Bursar’s Report

Bursar’s Report

BY LESLEY THOMPSON

From the bursarial view point this has not been a quiet year! We are in the midst of our major development plans whilst still dealing with the impact of COVID

- so the financial and other resource challenges arevery apparent. Once again, we have needed to adaptservices and facilities in supporting our students, whetherthey were in Cambridge or elsewhere in the world. It hasbeen wonderful to see how our dedicated staff teamshave continued to show such commitment and flexibility.This has been true for those reliably turning up to frontfacingroles in College, trusting that the College and itscommunity will do the right thing to keep them and eachother safe, and also from those still working from homeover a year later - having packed up their things in March2020, not anticipating for a moment that their kitchentable would become their desk for quite so long…Naturally, the College has suffered further financial losses

as a result of the pandemic with reductions and refundsto students of rent and of catering charges for thosenot in Cambridge and reflecting reduced provision as aresult of COVID safety requirements. These have cost theCollege around £500K. Unfortunately, as we rent some ofthe accommodation that we provide, we have still hadto pay rent on those properties whether students were inoccupation or not. Also, as predicted, in 2021 we have hadalmost no conference income in our normal busy periodof July to September, leading to a further loss of incomeof around £700k. However, a range of positive factors hasmeant that the overall financial position of the College hasbeen supported. Firstly, given the reduction in operations,we continued to claim support from the Government’sCoronavirus Job Retention Scheme, allowing us to retainall of our permanent staff; and, secondly, we have againhad intercollegiate support (around £1 million in 2020/21)in the form of the Colleges’ Fund whereby the betterendowed colleges support the lesser endowed colleges.Although grants from this Fund are usually required tobe added to the endowments of the recipient colleges,once again this year approval was given for them to beused to cover operational expenditure. Finally, having suffered a dramatic fall when COVID first hit, the stock market bounced back quite quickly and has continued to hold up such that the value of the College’s investment portfolio at the year-end has meant that the College is in an overall better financial position at 20 June 2021 than at the previous year end.

Throughout this whole period, we have continued to develop the College’s exciting plans for its future. Having scrutinised our business case and financial modelling, the University confirmed its 30 year loan facility of £16m to the College and construction of the Phase 1 building, built to Passivhaus standards, began on site in early 2021. Although it was sad to see Barrmore disappear, it has been very exciting to view the emerging new building – currently on budget and on programme, so we expect to be able to’ take delivery’ next August 2022. We have also taken on more rented accommodation for our growing student body and are currently working closely with the University on possibilities for a longer term solution at Eddington.

We have pressed ahead with our ambitious growth and development plans as we believe that these will support the College’s long term financial sustainability - but doing this at a time when the College’s operational finances continue to be affected by the impact of the pandemic is challenging. We are very thankful that the Colleges’ Fund grant in 2021/22 will again be allowed to be used operationally but we are also all the more grateful to all who so generously support the College in whatever way – every donation makes a real difference. If you wish to know more about the College finances I am very happy to answer questions and the accounts, including the Trustees Annual Report, are available on the College website:

https://www.lucy.cam.ac.uk/reports-accounts 2020/21 accounts will be uploaded once approved