A financial endowment is a legal structure for managing, and in many cases indefinitely perpetuating, a pool of financial , real estate , or other investments for a specific purpose according to the will of its founders and donors . Endowments are often structured so that the inflation-adjusted principal or "corpus" value is kept intact, while a portion of the fund can be (and in some cases must be) spent each year, utilizing a prudent spending policy.
97-612: Queen Mary's School is a private day and boarding school for girls in Baldersby Park near Topcliffe , between Ripon and Thirsk in North Yorkshire , England. Established in 1921, the school is set on 50 acres (200,000 m) of landscaped grounds and houses approximately 300 pupils. It caters to girls aged 3 to 16 and boys up to age 7. The school is a member of the Woodard Corporation and attended
194-574: A nonprofit corporation , a charitable foundation , or a private foundation that, while serving a good cause, might not qualify as a public charity. In some jurisdictions, it is common for endowed funds to be established as a trust independent of the organizations and the causes the endowment is meant to serve. Institutions that commonly manage endowments include academic institutions (e.g., colleges , universities , and private schools ); cultural institutions (e.g., museums, libraries, and theaters); service organizations (e.g., hospitals, retirement homes;
291-516: A 30% annualized loss that was more than predicted in December 2008. At Stanford University , the endowment was reduced from $ 17 billion to $ 12 billion as of September 2009. Brown University 's endowment fell 27 percent to $ 2.04 billion in the fiscal year that ended June 30, 2009. George Washington University lost 18% in that same fiscal year, down to $ 1.08 billion. In Canada, after the financial crisis in 2008, University of Toronto reported
388-517: A board of governors, and are owned by a mixture of corporations, trusts and private individuals. They are independent of many of the regulations and conditions that apply to state-funded schools . For example, the schools do not have to follow the National Curriculum for England , although many such schools do. Historically, the term private school referred to a school in private ownership, in contrast to an endowed school subject to
485-453: A building, plot of land or other assets for Muslim religious or charitable purposes with no intention of reclaiming the assets. The donated assets may be held by a charitable trust . Ibn Umar reported, Umar Ibn Al-Khattab got land in Khaybar , so he came to the prophet Muhammad and asked him to advise him about it. The Prophet said, 'If you like, make the property inalienable and give
582-405: A charitable end in itself, irrespective of poverty. The transformation of free charitable foundations into institutions which sometimes charge fees came about readily: the foundation would only afford minimal facilities, so that further fees might be charged to lodge, clothe and otherwise maintain the scholars, to the private profit of the trustees or headmaster. Also, facilities already provided by
679-554: A first or an upper second-class degree than a student from the same social class background, of the same gender, who had achieved the same A-level score at a state school. The averaged effect was described as very variable across the social class and A-level attainment of the candidates; it was "small and not strongly significant for students with high A-level scores" (i.e. for students at the more selective universities) and "statistically significant mostly for students from lower occupationally-ranked social-class backgrounds". Additionally,
776-419: A loss of 31% ($ 545 million) of its previous year-end value in 2009. The loss is attributed to over-investment in hedge funds. Critics like Justice Funders' Dana Kawaoka-Chen call for "redistributing all aspects of well-being, democratizing power, and shifting economic control to communities.". Endowment repatriation refers to campaigns that acknowledge the history of human and natural resource exploitation that
873-633: A man dies, only three deeds will survive him: continuing alms, profitable knowledge and a child praying for him. The two oldest known waqfiya (deed) documents are from the 9th century, while a third one dates from the early 10th century, all three within the Abbasid Period. The oldest dated waqfiya goes back to 876 CE, concerns a multi-volume Qur'an edition and is held by the Turkish and Islamic Arts Museum in Istanbul . A possibly older waqfiya
970-583: A mandatory part of a fellowship. A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that will typically provide funding and support for other charitable organizations through grants, but may engage directly in charitable activities. Foundations include public charitable foundations, such as community foundations , and private foundations which are typically endowed by an individual or family. The term foundation though may also be used by organizations not involved in public grant-making. A financial endowment
1067-580: A marginal difference and the pattern – particularly in relation to school background – is in any case inconsistent." A study commissioned by the Sutton Trust and published in 2010 focused mainly on the possible use of US-style SAT tests as a way of detecting a candidate's academic potential. Its findings confirmed those of the Smith & Naylor study in that it found that privately educated pupils who, despite their educational advantages, have only secured
