How strong is the College’s Balance Sheet? The College does have a strong balance sheet. However, at 31 July 2016 £48 million of this represented capitalised building works on the campus and other assets that cannot be realised. There were realisable endowment assets of £24 million but these need to cover the net debt and pension deficit which totalled £16 million.
Distribution of funds raised During the financial
year 1 August 2015 to 31 July
2016, the College raised £1.8 million of philanthropic income, which was used for bursaries, The Laboratory, and ‘other’ - including specific projects, unrestricted income, prizes and awards.
BURSARY APPEAL
Realisable endowment investments
£24m
£57m
THE LABORATORY
Cash Loans (Debt) Other non-realisable net assets
51%
As of 31 July 2016
£7m
(£15m)
£49m
(£8m)
Pension deficit liability
Total net assets
Investments The majority of the College’s investments are held in the Dulwich College Investment Fund (DCIF), a fund managed by investment managers on behalf of the College. The investment managers during the year were BlackRock Investment Management (UK) Limited (BIML) and Veritas Investment Management (Veritas), BIML managing approximately 60% of the fund and Veritas 40%. In the last 12 months to 31 July 2016 the investments of DCIF under the management of BIML had a total return of 7.1% against a benchmark of 6.8%. The investments under the management of Veritas had a total return of 13.3% against a benchmark of 16.1%.
What is the bottom line? We need your support whether as a new donor, or as one of our already loyal supporters. Whilst financially strong, the College operates on relatively small margins. This position will continue over the period of the College’s Strategic Development Plan, including the Masterplan for the site. It is therefore very important that the fundraising continues to be successful if the College’s ambitions are to be achieved without taking funds away from other activities or provisions that the College would normally expect to fund from its annual income.
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