TSS Philanthropy Bequest Brochure

Investing in the future BUILDING THE FUTURE

with a gift in your will.

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Contents The Bishop Dixon Society

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From the Headmaster

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Deciding to Leave a Gift

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Why Your Gift is Needed

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Scholarships & Bursaries

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Capital Projects

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Equipment for Extra-Curricular Activities

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Your Will and Why it is Important

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Ensuring Your Will is Valid

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If You Already Have a Will

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Updating Your Will

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Keeping Your Will Safe

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Reviewing Your Will

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Your Choice of Bequest

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Designating Your Bequest for Specific Purposes

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Choosing the Right Wording

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Some Other Important Points About Your Will

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Summary of Essential Points Relating to Your Bequest 14 Letting Us Know

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Contact Details for More Information

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The aim of The Southport School is to ensure that each boy, on completion of a broadly based and balanced education, is satisfied that he has achieved his personal best so that he can BUILDING THE FUTURE

successfully pursue his ambitions and make a

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worthwhile contribution to society.

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The Bishop Dixon Society We greatly value the commitment of Old Boys and Friends who have named the School or the Old Southportonians’ Association (OSA) as a beneficiary in their Will. These supporters are recognised as members of the Bishop Dixon Society.

The Bishop Dixon Society is named after the School’s founder and longest-serving Headmaster (1901-29), Horace Henry Dixon. The Society is a tribute to Bishop Dixon’s vision and leadership. It is also a fitting way to recognise the special contribution of those who have decided to leave a legacy in their Will for future generations of TSS boys.

Old Boys and Friends of the School are invited to join the Bishop Dixon Society after providing written confirmation of their intention to make a bequest to the School or the OSA. The Bishop Dixon Society strengthens the connections between those who seek to make a lasting contribution to the future of the School. This includes complimentary invitations to a range of special events throughout the year, VIP seating at home rugby games and other sporting events, as well as opportunities to meet with the Headmaster and prominent Old Boys.

The Right Reverend Horace Henry Dixon C.B.E., M.A. (Cantab.), Th.D., 1869-1964 In 1899, Horace Dixon, a young English priest, arrived in Brisbane with his wife Florence. He soon found himself consigned to the parish of Southport. It was an immense parish extending from Beenleigh to the border of New South Wales and including miles of the hinterland, which he had to cover entirely on horse-back.

Bishop Dixon later wrote, “I had charge of a great district of over 2000 square miles and in the many hours which I spent in the saddle I was constantly reminded that Southport was the chief seaside resort of southern Queensland and so attracted a large number of visitors from all parts of the State, and one day the thought suddenly flashed upon my mind that it was a natural centre for a school.”

Horace Dixon opened The Southport School in 1901 with two students. He served as its Headmaster for the next 28 years.

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From the Headmaster There can be no more important decision a parent makes than what sort of education to provide their child. The environment in which we are educated has a profound influence on the adult we ultimately become – on our friendships, our values, our thinking and communication skills, and our lifetime habits.

For over 100 years, thousands of parents have entrusted the responsibility of their sons’ education with The Southport School. Indeed, for many boys, who have come from country areas and overseas to board, TSS has become their second family.

TSS has always offered far more than just an academic education. Students enter TSS as boys and leave as young men. Lifelong friendships are forged. Important lessons are learned - in the classroom, on the sporting field and in the myriad of extra-curricular activities that are offered. And just as importantly, traditional values are instilled – such as respect, discipline and faith – which are all too rare in modern society.

In partnership with parents, TSS produces young men who are well prepared for life in the 21st Century, to achieve in their chosen field, to communicate well, to have successful and meaningful relationships and to be thoughtful and positive contributors to our communities.

You can help to ensure this tradition continues by leaving a bequest in your Will to the School or to the Old Southportonians’ Association. Your bequest would be an exceptional gift to future generations of TSS boys and to the communities in which these boys will ultimately go on to work and live.

Greg Wain Headmaster

“Every child has leadership ability BUILDING THE FUTURE

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and leadership potential.”

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Deciding to Leave a Gift When deciding to leave a gift for TSS or the Old Southportonians’ Association (OSA) in your Will, there are many things to think about.

Naturally, you will want to take care of your family and loved ones first, making sure any gift you leave does not impact upon your ability to provide for those most important to you.

