exchange rate with the US dollar.