Oxfordshire Community Foundation (OCF) is privileged to be managing a new named fund, set up in memory of the late Bob and Alison Michael. The fund will focus on supporting community organisations in South Oxfordshire, where they lived.
Bob and Alison Michael never thought of themselves as philanthropists, but their legacy has enabled just that. Having moved frequently during their working lives, they settled on retirement in the picturesque village of Whitchurch on Thames, where they built an active life in the community.
Whilst not wealthy, like many from their generation, there was a significant increase in the value of their house over time, and therefore their legacy to their three children: Isobel, Anthony and Geraint. Bob and Alison had expressed an interest in some of their estate being given to charity, but they left it to their children to decide where best to give.
Investing in their parents’ local community was a key priority, as a way to give back to the place that they had made their home. Isobel was aware of community foundations, both from her job as a charity fundraiser and as a supporter of Quartet Community Foundation in the West of England, and felt it was a good fit. The siblings decided on a named fund held by OCF, which gives them the flexibility to do some immediate grant-making, while the bulk is being invested in a ringfenced endowment fund, with the dividend income to be used for further grants and social investments in the future.
Isobel Michael says: “Our parents will leave a longer-term legacy in the area through OCF, who we know are trusted custodians of funds and will get the money out to where it is most needed in local communities. We’re all very committed to South Oxfordshire and aware that we won’t be here as much as we used to. So it’s nice to keep that connection.”
As well as setting up a named fund with OCF, each sibling has chosen a charity to donate to. They also funded a scholarship at the University of Bath, where Bob and two of his children studied. The Bob Michael Gold Scholarship will help people who might not have considered university or might struggle without additional support to access everything university life offers.
The impact of inheritance tax was a consideration when thinking about their parents’ estate. The reduction in inheritance tax through charitable giving has enabled the siblings to have more agency over the inherited money, enabling it to go to causes close to their parents’ hearts. Isobel says: “It’s not about saving money. It enables us to direct their money to areas where it can have a more direct and personal impact.”
The Bob and Alison Michael Memorial Fund’s purpose is to support charitable and voluntary activities that are principally based in South Oxfordshire. Funding will be given for any type of grassroots charitable activity, including core costs funding. OCF matches relevant applications from our open grants rounds to the named funds that we hold – so by applying, local charitable organisations are accessing multiple funding opportunities in one place.
The family is already having an impact through their fund, having contributed £4,500 from their initial donation to OCF’s Living Essentials grants. These grants are aimed at reaching the most disadvantaged in our county, who are struggling to afford the basics for living a stable and safe life, and who are being supported by grassroots charitable organisations. Food insecurity, keeping warm and having stable housing continue to be a huge challenge for some Oxfordshire residents.
Isobel says: “My brothers and I will have some input into where the funding might best be spent. But when we’re gone, we know that Oxfordshire Community Foundation will care for that money.”
Find out more about setting up your own named fund, whether to support your own charitable interests or as a memorial for a loved one. Alternatively, contact our Deputy CEO Kate Parrinder for an informal chat.