That’s why you may wish to consider a gift that is either a small percentage of your overall estate or just the ‘residual’ of whatever is left once your family and friends have been taken care of.

These types of gifts are also inflation-proof, as they increase in value over time with the value of your estate.

This also means you may not have to update your Will as often in order to maintain the real value of the bequest.

To ensure your wishes are carried out exactly as you intend, it is important that you also seek independent legal and financial advice when writing or updating your Will.

We also encourage you to discuss your Will with family members, to ensure they understand and support your wishes.

Thank you for your interest in leaving a bequest in your Will. The following pages contain more information about things you may wish to consider, as well as how you can get further help.

“TSS was such a big part of my life that it seems natural to give something back. For me, a bequest is probably the easiest and most meaningful way I can do that. Of course, when making my Will I made sure my family was taken care of first. But a small gift for future generations of TSS boys was important to me, and my family are very supportive of my decision to leave a legacy for the School in this way.”

Bruce Wright (Rad. 1976-85)

Bruce Wright OSA President (2009-10) and School Council Member

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Why Your Gift is Important Tuition fees at TSS are a significant investment for many families, which is why the Headmaster and School Council make every effort to keep them to a minimum. The reality is, however, not much is left over after covering basic operational expenses such as staff salaries and maintenance of the buildings and grounds. Philanthropic contributions, through donations and bequests, are therefore very important. These gifts help to fund a range of projects and programs that otherwise would not be possible, including Scholarships and Bursaries, major Capital Projects and Equipment for Extra-Curricular Activities.

Scholarships & Bursaries “Aside from my parents, teachers and fellow students, I want to especially thank Mr. Wain and the TSS Foundation. Without their guidance and support, I would not be where I am today, looking back on a five year journey of experience, dedication and ultimately pride, to call myself a TSS boy. It is a wonderful gift, to have organizations within the TSS community like the OSA and the TSS Foundation who give boys, like myself, the opportunity to attend this fine school. ”

Currently around 30 boys attend TSS on some sort of financial assistance, funded either through the OSA, the TSS Foundation or the School itself. Scholarships are generally awarded to boys with strong academic ability, broad extra-curricular interests, good communication skills and leadership potential. These boys bring an important element of diversity to the student body and almost always thrive at the School – taking full advantage of the many opportunities on offer. Many go on to become respected leaders in the School community.

Old Boys and Parents have traditionally been very supportive of efforts to fund scholarships and bursaries, with the OSA, in particular, having maintained a strong bursary program for many years. The highest priority scholarship programs at the current time are Country Boarder Bursaries and the Indigenous Education Program.

Josh Perring (Atk. 2005-09) School Warden & House Vice-Captain

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Capital Projects TSS has always relied upon the generosity of Parents, Old Boys and Friends to help with each stage of the School’s advancement. Many of the wonderful facilities our boys enjoy today would not be here if it were not for the generosity of those who came before them. Some of the facilities which have been acquired or developed with the financial support of Parents and Old Boys include: • St Alban’s Chapel and the Clock Tower; • the Boatshed and Science Centre; • the Memorial Room (originally the War Memorial Library); • the new Thorold and McKinley boarding houses; • the Centenary Sports Centre; and • the magnificent outdoor and rural education centre at Hidden Creek (owned by the OSA).

The need to continue developing the School’s facilities is just as great today, as we strive to ensure our boys enjoy a world-class campus that is both contemporary and historically unique, while keeping tuition fees as low as possible for current and future families.

The St Alban’s Chapel was opened in 1921 after a successful fundraising campaign raised nearly £2,000 towards its construction. Many of the fittings and features were also donated, including a new pipe organ in 1924.

Equipment for Extra-Curricular Activities Capital-intensive sports like rowing and sailing require significant investments in boats and ancillary equipment to keep them on the water and competitive. Gifts from Old Boys have been particularly important to the School’s rowing program over the years, helping to make it the most successful sport in the School’s history.

Similarly, musical instruments such as pianos, tubas and double bass are expensive to provide and beyond the reach of many parents. But they are essential for fostering the talent of young musicians and for a comprehensive music program such as that offered at TSS.

