The Goddard Legacy Society is named after a remarkable Headmaster of Winchester, William Stanley Goddard (1793-1809), who left the School a very considerable legacy on his death in 1845.
We have all undoubtedly benefited from the generosity of previous benefactors.
Here are just a few examples of such benefaction:
- Bursaries, the maintenance of our historic buildings and also our unique Quiristers were all funded from the original endowment by William of Wykeham
- The building of War Cloister was funded by public subscription
- The Eccles Library was only possible thanks to a generous legacy
- Many other capital projects, such as the recently refurbished Hunter Tent and the New Museum (soon to be created by converting the Warden’s Stables), have been paid for as a result of a successful appeal.
But benefaction is and should be, a continuing process
It will come as no surprise that schools such as ours are reliant upon the support of endowments. Surprisingly, Winchester does not have the endowment cushion necessary to achieve all our aspirations. By leaving a legacy to Winchester, you will be helping us to ensure that our Founder’s vision can continue for the benefit of future generations of Wykehamists.
There can be few other schools, if any, that can offer the standard of education that we do and in such beautiful surroundings. In addition to the School’s firm commitment to offer Bursaries to as many as one-third of its pupils, it remains fully committed to maintaining its many historic buildings and its unique Quiristers.
Inheritance Tax:
- Legacies made to charities are exempt from Inheritance Tax (IHT)
- As an example, if you should choose to leave £100,000 to a charity, this would save your estate 40% in IHT (£40,000), thereby ‘costing’ donor's estate just £60,000
- It is worth bearing in mind that, under current legislation, a deceased’s estate that gives at least 10% to charity (this could be made up of more than one charity) will receive a 10% discount on the amount of IHT paid (i.e. 36%, rather than 40%)
- Winchester College is, of course, a registered charity (no. 1139000).
Types of Legacy:
Residuary
Where a specific share of an estate is left to Winchester College, usually by stating a percentage or a fraction of the whole.
Pecuniary
Where a specific sum of money (or other asset) is left to Winchester College (e.g. £50,000).
Indexed
Where, to ensure that the value of the Pecuniary Legacy is protected against inflation, it is index linked.
Other Factors:
Making provision for a Surviving Spouse
Quite naturally, many are concerned that there is enough capital left in their estate to support their surviving spouse after they have gone. 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
N.B. We would always recommend that you should seek legal advice. Alex Roe, Director of Winchester College Society, is happy to provide initial guidance and to provide you with simple Codicil forms, should you wish to adopt this approach.
If you are interested in becoming a member of the Goddard Legacy Society please contact Winchester College Society, Development Office.
Email
T. +44 (0)1962 621217
January 2013