Legacy Giving

Join the Waterloo Society and leave a lasting footprint...

Why the Waterloo Society?

Wellington College was founded as a living memorial to Arthur Wellesley, Duke of Wellington, one of Britain’s greatest military commanders. His campaigns against Napoleon Bonaparte culminated in final victory at the Battle of Waterloo in 1815. It seems fitting, therefore, to honour our legacy donors with the name ‘the Waterloo Society’, remembering the Duke’s most famous triumph.

LEGACY GIFTS TO WELLINGTON COLLEGE

Supporting Wellington College with a gift or donation in your Will is a highly personal way of giving that has a lasting impact on future generations. You can choose to donate a specific sum, a share of your estate, or other assets such as stocks and shares. Making a bequest to charity can also lessen the burden of inheritance tax on your executors.

Since its opening in 1859, Wellington College has depended on, and benefited from, the generosity of those who shared the vision of the College’s founders; to create a living memorial to The Duke of Wellington. Indeed, independent schools make up some of the oldest charities in the country. The College in its current form is the result of generations of giving, from the first funders to many Old Wellingtonians and friends of Wellington.

A TIMELINE OF LEGACIES

Sir David Scholey, CBE (Bn 53)

“In my long and wide experience of philanthropic fundraising it has been clear to me that Legacies are perhaps the most valuable sources of financial support for any cause with charitable status. This applies as much to Wellington as any and so I had no hesitation in bequeathing to Wellington as much as my estate can reasonably bear.”

Why consider a gift in your will?

Many people have multiple demands on their finances which might preclude them making a gift in their lifetime. Equally, they may have been supporters of the College in their lifetime and wish to make a final gesture of support. A legacy can be a final tribute to the College, a gift which endures in perpetuity, and one which can be put towards any number of areas of College’s work. Bequests are exempt from inheritance tax (IHT) and for estates leaving 10% or more to charity, there is a reduction in IHT from 40% to 36%.

Joining the Waterloo Society

Wellington College is enormously grateful to those who choose to make a gift in their Will. To recognise this generous contribution, all who indicate an intention to leave a gift to Wellington College will become members of the Waterloo Society and we will be delighted to welcome members to an annual drinks party with the Master.

KEEPING THE COLLEGE INFORMED
LEAVING A GIFT IN YOUR WILL

If you have decided to leave a gift in your Will to Wellington College and you are comfortable in doing so, please let us know if you intend leaving the College a legacy or bequest. Such a pledge does not bind you in any way, but it does give us the opportunity to share pertinent news and Waterloo Society events with you, and, most importantly, to thank you for your support. Your response and any subsequent correspondence or discussion will be treated in the strictest confidence.

Here is a quick summary of what you will need to do, in conjunction with your accountant and/or solicitor.

Decide where you would like your gift to benefit.

Decide what sort of gift you intend to leave.

Contact your solicitor and inform them of your decision.

Complete the Legacy Notification Form here (it is not legally binding) and return it to us at the Wellington Community Office.

If you have already made your Will and now want to make an alteration to it, you will need to complete a codicil form (download here) and send it to your solicitor.

Free Will Writing Services

We have partnered with Guardian Angel, to help make the process of writing your will straightforward should you wish to use this service we offer and leave a gift to Wellington.

Gifts from wills make a huge difference to our work and there is no obligation, however, most people using this service choose to include leaving a gift to our charity in their plans.

There are many benefits to using Guardian Angel for your will and some of these include:

– Its quick and easy –
– It is safe: Guardian Angel Wills are legally binding and checked by experts  –
– It is free! –

You will have peace of mind that your affairs are in order.

This can be done face to face or over the phone if you would prefer.
Call 0800 773 4014 to arrange an appointment to start your will over the phone or click the button below to do it online.

Set Up Free Will Writing Services

WHERE DOES THE MONEY GO?

Wellington College was built on the vision and generosity of philanthropic support and every gift no matter what the size is gratefully received. Legacy gifts to the College are an important element of our fundraising programme and help to fund our scholarship programme as well as preserving our wonderful buildings and grounds.

Unlike many similar schools which benefit from an endowment, Wellington College is dependent on philanthropic support, without which we would be unable to deliver the dynamic and inspirational educational environment necessary in today’s ever-changing world. In recent years we have been incredibly fortunate to have had the generous support of parents, past and present, Old Wellingtonians and friends of the College to help provide the extra funds required to enable us to go from strength to strength.

