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The Goddard Legacy Society is named after a remarkable Headmaster (1793-1809) of Winchester, William Stanley Goddard, who left the school a very considerable legacy on his death in 1845.
We have all benefited from the generosity of previous benefactors, starting of course with the original endowment from William of Wykeham. But benefaction should be a continuing process and leaving a legacy to Winchester is an excellent way to ensure that our Founder’s vision can continue for the benefit of future generations.
In addition to the school’s new commitment to offer an additional 30 bursaries by 2024, it remains fully committed to maintaining its many historic buildings and its unique Quiristers. But these are ambitious targets that need long-term financial support.
The school endeavours to show its appreciation towards those who pledge a legacy by offering membership of the Goddard Legacy Society. This meets annually for Goddard Day, normally held in Winchester in September, with a Chapel service and an enjoyable and well-supported lunch with speeches, followed often by an interesting event in the afternoon. It is an excellent way to meet up with contemporaries and other OWs who wish to support the school in this way. This year, the event is being held on Saturday 7 September, please click here for more information. Occasionally we organise a drinks reception at an attractive location in London.
The Chairman of the Society is David Fellowes (I, 1963-67). He is always keen to meet new members and writes an annual Chairman’s letter in August. Membership is open to all including Wykehamists and Quiristers, present and past parents, dons and Friends of Winchester College. Members are encouraged to allow their name to be listed in the annual Wykeham Journal, which serves the Society well by encouraging others to follow their example.
• Legacies are made from the value of your estate rather than from cash flow
• Legacies made to charities are exempt from Inheritance Tax (IHT)
• As an example, if you should choose to leave £10,000 to a charity, this could save your estate 40% in IHT (£4,000), thereby ‘costing’ a donor's estate just £6,000
• It is worth bearing in mind that, under current legislation, a deceased’s estate that gives at least 10% to charities reduces the amount of IHT paid from 40% to 36%
• Consequently, if you leave 4% to charities, you may as well leave 10% since the net effect to your other beneficiaries will be identical
• Winchester College is a Registered Charity (No. 1139000)
Residuary
A specific share of an estate is left to Winchester College, usually by stating a percentage or a fraction of the whole.
Pecuniary
A specific sum of money (or other asset) is left to Winchester College.
Indexed
To ensure that the real value of a Pecuniary Legacy is protected, it is index-linked to inflation.
OTHER FACTORS
Making provision for a surviving spouse
Many are concerned that there is enough capital left in their estate to support their surviving spouse. This can be ensured by both spouses agreeing to make due mention in their Will or Codicil, to the effect that the legacy to Winchester College is only paid out on the second death.
LEGAL ADVICE
We would always recommend that you should seek legal advice. Patrick Walker, Development Associate at Winchester College Society, is happy to provide initial guidance and to provide you with simple Codicil forms, should you wish to adopt this approach.