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#17328020281511164-473: A number of restricted endowments that are intended to fund specific areas within the institution. The most common examples are endowed professorships (also known as named chairs), and endowed scholarships or fellowships. The practice of endowing professorships began in the modern European university system in England on September 8, 1502, when Lady Margaret Beaufort , Countess of Richmond and grandmother to
1261-423: A particular religion, or schools may require pupils to attend religious services. Only a small minority of parents can afford school fees averaging (as of 2021) over £36,000 per annum for boarding pupils and £15,000 for day pupils, with additional costs for uniform, equipment and extra-curricular activities. Scholarships and means-tested bursaries to assist the education of the less well-off are usually awarded by
1358-429: A particular subject are common; in some places, a donor could fund a trust exclusively for the support of a pet. Ignoring the restriction is called " invading " the endowment. But change of circumstance or financial duress like bankruptcy can preclude carrying out the donor's intent. A court can alter the use of restricted endowment under a doctrine called cy-près meaning to find an alternative "as near as possible" to
1455-462: A poor A-level score, and who therefore attend less selective universities, do less well than state educated degree candidates with the same low A-level attainment. In addition, as discussed in the 2010 Buckingham report "HMC Schools: a quantitative analysis", because students from state schools tended to be admitted on lower A-level entry grades, relative to entry grades it could be claimed that these students had improved more. A countervailing finding of
1552-451: A portion of the initial endowment after self-initiated research into the foundation's financial support of Native and Indigenous artists and communities. This results of this research indicated "the inadequacy of philanthropic support for Native arts and artists", related feedback from an unnamed Native leader that "[o]nce [big foundations] put the stuff in place for an Indian program, then it is not usually funded very well. It lasts as long as
1649-452: A prince or monarch and their role in training government officials made early Mediterranean universities similar to Islamic madrasas , although madrasas were generally smaller, and individual teachers, rather than the madrasa itself, granted the license or degree. Waqf ( Arabic : وَقْف ; [ˈwɑqf] ), also known as 'hubous' (حُبوس) or mortmain property, is a similar concept from Islamic law , which typically involves donating
1746-572: A private fee-charging model following the 1965 Circular 10/65 and the subsequent cessation in 1975 of government funding support for direct grant grammar schools . There are around 2,600 independent schools in the UK, which educate around 615,000 children, some 7 per cent of all British school-age children and 18 per cent of pupils over the age of 16. In addition to charging tuition fees, they may also benefit from gifts, charitable endowments and charitable status . Some of these schools (1,300) are members of
1843-478: A private prison that was directly contrary to the foundation's mission, they developed and then began to advocate for a four-part ethical framework to endowment investments conceptualized as Human Capital, Natural Capital, Civic Capital, and Financial Capital. Another example is the Ford Foundation 's co-founding of the independent Native Arts and Culture Foundation in 2007. The Ford Foundation provided
1940-645: A private school admissions are at the discretion of the governing body of the school. In 2006, pupils at fee-paying schools made up 43 per cent of those selected for places at Oxford University and 38 per cent of those granted places at Cambridge University (although such pupils represent only 18 per cent of the 16 years old plus school population). In 2024, the Labour government removed the exemption from value-added tax (VAT) from private school fees. From January 2025, private schools will have to charge 20% VAT. A major area of debate in recent years has centred around
2037-399: A private school and 184,580 having attended a state school, 64.9 per cent of the former attained a first or upper second class degree, compared to 52.7 per cent of the latter. No statistical comparisons of the two groups (State vs Private) were reported, with or without controls for student characteristics such as entry qualifications, so no inferences can be drawn on the relative performance of
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#17328020281512134-519: A private school at secondary stage, via entrance examinations. Private schools, like state grammar schools, are free to select their pupils, subject to general legislation against discrimination . The principal forms of selection are financial, in that the pupil's family must be able to pay the school fees, and academic, the latter determined via interview and examination. Credit may also be given for musical, sporting or other talent. Entrance to some schools may be orientated to pupils whose parents practise
2231-558: A process which combines academic and other criteria. Private schools are generally academically selective, using the competitive Common Entrance Examination at ages 11+ or 13+. Schools often offer scholarships to attract abler pupils (which improves their average results); the standard sometimes approaches the General Certificate of Secondary Education (GCSE) intended for age 16. Poorly-performing pupils may be required to leave, and following GCSE results can be replaced in
