Bursar’s Report

Deborah Griffin OBE

It was interesting for me to look back at the Bursar’s report for 2019 in writing the 2020 update. It has been quite a year which we did not foresee!

While last year’s report included a picture of me “turning the first sod” of the new playing fields, we can now include a picture of the completed pitches. The pavilion is now under construction ready for September 2021. It was wonderful to hear comments from our students when they were able to use the facilities for the first time in October. “I am so glad I have another three years to enjoy these.” “Are these really for us?” “We should have the best College sports teams with these facilities.” Let’s hope we can host some student versus alumni matches in 2021.

Another change from last year is the length of my hair as hairdressers and others closed during lockdown! The College has also changed significantly if only in appearance. The staff worked tirelessly to prepare the College for the students’ return in October. Signage, Perspex screens and sanitisers abound! Although it has been a difficult term for everyone with the restrictions on activities and movement, the underlying friendliness and support and commitment to our students by our staff has shone through. I must particularly commend our porters, catering teams and the “Quarantine team” which became the “Isolation team” for their support of our students. When West House was in isolation due to the number of positive cases of Covid-19, catering were delivering up to 300 meals a day to the building. Thankfully due to everyone’s efforts, during the last five weeks of Michaelmas term we had only one positive case.

Without any conference business we opened up all our rooms for students to study in a Covidsafe environment. The Griffin proved particularly popular despite the bar not being open. We also had a marquee on the Queen’s Wing lawn for the duration of term where we were able to have matriculation welcomes and some events in a well-ventilated if cold environment.

The new North Wing auditorium

Consolidated Income and Expenditure Year to Year to Account Year to June 2020 30 June 2020 30 June 2019

£’000 £’000

Income Academic fees and charges Residences, catering and conferences Investment income Donations Other income 5,169 4,345 3,820 248 1,263

14,845 4,906 6,140 3,852 231 1,163

16,292

Expenditure Education Residences, catering and conferences Investment management costs Other expenditure Contribution under Statute G, II

(6,343) (5,657) (417) (3,059) (37) (15,513)

(Deficit) surplus before other gains and losses (668) Loss on disposal of tangible fixed assets College’s share of loss on JV (1)

Realised gains/(losses) on Investment 3,369

Unrealised gains/(losses) on Investment 2,834

Surplus for the year 5,534

Other comprehensive income Acturial gain (loss) in respect of pension scl (2,863) Changes in assumptions arising on teachers’ pensions obligations (233) Total comprehensive income for the year 2,438

(6,264) (6,059) (370) (3,313) (40) (16,046)

246 (229) –439 7,156

7,612

(1,284)

(115) 6,213

In February 2020 we commenced the construction of the new Dining Hall, servery, kitchens and buttery. Progress has been good and we are excited to see it rising into the sky. The Arts and Crafts tradition of the Ibberson building is very much in evidence in the new building in the brick work, the faience and timber. It is scheduled to be completed at the end of 2021.

North Wing was also completed in June 2020 although the 18 beautiful guest bedrooms are obviously awaiting the return of visitors, including our alumni. The new auditorium has been

welcomed, as have two large, well-ventilated music rooms. These have been much used this term.

We have started planning for a much needed Porters’ Lodge and are in the midst of an architectural competition which we hope will produce a stunning and functional new entrance for the College to welcome everyone.

The accounts for the financial year to 30 June 2020 were approved by the Governing Body on 4 December. Obviously the loss of a term’s residential and catering fees for the Easter term (as students did not return after Easter) and the loss of conferencing and events after March 2020, caused a large drop in income and our loss for the year was higher than budgeted. Our investments, both our property assets in Homerton Gardens and our investment portfolio managed by Rothschild & Co, performed well and we were able to record an overall surplus of £5.5m.

While the enhanced Cambridge Bursary Scheme was not approved for the start of the academic year in October 2020, the College extended the pilot scheme to the first three years and Trinity College extended some support for two years, for which we are grateful. Overall the total paid to our students in FY20 was £491k (FY19 £461k) of which Homerton College contributed £229k (FY19 £262k). We hope that the enhanced CBS scheme will get approval for next year.

The full Annual Report Financial Statement is available on the College website n

Photograph by Stephen Bond

Students try out the Long Road facilities