Dear Legacy Fund Member
I want to extend a special welcome to those new members who joined the Fund since the previous report in August 2023. I thank you all for your continued and generous support of the Fund which, I am pleased to inform you, continues to grow steadily.
Background
The aim of the Fund is to instill a culture of giving back to their Alma Mater amongst Wynberg Old Boys. The Fund is an endowment fund focussing on giving financial assistance to students who would not ordinarily be able to afford to attend Wynberg, as well as assisting the school with capital infrastructure projects. The fund is administered by the Supera Moras Trust and all contributions are tax deductible in South Africa.
Contributions to the fund can be made in three ways: a once-off contribution; a monthly, quarterly, or annual contribution, or a pledge in the contributor’s will. Preferably it will be a combination of at least two of these options. Thus, this is a long-term project with benefits often only delivered in the future.
Please make a bequest in your will
In the video we made to show at the Old Boys’ Dinner in August last year, I appealed to all Old Boys in attendance to make a bequest in their will to the Fund. I am appealing to all current members of the Fund to do this too. You only need to do this once and then you can forget about it for the rest of your life. Remember that a bequest in your will has a significant impact on death duties and that Barry Jessop offers a free service to draw up your will for you.
Status of the Fund
I recently did an audit and removed people who have withdrawn for whatever reason. I am also being very conservative when people have indicated that they have left something in their will, but not specified the value of their bequest.
I have arrived at a figure of R38 173 000 if everyone who has pledged continues to contribute at the current level until the end of 2027 which will be 5 years after we launched the Fund. Of that R29 750 000 has been pledged in wills (conservative) At current annual and monthly contribution levels that amount will increase by R1 129 000 every year after 2027.
The major focus now must be to increase the number of contributors to the fund. One way you could assist is to invite a fellow Old Boy, who you think might be willing to join, to the function on 19 March.
I am working on an idea to significantly increase the number of contributors which I will reveal at the 19 March function.
Students supported by the Fund
I am pleased to report that we are supporting 5 students at the school this year and that they have all settled in well at Wynberg.
As the Fund grows, we will endeavor to support more students in the future.
Indoor Centre
In my August 2023 report, I explained the rationale behind moving our focus from the Bill Bowden to the Indoor Centre. Final figures for the project have come in at R8.8 million, which means that the shortfall is R2.8 million which the school is trying to raise. Any further contributions from members to boost the R3 million already committed to this worthy project by the Fund will be highly appreciated.
Legacy Fund Function
You should have received notification of this function to be held at the school on 19 March by now. Many improvements have been made to the school recently and I thought it would be a good idea for us to have the opportunity to see these new developments. It will also be an opportunity to meet the significant number of Old Boys teaching at the High and Primary schools who have also been invited as well as the students we are supporting at the school. The function will be a drinks and snacks affair.
Formal invitations will be sent out soon. Please diarize the date and share the invitation to at least one prospective member.
A few reminders
- All members of the fund who contribute monthly, check that your payments are still being made every month.
- Those who contribute annually please make the payments at the time specified on your pledge form.
- All members who have pledged money in their wills should ensure their wills have been updated accordingly. Please don’t put this off; unfortunately, accidents and sudden illnesses are facts of life.
- If you have not received a tax certificate for the 23/24 tax year and would like one, please let me know.
In conclusion, I thank you for your support and appeal to you all to promote the fund and encourage fellow Wynberg Old Boys to join us in securing the future of Wynberg.
Jan de Waal