What's the difference between a scholarship and an exhibition in the English schoolsystem?

A scholarship is an amount of money awarded to a student. It’s usually funded and sometimes ongoing and awarded to students who meet certain criteria.

An exhibition is similar but smaller.

Here’s a sample from Balliol College, Oxford -

http://www.balliol.ox.ac.uk/zadvertisements/grad/snell/index.asp

Great link, and great answer!