• Conducting a review of the academic performance of College • Reviewing enrolment policies and selection criteria • Working to reduce the operational deficit of College.
The Board will report back to the community on progress as part of the 2025 report, which will be published next year. In 2025, the Board is also considering capital planning and undertaking early work on the refurbishment of the Tothill Science Block and the Music School.
Foundation – Strategy and Performance
It is well known that College is lucky to have an endowment fund, due in large part to the legacy of the gifts from Maria Somes at College’s establishment. That effectively provides a subsidy for College operations. However, for several years, College has been drawing too heavily from the Foundation. Commencing in 2022, the Board adopted a strategy of: • Giving management of the Foundation assets to a board sub-committee, which consists of two independents (Johnny Cochrane – Chair; and Simon Botherway) and two Board members • Delegating to the Foundation Committee the ability to recommend the level of distribution from the Foundation to College for each financial year • Adopting a long-term 100-year strategy with passive implementation • Aiming for a long-term distribution policy of 2.5% of the value of the Foundation to College each year. This last step – working towards a long-term annual distribution of 2.5% of the Foundation’s value – is of particular importance. In recent years, this distribution value has fluctuated from 5% to as much as 12%, preventing real-term growth of the Foundation asset base. While this strategic growth priority has resulted in reduced distributions to College over recent years, no further reductions are anticipated.
College – Financial Performance
The 2024 financial performance of College was a significant deficit. There is a continued and urgent need for improvement. The Board is working with the Headmaster and staff to ensure that this change happens and that effective and sustainable financial measures are implemented across operations to ensure that every dollar goes further. Some of these measures include reviewing: • The all-inclusive fee • College property holdings in Gloucester Street and Armagh Street to better inform which are necessary for operations and which ones should achieve a commercial return • The financial reporting of College to create greater efficiency and transparency • The administrative function of College to identify possible savings Perhaps, the most important of all is the work under way by the Headmaster and staff to foster a culture where every dollar is valued and careful thought is given to any additional expenditure. Updates on progress will be provided to the community during the year.
College – The Future
While the position of College has its challenges, as a community we have plenty to be optimistic about. Our boys continue to achieve and thrive in an incredibly enriching educational experience – thanks not just to our heritage campus, but to our staff. College remains at the forefront of boys’ education and with a new strategy and an excellent Headmaster and staff, we are well placed to cement our position as New Zealand’s leading boys’ school. Yours, Jeremy Johnson KSM
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