SCF receives first new endowment fund from a direct legacy
At the end of 2014 we established our first Somerset new endowment fund from a direct legacy to the Somerset Community Foundation. The fund will not only help local communities for generations to come, it is also a fitting permanent memorial to a very generous lady.
Justin Sargent, SCF's Chief Executive, met Priscilla Ringham in 2006 after an introduction by her solicitor. After a couple of meetings and a visit to projects supported by the Foundation, she decided to include a gift in her will to establish the ‘Ringham Fund’ to benefit her local communities, particularly disadvantaged young people and vulnerable older people.
Justin said “Mrs Ringham cared very much about people less fortunate than herself and particularly felt a strong bond with people in her local communities. It is always sad when someone passes away, but her legacy means that she will continue to help her community, remembered forever by the Foundation and by those who benefit from her generous and thoughtful gift.”
Creating a charitable fund within Somerset Community Foundaiton is a very simple process and offers an effective alternative to creating a separate charitable trust.
To find out more please contact Justin Sargent on 01749 344949 or email firstname.lastname@example.org
Legacies to registered charities can be off-set against Inheritance Tax. An estate can pay Inheritance Tax at a reduced rate of 36% on some assets (instead of 40%) if 10% or more of the ‘net value’ of their estate is left to charity. Always seek advice from your solicitor before writing your Will