Students have benefited greatly over the years from the voluntary contributions and donations of parents, alumni and other friends of the school. Over the years, such contributions have enabled us to refurbish the library and other areas around the school, buy school minibuses, build the 450th anniversary garden and help provide the Manwoodian magazine. Such contributions have eased pressures on the school budget which, in turn, has allowed us to offer such a wide range of subjects and to devote our limited resources to other areas of curriculum enhancement.
Funding schools receive from government has been severely cut in recent years – for example, Manwood’s received £358,000 less in 2014-15 than it did in 2011-12. That is equivalent to an 8% reduction in the school’s funding at a time when overheads have been increasing significantly. To continue to provide our wide range of subjects, and our extensive extra-curricular offer, we are asking parents to make a contribution of £10 per month, or £120 per year. We realise that not all parents will be in a position to afford this, but anything that can be afforded is gratefully received – and we guarantee that every penny goes directly to the school for the benefit of its students.
To maximise the benefit of these voluntary contributions, the Manwood Trust was set up. This is a registered charity (charity number 283361), allowing us to claim tax back from HMRC, provided the donor is a UK tax payer. The Trust is run by five Trustees (The Headteacher, two representatives from the current Friends of Manwood’s Committee and two representatives from the Old Manwoodian Association).
Ideally, we would like contributors to set up a Standing Order (note NOT a direct debit) so as to enable us to have a regular and guaranteed source of income, which will allow us to plan for the future. Should you feel able to contribute, the details of the relevant bank account are:
Account name: Manwood Trust No 2 Account
Sort code: 60-18-34
Account number: 19554753
If you are a UK tax payer we would ask that you also sign and return the attached Gift Aid form, as the school will then receive tax relief on your donation. Gift Aid allows UK taxpayers to boost the value of their donations by 25p for every £1 which means that for every £10 donated to the Trust, the Trust will actually receive £12.50 as it can claim the additional £2.50 back from HMRC. The declaration you sign can apply to all donations that you make in the future so you need only sign once. Higher rate tax payers are also able to benefit from tax relief on their donation. Donations made to the Manwood Trust account above are held separately to donations left by alumni for specific purposes.
Making a gift and leaving a legacy
Some individuals (alumni and many others with connections to the school) have left legacies to the school by making a bequest to The Manwood Trust. Legacies can be for a specific purpose, for example to assist students pursuing a career in the law or medicine. If an individual does not specify a purpose, then the trustees decide how the legacy can best benefit the school.
Over the years, the generosity of many individuals has benefited and will continue to benefit the school and its students throughout their school life and beyond.
Such legacies are free of inheritance tax because of the charitable status of the Trust. Making such a bequest to the charity is an alternative to paying 40 per cent tax on that sum, ensuring the school benefits rather than H M Revenue & Customs.
From 6th April 2012, any estate which includes a gift of at least 10% to a charitable cause will be liable to inheritance tax at 36% not 40%.
Anyone thinking of leaving a legacy to The Manwood Trust should consider seeking advice. Below we have set out some general guidance to assist anyone in considering the form that gift might take.
There are several types of legacy, including
A pecuniary bequest a benefactor in their will leaves a specific amount to the charity.
“I give to Manwood Trust (registered charity number 283361) free of tax the sum
of £ (sum in words) absolutely.”
A residuary bequest a benefactor in the will leaves a percentage of their estate to the charity. This
protects the real value of the gift from the effects of inflation
“I give % of the residue of my real and personal estate which I can dispose of by
will in any manner I think proper to Manwood Trust (registered charity number
A specific bequest a benefactor in their will leaves a specific asset to the charity. This might include
shares, jewellery, works of art, antiques, and land.
“I give the following free of tax to Manwood Trust (registered charity number
i) my (insert details of chattel or other asset)
ii) my (insert details of chattel or other asset)
A reversionary bequest a benefactor leaves their estate in trust for the benefit of their spouse or
children. The estate “reverts” to our charity after their death.
Anyone making gifts to charity might want to consider inserting the following clauses into their will
Amalgamation, amendment or dissolution of charities
If before my death any charity benefiting under this will (or any codicil to it) shall have been amalgamated with any other charity or has changed its name or constitution, the benefit intended to be given to such charity shall nevertheless be paid or applied to the charity with which it has been amalgamated, or which has changed its name or constitution.
If before my death any charity benefiting under this will (or any codicil to it) shall have ceased to exist or be in liquidation, the benefit intended to be given to such charity shall be paid or applied to such charity or charities or for such charitable purposes as my Trustees think fit and I request without imposing any trust or obligation that my Trustees seek to benefit a charity or charities as close as possible in purpose to those of the charity intended to benefit originally.
Receipt for charitable payments
Whenever my Trustees have an obligation or discretion to pay or transfer funds to a charity or to an unincorporated body of persons, they may discharge that obligation or exercise that discretion by paying or transferring the funds in question to any person who appears to be the treasurer or other proper officer of such charity or body. The receipt of that person shall be a good and sufficient discharge, and after they have obtained a receipt from that person my Trustees shall not be obliged to see to any further application of the funds in question.