Exeter College Donors' Report

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E X E T E R C O L L E G E D O N O R S ’ R E P O R T | 1 0 College Finances by William Jensen The College was pleased to record a surplus for the year to 31 July 2010, against a very conservative budget which anticipated a deficit. An exceptional effort to keep every room filled and an increase in charges for commercial conferences and banqueting, combined with a tight control on costs, has improved the Accommodation and Catering account. The development of Exeter House, the College’s splendid graduate accommodation, significantly increases our capacity, but will also require some additional staff to maintain. Cataloguing the early printed book collection has added to Library costs and increasing the capacity and activity of the Development Office to drive the Exeter Excelling campaign is reflected in the numbers. A tremendous benefit of this focus on development Exeter College now has its own trading subsidiary – ‘Exeter College Trading Limited’. The company started trading on 1 August 2010 and all of the College’s commercial conferences and functions will now be channelled through this body. This new company ensures that we are complying with Charities legislation, and it also provides assurance that all of our commercial activity is profitable and is not a burden on the College and its charitable assets. All profits from the company are Gift-Aided back to Exeter College and used to fund the College’s core activities. E L E A N O R B U R N E T T , C O L L E G E A C C O U N T A N T was that the Annual Fund brought in £63,000 more than budgeted. The Annual Fund, excluding other specific donations, achieved an amazing £483,781 through the generosity of the Exeter community. The College has no control over academic fee income, and income from the endowment and commercial trading are driven by the economic environment. The Annual Fund thus enables the College to continue supporting activity which otherwise would be unsustainable. For Exeter, £483,000 of Annual Fund income is equivalent to the income that would be generated from an additional £15 million of endowment assets. In the past year, global equity markets staged a recovery, but generally the mood with most investors is extremely cautious. The Investment Committee maintained higher cash reserves, both to protect against volatility and to preserve investment flexibility. In the year, the endowment recorded a total return of 14%, after a transfer of £1.55 million to the College revenue account, and the value at 31 July was £46.9 million. During the year, the College drew on a £12 million loan facility to complete Exeter House and begin the payments for Ruskin College’s site on Walton Street. The loan will be substantially utilised by the end of the 2010/11 financial year, adding some £630,000 of annual interest charges to expenditure. We are braced for a material reduction in academic income following the Spending Review on public funding in Higher Education. For these reasons, the Annual Fund and fundraising for the Walton Street project will be central to our financial planning. 4
E X E T E R C O L L E G E D O N O R S ’ R E P O R T | 1 0 Income Statement 2009-10 INCOME (£,000) Academic Tuition Fees 2,211 Accommodation and Catering 1,572 Conferences and Functions 1,013 Income from Endowment Return 1,548 Donations (including Annual Fund but excluding capital and endowment gifts) 986 Income from College Assets 411 TOTAL INCOME 7,741 EXPENDITURE Tuition and Research Direct Tuition Costs 1,743 Library and Archives 131 IT 171 Maintenance of College Buildings 677 Utilities 325 Security costs 220 3,267 Student Support 614 Accommodation and Catering (including Conferences) 2,155 College Administration 792 Development Office 450 TOTAL EXPENDITURE 7,278 SURPLUS FOR THE YEAR 463 5
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Exeter College Donors' Report

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