Lady Bay Fund
A gift of over £45,000 was left to the Community Foundation by Lady Bay, a long-standing resident and wife of the Sheriff of Nottingham. Lady Bay outlived her husband and had no children, but does have a close extended family. The Lady Bay Fund was set up in her memory as an Endowment Fund.
The endowment fund is permanently invested and the income is used to help older people in need in the outlying areas of the city. The first grant from the fund was to help with costs of transporting older people in Arnold to a weekly lunch club. Very few of the users are able to get there under their own steam and rely on the coach paid for by the grant.
Lady Bay’s gift has supported many other projects in Nottingham and will continue to help older people in the city for generations to come. As supporters of Lady Bay’s work and her support of Nottinghamshire Community Foundation, her relatives have been able to reap the rewards. Setting up an Endowment Fund to help local elderly people in the area has been their way of remembering Lady Bay and Sir John, and keeps their memory alive through the happiness of others. The Community Foundation has helped them to achieve this with little effort or worry on their part. The Foundation looks after the fund and all the administration of it, investing capital wisely and safely so that it continues to yield a good return.
The NCF Grants Team suggests individuals and groups in need of support and the decision is that of the extended family. They have found the information provided about the applications is so comprehensive and clearly worthwhile that they have been delighted to support every case so far.
Lady Bay’s endowment fund – how it works |
£ |
Initial Gift received |
45,000 |
Less 1% Gift to the Foundation fund to assist with the set up |
450 |
Initial Fund value |
44,550 |
Plus |
|
Estimated Annual Growth (6% x £44,550)* |
2,673 |
Initial fund plus estimated annual growth |
47,223 |
Less |
|
Fund administration and grant making fee (2% x £47,223) per annum* |
944 |
Cash available for grant making (4% x 47,223)* |
1,889 |
Total fund value at the end of Year 1* |
44,390 |
*As the fund is invested, these values are approximate and will depend upon market conditions.
If you are interested in starting your own fund or require any further information about supporting Nottinghamshire Community Foundation,
please contact Zoë Keens on 01623 636365.