2328-540: A publicly funded state school ). Prep (preparatory) schools (also known as "private schools") educate younger children up to the age of 13 to prepare them for entry to the public schools and other secondary schools. In 2023, the Independent Schools Council reports that private schools contribute £16.5 billion to gross value added (GVA) in Britain. Some former grammar schools converted to
2425-408: A result, 119 of these schools became independent. Pupil numbers at independent schools fell slightly during the mid-1970s recession . At the same time participation at all secondary schools grew dramatically, so that the share of the independent sector fell from a little under 8 per cent in 1964 to reach a low of 5.7 per cent in 1978. Both these trends were reversed during the 1980s, and the share of
2522-558: A trust or of charitable status. Many of the older independent schools catering for the 13–18 age range in England and Wales are known as public schools , seven of which were the subject of the Public Schools Act 1868 . The term "public school" meant they were then open to pupils regardless of where they lived or their religion (while in the United States and most other English-speaking countries "public school" refers to
2619-676: Is 25%. Such 'exam access' arrangements are given for a range of disabilities and educational special needs such as dyslexia , dyspraxia and ADHD . In 2002, Jeremy Smith and Robin Naylor of the University of Warwick conducted a study into the determinants of degree performance at UK universities. Their study confirmed that the internationally recognised phenomenon whereby "children from more advantaged class backgrounds have higher levels of educational attainment than children from less-advantaged class backgrounds" persists at university level in
2716-671: Is a papyrus held by the Louvre Museum in Paris , with no written date but considered to be from the mid-9th century. The earliest known waqf in Egypt, founded by financial official Abū Bakr Muḥammad bin Ali al-Madhara'i in 919 (during the Abbasid period ), is a pond called Birkat Ḥabash together with its surrounding orchards, whose revenue was to be used to operate a hydraulic complex and feed
2813-413: Is an essential part of boarding education, and many such schools have their own distinctive ethos, including social aspirations, manners and accents, associated with their own school traditions. Many former pupils aspire to send their own children to their old schools over successive generations. Most offer sporting, musical, dramatic and art facilities, sometimes with extra charges. Educational achievement
2910-512: Is generally very good. Independent school pupils are four times more likely to attain an A* at GCSE than their non-selective state sector counterparts, and twice as likely to attain an A grade at A-level . A much higher proportion go to university. Some schools specialise in particular strengths, academic or other, although this is not as common as it is in the state sector . Independent schools can set their own discipline regime, with much greater freedom to exclude children, primarily exercised in
3007-465: Is inherent to many large private funds. Repatriation campaigns ask for private endowments to be returned to the control of the people and communities that have been most affected by labor and environmental exploitation and often offer ethical frameworks for discussing endowment governance and repatriation. Many might say that, by definition, philanthropy is about redistributing resources. Yet to truly embody this principle, philanthropy must move far beyond
Queen Mary's School - Misplaced Pages Continue
3104-467: Is now known as medicine and basic sciences. Today, the University of Glasgow has fifteen Regius Professorships. Private individuals also adopted the practice of endowing professorships. Isaac Newton held the Lucasian Chair of Mathematics at Cambridge beginning in 1669, more recently held by the celebrated physicist Stephen Hawking . In the United States, the endowment is often integral to
3201-541: Is the second wealthiest private foundation , with an endowment of $ 67.3 billion. Most private endowments in the United States are governed by the Uniform Prudent Management of Institutional Funds Act which is based in part on the concept of donor intent that helps define what restrictions are imposed on the principal and earnings of the fund. Endowments in the United States are commonly categorized in one of three ways: All endowments ensure that
3298-403: Is typically overseen by a board of trustees and managed by a trustee or team of professional managers. Typically, the financial operation of the endowment is designed to achieve the stated objectives of the endowment. In the United States, typically 4–6% of the endowment's assets are spent every year to fund operations or capital spending. Any excess earnings are typically reinvested to augment
3395-488: The Assisted Places Scheme in England and Wales in 1980, whereby the state paid the school fees for those pupils capable of gaining a place but unable to afford the fees. This was essentially a response to the decision of the previous Labour government in the mid-1970s to remove government funding of direct grant grammar schools , most of which then became private schools; some Assisted Places pupils went to
3492-593: The High School of Dundee . In Scotland, it was common for children destined for private schools to receive their primary education at a local school. This arose because of Scotland's long tradition of state-funded education, which was spearheaded by the Church of Scotland from the seventeenth century, long before such education was common in England. Private prep schools only became more widespread in Scotland from
