Legacies are part of the distinguished tradition of benefaction which has underpinned the school’s success.

 

Since MCS’s foundation, legacy donations have played an important role by helping the school provide bursaries, complete building projects, and support academic and extra-curricular activities.

We are privileged to have over 70 legators – Old Waynfletes, past and current parents, and past and current governors – who have pledged to support the school’s future endeavours via a gift to MCS in their will.

"The school transformed my life. It gave a boy from modest origins the opportunity to be inspired and excited by education. That's the main reason that I have chosen to support the school with the gift of a legacy in my will."

John Leighfield CBE (OW 1957), Bob Stanier Society President

The school thanks donors planning to leave a legacy through the Bob Stanier Society, named after former Master (1944-67) Bob Stanier, who played such a formative role in making MCS the unparalleled place it is today.

Through an joyful annual lunch, the Society welcomes legators and offers a chance to visit MCS and meet OWs, staff, parents and governors who are also planning to support MCS in their will.

In the following short video, Old Waynfletes eloquently reminisce about how Bob Stanier shaped MCS and their educational experience, and why they have chosen to honour him with a legacy to the school.

 

"We all had an inheritance from Bob Stanier, and we all want the school in the next 500 or 600 years to do a similar thing for more and more generations of young people."

John Leighfield CBE (OW 1957), Bob Stanier Society President

Leaving a legacy to the school in your will is a way to make a gift without impacting current income, and can have tax advantages while you provide for your family and others through your estate.

We will be pleased to honour your wishes as to which priority area you would like your support to go.  If you’d like to read some of inspirational bursary stories, please visit the Our Priorities page.

We do understand that circumstances change. You do not need to let us know the value of your planned gift and it will not represent a binding commitment. Making a will is a very personal matter and we assure you that your plans will be held in the strictest confidence.

Including a legacy in your will or adding a Codicil is a simple matter, although we strongly advise that you take professional legal advice.

To pledge a legacy to MCS, please download and return the form below, or contact the Director of the Waynflete Office, Susie Baker, to set up a confidential discussion.

PLEDGE A LEGACY

Leaving a Legacy

Reduce your inheritance tax bill

Gifts to Magdalen College School are exempt from Inheritance Tax (IHT) in the UK, and there is now a further incentive when you leave 10% or more of your net estate to charity.

If you leave charitable gifts in your will that amount to 10% or more of your chargeable net estate, the IHT rate on the whole of your estate will be reduced from 40% to 36%.

The following is an example of how this would work in practice for a gross estate of £1,000,000:

Without a charitable bequest With a 10% charitable bequest
Gross estate £1,000,000 Gross estate £1,000,000
Less nil band (-£325,000) Less nil band (-£325,000)
Net estate £675,000 Net estate £675,000
No charitable donation £0 Less bequest of 10% (-£67,500)
Taxable estate £675,000 Taxable estate £607,500
Less IHT at 40% (-£270,000) Less IHT at 36% (-£218,700)
Remaining estate (incl. nil rate band) £730,000 Remaining estate (incl. nil rate band) £713,800

Therefore the estate’s beneficiaries forego the sum of £16,200; but the charity or charities would benefit from £67,500.

Please note that this is for illustrative purposes.

We encourage you to seek professional advice regarding your personal circumstances.  The HMRC website provides an online calculator to help you establish whether a charitable legacy will meet the qualifying criteria. It can be found here: HMRC IHT Calculator

 

Suggested wording for your will

Illustrated below are some suggested wordings for a gift in your will to MCS, which can be presented to your advisor.

  • Pecuniary Gift

I give the sum of £ _____________ (in figures and words) to Magdalen College School (Registered Charity No. 295785 ). I direct that the receipt of the Bursar for the time being of the School, shall be a sufficient discharge to my executors.

  • Residuary Gift

I give the whole (or a _______________ share) of the residue of my estate to Magdalen College School (Registered Charity No. 295785). I direct that the receipt of the Bursar for the time being of the School, shall be a sufficient discharge to my executors.

  • Adding to your will and other gifts

If you have already made a Will but would like to add a bequest to Magdalen College School, you may wish to add a Codicil to your Will which is signed and witnessed in the same way as your original Will.

To find out about other methods of giving in your will, such as gifts of shares, please contact the Director of the Waynflete Office, Susie Baker.

  • Advice to executors

If you are the executor of a Will which includes a bequest to Magdalen College School, please do get in touch with Susie Baker so that the school can help to supply you with any information you need.

We encourage the families of those whose relatives have left a gift to also attend the annual lunch of the Bob Stanier Society.

 

Thank you for considering the gift of a legacy to Magdalen College School.

 

We do not forget our OWs and Friends of MCS, and are delighted when you remember us.

 

 

"Coming to MCS was a great thing in your life. You were always going to be part of this if you wanted to be. You can be a member of this for life."

Bill Morris, OW 1964, Chair of the OW Committee