Leaving a Legacy

Leaving a Legacy S U P P O R T I N G F U T U R E OA K H A M I A N S

A legacy gift can help secure Oakham’s future Leaving a legacy to Oakham School will make a significant difference to the lives of future Oakhamians.

A legacy gift is the perfect way to recognise the part Oakham has played in your life. Legacies of all sizes are an essential element in securing the future of Oakham School.

Whether your legacy supports a capital project, bursary or scholarship, the impact it will have on future Oakhamians is immeasurable.

“Oakham School has been part of my life since I was eight, as pupil, parent, and Trustee.

There have been some big changes in 70 years, but there’s a core style and ethos that has never changed. Long may that last. Anything you can do to support it is worthwhile; it’s part of a legacy that we all now share.”

P E T E R L AW S O N , L E G ATO R

Charitable giving is at the heart of Oakham School’s philosophy and school life. Many of the School’s finest facilities were made possible by charitable giving, such as the Memorial Chapel, the Mehra Faculty of Science, The Smallbone Library, and many more, and each one enhances the lives of pupils every day.

Bursaries ensure that Oakham’s community is as diverse and talented as possible, supporting students whose presence enriches the community and the School as a whole.

We hope you will consider including Oakham School in your estate - few gestures fulfil the School’s motto of passing on the torch more eloquently than a legacy bequest.

Where will your legacy go?

We ask that you consider where you would like to direct your legacy bequest, especially if there is a part of the School that played a particularly important role in your life. Alternatively, an undirected legacy will allow the School to direct your legacy to areas of greatest need.

A bequest can be directed to any of the following areas:

Bursaries Oakham School is committed to nurturing a diverse and talented community of learners, providing for each pupil to excel in their chosen field. To enable us to do this, it is essential that we raise funds to support pupils to attend Oakham School who would not otherwise be able to do so. Bursaries increase the diversity of the pupil population, enhancing the whole community and enabling us to attract talented young scholars, regardless of their background.

The Oakham School Foundation currently supports three types of bursaries – SpringBoard Bursaries, the Rutland Bursary and the Decem Bursary. For more information, please see our Bursaries brochure.

Capital Projects Capital gifts enable the School to improve the lives of its pupils by providing infrastructure, facilities and equipment for the School in order to ensure the best possible experience for them during their time at Oakham. This helps us to compete with other leading independent schools and keeps us in the best possible position to attract the finest pupils.

Capital Projects include our ongoing fundraising for a new, purpose-built Performing Arts Centre, as well as new or improved sports facilities, or improvements to academic buildings. For more specific information about our capital fundraising, please see our Capital Projects brochure or visit our website.

Area of Greatest Need Each academic year the Senior Leadership Team identifies urgent priorities that will make the greatest impact on School life. Recent examples include our successful appeal for new hymn books for the Chapel, a project that will enhance the daily lives of current and future Oakhamians.

Types of Legacy There are five types of gift that can be included in your will or in a codicil to an existing will. We recommend that you consult legal advisors before drafting a new will, updating an existing will or making other plans for your estate.

Residuary Legacy A residuary legacy is the gift of the remainder of your estate (or a percentage of the remainder) after all other gifts to family and friends have been distributed and all other testamentary debts and expenses have been paid.

A residuary legacy increases in line with inflation.

Pecuniary Legacy A pecuniary legacy is a gift of a specific sum of money.

When making a pecuniary legacy it is possible for you to index-link the gift in order to ensure its intended value over time.

Specific Legacy A specific legacy refers to the gift of a specific asset including stocks and shares or property, rather than a financial amount. These assets will be excluded from your estate valuation and are not liable for inheritance tax.

Reversionary Legacy A reversionary legacy is a “postponed” gift. It enables a named person to benefit from your estate during their lifetime and on their death, your estate (or part of it) then passes to Oakham School.

A Substitutional Legacy A gift of your estate to other persons which reverts to the School if they predecease you, such as Life Assurance.