3589-787: The Independent Schools Council . In 2021, the average annual cost for private schooling was £15,191 for day schools and £36,000 for boarding schools . The Independent Schools Yearbook has been published annually since 1986. This was a name change of a publication that started in 1889 as The Public Schools Yearbook . Some independent schools are particularly old, such as The King's School, Canterbury (founded 597), The King's School, Rochester (founded 604), St Peter's School, York (founded c. 627), Sherborne School (founded 705), Wells Cathedral School (founded 909), Warwick School (c. 914), King's Ely (c. 970) and St Albans School (948). These schools were founded by
3686-516: The Red Cross ); and religious organizations (e.g., churches, synagogues, mosques). Private endowments are some of the wealthiest entities in the world, notably private higher education endowments . Harvard University's endowment (valued at $ 53.2 billion as of June 2021 ) is the largest academic endowment in the world. As of 31 December 2022 , the Bill and Melinda Gates Foundation
3783-539: The Sutton Trust study was that for students of a given level of A-level attainment it is almost twice as difficult to get a first at the most selective universities than at those on the other end of the scale. Private sector schools regularly dominate the top of the A-level league tables, and their students are more likely to apply to the most selective universities; as a result private sector students are particularly well represented at these institutions, and therefore only
3880-471: The United Kingdom . The authors noted "a very well-determined and monotonically positive effect defined over Social Classes I to V" whereby, for both men and women, other things being equal, academic performance at university is better the more advantaged is the student's home background". but they also observed that a student educated at a private school was on average 6 per cent less likely to receive
3977-677: The sixth form by a new infusion of high-performing sixth-form-only pupils, which may distort apparent results. On the other hand, pupils performing poorly cannot legally be excluded from a state school solely for poor performance. Private schools, as compared with maintained schools, generally have more individual teaching; much lower pupil-teacher ratios at around 9:1; longer teaching hours (sometimes including Saturday morning teaching) and homework (known as prep); though they have shorter terms. They also have more time for organised extra-curricular activities. As boarding schools are fully responsible for their pupils throughout term-time, pastoral care
Queen Mary's School - Misplaced Pages Continue
4074-556: The "live hand" of the public as opposed to the "dead hand" of the founders of private foundations. Research published in the American Economic Review indicates that major academic endowments often act in times of economic downturn in a way opposite of the intention of the endowment. This behavior is referred to as endowment hoarding, reflecting the way that economic downturns often lead to endowments decreasing their payouts rather than increasing them to compensate for
4171-486: The 18th and 19th centuries, and came to play an important role in the development of the Victorian social elite. Under a number of forward-looking headmasters leading public schools created a curriculum based heavily on classics and physical activity for boys and young men of the upper and upper middle classes. They were schools for the gentlemanly elite of Victorian politics, armed forces and colonial government. Much of
4268-537: The 200th anniversary of the birth of the movement's founder in 2011. In 2015 the school celebrated its 90th anniversary. In 1925 the Woodard Corporation established a girls' preparatory boarding school in the mansion of Duncombe Park , near Helmsley . The number of pupils increased from 23 to 59 after one year and in 1931 the School of Duncombe Park was renamed Queen Mary's School. In 1979 a senior school
4365-578: The 5% payout requirements for grants and distribute ALL of its power and resources. This includes spending down one's endowment, investing in local and regional economic initiatives that build community wealth rather than investing in Wall Street, giving up decision-making power for grants, and, ultimately, turning over assets to community control. After the Heron Foundation's internal audit of its investments in 2011 uncovered an investment in
4462-847: The Duncombists) is the Old Girls Association for the school. In 2014 it was relaunched ahead of the schools 90th Birthday in 2015. To celebrate the 90th Anniversary the QMA is organizing a number of events including a return visit to Duncombe Park as well as a reunion at the school. Private schools in the United Kingdom Private schools in the United Kingdom (also called independent schools ) are schools that require fees for admission and enrollment. Some have financial endowments , most are governed by
4559-824: The High Court to bring a judicial review of the Charity Commission's public benefit guidance as it affected the private education sector. This was heard by the Upper Tribunal at the same time as a reference by the Attorney General asking the Tribunal to consider how the public benefit requirement should operate in relation to fee-charging charitable schools. The Upper Tribunal's decision, published on 14 October 2011, concluded that in all cases there must be more than de minimis or token benefit for
4656-731: The Secret Shame". In 2022, he co-wrote (with Caitlin Smith) and presented a BBC Radio 4 series, In Dark Corners , about abuse and cover-up at some of Britain's elite schools, including Eton College , Fettes College , Gordonstoun and its junior school. An investigation into official exam data by the BBC's Radio 4 Today programme, in 2017, showed that 20% of private school pupils were given extra time for their GCSE and A level exams, as compared with fewer than 12% of pupils in public sector schools. The most commonly given amount of extra exam time
