your legacy to eton college
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1 your legacy to eton college
2 Henry VI Society Committee Michael Constantinidi President, (JDU, DCW 46) Sir John Nutting, QC Chairman, (RJNP 59) Photograph above courtesy of Helen Berwick The Earl Cadogan, (OVO 55) The Hon Peter Benson, (OVO 58) Peter Allfrey, (NGW 59) Adrian Hall, (MNF 63) Max King, (CAI, KS 74) Houston Morris (MFW, RF 84)
3 AN ETON EDUCATION IS NOT AN END IN ITSELF - IT IS THE FOUNDATION FOR A FULFILLING LIFE Your legacy can help secure Eton s Future Eton has benefited from generous legacies since its very earliest days. Fellows, masters, OEs and the widows of OEs have left us money for bursaries, for buildings, and to maintain our Chapels and our Collections throughout our history. We read out their names in Chapel every year with pride. Some of the greatest gifts, such as that of Gaspard Farrer, are remembered every day by the whole Eton community. As costs rise, and the Fellows struggle to keep Eton affordable to as many as possible who would benefit from coming to the School, raising money has never been more important. I am proud that we have recently returned to a situation where we have over seventy completely free places, and help two hundred or so other boys with significant bursaries. This costs us 6,600,000 a year but we would like, in time, to go considerably further by raising the number of bursaries. Then there are the many other needs the maintenance of historic buildings, the provision of new facilities, and all the other things which make Eton, the school it is. Leaving us a legacy is a wonderful way to recognise the part Eton has played in your life, and of helping future Etonians. Legacies of all sizes, large and small, are already making a real difference, and if we can raise the scale of giving from this source to a higher level, they can play a vital part in securing Eton s future. Legacies are an easy, tax efficient way to support Eton s continuing campaign. A promised and documented legacy can be counted towards Eton s planning during the donor s lifetime; that redoubles its value to us and our successors. Thank you to those who like me are already planning to help Eton in this way. If we can double and redouble the numbers who might consider doing so, we will together have taken an enormous step towards achieving our goal of making Eton s future safe. Lord Waldegrave of North Hill Provost (AJM, RDM 65)
4 The story of a bursary beneficiary Ben Howarth joined Eton in 2010 as a New Foundation Scholar. I live in Eton Wick. Every morning I used to drive through Eton on the school bus and imagine what it would be like to be a part of the school. In 2010 I was fortunate enough to be awarded a New Foundation Scholarship, starting in F block. I was allocated to Keate s House, and my housemaster Paul Smith (PBS) immediately made me feel welcome. Eton was everything I expected and more. It was a bit of a whirlwind at first, meeting new people and getting used to a new system, but I loved every second of it; everybody was extremely friendly and Eton soon felt like a home from home. I did find the academic side difficult at first. However once I fully settled into Eton life I began to enjoy the challenges that the work presented. I was most surprised by the number of extra-curricular activities I was able, and indeed encouraged, to get involved in. I was thrown straight into a variety of house and school sports, making lots of friends in the process, the visiting society speakers were invaluable in expanding on various aspects of my academic life as well as introducing interesting topics and issues that I had never come across before. I am currently studying medicine at Keble College, Oxford, and I would not have had this opportunity were it not for the New Foundation Scholarship. I will be forever grateful for the kindness of both those funding the bursary schemes and the school as I do not feel there is any other place that could have prepared me for the future in the way that Eton did. Ben Howarth (PBS 15)
5 THE Story of a Music Scholar My time at Eton has been one of the more important periods of my life. For me, like so many others, my time at Eton will have been one of the more important periods of my life. I came to Eton as a Music Scholar, having previously been a Cathedral chorister, and right from the word go was able to immerse myself in the myriad of sports, music, drama and other opportunities which Eton has to offer. Eton gave me the chance to experience things which would have been unthinkable anywhere else, to make friends I will keep for life, and to get me where I am today. That is why the work which the Henry VI Society does is so important; it enables Eton to continue to flourish and benefit future generations of Etonians for many years to come. William McDonald (MNF, BC, AJC 15)
