Annual Review and Accounts
Effective stewardship of our resources and relationships are key to delivering our mission.
The College is on a sustainable financial footing. The College’s Finance Committee, a subcommittee of the Board of trustees, monitors the College’s financial progress to ensure that there are sufficient funds to support the College’s strategic objectives, the operation and development of the College, and the long term asset replacement plan (ARP). The ARP was established after the completion of an extensive refurbishment programme in 2014 to quantify the expected costs of maintaining the estate at the same high standard over the long term.
The College has subsequently established a long term forecast to monitor our operating costs and revenues (including servicing the loan initially taken out to part fund the refurbishment, and refinanced in 2017) to ensure that the needs of the ARP can be met over the next thirty years from the College’s available resources.
The rent charged to College Members is the most significant income stream to the College along with commercial income from the College’s hotel, The Goodenough on Mecklenburgh Square, Short Stay income from overnight letting of empty Member bedrooms, and the events and venue hire business. They are all an important part of the College’s financial position and provide an operating surplus each year which (along with the good fortune of owning the freehold of the College estate) enables us to provide Members with the additional benefits which are unique to the College’s make-up. This includes the College funding of Scholarships and Bursaries, our special programme of events and activities, access to pastoral support, a substantial subsidy for Member’s dining in the Great Hall and Freddie’s, and reception and security.
All of these aspects of College life are unique to Goodenough, critical to the facilitation of our programme, and crucially set us apart from other halls of residence. Investing in our Members in this way enables us to be a community and a home, but moreover, an experience that has a significant positive impact on our Members that stays with our Alumni for a lifetime.