Churchill College Donor Report 2018

YOUR CONTRIBUTION MADE A REAL DIFFERENCE DONOR REPORT 2018

Development Office Churchill College Storey’s Way Cambridge CB3 0DS +44 (0)1223 336240 development@chu.cam.ac.uk

Message from the Master Churchill was established by generous benefactors with a vision to promote education and research, particularly in science and technology.

In recent years we have seen a huge renewal of support for the College from our alumni and friends, with contributions reaching nearly £15 million in the last five years alone. These have supported studentships for graduates, bursaries for undergraduates and ensured we were able to build Cowan Court. This award-winning building means we are now able to house all of our undergraduate students on site.

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We are committed to recruiting the most talented students, whatever their background, and bursaries help us to ensure that we can encourage more applicants from low-participation groups.

We have maintained a very high academic standard throughout this, partly thanks to the extra bursary provision we are able to offer. You can read more about this later in the report. We are delighted that in the 2016/17 academic year we were ranked 5th

in the Tompkins Table. We also continue to have one of the highest proportions of state-educated students, with over 70% of UK undergraduates coming from the maintained sector.

We are also continuing to raise funds to endow graduate student support, and have some generous donations that have enabled us to offer to fund several studentships together with the Cambridge Trusts. The most notable of these is the Gulbenkian-Yuval Studentship.

Complementing this is our current focus on graduate accommodation. Thanks to major benefactions from alumni and friends of Churchill we have now secured £4 million of the £5 million we need to go ahead with our exciting new Graduate Accommodation Project on 36 Storey’s Way. You can read more about the project in this report.

We are very grateful for all contributions made to the College for all of our projects. All gifts make a difference and enable us to continue to be a centre of academic excellence and innovation. Thank you for helping us to go forward together.

Professor Dame Athene Donald DBE, FRS Master of Churchill College

Professor Dame Athene Donald DBE, FRS Master of Churchill College

College Finances July 2016–June 2017

54

22

127

grants for individuals from the small grants budget totalling £10.6k

clubs and societies received funding totalling £69k

undergraduate students received a bursary

2016/17

2015/16

Endowment income

14.3%

12.9%

7

43

64

Fee and academic income

26.6%

22.7%

new bursaries named by donors

travel grants to undergraduates

travel and conference grants to graduate students

35.1%

29%

Direct commercial income

14.1%

11.5%

8

31

35

music bursaries

language bursaries

Fellows received conference and research grants

Donations

7%

20.6%

Income from subsidiary companies

2.9%

3.3%

Operating charges (rents and catering to College members)

The College had another good year financially and operationally. The academic performance of the students remained strong; this year’s results are (very narrowly) the second best in recent history and make the College top in terms of women’s performance. The College’s commercial business was very successful and the profits contribute to the cost of providing a world-class education.

Donations During 2016­­­­–17 we were very grateful to all our alumni and supporters that kindly donated to the College. In total we raised £1.5m in donations from 763 donors including an amazing £380k of donations to new funds for student support.

Endowment and Investment Performance The College’s Amalgamated Investment Fund, which makes up over 90% of the College’s investments, delivered a total return of 18.6% compared with 2.5% the previous year. £307k of new funds were invested in the Amalgamated Investment Fund during the year and no capital funds were withdrawn. The College drew down a total of £2,836k in accordance with the agreed formula for smoothing total return from year to year compared with the drawdown of £2,707k the previous year.

The drawdown per unit was 3.26% of the value at 30 June 2017 compared with 3.49% per unit at 30 June 2016.

The College’s investment portfolio includes a number of equity and exchange traded funds together with a small portfolio of directly owned commercial properties. The total value of investments held by the College was £95.2m at the year end compared with £83.5m last year.

How has your money been spent?

I am really honoured to win the Pinchin Prize. It was not the easiest year for the club, but I really enjoyed leading a squad that rose to every challenge and didn’t let any setbacks affect where we were going. I’m really excited to see where this year’s Women’s Captain, Xanthe Malcolm, takes the squad and I look forward to rowing in pink once again in Mays! Forward!

