1. How do College finances work? Vicki Stott (Bursar)

2. Income: Fees (teaching, research, accommodation) Conferences Legacies and donations Income from investments Less costs: Cost of charitable activities (teaching, research, accommodation) Cost of generating funds (fundraising, conference costs, investment management costs) Governance costs (cost of auditing accounts) Equals surplus (generally near breakeven)

3. Fees Tuition + College fees collected by Colleges (and faculties) depending on type of student Colleges and Faculties pay them up to the University The University puts fees collected together with Government funding (received from HEFCE and research councils) and applies a Joint Resource Allocation Methodology (JRAM) JRAM apportions amalgamated income back out to Colleges and Faculties on ‘as earned’ basis The Colleges’ portion is paid to Conference of Colleges Conference of Colleges applies a Collegiate Funding Formula (CFF) overlay to ‘rebalance’ apportionment of income to individual Colleges Individual Colleges receive back the proportion of the overall funding defined by the CFF overlay

4. Conferences Declining commercial market (recession means companies are not spending so much on conferences/away days) Academic conferences run on not-for-profit basis Limited availability (we try not to run conferences during teaching term, as it leads to conflict in room availability etc) Until recently, lack of marketing expertise – BUT new Comms & Marketing head, new Domestic Bursar, new Conference Manager

5. Endowment, Legacies, Donations & Investment Income Two types: endowed and general – the income from each type follows the lead of its capital Endowed funds have to be used for the purposes specified by the donor (i.e. for student hardship support; to pay particular tutorial fellows; to build specific building) General can be used for any purpose which supports the charitable objects of the College Our Endowment is £22m About £4.5m of that is for general use

6. Income: Fees (teaching, research, accommodation) Conferences Legacies and donations Income from investments Less costs: Cost of charitable activities (teaching, research, accommodation) Cost of generating funds (fundraising, conference costs, investment management costs) Governance costs (cost of auditing accounts) Equals surplus (generally near breakeven)

7. Costs Includes salaries, food, cleaning materials, utilities bills, rates, insurance, maintenance and repair (short term) of buildings, grants to JCR, MCR etc., computer equipment, furniture, interest on loans, depreciation of assets.

8. Surplus Historically, we have made very low levels of surplus (last year we budgeted for a surplus of about £5,000 and made a deficit of £12,000) Charity regulations limit ability to make ‘profit’ However, we can generate sufficient surplus to ensure charity’s future sustainability In past, surplus has been used as working capital to fund capital refurbishment In future, will be targeting greater levels of surplus, to fund estates renewal plan (25-30 year cycle) This will require us to think of new ways of generating income Events such as arts festival, craft/farmers’ markets, open air performances in summer etc.

9. QUESTIONS?