4753-424: The UK educating some 628,000 children, comprising over 6.5 per cent of UK children, and more than 18 per cent of pupils over the age of 16. In England the schools account for a slightly higher percentage than in the UK as a whole. According to a 2010 study by Ryan & Sibetia, "the proportion of pupils attending independent schools in England is currently 7.2 per cent (considering full-time pupils only)". Most of
4850-431: The United States. An endowed professorship (or endowed chair ) is a position permanently paid for with the revenue from an endowment fund specifically set up for that purpose. To set up an endowed chair generally costs between US$ 1 and $ 5 million at major research universities. Typically, the position is designated to be in a certain department. The donor might be allowed to name the position. Endowed professorships aid
4947-468: The academic world, and the university can use them to reward its best faculty or to recruit top professors from other institutions. An endowed faculty fellow is a position permanently paid for to recruit and retain new and/or junior (and above) professors who have already demonstrated superior teaching and research. The donor might be allowed to name the faculty fellowship. A faculty fellow appointment cultivates confidence and institutional loyalty, keeping
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#17328020281515044-454: The better degrees than state students of the same gender and class background having the same A-level score. In 2011, a subsequent study led by Richard Partington at Cambridge University showed that A-level performance is "overwhelmingly" the best predictor for exam performance in the earlier years ("Part I") of the undergraduate degree at Cambridge. Partington's summary specified that "questions of school background and gender" ... "make only
5141-458: The charitable foundation for a few students could profitably be extended to further paying pupils. Some schools still keep their foundation students in a separate house from other pupils, or distinguish them in other ways. After a time, such fees eclipsed the original charitable income, and the original endowment would become a minor part of the school's finances. By 2022 senior boarding schools were charging fees of over £40,000 per annum. Most of
5238-552: The church and were under its complete dominion. During the late 14th and early 15th centuries the first schools independent of the church were founded. Winchester (1382) and Oswestry (1407) were the first of their kind (although they had a strong Christian religious ethos) and such early "free grammar schools" founded by wealthy benefactors paved the way for the establishment of the modern " public school ". These were typically established for male students from poor or disadvantaged backgrounds. English law has always regarded education as
5335-526: The continuing charitable status of private schools, which means they are not charged business rates by local councils, amongst other benefits. This is estimated to save the schools about £200 per pupil and to cost the Exchequer about £100 million in tax breaks, assuming that an increase in fees would not result in any transfer of pupils from private to maintained sector. Since the Charities Act
5432-462: The degree results of all students who graduated in 2013/14, suggested that 82 per cent of state school pupils got firsts or upper seconds compared with 73 per cent of those from private schools. Later, HEFCE admitted that it had made a transposition error, and that in fact, 73 per cent of state school graduates gained a first or upper second class degree compared with 82 per cent of private school graduates. This admission attracted far less publicity than
5529-419: The discipline was in the hands of senior pupils (usually known as prefects ); this was not just a way to reduce staffing costs, but was also seen as vital preparation for the senior pupils' later roles in public or military service. More recently heads of public schools have been emphasising that senior pupils now play a much reduced role in maintaining discipline. To an extent, the public school system influenced
5626-736: The donor's intent. The earliest endowed chairs were established by the Roman emperor and Stoic philosopher Marcus Aurelius in Athens in AD 176. Aurelius created one endowed chair for each of the major schools of philosophy : Platonism , Aristotelianism , Stoicism , and Epicureanism . Later, similar endowments were set up in some other major cities of the Empire. The earliest universities were founded in Europe, Asia and Africa. Their endowment by
5723-583: The downturn. Large U.S.-based college and university endowments, which had posted large, highly publicized gains in the 1990s and 2000s, faced significant losses of principal in the 2008 economic downturn . The Harvard University endowment , which held $ 37 billion in June 2008, was reduced to $ 26 billion by mid-2009. Yale University , the pioneer of an approach that involved investing heavily in alternative investments such as real estate and private equity , reported an endowment of $ 16 billion as of September 2009,
5820-644: The early 1960s, as well as a hangover from centuries ago when only Latin and Greek were taught at many public schools. It was Martin Wiener 's opposition to this tendency which inspired his 1981 book English Culture and the Decline of the Industrial Spirit: 1850–1980 , which became an influence on the Thatcher government's opposition to old-school gentlemanly Toryism . The curriculum in private school
