Boston Grammar School Foundation: Difference between revisions
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The Foundation is the original governing body of | The Foundation is the original governing body of [[Boston Grammar School]], dating from 1555. It ceased to govern the school following the 1944 Education Act, but as it owned assets it continued in existence to use the assets for the benefit of the school as a registered charity in England and Wales. | ||
It is an endowed charity, meaning that it has funds which it invests for the purpose of generating an income to be spent on the charitable objects. | It is an endowed charity, meaning that it has funds which it invests for the purpose of generating an income to be spent on the charitable objects. | ||
There are 16 volunteer members of the Foundation, including many Old Boys, who meet in the School Library to supervise the finances and co-operate with the Head in the best possible use of the money. | There are 16 volunteer members of the Foundation, including many Old Boys, who meet in the [[Big School|School Library]] to supervise the finances and co-operate with the Head in the best possible use of the money. The Chairman and Vice-chairman are [[Brian Pycock]] (BGS 1950-1955) and [[Jim Tryner]] (BGS 1942-1948). | ||
Typical uses include supporting the minibus, music tuition, prizes, equipment, hardship fund and special projects. A major innovation of the last 10 years or so is scholarships for former students attending university, created by generous gifts from friends of the school. | Typical uses include supporting the [[minibus]], music tuition, prizes, equipment, hardship fund and special projects. A major innovation of the last 10 years or so is scholarships for former students attending university, created by generous gifts from friends of the school. | ||
The assets have more than doubled in recent years as a result of several large gifts. | The assets have more than doubled in recent years as a result of several large gifts. | ||
Revision as of 22:46, 2 July 2017
The Foundation is the original governing body of Boston Grammar School, dating from 1555. It ceased to govern the school following the 1944 Education Act, but as it owned assets it continued in existence to use the assets for the benefit of the school as a registered charity in England and Wales.
It is an endowed charity, meaning that it has funds which it invests for the purpose of generating an income to be spent on the charitable objects.
There are 16 volunteer members of the Foundation, including many Old Boys, who meet in the School Library to supervise the finances and co-operate with the Head in the best possible use of the money. The Chairman and Vice-chairman are Brian Pycock (BGS 1950-1955) and Jim Tryner (BGS 1942-1948).
Typical uses include supporting the minibus, music tuition, prizes, equipment, hardship fund and special projects. A major innovation of the last 10 years or so is scholarships for former students attending university, created by generous gifts from friends of the school.
The assets have more than doubled in recent years as a result of several large gifts.
The Foundation is a registered charity, no. 527292, and is therefore tax-efficient.
Both gifts by will and lifetime gifts are free of inheritance tax, and lifetime gifts are also eligible for Gift Aid, by which the Revenue add around 25% to the gift.