Legacies
[ Legacy information leaflet (PDF*) | Other contributions ]
* PDF files require Adobe Acrobat Reader. Please click here to download it.
As the 16th century moved into the 17th, Peter Blundell had a vision for the future of local children, and through his benevolence, Blundell’s School was born. Since then, the benefits of his legacy to education in the South West of England have had a wider reach than he could have possibly imagined. Old Blundellians, not only from the south west, but the whole of the United Kingdom and overseas, have excelled in all fields, reaching the highest echelons of industry, government, the armed forces, and the church. Many have represented their country in sports, an area in which Blundell’s has always excelled.
As we now move from the 20th century into the 21st, indeed into the third millennium, it is our opportunity to ask what our legacy will be. How can we make a mark that will be felt by generations to come? There is no better way than to ensure the continuation of a tradition of excellence in education.
As shown by the growing numbers of international students enrolling each year, the British private education system is the envy of the world. It is part of our heritage to be protected in an ever more hostile environment. What stronger message can there be than that the very people advocating the demise of private schooling should choose to educate their children in this way?
You can help preserve this heritage for future generations by leaving a bequest to Blundell’s. It could help towards funding places for disadvantaged pupils at the school, or towards capital projects, maintaining the high quality of facilities available, whether sporting, academic, technological or creative.
Jessica Mannix
The need to plan for the future
Since its foundation in 1604, Blundell’s has influenced the lives of a great number of pupils. Outstanding teaching within a caring and supportive environment, combined with excellent facilities, has allowed pupils with hugely varied backgrounds to achieve their full potential.
Blundell’s has a tradition and history to be proud of, but in order to maintain its position amongst the top independent schools in the country, it needs to plan for and invest in, the future. Capital is needed to provide scholarships for able pupils, who would otherwise not be able to benefit from a Blundell’s education, and to maintain the rich mixture of students forming the school population. The demands of education in terms of buildings and facilities have increased greatly in recent years, particularly in Information Technology. Keeping pace with new developments is costly and cannot be provided through tuition fees alone. This leaflet has therefore been produced by the Blundell’s Foundation to enable those Old Blundellians, parents and friends who wish to do so, to express their support and affection for the School by means of a legacy.
The Blundell’s Foundation Legacy Programme
To help secure Blundell’s future and to provide a formal fundraising channel, the Governors established the Blundell’s Foundation in 1998. The School’s endowment income is minimal and a very important purpose of the Foundation is to raise income to allow Blundell’s to provide for further improvements required by changing needs and circumstances. The Legacy Programme is an important tool in achieving these key objectives.
A legacy to the Blundell’s Foundation is one of the most meaningful and enduring gifts you can make and will provide a source of much needed capital on a continuing basis. All legacies, whatever the size, will directly benefit the School, its pupils and its teaching staff. Gifts may be directed towards specific areas of school life or, alternatively, the Governors can direct funds to where they are needed most. Pupils of today, as has been the case in the past, are the beneficiaries of previous generosity and now, over four hundred years on in Blundell’s history, it is our responsibility to ensure that the students of tomorrow are equally provided for to ensure that Blundell’s retains its place as a leading independent school.
The Legacy Programme will undoubtedly help preserve and strengthen Blundell’s for future generations.
[ Top ]
Leaving a legacy/Making a bequest to Blundell’s
Blundell’s School is a registered charity, number 1081249. With contemporary property prices so high, estates that are subject to Inheritance Tax are ever more commonplace. Since April 2005 the threshold above which Inheritance Tax of 40% applies is £275,000. Your legacy or bequest to Blundell’s, because of its charitable status will be free from Inheritance Tax. In addition, if your gift is made in the form of shares or property, it will be exempt from Capital Gains Tax.
There are various ways to leave a legacy or bequest to the Blundell’s Foundation involving:
v A fixed sum of money – a Pecuniary Legacy. You need to specify how much money you wish to leave the School and include the amount in your Will. Naturally, we wish all Blundellians good health and longevity, with many years elapsing between Blundell’s being included in your Will and the benefit of your bequest being enjoyed! This could mean that the value of a sum of money included in your Will today could be substantially eroded by the passage of time. The best way to reconcile this position is by means of:
v A proportion of your estate after specific responsibilities have been met – a Residuary Legacy. This is what is left over from your estate when all debts, expenses and legacies have been paid. Leaving a percentage of this residue to the School allows the value of the gift to remain in constant proportion to your estate.
v A property, shares or things you own – a Specific Bequest. This typically involves leaving items of value to the School, such as a house, land, shares or a painting, which are specified in your Will.
v A share of your estate, which passes to the School after the death of a spouse or relative – a Reversionary Bequest. This type of legacy protects the needs of your immediate beneficiaries during their lifetimes and provides for the School upon their death.
There is a wide range of investment bonds available which allow growth in capital, the possibility of income from the bond and life cover. The gift of the life cover upon death can then be made to the School without any tax liability. Bonds can provide a very tax effective means of providing an income and making a tax effective charitable gift.
It is strongly recommended that an Independent Financial Adviser is consulted before taking out a bond and that a lawyer advises on the appropriate wording of a legacy/bequest.
Changing or updating an existing Will
If you would like simply to modify an existing Will, you can do so by adding a Codicil. This is an instruction added to an existing Will. It does, however, need to be executed according to the same formalities as a Will and legal advice should be sought. Nevertheless, it is a straightforward way of adding a new bequest to an existing Will.
1604 Society
To honour those who have helped in the past and, in recognition of those in the present who have pledged money to Blundell’s, it has been decided to set up an exclusive society to be known as the 1604 Society, commemorating the founding of Blundell’s.
Individuals who inform the Foundation of their intention to make a bequest to the School will automatically become members of the society. Members’ names will not be published, given that this is very often a personal issue. However, in order to recognise and thank members, and their partners, appropriately, they will be invited to an annual lunch hosted by School Governors and the Head Master. In this way members who so wish will be kept informed of the School’s development plans and intentions for the future.
We very much hope that you will wish to become a member of this important and worthwhile society.
Thank you to Old Blundellians and Friends
We hope that this general guidance has been useful and that when making or modifying your Will, you will consider leaving a gift to the Blundell’s Foundation. Should you wish to discuss any aspect of the Legacy Programme further, the Foundation Director will be happy to meet with you.
For more information, contact:
Foundation Director
Blundell’s Foundation
Blundell’s School
Tiverton
Devon EX16 4DT
Tel/fax: 01884-243262
Email: foundation@blundells.org
[ Top ]