Old Ardinians’ Trust
Over a number of years, following the formation of the OA Society several trusts had been created by Old Ardinians, which because of their size created difficulties in their administration, both in the appointment of trustees and their qualification for exemption from income tax. C H Russell (NS & G, 1905-03) who was both Secretary of the Society and a member of the School Council asked S A Letts (C1918-22) to review the matter and to make recommendations.
The outcome was the creation of ‘The Old Ardinians’ Trust’ a company limited by guarantee having no share capital. It was incorporated on 6th May 1937 and was granted a licence by the Board of Trade to dispense with the use of the word ‘Limited’ to its name.
The company acts in a trustee capacity for the holding of funds in which it has no beneficial interest. All the funds are involved in educational, religious, charitable and other purposes associated with Ardingly College or the Old Ardinian Society. In the case of those funds, which are covered by a documentary trust, the income is applied in accordance with the terms of the Trust and for funds not so covered; the income is applied in accordance with instructions received from the beneficial owners. Details of each trust is listed below.
At one time ten funds were entrusted to the Trust, but over the years the number has been reduced so that today there are only three funds administered, which are the Old Ardinian Society, Ardingly College Scholarship Fund and Ardingly Endowment Fund.
There are seven members / governors of the Company, who carry out the administration of the funds entrusted without remuneration and each has given an undertaking to contribute to the assets of an amount not exceeding one pound sterling, in the event of its winding up.
The current members/governors are S.C. Chapman, W P G Gibbs, A E Greves, N Kennedy, R L James, W H A Maingot and A Parsons.
Old Ardinian Society
Trust acts as a bare trustee for the surplus capital of the Society, which is invested in a portfolio of quoted investments and cash. The income and capital gains are taxable.
Ardingly College Scholarship Fund – ‘Letts Award’
Created by Deed of Trust in 1928 the capital was increased in 1992 by voluntary subscription and renamed ‘The Letts Award’ in recognition of the outstanding contribution made to the School and the Society by Stanford Letts. The Fund is exempt from tax and currently generates an income of approximately £500. An Award is made each year to a leaver to assist in further education, and who in the opinion of the assessment committee has made a major contribution to the life of the School. The assessment committee consists of Andrew Forrest, Simon Chapman and Bill Maingot with the Headmaster acting as arbitrator if required.
Ardingly Endowment Fund
Founded in 1959 this Fund is exempt from tax and facilitates intending donors to make gifts for the provision or improvement of land or building or equipment at the School or to increase the education or educational amenities for the pupils from time to time attending the school or to provide such educational facilities as they see fit for past pupils.