6 head master s letter At Eton we aspire for excellence in everything that we do. Academic success remains essential but the key to the long term success and reputation of the school is the positive character and attitude that we encourage in all Etonians. For this, we need to attract, assimilate and develop the best staff, not just for teaching but also to provide tutoring, pastoral care, sporting facilities, extracurricular activities and career guidance. We need first class facilities which have to be updated, maintained and protected. We aim to treat each boy as an individual and the extraordinary diversity of achievements of Old Etonians in all walks of life is a testament to our long term success. We are enormously grateful for the extent to which donor support has helped us over the years. This support was essential for the establishment of the Tony Little Centre for Innovation and Research in Learning, which puts Eton on the frontline in terms of educational development. This and all our research projects must be relevant to Eton boys and their teachers but we also want them to contribute to educational advancement well beyond Eton. I believe that playing a meaningful role in educational debate both at home and abroad helps enhance Eton s position in a changing world. By sharing knowledge and experience with our partnership schools in the state sector, we not only help them to improve but also learn ourselves and make Eton a better school. Etonians need to be socially and globally aware citizens and this requires being open to all perspectives, backgrounds and points of view. To that end, further widening access to Eton itself has a critical part to play. I offer my most sincere thanks to all those who have made it possible for us to provide so many bursaries, but we are committed to increasing this number significantly over time. Your support will help us both sustain our traditions and work towards new ambitions. Such generosity as may be possible will be enormously appreciated The Head Master, Simon Henderson
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8 leaving a legacy to eton Over the centuries, legacies and bequests have played a vital part in Eton s success. A gift in your will can help support Eton as a whole or an aspect of Eton with which you have a particular affinity. Whether you are writing your will for the first time or amending it with a Codicil, leaving a bequest to Eton is straightforward. If you are considering leaving a gift to Eton, our Legacy Manager will be pleased to talk to you about your wishes and intentions. Eton is unable to offer legal or financial advice but our Legacy Manager can answer questions about legacies in general. There are four types of gift that can be included in your Will or in a Codicil to an existing Will: 1. 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 the increase in value of the residue which means that even a small percentage of residue can greatly benefit Eton. 2. 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 secure its intended value over time. 3. Specific Legacy A specific legacy refers to the gift of a specific asset (for example, stocks and shares, property, life insurance policy or jewellery) rather than a monetary amount. Eton College has benefitted Photograph: Sixth Form Select 2016
9 from many specific gifts over the years, particularly for the Collections. It is important that if you are intending to leave a gift to the Collections you contact us directly during your lifetime so that our College Librarian/ Keepers can ensure that we will be able to meet your wishes. 4. Reversionary Legacy A reversionary legacy is effectively a postponed gift. It allows a specifically named person(s) to benefit from your estate (or part of it) during their lifetime and on their death, your estate (or part of it) then passes to Eton College. As your Will is one of the most important documents you will ever make, Eton College recommends that you consult your legal advisers before drafting a new Will, updating an existing one, or making other plans for your estate. A leaflet entitled Useful Information for your Legal Advisers is enclosed which includes example wording. If you choose to amend your Will with a Codicil form please do contact us and we can supply you with one. It is also possible for UK donors with CAF accounts to nominate Eton College as a beneficiary through the CAF s Expression of Wishes Form.
