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Donor Report 2009-10

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Donor Report 2009-10 DONOR REPORT 2009 -10 THANK YOU FROM THE PRINCIPAL It is with great pleasure that I write the introduction to the College’s first donor report. This has come out of the desire of the College to be as transparent as possible about its financial affairs and also to recognise and celebrate the extraordinary contribution of Old Members to the College today. Membership of Jesus College is for life and we are very fortunate to have such an active community of Old Members involved in the life of the College today. In 2009/10, I am delighted to see that over 13% of Jesus’ Old Members have given back to the College. Donations have been given to support Tutorial Fellowships – particularly in Law and History, the Ship Street Centre, access bursaries, research and a multitude of other projects. This publication aims to tell some of the stories behind this support. At a time of great financial uncertainty, the support of the College’s Old Members is more important than ever: • The appeal for the Ship Street Centre continues with as much urgency as before the building opened. Repaying the funds into our endowment will enable the income to be used to subsidise undergraduate teaching. • The appeals for History and Law Fellowships are part of the College’s aim to secure tutorial teaching at the College for future generations. • The access bursaries, received by over a quarter of the undergraduates, make a real difference to the ability of students from less advantaged backgrounds to benefit fully from the Oxford experience. I would like to thank very warmly indeed everyone who gave their support in 2009/10. I would also like to thank all those who have volunteered their time and effort to help us – the Members of the Development Committee, members of the Ship Street Committee, champions for the History and Law appeals and the many of you who have helped to persuade your year groups and peers to give. LORD KREBS, PRINCIPAL COLLEGE FINANCES IN 2009/10 Income 2010 2009 Academic fees and tuition fees Home/EU undergraduate fees 1,051,516 1,051,063 Home/EU graduate fees 161,552 146,282 1,213,068 1,197,345 Overseas undergraduate fees 195,609 134,081 Overseas graduate fees 133,006 112,934 328,615 247,015 Other HEFCE support 365,079 391,179 Contributions to academic staff costs 71,107 112,750 External tuition 31,614 19,622 Miscellaneous 4,440 0 472,240 523,551 Total academic income £2,013,923 £1,967,911 Other operating income Student accommodation charges 1,537,292 1,567,305 Student catering charges 196,165 133,283 Income from stores, buttery & bar 47,873 60,149 Other residential charges 94,203 48,238 1,875,533 1,808,975 Conference accommodation charges 407,103 374,720 Conference catering charges 168,031 98,665 Other residential charges 48,355 26,716 Income from endowment 623,489 500,101 Academic income (student fees, tuition income Grants 194,693 152,686 and HEFCE support) Donations 92,133 28,920 Residential and catering income from College members 286,826 181,606 Conference and function income Release of deferred capital contributions 11,207 10,934 Grants and donations Admissions charges and facility fees 00 Release of deferred capital contributions Publications and merchandise 1,756 1,970 Miscellaneous 27,036 211,179 Other operating income 28,792 213,149 Total other operating income £2,825,847 £2,714,765 Endowment income Dividends and interest 938,281 1,237,847 Agricultural rent 301,055 282,708 Non agricultural 3,752,096 4,054,806 Less mortgage interest -1,234,324 -1,266,018 3,757,108 4,309,343 Income transferred from endowments £3,787,556 £4,225,155 Total income £8,627,326 £8,907,831 COLLEGE FINANCES IN 2009/10 Jesus College Endowment At the end of the last financial year, the value of the College’s endowment was £110m. The College was able to draw income of £3.8m from these investments, which was 44% of our total income for the year. It is easy to see, therefore, why we rely on the income provided by the College’s generous benefactors over the centuries. We have an investment portfolio that has four main components. Our agricultural property is worth £21m. Although income yields on agricultural land are not high, capital values have appreciated in recent years and we hope to benefit from a substantial residential development on land near Lincoln over the next 20 years or so. We also own commercial property (mainly retail) with a value of £56m. The largest component of this is the shops on Cornmarket Street that adjoin the College. Although these have provided a very good investment return in recent years, the retail property market is currently not