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Annual Review
2010/11
30
Financial Facts
Keble is an educational charity. Our primary purpose is the
advancement of education and learning and the promotion of
research. What this means in practice is that we provide tuition to
660 undergraduate and graduate students, support the research
activities of our academic fellowship, provide accommodation
to most and catering to all of our members, and maintain a fine
collection of 19th and 20th century buildings in which to do all this.
The total cost of this charitable activity in the financial year
ending 31 July 2011 was £6.7m (figure 1).
The income generated by these activities totalled £5.3m
(figure 2).
So the College operates with a £1.4m p.a. deficit on its core
charitable activities. Funding for this deficit comes from
three sources: endowment income, trading surpluses and
donations.
Keble’s endowment at 31-07-11 stood at £28.2m, an increase
of £1.6m on the previous year. The College manages its
endowment for total return and each year draws down 3.15%
of the average value of the endowment over the previous three
years. For 2010/11 the total transferred under this spending
rule was £726k.
Surpluses from conference business (including educational
conferences) generated a similar amount, whilst income gifts
(that is gifts to help meet current expenditure) contributed a
further £471k.
Thus, as in previous years, the deficit on our core educational
activities was more than covered by these three income
streams. Together they fund more than a fifth of Keble’s
core costs.
An income surplus also enables us to pursue a very ambitious
fundraising programme for the future. We need £60m to
realise our Vision for 2020, the College’s 150th anniversary.
Central to this Vision is the redevelopment of the Acland site.
Planning permission was granted in 2010 and over the past
12 months £1.4m has been spent on detailed design work (all
of it funded by a gift from an Old Member). £500k of further
work remains to be done, but by the Spring of 2011 we shall
be in a position to go out to tender – subject, of course, to
finding the £45m needed to complete the project.
Keble’s endowment at 31-07-11
stood at £28.2m, an increase of
£1.6m on the previous year
Costs of core activities
Income from core activities
Figure 1*
Figure 2*