Student Support Expenditure on student support rose by 6% from previous years. This reflects the sums now being distributed via the College for the Cambridge Bursary Scheme and the number of bursaries and studentships being offered.

The total expenditure for undergraduate bursaries, grants and awards to individuals was £318k. In addition the College spent £522k on graduate studentships.

The Tizard New Opportunities Fund This fund honours Dick Tizard (1917–2005) and aims for current students to expand their knowledge in addition to their studies. It funds a wide range of student activities including: • Supporting living expenses whilst completing an unpaid internship with the United Nations Environment Programme at the World Conservation Monitoring Centre.

• Interactive teaching aids for Experience Cambridge outreach project run by the Cambridge Admissions Office.

opportunities to further its mission, for example: helping current students by improving IT facilities in College for both undergraduates and graduate students and providing additional supervision and tutorial support.

Capital Expenditure This year the College spent more than £1m on maintaining and repairing its operational buildings and grounds, this included rewiring and refurbishing three staircases, the final part of construction on Cowan Court, replacement kitchens and a Fellows’ lift.

Donations Received 2016/17 The table below shows the breakdown of cash donations received in the year for different projects at Churchill. The total amount of funds raised up to 30 June 2017 was £1.5 million, including these cash gifts.

Areas supported

Total

Student Support

£840,956

Academics/Teaching

£63,156

Annual Fund

Research

£9,650

The Annual Fund is a valuable financial resource that can be used immediately to meet the College’s most pressing needs.

It allows the College to address problems as they arise and to seize immediate

Collections & Architectural Heritage

£36,381

Unrestricted Annual Funds

£69,823

Other

£18,294

• Travel and living expenses in Iceland to contribute to an IPCC report on temperature and carbon emission relationships.

Kathryn Dodds Pinchin Prize Winner

Boat Club Update Churchill College Boat Club crews were unable to complete racing in the Lent Bumps after extreme weather conditions caused the event to be cancelled. It was the first time the weather has wrecked the race since the bitter winter of 1963, when the River Cam froze over and before that, the last time it happened was in 1895. Earlier in the term, in the Fairbairns Cup novice men’s 1 was the 15th fastest novice boat. M1 finished as the 10th fastest college M1, M2 as the 10th fastest college M2 and our W1 was 4th fastest college IV. We are delighted that we have two Churchillians in the 2018 CUWBC squad, Sarah Carlotti (U14), who is reading MML and is in her fourth year, and Kathryn Dodds (U14).

We can also announce the first winner of the Pinchin Prize, Kathryn Dodds. The prize was established by Lydia Luckevich, the widow of alumnus Don Pinchin (G73) to award to the student who has contributed most to the Boat Club in the preceding year. Kathryn is a fourth year earth scientist and learnt to row with Churchill in her first year. She rowed with W2 for her first two years, and won blades when her boat rose 7 places in Bumps in 2016. Last year (16/17) she was Women’s captain.

As senior treasurer of the Club I would also like to say thanks to all the alumni who contribute to CCBC through donating, coaching, or supporting the club from the riverbank. Please contact me if you would like to be added to our mailing list.

Fran Malarée CCBC Senior Treasurer dev.director@chu.cam.ac.uk

Graduate Accommodation Project: Investment in the future of our graduate students The provision of safe, comfortable and affordable accommodation among an international community of graduate students, working in a variety of disciplines is a very special part of the experience for graduate students at Churchill College.

With graduate student numbers growing year on year and private rental costs in the city spiralling ever higher, the provision of new graduate accommodation was identified by the College as an urgent need, and plans to build new accommodation in a graduate community on the West part of the Churchill site were agreed.

The graduate accommodation project at 36 Storey’s Way is now partially funded, with £1 million still to be raised. The plans complement the existing graduate housing in the Bondi, Hawthorne and Broers houses (the ‘Pepperpots’) and the Wolfson flats, with 35 en-suite rooms including 5 larger studio spaces. The new accommodation will enable the College to meet its key aim of housing all graduate students for a minimum of two years.

