The Council shall apply all money received by the Trust under this Act (except money borrowed and money received, for the sale of lands or other moneys received on capital accounts as follows—
Firstly — a payment of the working and establishment expenses of the Trust and the cost of management, maintenance thereof and improvement of Trust property; and
Secondly — the payment of the interests on moneys borrowed under the powers of this Act and of the instalments (if any) of principal money borrowed and the balance (if any) shall be applied in furthering the objects for which the Trust is established in such manner as the Council may direct.