Thank You - Somerville College

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26 | Somerville Financial Report1.8.08 - 31.7.093the College but it is a unique opportunity toContinue to supportadd a substantial number of student roomsStudent Bursariesin a very convenient location which willand Hardshipconfirm Somerville’s place at the heart of theThe Oxford Opportunity Bursary (OOB) wasUniversity. Some funding has already beenintroduced in October 2006 in response toidentified for this project but the balancethe introduction of variable top-up fees ofwill have to come from borrowings from£3,000. The OOB covers new UK studentscommercial lenders until sufficient fundswith limited household income and offers acan be found from capital fundraising.generous level of support ranging from £100In the light of this major commitment onto £4,100 depending on declared incomes. Inthe ROQ site, the College will not be in2008-09, Somerville had 81 1st, 2nd and 3rda position to make a commitment to theyear undergraduates in receipt of OOBs.other student accommodation projectsThe Oxford Bursary and College Bursary(constructing a new building behind Penroseschemes are still being provided forand replacing the Vaughan Building)continuing and deferred entry students. Inuntil sufficient new funds have been2008-09, Somerville had 9 3rd and 4th yearraised through development activities orundergraduate students on full fee remissionin building up the Free General Reserveand eligible for the Oxford Bursary. Eachthrough donations and operating surpluses.student received a Bursary of £1,000 for theirfirst year and £500 for each subsequent year.The Somerville College Bursary schemecontinued for students on full and partialfees remission who are not eligible for theOxford Bursary. In 2008-09, Somerville had3 students who received a College Bursary.In total, 93 students received OOBs, Oxford2008-09 Number Total Value* Cost to SomervilleOxford OpportunityBursaries81 £195,996 £97,998Oxford Bursaries 9 £4,500 £2,250College Bursaries 3 £1,100 £1,100Total 93 £201,596 £101,348* Including any contributions from the University
Somerville Financial Report | 271.8.08 - 31.7.09Bursaries or College Bursaries, representingover 26% of eligible students, which is one ofthe highest ratios among Oxford colleges.The Bursary Fund at Somerville currentlyholds a capital of about £660,137 whichproduced an income of £21,776 in 2008-09.Thus the shortfall to the College for theseOOB, Oxford and College Bursaries in theyear was £79,572. However, the BursaryFund is intended to provide financialsupport to students for hardship, bridgingloans and grants, in addition to fundingthe various Bursary schemes. The capitalvalue of the Bursary Fund would need toincrease to £2,850,000 in order to providethe estimated £100,000 of income requiredto meet all these needs.In conclusion, the long-term futureof Somerville can only be secured bycontinuing to increase the endowmentand the associated endowment incomeand by consistently achieving an operatingsurplus to enable the growth of a strong FreeGeneral Reserve. The College would then besignificantly less vulnerable to changes inGovernment policy and the unpredictablelevels of future public funding.HELEN MORTONFellow and TreasurerNovember 2009
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Thank You - Somerville College

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