By taking out a policy naming Oakham School as a beneficiary, you can provide a substantial gift for the School with relatively modest premiums.

Tax Efficient Giving Oakham School is a registered charity (No. 1131425) and all legacies made to the School are exempt from UK Inheritance and Capital Gains Taxes. Under current rules, if you leave 10% or more of your taxable net estate to charity, the Inheritance Tax (IHT) rate on the whole of your taxable estate is reduced from 40% to 36%.

Note that, in the example given below for an estate of £500,000, a donation of £17,500 diminishes the remaining estate by only £4,200.

Without Charitable Bequest

With Charitable Bequest

£500,000

£500,000

(£325,000)

(£325,000)

£175,000

£175,000

Nil

£17,500

£175,000

£157,500

Gross Estate Less Nil Rate Band Net Estate Charitable Donation Taxable Estate Inheritance Tax Estate Available for Distribution

@40%

£70,000 £430,000

@36%

£56,000

£425,800 plus £17,500 to charity £443,300

The Robert Johnson Legacy Society Legacy Intention Form As a school without significant endowment funds, we are extremely grateful for the generosity of our donors that has enabled Oakham to develop and thrive.

Confidential

Legacy Type

We understand that legacies are a confidential and private matter. However, if you decide to leave a legacy to Oakham in your will, or have already done so, it would be very encouraging to have an indication of your support.

An estimate of the value of your proposal would assist us in our planning and administration:

We would be grateful if you would complete and return this form. It is not a commitment but simply a statement of your present intentions, which will assist us in our planning and administration.

Appropriate value of gift ÂŁ

Leaving a percentage of your estate to Oakham School

%

Date of will

My Details Title

Legacies will be allocated where the need is greatest at the time (for example, Bursaries or Capital Projects).

If you have a particular wish, please indicate here

First name or initials

Surname

Full Home Address

or alternatively discuss this with a member of the Development Team.

If you are planning to leave a specific item(s) to Oakham School, you should contact us directly so that we can ensure we will be able to meet your wishes.

Postcode

Email Address

Item [please specifiy]

Telephone number

Completing this form entitles you to membership of the Robert Johnson Legacy Society, if you wish to be part of the Society, please tick here Signature

Date

Name (Block Capitals)

Please return your completed form to: The Development Team, Oakham School Foundation, Chapel Close, Market Place, Oakham, Rutland, LE15 6DT. If you have any questions regarding your legacy, please contact a member of the Development Team: E: foundation@oakham.rutland.sch.uk / T: 01572 758699.

The Robert Johnson Legacy Society A legacy gift to Oakham School will be recognised and celebrated by inviting you to join The Robert Johnson Legacy Society.

Ever since Archdeacon Robert Johnson inspired his contemporaries in 1584 to support him in realising his ambition to build ‘as many free schools in Rutland as there were market towns’, Oakham School has been on a continuous journey of development, of which fundraising is an essential part. It is thanks to Archdeacon Robert Johnson’s foresight, generosity and determination that Oakham School was founded and it is only fitting that our Legacy Society should bear his name.

• The Robert Johnson Legacy Society hosts an annual luncheon for all our members.

• Members receive invitations to a variety of Oakham School and Oakham School Foundation events.

• Any donor of a legacy gift over £5,000 will have a tree planted in their memory on School grounds.

If you are considering leaving a gift to Oakham School, a member of the Development team would be happy to discuss your wishes and options. Oakham School is unable to offer legal or financial advice but we are happy to answer any questions about legacy giving in general.

If supporting Oakham School with a legacy bequest is of interest to you, please inform your legal advisor and return the Legacy Intention Form enclosed within this brochure to: The Development Team, Oakham School Foundation, College House, Market Place, Oakham, Rutland, LE15 6DT

Oakham School Foundation College House, Oakham, Rutland, LE15 6DT | +44(0)1572 758699 www.oakham.rutland.sch.uk/The-Foundation | foundation@oakham.rutland.sch.uk Registered Charity No. 1131425-2