will enable the Foundation to continue to implement the wishes of those who endowed their funds on the Foundation and also help fund the ongoing development of the campus. The Foundation was established in 1850 and is an amalgamation of bequests and legacies endowed on College. It now has an asset base valued at $67 million. Those funds are invested in the financial markets and in direct property holdings. All College scholarships are fully funded by distributions from the Foundation. As annual fee income does not cover the operating costs of the College, a combination of bank borrowing and support from the Foundation has covered the shortfall in addition to the Foundation’s funding of the College’s scholarship programme. A primary focus of the scholarship funds is to support boys who would otherwise be unable to afford College. The use of scholarships in this way adds to the diversity and culture of the College.
Whilst the Foundation advanced $3m to the College for the financial year ending January 2022, the result was a net deficit of $900k. This is not sustainable over the longer term and the Board and management are focussed on reversing this trend. So, what’s been done and what are we doing... 1. The College Board and management have the ongoing responsibility to ensure the Foundation funds are grown over time and that the school operates sustainably. There are a number of projects currently under way to test and enhance the financial operating model of the College and the Foundation. 2. We have sold four under- performing commercial properties in the last three years reducing our exposure to tenant risk and capital cost. We retain a fully leased commercial property in Lincoln.
3. The Cranmer Square property was sold in 2021 and the proceeds of sale will be applied towards the cost of Upper West. 4. College owns a number of residential properties in Armagh Street and Gloucester Street and we are considering a number of potential projects that once implemented will enhance the College’s financial position.
5. Continue to optimise the school roll and find
operational efficiencies and other sources of revenue through use of the campus outside school use.
6. Working with the College community through our
philanthropic and sponsorship initiatives to raise funds to ensure we can continue to provide world class facilities and programmes for another 150 years.
COLLEGE 2022
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