The graduate accommodation project was the focus of a dedicated graduate telephone fundraising campaign in 2017 which ran from 9–29 October. The campaign led to wide-ranging conversations with over 300 graduate alumni all over the world. We were delighted by the support the telethon received with over £40,000 pledged from 90 donors; 68% of whom were first time donors to the College. Every gift has had double the impact because one of our graduate alumni, Tony Wild (G68), generously agreed to match fund pound for pound, the donations raised.

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Living in the Churchill graduate community Luana Bulat (G12) and her partner Flaviu Bulat (G14) are from Romania and are current residents of one of the Wolfson flats for couples. Luana, who is in the final year of a computer science PhD, vividly recalls being shown round the College when she was first considering where to study:

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I couldn’t be more thrilled with this project as I have spent five great years in Churchill College throughout my Masters and PhD. Not only has the College been generous and supportive but it also always felt like home.

I really fell in love with the place.

It’s so green and peaceful, and then I saw the couples’ accommodation.

It was very important for us to find somewhere we could both live on site and that was one of the main factors that attracted us to Churchill.

Dr Ahmed Elmezeini (G10)

Luana Bulat

You are on the same roller coaster ride as those around you, living close to friends who can support you rather than being dispersed across the city. You keep an eye out for each other and share problems… and solutions!

Flaviu Bulat

Flaviu joined Luana to study for a PhD in chemistry in 2014. They are both clear about the benefits they have experienced living and studying in a community of like-minded people going through the same experiences.

Contact the Development Office or visit the campaign webpage to find out more: www.chu.cam.ac.uk/graduate-accommodation +44 (0) 1223 336240 development@chu.cam.ac.uk

Your donations in action

Harry Ward Harry Ward (U15) is from Grimsby in Lincolnshire. Both his secondary school and sixth form were nonselective and state-funded and he is the first generation of his family to go to University. He is in the third year of his MML degree at Churchill and is currently on his year abroad studying Spanish.

Due to his family’s financial circumstances, the provision of bursary support from the College has played a crucial part in Harry’s ability to take up his place and thrive at Churchill. He receives a full Cambridge Bursary and the support he has also received through the College to study abroad and develop his language skills has enabled him to access vital opportunities that would otherwise have been closed to him.

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Being part of this community, amongst people I admire so much, is inspiring to me – and it has been this way since my first day.

Cambridge hasn’t changed me into someone I’m not, like I feared it might, but rather, at Churchill, it’s enabled me to become myself.

The funding for travel that I’ve received has transformed my Cambridge experience in ways I’d never imagined.

Harry Ward

Read the full story at: www.chu.cam.ac.uk/support-our-students

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We want to foster the next generation of high-tech superstars in Britain and help people from all walks of life invent for the future. We hope that over time this new scheme will make a big difference to many young women who one day will become future leaders in innovation.

My life’s path has been greatly affected by my time at Churchill.

For me it was an uplifting and lifechanging experience and I am indebted to the College for having had the faith to give me that chance in 1966. By giving to the College I am, in my mind, now repaying that debt.

Doug Gurr UK Country Manager, Amazon

Sophie Durrant Sophie Durrant (U16) is the current holder of Churchill’s first Amazon Women in Innovation Bursary and is in her second year of a computer science degree at Churchill College.

Sophie’s interest in computer science was sparked at a young age on the family computer when she spent her spare time in the holidays playing with the mechanics of programming to create games using Scratch. Having decided that computer science was the route she wanted to take, Sophie made a direct application to Churchill, attracted by its reputation, the College facilities and the bursaries on offer, and she does not regret her choice.

The Amazon Women in Innovation Bursary has provided Sophie with a fantastic package of support that includes an annual bursary of

£5,000 for the three years of her course. She also has access to a mentor employed at the Cambridge Amazon Development Centre to provide help and advice on business skills like interview techniques and CV building as well as access to internship opportunities.

“Having the Bursary means you can focus on your studies knowing that you have the support behind you to help you out. There are people to talk to if you get stuck, there are internship opportunities available and it takes the pressure off having to think about finances.’’