5917-443: The end of apartheid, more than 150 universities divested of South African investments, although it is not clear to what extent this campaign was responsible for ending the policy. A proactive version of divestment campaigns is impact investing, or mission investing which refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside
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#17328020281516014-468: The endowment and to compensate for inflation and recessions in future years. This spending figure represents the proportion that historically could be spent without diminishing the principal amount of the endowment fund. The case of Leona Helmsley is often used to illustrate the downsides of the legal concept of donor intent as applied to endowments. In the 2000s, Helmsley bequested a multi-billion dollar trust to "the care and welfare of dogs". This trust
6111-426: The financial health of educational institutions. Alumni or friends of institutions sometimes contribute capital to the endowment. The use of endowment funding is strong in the United States and Canada but less commonly found outside of North America, with the exceptions of Cambridge and Oxford universities. Endowment funds have also been created to support secondary and elementary school districts in several states in
6208-440: The first of these emphasised team spirit and " muscular Christianity " and the latter the importance of scholarship and competitive examinations. Edward Thring of Uppingham School introduced major reforms, focusing on the importance of the individual and of competition, as well as the need for a "total curriculum" with academia, music, sport and drama being central to education. Most public schools developed significantly during
6305-417: The former direct-grant schools such as Manchester Grammar School . The scheme was terminated by the Labour government in 1997, and since then the private sector has moved to increase its own means-tested bursaries. The former classics-based curriculum was also criticised for not providing skills in sciences or engineering, but was perhaps in response to the requirement of classics for entry to Oxbridge until
6402-486: The future king Henry VIII , created the first endowed chairs in divinity at the universities of Oxford ( Lady Margaret Professor of Divinity ) and Cambridge ( Lady Margaret's Professor of Divinity ). Nearly 50 years later, Henry VIII established the Regius Professorships at both universities, this time in five subjects: divinity, civil law, Hebrew, Greek, and physic—the last of those corresponding to what
6499-504: The independent schools reached 7.5 per cent by 1991. The changes since 1990 have been less dramatic: the share fell to 6.9 per cent by 1996 before increasing very slightly after 2000 to reach 7.2 per cent in 2012. By 2015, the figure fell back to 6.9 per cent, with the absolute number of pupils attending independent schools falling everywhere in England apart from in the South East . In 2011 there were more than 2,500 private schools in
6596-579: The independent schools today are still registered as a charity, and bursaries are available to students on a means test basis. Christ's Hospital in Horsham is an example: a large proportion of its students are funded by its charitable foundation or by various benefactors. The educational reforms of the 19th century were particularly important. Reformers included Thomas Arnold at Rugby , and then Samuel Butler and later Benjamin Kennedy at Shrewsbury ;
6693-761: The inspectorial bodies listed above are inspected through the national inspectorates in each country. Private schools in Scotland educate about 31,000 children. Although many of the Scottish private schools are members of the ISC they are also represented by the Scottish Council of Independent Schools , recognised by the Scottish Parliament as the body representing private schools in Scotland. Unlike England, all Scottish private schools are subject to
6790-545: The institution competitive over hiring and retention of talents. An endowed scholarship is tuition (and possibly other costs) assistance that is permanently paid for by an organisation or individual with the revenue of an endowment fund specifically set up for that purpose. It can be either merit-based or need-based (the latter is only awarded to those students for whom the college expense would cause their family financial hardship) depending on university policy or donor preferences. Some universities will facilitate donors' meeting
6887-579: The larger private schools are either full or partial boarding schools , although many have now become predominantly day schools . By contrast there are only a few dozen state boarding schools . Boarding-school traditions give a distinctive character to British private education, even in the case of day-pupils. A high proportion of private schools, particularly the larger and older institutions, have charitable status. The Independent Schools Council (ISC), through seven affiliated organisations, represents 1,300 schools that together educate over 80 per cent of
6984-483: The late 19th century (usually attached to an existing secondary private school, though exceptions such as Craigclowan Preparatory School and Cargilfield Preparatory School do exist), though they are still much less prevalent than in England. In modern times many secondary pupils in Scotland's private schools will have fed in from the school's own fee-paying primary school, therefore there is considerable competition facing pupils from state primary schools who seek to enter
