Leave a Legacy

Michael Downward

"I value young people because I see in them beacons of hope - so I am very happy that there is a legacy to West Buckland School Foundation in my Will"
Michael Downward – Headmaster 1978-1997

Leaving a legacy to the West Buckland School 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 for the programmes we provide; be it for bursaries, capital projects or to be used where the need is greatest: whatever is most important to you.

If and when the time is right for you to put a charity in your will, please remember your time with us. All legacies, whatever their size, will directly benefit the school and its pupils.

There are several different types of legacy that your solicitor will be happy to discuss with you when making a Will or including a codicil in an existing Will. Advice should always be taken from either your solicitor or your financial advisor before making or changing your Will.

The Brereton Society was founded in order to honour those who have helped in the past, and in recognition of those in the present who have pledged money to West Buckland. 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 Members names will not be published, as we realise this is often a very personal and sensitive issue. However in order that they are recognised and thanked, an annual lunch takes place for those who wish to attend.

As a registered charity, all gifts are completely free of Inheritance Tax and can include money, land, building or chattels. If you have questions about making a legacy gift or would like some additional information please do get in touch with Foundation Manager, Amanda Reynolds:

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01598 760164

 

A Specific Legacy is one where a specific item, such as a piece of furniture or a painting, is left to the School. Your gift however could take any form. It is possible to leave gifts in the form of shares or even property. The Foundation could then sell the asset and utilise the proceeds as the Trustees think appropriate. This could in fact be an attractive option where the asset has appreciated in value over the years and where a Capital Gains Tax liability exists.

A Pecuniary Legacy is one where a specific sum of money is left to the School. You may wish to express your desire as to whether that money should be used to endow the bursary fund or capital projects fund. Alternatively you may direct that the money be put into the general fund of the Foundation leaving its use to the discretion of the Trustees.

A Residuary Legacy is expressed as a percentage or fraction of your estate after all debts and other bequests have been settled. This type of legacy enables you to provide for your close relatives, dependents and friends and then divide the remaining part of your estate amongst your other chosen beneficiaries.

Unlike a Pecuniary Legacy where the value of the gift can be eroded over time the Residuary Legacy is one way in which you can protect the relative worth of your gift.

(A Life Interest)

It is only right and also understandable that we are concerned about the security of those that we leave behind and that correct provision is made for those close to us. In the case of a Reversionary Legacy you can leave items, money or your estate (or percentage of it) to the West Buckland School Foundation; however such items, money or your estate will be enjoyed by your spouse or chosen beneficiary during their lifetime at the end of which the bequest reverts to the Foundation.

Payroll Giving (GAYE)

‘Give as you Earn’ schemes (GAYE) are an easy way of giving money to charity where you authorise your employer to deduct a donation from your gross salary before calculating PAYE tax, either as a regular monthly payment or as a one-off gift. This means that donors receive immediate tax relief on the value of their donation.

Therefore, for a basic rate taxpayer wanting to give a £10 donation it will only cost £7.80 – or just £6 for higher rate taxpayers.

For example:

Pledge Value to School Cost to Donor
Paying 22% tax
Cost to Donor
Paying 40% tax
£10 £11 £7.80 £6

Many employers are further encouraging the scheme by matching their employee’s donations.

All you have to do is choose how much you would like to give and advise your payroll departments. The money goes via the Payroll Giving Agency (which charges a small administrative fee) to the designated charity or charities.

Contact your payroll department for a Payroll Giving Form. Please also let the Foundation Office know of your intentions so we can thank you!

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01598 760164

Regular Giving

Don’t think that a small amount does not make a difference; if you are able to afford £2 or £20 or more each month it really will enable a child to receive the most important gift they will ever get – a West Buckland education to give them the chance of a lifetime.

Regular giving allows us to plan ahead; it means that we can allocate our resources annually to maximise benefits for all students but particularly for our bursary programme.

Over three years a gift of £25 a month is worth well over £1,000 to the School. This means that, with your help, we can build world-class facilities for future generations of pupils.

To make a regular gift you can set up a direct debit online, by clicking here or complete this form and return to the office. West Buckland School Foundation, West Buckland School, West Buckland, Barnstaple, Devon EX32 0SX.

Thank you for considering making a regular gift; your support is very much appreciated.

Corporate Giving

Corporate giving may be a particular attractive and cost effective way of supporting West Buckland School if you run your own business. When a company gives to a charity, the value of the gift can be offset against the company’s highest rate of Corporation Tax. Companies pay their donations gross and do not have to make any gift aid declaration. Tax relief is claimed against the value of the gift when calculating profits for Corporation Tax. Such gifts can be made on a regular or one–off basis.

For example, at current tax rates, for a company paying the highest rate of Corporation Tax, the net cost of the gift of £10,000 would only be £6,750. More information is available on the Inland Revenue’s website

One Off Donations

You are able to make a credit or debit card payment online here or if you would prefer please call us to do so over the phone on 01598 760188

Alternatively please download a donation form and a gift aid form and send with your donation to West Buckland School Foundation, West Buckland School, West Buckland, Barnstaple, Devon EX32 0SX.

Donation form

Donations can be made to the bursary programme, capital projects or our general fund, to be used where the need is greatest.

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