A piece of history

I noticed this whilst having my Monday morning coffee at church today. The writing style really catches the eye.

Not having done Latin at school I can't translate it but one of my twitter friends says it's to do with paying for the school in perpetuity. The plaque is dated 1696 and the current village school was opened in 1755 in it's original location by the old church. The school's present building was completed in 1840.