“Since the early 1970s, the rowing program at TSS has benefited from a bequest left

by Clavill Bere, a well known Old Boy, champion oarsmen and long-serving rowing coach.

These funds are still managed by the OSA today, with a portion of the earnings each year used to purchase new boats and other equipment. It is a truly extraordinary legacy that Clavill Bere has left the rowing program at TSS.” Jeremy King (Del. 1950-54)

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Your Will is Important Making a Will is the only way you can ensure your assets are distributed according to your wishes when you pass away. Studies show that at least 40% of Australians do not have a valid Will. If you die without a Will (‘dying intestate’) your estate will be distributed according to a government formula with certain family members receiving a defined percentage of your assets, despite what you may have wished. If you ‘die intestate’ and have no surviving relations closer than cousins, your estate will generally pass to the government.

We encourage you to discuss your Will with family members, to ensure they understand and support your wishes.

Ensuring Your Will is Valid A Will must conform to strict legal requirements otherwise the courts may decide it is not valid. For example, it must be signed and witnessed by people who are not beneficiaries (‘impartial witnesses’) and you must have demonstrated ‘testamentary capacity’ to make your Will.

It is therefore advisable to have your Will professionally drafted to ensure your wishes are properly recorded and carried out. A professional advisor can also make you aware of the full range of tax-effective estate planning strategies and help you to take advantage of these opportunities if they are appropriate to your circumstances.

The Public Trustee (or equivalent body) in most States and Territories offers a free Will-making service. Alternatively, your solicitor can advise you. A number of TSS Old Boy solicitors have offered to provide Pro Bono Will-making advice to Old Boys – please contact the TSS Foundation office for more information about this service (contact details on the back page).

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If You Already Have a Will Updating Your Will You can amend your existing Will to include a bequest to TSS or the OSA by preparing a signed and witnessed codicil (an additional page to your Will). Seek professional advice when preparing your codicil to ensure it does not contradict anything already in your will and is legally binding. For substantial amendments we recommend you make a new Will.

Keeping Your Will Safe Your Will is an important document. Keep your original in a safe place, such as with your solicitor or with the Public Trustee in your State. Inform your executor where your Will is kept and keep a confidential copy for yourself for easy review.

Reviewing Your Will Your Will expresses your wishes at a particular point in time. It is therefore advisable to regularly review it – at least every five years or as your circumstances change - so that it accurately reflects your current wishes. Situations where you may want to update your Will include: • marriage or divorce; • retirement; • births or deaths in the family; • if your Executor becomes ill or dies; or • when you buy or sell assets.

The value of some of your bequests may also diminish over time and therefore warrant regular review. For example, you may have left a sum of money that seemed substantial when you last made your Will, but it could be worth significantly less in ‘today’s dollars’.

“When it comes to estate planning, my philosophy is simple: after taking care of your family and loved ones, if you’re fortunate enough to have a little left over, why not leave it to an institution that’s making a real difference in the world and that you’ve got confidence in? That’s how I feel about TSS. It’s a great school, with a strong tradition of producing young men who are achievers and contributors in our community. I also know that the School is well managed and that it will be around long after I’m gone, so I feel confident that my bequest will be well used. I am very grateful for the impact TSS has had on my own life, and I am only too happy to leave a legacy for future generations of TSS boys.”

Gordon Douglas (Tho. 1959-63)

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The legacy we leave behind is a poignant testament to who we are

Your Choice of Bequest A bequest does not necessarily have to be a large amount of money. Any gift can make a significant difference to important educational programs and facilities at TSS.

TSS has been a part of

There are also many ways you can tailor a bequest to suit your personal preferences and circumstances. The most usual types of bequest are listed here.

your past, please join

Residual bequest

us in being a part of its

You can provide for your family and friends first and leave what is left to the School or the OSA. For this type of bequest, as your estate increases in value, so does your bequest. A residual bequest therefore helps to offset the effect of inflation.

and what we value. If

future too.

Percentage or nominated portion of estate Your estate can be divided among a number of people and/or organisations by nominating a fixed percentage to each beneficiary. You won’t have to remake your will to compensate for inflation with this type of bequest.

Property Both TSS and the OSA can receive all forms of property including shares and can be the sole beneficiary of a life insurance policy.

