Coloma Convent Girls' School - Leaving a Legacy

Painting a Future for Coloma Leaving a Legacy to Coloma Convent Girls’ School

Headteacher’s Letter to Donors Legacy gifts to schools make such a difference to pupils lives and we thank you for considering Coloma Convent Girls’ School in your will. Your gift will be greatly Elizabeth Englefield Photo appreciated for many years to come. We recognise that , to leave a gift in your will is an extremely personal and generous offering. Not many things are certain in life, but one thing we can guarantee, is the extra opportunities that your donation will open up to young lives.

We are always seeking to provide new and exciting facilities and equipment and improve existing buildings and bring them up to date with the necessary technological advances needed today. In order to achieve these aims we seek support from both legacies and other generous donations. The document attached explains how to go about the simple process of leaving a legacy. We continue to support every one of our pupils within our ‘work hard, be kind’ framework and with your help we can achieve a better future for them all.

I take this opportunity to thank all those who support the School, both regularly and with one off donations.

These gifts have allowed girls to participate in varied activities, improve our buildings, equipment and resources across all departments.

We hope you will find this booklet useful but if you would like to discuss your legacy in more detail, please do get in touch with our Alumnae Officer, Liz Smith. You can find contact details on the back of this booklet.

Best wishes

Elizabeth Englefield Headteacher

Supporting Coloma Coloma has been fortunate enough to have a strong network of parents, pupils, staff, governors and friends, both past and present, who have supported and who continue to support the school and its endeavours.

Legacies are a great way of providing assistance, as once those close to you are taken care of, your generous gift, however small will go a long way to changing the lives of Coloma pupils.

A recent legacy donation has

enabled a detailed masterplan to be drawn up by architects and surveyors, allowing for the first phase of a large building project to include new and replacement buildings, classrooms and equipment.

Without such donations, these projects would not be able to take place.

Over the years, Government funding has been reduced and the school replies on donations to bridge the shortfalls.

Current parents contribute to a ‘Pass the Baton’ school fund and as Coloma is a Voluntary Aided

school, 10% of the income is required to be generated via this scheme. In the short term we would like to boost this fund and increase this income. In the longer term we wish to build a sufficient capital fund to allow for larger scale projects which will impact on not just the current pupils but their families too as well as those at the school for many generations to come.

Letting us know your intentions If you would like to discuss your legacy gift with us, please do get in touch. We would love to hear about your intentions so we can keep you up to date with any current developments and discuss the difference your gift could make. We are deeply grateful for such contributions and would welcome the opportunity to thank you personally. Private intentions are also understandable and we hope this booklet provides some useful information.

Donating to a specific department, project or cause You may even like to donate your legacy to a certain department or discipline of the school and we would be happy to provide you with further information with regards to your chosen area. If you have an area of the school that is particularly close to your heart and you would like your funds to be used for a specific purpose, then this can be specified in your Will and the School will ensure your intentions are met. It would be helpful for us to be aware of these intentions and therefore please do get in touch with our Alumnae Officer, Liz Smith on 0208 654 6228 or email esmith@coloma.croydon.sch.uk to discuss this if you can. It is also extremely helpful if you wish to leave a legacy for general purposes which will allow the school to allocate your gift as needed. No matter what you choose to do, your gift will be very gratefully received.

Remembering our Legacy Donors In order to recognise the importance of all those who have pledged support in this way, we will add your name to our commemorative rose garden. Here, we would like to display your name to acknowledge your gift to Coloma. This important garden is featured in our new estate masterplan and will be a beautiful reflection area in our grounds. Your name will also be added to our legacy prayer list in the chapel for inclusion in all our remembrance services.

Types of Legacy - A Summary This list is not exhaustive but outlines the main types of legacy that are most frequently used.

Pecuniary bequest This is the gift of a fixed sum of money. The point to note with this type of legacy is that inflation can erode the value of a fixed sum in the Will over time. You may therefore wish to index link your bequest to allow for the effect of inflation and to protect your overall intent. You should consult a solicitor and/or accountant for full details on doing this.

Residuary bequest A residuary legacy is a percentage share of your estate, once all gifts, debts, taxes and costs associated with it have been deducted. The value is not affected by inflation as there is no fixed sum.

Specific legacy or gift in kind With this type of legacy your gift can take any form such as shares, property or other valuable item. The gift itself is specified in the Will (as opposed to a cash sum, in the case of a pecuniary legacy, for example).