strong, and we have one property without a long term tenant. This costs us around 10% of our endowment income each year, and has put a severe strain on the College’s finances, coupled as it is with a period of relatively poor performance on the world’s stock markets. This also affects the remaining major components of our endowment: public bonds. These are approximately equally divided between index funds and actively managed funds. Dividend income from these investments was down significantly in the last financial year, although there were a few bright areas. Emerging markets have performed particularly well of late, and our asset allocation reflects a continued belief in their potential. The College’s investment policy was last reviewed almost five years ago, and as part of the development of our new Five-year Strategic Plan it is being reviewed. David Barron, Estates Bursar Expenditure Staff costs Other operating Depreciation 2010 2009 expenditure Academic 2,005,677 805,963 2,811,640 2,712,069 Residences catering 1,156,740 825,211 62,411 2,044,362 2,016,493 and conferences Premises 49,608 1,145,010 761,252 1,955,870 1,976,283 Academic College administration 564,687 322,353 887,040 910,545 Residences catering Endowment management 146,337 295,256 441,593 505,274 and conferences Fundraising 183,262 111,554 294,816 243,897 Premises Other 15,096 2,869 17,965 12,079 College administration £4,121,407 £3,508,216 £823,663 Endowment management Interest payable 0 250 Fundraising Contribution under Statute XV 153,129 85,425 Other TOTAL £8,606,415 £8,642,315 FUNDRAISING The Development Office was set the task of raising £3 million in new donations and pledges in its first three years and we are delighted that at the end of the second year, we have almost reached this target. In 2009/10, the College received new donations and pledges of just over £2 million, thanks largely to the generosity of Old Members. Donations received ranged from £5 to £600,000, given as single donations, regular gifts and pledges over several years. Many of these donations and pledges have been given in support of the Ship Street Centre and towards the endowment of Fellowships, both of which will remain priorities for the College over the coming years. We have also seen a significant increase in donations for the Development Fund, which supports many day-to-day projects at College that contribute significantly to the experience of the current students. We are particularly pleased to see a rise in the proportion of Old Members giving back to College. In 2009/10, 13.4% of Old Members made gifts to College, compared with 8.5% in the previous year. But we still have some way to go to reach the participation rates experienced by other colleges such as Univ (33%), Corpus (30%), and (dare I say it) Exeter at 20%. Importantly our return on investment was high. Every £1 the College spent on fundraising in 2009/10 generated £9.26 in new donations and pledges. New gifts and pledges Gross new donations and pledges by project supported Academic programme (research etc) £104,774 Academic posts £880,122 Buildings £668,613 Student support £124,715 Greatest need £205,724 Other (music and staff posts) £37,842 Total £2,021,790 Gross new donations and pledges by category of support Capital £662,657 Endowment £952,617 Revenue £406,517 Total £2,021,790 Major gifts Within the last year the College introduced a patron scheme to better reflect the gratitude we have for our major donors. Divided into tiers, the different patron levels are named after significant donors and benefactors to the College in the past. In addition to these tiers, we have also introduced a 1571 Society, in celebration of the College’s foundation, to thank individuals who donate £1,571 or more to the Development Fund, on an annual basis. My father, TPM Lewis (1922-26), was brought up on a poor tenant Patron Levels sheep farm in Carmarthenshire. He was only able to afford to come up Principal’s Circle to Jesus to read History because he of Benefactors Jenkins Patron Meyricke Patron Mansell Patron 1571 Society had won a Meyricke Exhibition. £100,000 and above £50,000-£99,999 £10,000-£49,999 £2,000-£9,999 £1,571 p.a. upwards When I came up in 1966 I was surprised and delighted that I had Patrons are not only recognised for their generosity in this Report, and on donor boards around been offered a place to read Law. I College, but also invited to exclusive events, and sent a small token of our appreciation. As with all had the benefit of a good grant donations made to the College, we respect an individual’s request to remain anonymous and/or from my local authority in Wales refrain from becoming part of the patron scheme.
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