7081-624: The location of the Deer Shed Festival, an annual music, arts and science festival attracting up to 10,000 paying attendees each year. There are four houses , which have regular inter-house competitions, including cross-country, drama, music and debating and general knowledge competitions. There are also regular 'house meetings' where senior girls fulfil their inter-house responsibilities. The four houses, named after local abbeys are Byland (blue), Fountains (yellow), Jervaulx (green) and Rievaulx (red). Traditionally, sisters are in
7178-437: The original erroneous assertion. Across all English universities, state school students who scored two Bs and a C at A-level did on average eight per cent better at degree level than their privately educated counterparts. Two Bs and a C represents an entry tariff of 112, well below the average demanded by any of the UK's Russell Group universities. Financial endowment Endowments are often governed and managed either as
7275-463: The original principal, inflation-adjusted, is held in perpetuity and prudent spending methods should be applied in order to avoid the erosion of corpus over reasonable time frames. Restricted endowments may also facilitate additional donor requirements. An expendable endowment fund is one which can be spent in certain circumstances. Endowment revenue can be restricted by donors to serve many purposes. Endowed professorships or scholarships restricted to
7372-613: The poor, but that trustees of a charitable private school should decide what was appropriate in their particular circumstances. The Charity Commission accordingly published revised public benefit guidance in 2013. In Scotland , under the Charities and Trustee Investment Act (Scotland), there is an entirely separate test of charitable status, overseen by the Office of the Scottish Charity Regulator , which assesses
7469-516: The poor. In India, wakfs are relatively common among Muslim communities and are regulated by the Central Wakf Council and governed by Wakf Act 1995 (which superseded Wakf Act 1954). Academic institutions, such as colleges and universities, will frequently control an endowment fund that finances a portion of the operating or capital requirements of the institution. In addition to a general endowment fund, each university may also control
7566-402: The principles of natural justice as adopted by the state sector, and private law as applied to Higher Education. This belief is reinforced by the fact that the legal rights of pupils are governed by a private contract, as opposed to rights implemented by the national government. For instance, a pupil seeking admission to a state school that is rejected is legally entitled to appeal, whereas at
7663-426: The profit from it to charity.'" It goes on to say that Umar gave it away as alms, that the land itself would not be sold, inherited or donated. He gave it away for the poor, the relatives, the slaves, the jihad , the travelers and the guests. And it will not be held against him who administers it if he consumes some of its yield in an appropriate manner or feeds a friend who does not enrich himself by means of it. When
7760-438: The program officer who had an interest and then goes away" and recommended that an independent endowment be established and that "[n]ative leadership is crucial". Another approach to reforming endowments is the use of divestment campaigns to encourage endowments to not hold unethical investments. One of the earliest modern divestment campaigns was Disinvestment from South Africa which was used to protest apartheid policies. By
7857-456: The public benefit provided by each registered school charity. Journalist Alex Renton has written about abuse of pupils at boarding schools; The Guardian reported that he says that boarding school are "simply unsafe" and that "he has, he says, a database of more than 800 criminal allegations from former schoolchildren of 300 mainly private boarding schools". He presented an episode of the television programme Exposure , "Boarding Schools,
7954-595: The pupils in the UK private sector . Those schools in England which are members of the affiliated organisations of the ISC are inspected by the Independent Schools Inspectorate under a framework approved by the Government's Department for Education (DfE). Private schools not affiliated to the ISC in England are inspected by Ofsted . Private schools accredited to the ISC in Scotland and Wales and Northern Ireland or others in England out with
8051-594: The same house, yet cousins are sometimes in different houses. All teachers are also assigned to houses and assist the senior girls by mentoring. The school is well known throughout North Yorkshire for its music especially its Chapel Choir which has released three CDs of music (Praise ye the Lord - 2000, Ave Maria - 2005 and The Turning Stars - 2013) and has contributed to local musicians' CDs such as Spanish guitarist Eduardo Niebla . They feature in his 2010 album 'My Gypsy Waltz'. The Queen Mary's Association (formerly known as
8148-495: The same regime of inspections by Education Scotland as local authority schools and they have to register with the Learning Directorate . The nine largest Scottish private schools, with 1,000 or more pupils, are George Watson's College , Hutcheson's Grammar School , Robert Gordon's College , George Heriot's School , St Aloysius' College , The Glasgow Academy , Dollar Academy , the High School of Glasgow and
8245-520: The school systems of the British Empire , and recognisably public schools can be found in many Commonwealth countries. Until 1975 there had been a group of 179 academically selective schools drawing on both private and state funding, the direct grant grammar schools . The Direct Grant Grammar Schools (Cessation of Grant) Regulations 1975 required these schools to choose between full state funding as comprehensive schools and full independence. As