Trust Establishing a trust in your Will allows a spouse or other person to use your property and to receive all of the income derived from your estate during their lifetime.

When they pass away, the capital can then be passed on to the School or the OSA.

Cash sum A specific cash sum is a common form of bequest, but because it doesn’t allow for inflation, needs to be reviewed regularly.

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Designating Your Bequest for Specific Purposes Bequests are usually provided for the ‘general purposes’ of the School or the OSA. This ensures maximum flexibility and allows the gift to be directed towards the areas of greatest need.

Bequests can also be designated for specific purposes or areas within the School or the OSA. This could, for example, be for a scholarship program, or a particular academic discipline, sport or extra-curricular activity (such as music or drama). If you would like to designate your gift towards something quite specific, please contact the TSS Foundation office to discuss it further before finalising your Will. This way we can assure you of our ability to honour your intentions.

Endowed Funds Your bequest can also be designated to fund an Endowment. Endowed Funds have their capital preserved and invested, with a percentage of each year’s earnings used to fund the intended area or program. These funds are designed to exist in perpetuity, and maintain or increase their real value over time. Endowed Funds can be named in honour of the donor or other nominated individuals or families. A named endowment fund with a gift of $10,000 or more.

The OSA and TSS Foundation are currently responsible for managing a large number Endowed Funds, which have been donated or bequeathed by Old Boys and Friends of the School. Both organisations have strict investment policies in place to ensure these funds are appropriately managed. Please contact the TSS Foundation office for more information about endowing a gift.

“My parents made substantial sacrifices to send me to TSS in the early 1970s. I have always appreciated their decision and I know that I personally gained so much from my time at the School – both in the classroom and away from it. I believe that it is particularly important to give back to the school and its future students in a personal manner; beyond the fees paid by my parents at the time. I hope that the bequest to TSS in my Will can help other young men get the experience of a fine, all-round education to prepare them for a productive, honourable future and a fine life.”

Dr Leighton Cochran (Wal. 1972-75)

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Choosing the Right Wording Once you’ve made the decision to leave a bequest in your Will and you know what type of bequest you intend leaving, it’s important to get the wording right. Below are some suggested forms of wording, which cover the main types of bequests.

1. For a Residuary Bequest “I GIVE the rest, remainder and residue of my estate, free from all debts (secured and unsecured) and all duties and taxes (whether federal or state) payable in respect of my estate to The Southport School Foundation Limited (ABN 990 107 047 48) (“TSS Foundation”) [or to the Old Southportonians’ Association (ABN 72 563 160 608) (“OSA”)] for its general purposes. I DECLARE that the receipt of an authorised officer of the said TSS Foundation [or OSA] shall be a full and sufficient discharge of this bequest.”

2. For a bequest that is a percentage or proportion of your overall estate: “I GIVE [number]% of my estate, free from all debts (secured and unsecured) and all duties and taxes (whether federal or state) payable in respect of my estate to The Southport School Foundation Limited (ABN 990 107 047 48) (“TSS Foundation”) [or to the Old Southportonians’ Association (ABN 72 563 160 608) (“OSA”)] for its general purposes. I DECLARE that the receipt of an authorised officer of the said TSS Foundation [or OSA] shall be a full and sufficient discharge of this bequest.”

3. For a bequest of property, shares or specific cash amounts: “I GIVE [description of the specific gift], free from all debts (secured and unsecured) and all duties and taxes (whether federal or state) payable in respect of my estate to The Southport School Foundation Limited (ABN 990 107 047 48) (“TSS Foundation”) [or to the Old Southportonians’ Association (ABN 72 563 160 608) (“OSA”)] for its general purposes. I DECLARE that the receipt of an authorised officer of the said TSS Foundation [or OSA] shall be a full and sufficient discharge of this bequest.”

To designate your bequest for a specific purpose, you can change the words “for its general purposes” to a more specific description of how you would like your gift to be used. If you have a quite specific purpose in mind, please discuss it with the Headmaster or TSS Foundation office before finalising your Will, so we can assure you of our ability to honour your intentions.

