February 28, 2023
Legacy Fund Report
As we approach the end of the 22/23 South African tax year and the sixth month of the existence of the fund, I feel it appropriate to report back on the progress made thus far to those who have already joined the Legacy Fund. In future, I will provide a report every six months, in February and August.
Just to remind everyone that the aim of the fund is to instill amongst Wynberg Old Boys a culture of giving back to their Alma Mater. The fund is an endowment fund which focuses on giving financial assistance to students who would not ordinarily be able to afford to attend Wynberg as well 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 the benefits often only accruing into the future.
When we decided to launch the fund, we set ourselves a goal of receiving pledges to the value of R100 million in five years. I am pleased to report that I have been pleasantly surprised by the generous response and in the first six months of our existence, we have already received pledges well in excess of R35 million. I base this estimation on the assumption that all annual and monthly contributions currently in operation will continue for at least 5 years. I am in conversation with several Old Boys at present and fully expect this figure to increase soon.
These pledges are made up as follows:
- Once-off contributions – R 2 500 000
- Annual contributions – R 500 000
- Monthly contributions – R 14 000
- Bill Bowden pledges – R 2 500 000
- Pledges in Wills – R 28 750 000
Total – R 36 700 000
This places the fund in the position to support students at the Wynberg Boys’ Schools and I am pleased to report that we currently have two students that receive financial support from the Legacy Fund. This will increase to at least four next year.
The Bill Bowden upgrade is becoming an urgent item. Greg Scott is currently working on an updated design. At present, we only have about R3.5 million available for this project. A long way short of the expected cost.
A few reminders:
- All members of the fund who contribute monthly check that your payments are still being debited to their account every month.
- Those who contribute annually please make the payments at the time specified in your pledge form.
- All members who have pledged money in their will are please to make sure that your will has been updated accordingly. Don’t put this off as unfortunately accidents and sudden illnesses are facts of life.
- If you have not received a tax certificate for the 22/23 tax year and would like one please let me know.
In conclusion, I thank you all for your support and appeal to you all to promote the fund and encourage fellow Wynberg Old Boys to join as well.
Jan H. de Waal
Former Headmaster, Wynberg Boys’ High School