During the next phase of development, we need your support more than ever to enable us to continue to provide the dynamic and inspirational educational environment for our students and being able to offer this opportunity to others who without your support would not otherwise not have this opportunity. We understand that leaving a gift is a very personal decision and that you may wish to direct your bequest to an area of the school, which is close to your heart, however, we also welcome gifts directed towards the unrestricted fund as this gives College the flexibility to direct to the area most needed at the time.

Here are two of the projects which we will be fundraising for in the next 5 –10 years and to where your legacy might be directed:

THE PRINCE ALBERT SCHOLARSHIP PROGRAMME

As you know, Wellington was founded on the vision of Prince Albert as a National Memorial to The Great Duke to provide (virtually) free education for the children of deceased Army officers. You may have been a Foundationer yourself when you were at Wellington. Thankfully, the need for this type of provision has diminished over the years.

Nevertheless, the College is determined to extend this purpose by enabling children of talent and promise without the financial means to enjoy a Wellington education and you can help by directing your support towards the Prince Albert Foundation Scholarship programme.

It is a sad fact that while talent is spread evenly throughout society, opportunity is not. With this firmly in mind the College has an ambitious 5-year target to increase the number of students on fully funded places from 16 currently to 40 by 2025. By doing this the College is, in many ways returning to its roots by having a student body that more accurately reflects the society that our students will be part of when they leave; achieving this will require a significant collective effort.

We understand that leaving a legacy is a very personal decision and that you may wish to direct your bequest to an area of College which is close to your heart, however, we also welcome legacies directed towards the unrestricted fund as this gives us the flexibility to direct to the area most needed at the time. If you would like to discuss further please contact Murray Lindo, Head of the Wellington Community, who would be delighted to talk through your ideas.

Other Factors and Questions and Answers

MAKING A PROVISION FOR A SURVIVING SPOUSE

Quite naturally, many are concerned that there is enough capital left in their estate to support their surviving spouse after they have gone. This can be ensured by both spouses agreeing to make due mention in their Will or Codicil, to the effect that the legacy to Wellington College is only paid out on the second death.

WHAT TYPE OF GIFT CAN I LEAVE IN MY WILL?

There are different ways in which you choose to support Wellington in your will:

• Residuary gift – the gift of all or part of the value of your estate once gifts and payments have been made •
• Pecuniary gift – a fixed sum of money •
• Specific gift – a named item •
• Reversionary gift – allowing assets to be left for the care of loved one for the duration of their life, and upon their death, your gift will be passed on to your chosen recipient •

WHAT WORDING SHOULD I USE IN MY WILL?

We can provide suggested wording for your will and can work with you to find a way to ensure your gift is used in accordance with your wishes if there is a particular area of College you would like to support.

DOES WELLINGTON COLLEGE HAVE A CHARITABLE STATUS?

Wellington College has charitable status for all UK tax purposes and the registered charity number is: 309093.

HOW CAN A GIFT IN MY WILL TO WELLINGTON COLLEGE BENEFIT MY INHERITANCE TAX STATUS?

If you leave a gift to charity in your will, the gift’s value will not be counted towards inheritance tax. This could reduce what your beneficiaries have to pay or remove your inheritance tax liability altogether. Also in some situations, anyone leaving 10% or more of their taxable estate to a charity may qualify for a reduced rate of inheritance tax – 36% rather than 40%. Please visit www.gov.uk/inheritance-tax) for further information.

WILL MY GIFT BE AFFECTED BY CAPITAL GAINS TAX?

When someone dies, the value of their assets is re-established and any gains that arise during the administration of the estate (i.e. between death and sale) may be liable to capital gains tax. Charities are exempt from capital gains tax, so where a charity is a beneficiary in a will, it may be possible to use this exemption to benefit the whole estate.

DOES WELLINGTON TAKE PART IN A FREE WILLS SCHEME?

Yes, we offer you a free will writing service and if this would be of interest, please contact us at community@wellingtoncollege.org.uk

DOES WELLINGTON OFFER LEGAL ADVICE?

Wellington College would always recommend that you should seek legal advice.
As mentioned, we do offer a free will writing service and information about this can be found here.

For further guidance on leaving a legacy gift, the Remember a Charity and Legacy10 organisations have several publications available.