The Annual Fund continues to raise money for various projects, both existing and new, which otherwise would not be able to be entertained given existing resources. Building projects, IT projects and Student support have all featured since its inception eight years ago, and over £3 million has been raised.
There is now a new proposal for the Fund which is consistent with the aims and objectives of the Christ Church continuous development plan, In perpetuity, in that it looks for a permanent solution to the educational needs of the whole House.
Christ Church currently spends approximately £100,000 in bursary/ hardship/ scholarship support, of which the majority is means related. This sum is additional to the support given by various trusts funds and has to be found from annual expenditure. Of that, contributions to the Annual Fund account for (on average) £80,000 per annum; but it is hand to mouth and, even at current level of fees, insufficient.
The need for bursary support will very probably increase when the fee cap comes off; but it is not certain by how much. Oxford University Opportunity Bursaries help, but are only applicable to very restricted income categories, leaving a hardship trap for many who do not qualify.
Bursary support and needs blind admissions are the flip side of the coin to an admissions process free from quotas or social engineering. It is thus imperative that Christ Church builds up a fund to assist those who without such financial support would otherwise be unable to accept the opportunity of an Oxford education.
The purpose of the new scheme is to increase the amount available for bursary support in total and to build up an endowment fund for a permanent solution. Since 2007, the annual telephone campaign will concentrate entirely on bursary support targeting Old Members in their gaudy years.
Alumni are encouraged to give 25% of any bursary gift towards beginning to build a permanent and meaningful endowment fund. To date £275,000 has also been gifted to the endowment fund from Old Members of the Loder’s Club and the first gaudy year telephone campaign raised £75,000.
Over time the aim is to build an endowment fund of £3.5 million for this purpose.