8342-574: The spirit of the state system. Francis Green and David Kynaston have written that "among affluent countries, Britain’s private‑school participation is especially exclusive to the rich", and that the "existence in Britain of a flourishing private-school sector not only limits the life chances of those who attend state schools but also damages society at large". Many of the best-known public schools are extremely expensive, and many have entry criteria geared towards those who have been at private "feeder" preparatory schools . The Thatcher government introduced
8439-399: The students they are helping. The amount that must be donated to start an endowed scholarship can vary greatly. Fellowships are similar, although they are most commonly associated with graduate students. In addition to helping with tuition, they may also include a stipend. Fellowships with a stipend may encourage students to work on a doctorate . Frequently, teaching or working on research is
8536-408: The study could not take into account the effect of a slightly different and more traditional subject mix studied by private students at university on university achievement. Despite these caveats, the paper attracted much press attention. The same study found wide variations between different independent schools, suggesting that students from a few of them were in fact significantly more likely to obtain
8633-529: The two groups. The stand-out finding of the study was that private school students achieved better in obtaining graduate jobs and study, even when student characteristics were allowed for (sex, ethnicity, school type, entry qualifications, area of study). In 2015, the UK press widely reported the outcome of research suggesting that school-leavers from state schools that attained similar A level grades go on to achieve higher undergraduate degree classes than their private school counterparts. The quoted figures, based on
8730-430: The university by providing a faculty member who does not have to be paid entirely out of the operating budget, allowing the university to either reduce its student-to-faculty ratio, a statistic used for college rankings and other institutional evaluations, or direct money that would otherwise have been spent on salaries toward other university needs. In addition, holding such a professorship is considered to be an honour in
8827-511: The very ablest of them are likely to secure the best degrees. In 2013, the Higher Education Funding Council for England (HEFCE) published a study noting, amongst other things, that a greater percentage of students who had attended a private school prior to university achieved a first or upper second class degree compared with students from state schools. Out of a starting cohort of 24,360 candidates having attended
8924-579: The wider interests of the school. In England and Wales there are no requirements for teaching staff to have Qualified Teacher Status or to be registered with the General Teaching Council. In Scotland a teaching qualification and registration with the General Teaching Council for Scotland (GTCS) are mandatory for all teaching positions. Private schools are often criticised for being elitist, and seen as lying outside
9021-405: Was added to the preparatory school. In 1985 the lease on Duncombe Park expired and the school moved to Baldersby Park. Baldersby Park, formerly known as Newby Park , covers an area of some 200 acres, which includes the site of the deserted medieval village of Newby-on-Swale . Baldersby Park House was built in the early 18th century by Sir William Robinson to the designs of Colen Campbell . It
9118-710: Was consequently 'modernised' and according to a 2010 report from the Department for Education, private school pupils had "the highest rates of achieving grades A or B in A-level maths and sciences" compared to grammar, specialist and mainstream state schools, and pupils at private schools account for a disproportionate number of the total number of A-levels in maths and sciences. Some parents complain that their rights and their children's are compromised by vague and one-sided contracts which allow Heads to use discretionary powers unfairly, such as in expulsion on non-disciplinary grounds. They believe private schools have not embraced
9215-539: Was estimated at the time to total 10 times more than the combined 2005 assets of all registered animal-related charities in the United States. In 1914, Frederick Goff sought to eliminate the "dead hand" of organized philanthropy and so created the Cleveland Foundation : the first community foundation . He created a corporately structured foundation that could utilize community gifts in a responsive and need-appropriate manner. Scrutiny and control resided in
9312-538: Was passed in November 2006, charitable status is based on an organisation providing a "public benefit", as judged by the Charity Commission . In 2008, the Charity Commission published guidance, including guidance on public benefit and fee charging, setting out issues to be considered by charities charging high fees that many people could not afford. The Independent Schools Council was granted permission by
9409-469: Was the first villa built in England in the Palladian style. In 1845 Lord de Grey sold Newby Park to the railway magnate George Hudson . Hudson rebuilt the house as Baldersby Park, providing it with a northern front in a Jacobethan style, retaining its Georgian south front. The interior was reconstructed after a fire in 1902. It is now a Grade I listed building . Since 2010, Baldersby Park has been
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