Reversionary legacy If you want your loved ones to be taken care of during their lifetime, then you can use a reversionary legacy to leave a percentage of your Estate to Coloma after the death of your spouse or relative who is the first beneficiary in your Will.

There are obvious advantages here for providing for your family first during their lifetime. When the original beneficiary passes, the gift in your Will reverts to the School. If you are considering this type of legacy, we suggest that you discuss this fully with your solicitor due to their complex nature.

Coloma Convent Girls’ School has charitable status and as such inheritance tax will not apply to this donation. This could reduce your overall inheritance tax liability. For example, you can reduce the inheritance tax rate on the rest of your estate from 40% to 36% if you leave at least 10% of your net estate to a charity such as Coloma. We recommend you take specialist independent advice to ensure your best interests are served.

Writing or Amending your Will We would always recommend that you take professional legal advice before making or changing a Will.

Clarkson Wright & Jakes Solicitors are offering a 10% discount for anyone wishing to write or amend their Will and who mention Coloma when booking. Please contact Christa Foster 01689 887884 or email christa.foster@cwj.co.uk for further information or speak to our Alumnae Officer, Liz Smith.

How to include Coloma Convent Girls’ School in your Will 1 . Value your estate. Take into account the total value of all your assets, such as property, savings and investments and valuable items and also any debts, such as a mortgage or other loans.

2 . Choose your beneficiaries - who you will remember in your Will, such as close family members and friends or charities.

Include any specific gifts to particular people and what you want to happen if any of your beneficiaries should die before you. If leaving a gift to a charity, it is essential to include the charity’s full name, address and registered charity number as incorrect information may hinder your wishes being carried out.

3 . Appoint executors. Those who will be responsible for making sure your instructions are carried out. These individuals are named in your Will.

4 . Write your Will, either via a solicitor, professional Will Writer or Bank. You can also write your own Will, but if choosing this option it is advisable to seek advice first to ensure it is written and signed correctly in order that it be valid.

5 . Sign your Will in the presence of two independent witnesses.

6 . Store your Will . Ensure it is kept in a safe place, known to your executors or a close relative or friend. Some solicitors will often store it without charge.

If remembering Coloma in your Will, please notify us of your intentions. This is of course voluntary; you can also keep them private.

What to do if you already have a Will If you already have a Will, and wish to add Coloma as one of your beneficiaries, ask a solicitor to help you complete a codicil and then keep it safe with your Will. This document needs to be duly signed and stored with your Will.

Further Legacy Information The size of your donation Whatever the size of donation, any gift to Coloma will make a difference. Even smaller donations, collectively are a very powerful resource. Residuary legacies are common as they can have the benefit of looking after others first whilst also allowing for inflation.

Choosing and informing your executors It is usual to have more than one executor. You can ask someone to be an executor even if they are also a beneficiary in your Will. Often, people ask a close family relative or friend. You can also consider nominating a professional executor, such as a bank or solicitor, in addition to a family member or friend. It is advisable to establish the charges for this in advance and they can then provide advice and assistance as required, to their co-executor.

We recommend discussing your wishes with those you are considering to act as executors to ensure they are fully on board and able to take on this role. We also advise that they are aware of the location of your Will.

In partnership with Clarkson Wright & Jakes Coloma is proud to be partnering with respected local solicitors Clarkson Wright & Jakes. CWJ are offering a 10% discount for anyone wishing to write or amend their Will to include Coloma and who mentions this when booking. For more information about writing a Will, why not register to watch CWJ’s Zoom webinar which takes place on the 2nd Thursday of every month. For more information on how to join the Zoom webinar, please visit: https://www.cwj.co.uk/site/newsandevents/seminars/

Be the Difference

“If you would like to discuss leaving a legacy to Coloma Convent Girls’ School or making a gift please do get in touch.”

Liz Smith, Alumnae Officer 0208 654 6228 esmith@coloma.croydon.sch.uk

Coloma Convent Girls’ School Upper Shirley Road Croydon CR9 5AS Tel: 020 8654 6228 https://www.coloma.croydon.sch.uk/ Twitter: @Coloma CGS

“Not many things are certain in life, but one thing we can guarantee, is the extra opportunities that your donation will open up to young lives.”

Elizabeth Englefield Headteacher Coloma Convent