Recent spending

Between 2006/7 and 2015/16 we undertook the most comprehensive restoration of the College's buildings since its foundation.

We spent more than £63 million on projects, including the refurbishment of the Cripps Building, the Old Divinity School and Corfield Court. These works were funded through a combination of operational cash balances held at the start of the programme in 2006 (built up over previous years), operational cash flow, donations and, possibly for the first time in the College's long history, borrowing. The decision to borrow money, rather than liquidate endowment assets, was based on the expectation that the endowment will outperform the borrowing rates.

These projects are now complete, and we have moved from a peak to a trough of capital building expenditure.

The outlook

The priority now is to use the annual cash surplus to pay down the debt taken out to part-fund the recent building works, while also restocking operational cash reserves.

This must be achieved while also dealing with the tapering of the growth of the endowment distribution reflecting lower expected future returns and the increase in pension deficit payments.


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