Legacies: Our Past, Their Future

A legacy gift is one of the simplest and greatest gifts you can make to Clayesmore. Whilst few of us are in a position to make a significant gift during our lifetimes, we are able to provide for the future through our Wills.

We are hugely indebted to those who have recognised the importance of providing for the long term financial support of Clayesmore in this way and all those who advise us of their intention to make a legacy gift to the School are recognised as members of the Desmond Coke Society.

The generous bequest made in 1931 by Clayesmore Master and author, Desmond Coke, enabled a huge amount of important building and reconstruction to take place in the School’s early days at Iwerne Minster, and it seems very fitting to name a group of like-minded people of the present age after him.  All those who have pledged legacy support to the School will be invited to an annual lunch so that we can acknowledge their generosity and thank them in person.

If you have already remembered Clayesmore in your Will, or intend to in the future, we’d love to hear from you. Not only will this help us make plans for the future but, more importantly, it means we can thank you properly for your support. Contact Sarah Kerr in the Development Office on 01747 813177 or email skerr@clayesmore.com.

“My time at Clayesmore was both enjoyable and challenging. I am grateful for its gifts to me of the continuing interests above and beyond the curriculum and the friendships that I made, which have endured for over 50 years. I’ve since made contributions to the growth and development of Clayesmore life as a member of Council and a parent, as well as having a long term connection and involvement with managing the Old Clayesmorian Society. It seemed to me now these activities have run their course that it was time to make a financial contribution to the Desmond Coke fund for the benefit of future pupils, in the hope and expectation they will get as much out of their association with Clayesmore as I have done. I am quite sure they will.” Stephen Levinson (1962 – 1967)

To remember Clayesmore School in your Will you must quote our Registered Charity Number 306214. If you have already made arrangements, you can make a simple addition by Codicil.

Thank you very much for considering supporting Clayesmore with a legacy;  your generosity helps us ensure that future Clayesmorians will benefit from all that an education here can offer.  We recommend that you consult your solicitor or financial advisor about the implications of making changes to an existing Will as they will be able to offer specific guidance about your personal situation.

Reducing your inheritance tax bill by leaving a legacy to Clayesmore

All bequests to Clayesmore are exempt from Inheritance Tax. Current UK legislation rewards a gift of 10% of a deceased’s estate to charity by reducing the rate of Inheritance Tax paid on an estate from 40% to 36%

Gross estate of £500,000 No charity bequest With a 10% charity bequest
Gross estate £500,000 £500,000
Less nil band -£325,000 -£325,000
Net estate £175,000 £175,000
Charitable donation £0 £17,500 (10%)
Taxable estate £175,000 £157,500
Less Inheritance Tax -£70,000 (40%) -£56,700 (36%)
Remaining estate (Incl. nil rate band) £430,000 £425,800

Therefore the estate’s beneficiaries would forego £4,200 but the charity would benefit from a total of £17,500

Types of Legacy

Pecuniary Bequest

This is a gift of a fixed sum of money.  It can be index-linked to preserve its future value, as its real value will otherwise decrease over time and your solicitor will be able to provide you with suitable wording for this.

Specific Bequest

This is a gift of a named item such as a piece of antique furniture, jewellery or painting which the School may then choose to either keep or sell in order to raise capital.

Residuary Bequest

This is a gift of the residue of an estate after all other bequests, debts, fees and liabilities have been distributed.

Contingent/Substitutional/Revisionary Bequest

This is a gift that depends upon the occurrence of an event which may or may not happen – for example when other beneficiaries named in your Will pre-decease you.

Deed of Variation

A Deed of Variation may be used to transfer the whole or part of an inheritance that has been made to you as a beneficiary of someone else’s Will.  In doing so the amounts transferred are free of inheritance tax liability as far as your estate is concerned.