The operational College

The endowment distribution provides just over half of the College's annual income, so the operational College inherits the endowment's vulnerability to market corrections. As the largest expenditure is on people costs, the College is also vulnerable to changes in higher education pay and pension payments.

We also include an annual depreciation charge of 2 per cent of the value of operational buildings, which spreads the costs of capital building projects across accounting years - despite the fact that expenditure of this kind usually occurs in peaks and troughs over time.

The College currently runs at a small accounting deficit each year, but in real-cash terms we generate a surplus before capital expenditure.

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