Amazon UK recently confirmed that they will fund a further two bursaries for women studying computer science or STEM subjects at Churchill.

Read more about the bursary: www.chu.cam.ac.uk/amazon-bursary

Eddie Powell

A donor’s perspective: Eddie Powell When Eddie Powell (U&G67) first came to Churchill College for his entrance interview with Dick Tizard in 1966 he was surprised to be offered an unconditional place to study natural sciences. He went on to successfully complete his degree and a PhD in inorganic chemistry and is in no doubt about the impact his six years at the College had on his subsequent life and career:

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Looking back on it Dick gave me an opportunity that I struggled, at least in the first year, to justify.

I found my feet after that and am extremely grateful for the opportunity I was given – I have never forgotten what Dick offered me on behalf of the College, and the stepping stone it gave me.

Eddie Powell

Eddie’s connection with Churchill didn’t stop there. Noel Duckworth came out of retirement to marry him and Ruth in the College Chapel in 1974. In 1999 his daughter Christine gained a place at the College to read natural sciences before gaining a PhD at Edinburgh University.

Eddie qualified as an accountant and enjoyed a successful career as a finance director before returning to Cambridge in 2000 to join Abcam, a start-up company led by two brilliant entrepreneurs. He retired in 2007 but his career had been heavily influenced by the time he spent with Abcam, and in recognition of the personal bond he has with both the College and Abcam he has gifted the College a generous donation of Abcam shares, which the College will hold for the future dividend income.

Read Eddie’s full story: www.chu.cam.ac.uk/donor-story

Message from the Development Director We are very grateful to all of the alumni and friends of Churchill who have supported the College’s educational mission this year, and have pledged to continue to do so through regular gifts or through provision in their Wills.

The College is immensely grateful to all those who participated in donating this year. The gifts pledged will directly help build a stronger college community and continue to fund excellence in teaching and research. They will leave a lasting legacy for generations of students to come.

As you will have read, the College now receives less than a third of its funding from student fees, the bulk of its funding comes from other sources of income. Donations form an important part of fulfilling our remit as a centre of excellence in Higher Education. We are also in competition with other Colleges for the best students and academics, and continually improving our facilities is important, especially student accommodation. Our priorities are therefore centred on supporting our students, providing enhanced accommodation, and building our endowment for a sustainable future.

Fran Malarée Development Director

Student Support We have excelled as a College around student bursaries. Churchill has over 100 undergraduates receiving Cambridge Bursaries, the majority receiving a full bursary (£3,500/year). Many of those have family incomes lower than £35,000 per year – we are proud that we have been able to offer extra support to these students and will continue raising funds for bursaries to do so.

Funding the Cambridge Bursaries currently costs the College £350,000 per year from mainly unrestricted funds, though there are a growing number which are now funded by specific bursaries which are endowed (for

example the Lock Bursary Fund).

To endow fully all the other bursary funds would cost £8.75 million; therefore the more donations we can attract to student support funds, the better, either as general donations to the student support fund or as endowed funds for named bursaries.

We are also committed to raising more endowed studentships for postgraduates.

As students now graduate with more debt, postgraduate study (especially in the arts and humanities) is becoming unaffordable for all but the most privileged. Endowing studentships will enable us to support future research.

Graduate Accommodation

Endowment funding

As outlined earlier in this report, the graduate accommodation at 36 Storey’s Way is partially funded, with £1 million to be raised. Graduate accommodation is essential to continuing to attract the best graduate applicants and the new accommodation would enable us to house all graduate students for two years. Two of the new houses will be named after former Masters, Sir John Boyd and Sir David Wallace.

The College’s endowment, which stands at approximately £90 million, contributes just over £2 million to fund College expenditure each year. The more this can be grown over the next few years, the more financial stability we can provide to achieve our educational mission.We face uncertain economic times, and continual changes in policy in terms of funding for Higher Education. Therefore having our own invested assets helps us to guarantee that we will be able to fund properly education and research for future generations of Churchillians.