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Supporting Merton: Financial Overview

2014-15 Overview of College Finances

Total incoming resources were £14.1 million for the year 2014-15. Income from all sources fell by £0.2 million on the previous year as resources received from legacies and donations declined following the exceptional results in previous years through the 750th Anniversary Campaign, Sustaining Excellence. Total expenditure at Merton in 2014-15 was £12.5 million, an increase of £0.4 million on the previous year. At the end of the financial year 2014-15, the College reported a surplus of £1.0 million on its unrestricted funds and an overall surplus of £1.6 million when restricted and endowment funds were included. The generosity of donors remained an important element in achieving the surplus on total funds.

Merton received £2.8 million in donations from alumni and friends of the College as well as from trusts and foundations in the 2014-15 financial year. Of this total, £2.1 million was donated towards endowments. Our donors continued to support the College on a number of fronts, particularly Undergraduate Student Support, Graduate Scholarships, and the continued commitment to a number of Tutorial Fellowships.

Merton continued to benefit from unrestricted donations totalling nearly £0.5 million last year, as gifts via the Annual Fund and telephone campaigns made important contributions once more.

The College’s endowment grew by £16.7 million in the year 2014-15. In the five years to 2014-15, the endowment increased by £76.3 million, including donated endowments of £12.7 million. Merton continued to enjoy good investment returns over the year with a return of 10.7% for 2014-15. Returns to the College’s equity portfolio were in line with markets over the period, and the College’s modest commitment to private equity provided an above-market return for the year. The College’s investments in property continued to produce good income and rental growth, with capital values also increasing in the year.

Charles Alexander, Finance Bursar