Michaelhouse-Impact Report-2023 (for Jan-Dec 2022)

A Guide to the Trusts The Michaelhouse Trust was registered in 1957 in order to house the funds raised by the Diamond Jubilee appeal of the previous year. It was the first endowment trust and established under its own Board of Trustees appointed by the Board of Governors. As an endowment trust its purpose was to make its income available to the School for development, for bursaries and for augmentation of staff pensions. Its donors were the Michaelhouse community, notably OMs and Parents. Over time the Michaelhouse Trust was limited to supporting development of infrastructure at Michaelhouse. Its sister endowment trust, the Michaelhouse Bursary Endowment Trust (MBET) commonly referred to at the ‘BET’, was a later creation and its purpose has always been to provide funds for bursaries (now called financial aid). Scholarships are awarded on merit and have always been funded from School revenue. Financial Aid is awarded essentially on a needs basis and funded by the BET. Housed in the BET are the funds raised by many donors over the years. Since the millennium it has profited from ongoing donations raised by the Chairman’s Club (see pages 15 & 40), the brainchild of Jamie Inglis (Baines, 1961). Nearly all donations raised by the Chairman’s Club have been funnelled, on the instruction of donors, into the BET. Complementing the BET - in ensuring that Michaelhouse remains as accessible to as many boys as possible regardless of background or circumstance - is the Michaelhouse UK Trust . Established in 1990 by Old Boys in the United Kingdom; the founders wanted to give Old Boys an unambiguous and meaningful way of contributing to the School. Its single objective was and remains: “To provide financial aid for boys in need to go to Michaelhouse” (see pages 15 & 40). Since the Centenary Appeal nearly thirty years ago for infrastructural improvements, there have been many other benefactions specifically for building projects. Under the strategy Michaelhouse@125 there has been a significant building programme, the bulk of which has been funded by benefactions, notably the two new Houses, McCormick and Ralfe , the partial rebuild of Baines , the new Science & Biology block, the new hockey astro on Punchbowl, and the Old Boys’ Club’s contribution of half of the cost of the Heritage Centre. For current and upcoming projects, see pages 24-35. For many years, Michaelhouse has been engaged with supporting places of learning in the local community. In 2000, the Michaelhouse Community Partnership Trust (MCPT) was established as a registered non-profit organization. Over the past two decades its work has expanded focused to 16 non-fee-paying schools between Howick and Mooi River with more than 6,000 learners, see pages 18 & 40. Throughout this publication you will see the impact of the Trust and ways in which you can support their good work. All the Trusts are independent of the school and trustees ensure funds are properly managed, invested and - subject to alignment with the purpose of the Trusts - provided to the Board of Governors to support the realisation of their long-term generational plan.

BOYS

ESTATE

COMMUNITY

Michaelhouse Trust Founded in 1957 In a sentence: to improve the facilities at Michaelhouse.

Michaelhouse Community Partnership Trust Founded in 2000 In a sentence:

Michaelhouse Bursary Endowment Trust Founded in 1980 In a sentence:

Michaelhouse UK Trust Founded in 1990 In a sentence: to ensure that Michaelhouse

to ensure that Michaelhouse remains accessible to as many boys as possible who meet the admissions standards regard less of background or circum stance.

to improve the overall quality of education at school in the vicinity of Michaelhouse.

remains accessible to underprivileged boys.

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