10 How eton can benefit & tax efficient giving Eton will steward your generosity towards the areas of the College that most need it and will always do what it can to ensure that any wishes expressed by you are respected. Eton is a registered charity (charity number ) and accordingly, 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 chargeable 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, a donation of 17,500 diminishes the remaining estate by only 4,200. By way of example, correct as at November 2016, for a UK testator with an estate of 500,000: Without charitable bequest With 10% charitable bequest Gross Estate 500, ,000 Less Nil Rate Band ( 325,000) ( 325,000) Net Estate 175, ,000 Charitable Donation Nil 17,500 Taxable Estate 175, ,500 Inheritance 56,700 Estate available for distribution 430, ,800 plus 17,500 to charity 443,300 More detailed information is available from the HMRC website
11 eton facts Bursaries and Scholarships Henry VI founded Eton in 1440 to educate 70 scholars at no cost to their parents. The Provost and Fellows are committed to the provision of scholarships and bursaries and the number of bursaries has been increased significantly over time and they wish to increase it further. At least 70 boys will continue to receive full fee remission. Our aim is to have at least a quarter of boys in receipt of material financial assistance. During 2016/2017 Eton will spend a total of 6.6 million on scholarships and bursaries. Photograph courtesy of Matt Mowbray Bursaries help families both new to Eton and also many with a connection with the school.
12 MY LEGACY STORY The Hon. Peter Benson (OVO 58) It is rare in life, at least in my experience, even to observe the very best, let alone be a part of it. I knew before I went that Eton was a great School, but only one amongst several, and whilst there only gradually was it borne in upon me how hugely fortunate I was to be there. Little things slowly began to come together, my own room, being treated from day one as a man Peter Benson Esq no longer Master Peter. Teaching of the highest quality, with, it has to be said the occasional appalling hiccup, happenings remembered in appreciation throughout life, Private Business and play reading, Extra Studies and a first dabble with philosophy. Above all, for a very ordinary Etonian the ability to be allowed indeed encouraged to lead a full essentially unconstrained existence. It was only after, perhaps long after, leaving Eton that what I had been given, a belief, a confidence and above all an ability to recognise, even if not to achieve, the best finally came home to me. Looking thus both back and forwards what Eton was to me then, and is now, both ever changing and yet unchanged, must for me be preserved, nurtured and the more strengthened for the all too few who will have the inestimable good fortune to tread as I trod. This explains my legacy. Peter Benson (OVO 58)
13 MY LEGACY STORY Nigel Jaques, (DCW 54) I was born, educated and subsequently taught at Eton ( ). Throughout these years I experienced many acts of generosity, and I was fortunate as a young master to be good friends with Richard Martineau (KS 24). Richard had donated a bursary to enable boys who had just missed a Scholarship to come to Eton. When Richard retired, to my great pleasure he asked me to oversee this endowment. For over 30 years I have seen more boys benefit from this wonderful experience and I am delighted that the legacy that I intend to leave will ensure that such endowments enable a boy to grow in stature and confidence and take part in the Eton life that has served me so well. Nigel Jaques (DCW 54)
14 the henry vi Society I am writing to you, as President of the Henry VI Society, which has been established as a way of thanking all those who have decided to leave Eton a legacy. Each year we are delighted to host and welcome you and your family to various events at Eton. When my wife and I were revising our wills some years ago, I decided to include Eton as one of my legatees. Looking back on my life, I realised how much I owed to my school days. Many of the games I played there have given me great pleasure in my later life; but it was the education I received, which I have learnt to appreciate most. I was fortunate to be in my classical tutor s pupil room, which was full of KSs and OSs. This left me with a lasting legacy to value intelligence and education. By returning the Legacy Pledge Form you will become a most valued member of the Henry VI Society. If you are planning or have already arranged to leave a gift to Eton in your Will, it would be very helpful to let us know. We do not need to know how much, merely that you have considered Eton. My wife Joan and I look forward to welcoming you at the Henry VI events held at Eton each year. Michael Constantinidi, President Henry VI Society (JDU, DCW 46)
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16 Development Office Eton College Windsor Berkshire SL4 6DW Telephone: Henry VI Society Committee Michael Constantinidi, President, (JDU, DCW 46) Sir John Nutting, QC, Chairman, (RJNP 59) The Earl Cadogan, (OVO 55), The Hon Peter Benson, (OVO 58), Peter Allfrey, (NGW 59) Adrian Hall, (MNF 63), Max King, (CAI, KS 74), Houston Morris (MFW, RF 84) Registered Charity Number:
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