Whether you choose to leave your bequest to the School (through the TSS Foundation) or to the OSA, it is important to use the full legal name of the organisation and include the registered Australian Business Number (ABN): The Southport School Foundation Limited (ABN 990 107 047 48) Old Southportonians’ Association (ABN 72 563 160 608)

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Some Other Important Points About Your Will • Choose your executor carefully. Your executor will oversee the execution of your Will. He or she needs to be willing, reliable and likely to survive you.

• Ensure adequate provision is made for your spouse or partner and for any children or dependant relatives.

• Ensure significant gifts to individuals will not have unintended consequences on their entitlements to pensions or other government benefits.

• Be aware that some assets are not included in your estate and therefore not dealt with in your Will.

This includes death benefits under a superannuation scheme or a home owned jointly with a spouse. Your legal adviser can ensure all your assets are considered appropriately when planning your estate (such as considering a Binding Death Nomination under your superannuation scheme).

• Selling an item of property to enable a cash gift would usually attract capital gains tax. Whereas property or shares gifted through a Will to TSS or the OSA would not attract capital gains tax for the estate or for either of those organisations upon their sale.

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Summary of Essential Points Relating to Your Bequest • You can leave your bequest to either the School (through the TSS Foundation) or the Old Southportonians’ Association (OSA). The choice is completely up to you.

• A bequest does not have to be for a large amount of money. Any gift can make a significant difference to important educational programs and outcomes.

• There are many different types of bequest to choose from. We suggest that you consider a gift that is either a small percentage of your overall estate or just the ‘residual’ of whatever is left once your family and friends have been looked after. [See page 10] • Bequests are usually provided for the ‘general purposes’ of the School or the OSA, which ensures maximum flexibility and allows the gift to be directed towards the areas of greatest need.

• If you would like to designate your gift towards something specific, please contact the Headmaster or TSS Foundation office before finalising your Will.

This way we can be sure of our ability to honour your intentions.

• Make sure you get the wording right, using the examples in this booklet or similar words provided by your solicitor. If you use wording provided by your solicitor, it is important to include the full legal name and ABN of the beneficiary. [See page 12 for details.]

• Discuss your bequest with family members, to ensure they understand and support your wishes.

• Please let us know what you have decided, so we can thank you personally. Everyone who leaves a gift to the School or OSA in their Will becomes a member of the Bishop Dixon Society, allowing us to recognise your commitment to the future of TSS, during your lifetime.

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✁ Letting Us Know We would like to thank you personally for leaving a bequest to TSS or the OSA. We would also be happy to assist with more information if it is something you’re still thinking about. So, please let us know what you have decided.

By advising us of your decision to leave a bequest you also become a member of the Bishop Dixon Society. Through your membership of the society we will keep you informed about important new developments and projects at TSS and provide you with opportunities to attend a range of special events and activities.

You can let us know directly by returning this coupon, or alternatively, you can ask your solicitor to advise us on your behalf. This coupon is not a legal document, just an indication of your intentions at this time.

❏ I am considering the inclusion of TSS or the OSA as a beneficiary in my Will. Please contact me to discuss further.

❏ I intend leaving a bequest to TSS or the OSA (please circle whichever applies) the next time I write or update my Will.

❏ I have already included a bequest to TSS or the OSA (please circle whichever applies) in my Will. Please note: ❏ I would like the School/OSA to know the following details about my bequest (optional information)

❏ I would like to have the following name(s) listed in the Bishop Dixon Society register and in acknowledgements

❏ I prefer no public acknowledgment of my bequest Name: Address:

Telephone:

Postcode:

(home)

(mob.)

Email: Old Boy:

House:

Years Attended:

Parent:

Son(s)

Years Attended:

In all matters concerning bequests, your personal information is treated with utmost respect and confidentiality. Please cut along the dotted line and return using the contact details over the page.

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Contact Details for More Information For further information about leaving a bequest to The Southport School or the Old Southportonians’ Association, please contact the TSS Foundation office: Phone: (07) 5531 9999 Fax:

(07) 5591 2124

Email:

bequests@tss.qld.edu.au

Address: TSS Foundation The Southport School Winchester Street Southport QLD 4215 Additional information about the School or the OSA can also be found online: www.tss.qld.edu.au Disclaimer: BUILDING THE FUTURE

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The contents of this brochure should not be construed as legal advice.

It is for general informational purposes only and does not take into account your personal circumstances. We recommend you seek professional advice for your estate planning needs.