What did it cost?

Building the College

The cost of buying the Jesus Lane site from Jesus College in 1922 was £18,49/7/10 including the houses on Jesus Lane. (£1.06m in today's money). Clearing the site cost £994 (£122k)

In June 1922 the Trustees launched an appeal to "erect a building which, while plain and simple, will be worthy of our Church and of Cambridge". £40,000 of the Trust's funds were reserved for endowment and they estimated that for the buildings immediately required they needed at least £30,000 and so appealed for £22,000 (2020: £1.3m). The appeal was launched with promises of £2,000 from Sir Henry Holloway, £1,000 from Messrs Williamson and Edmund Lamplough and £1,000 from Mr J Arthur Rank. (Arthur Rank had taken William Greenhalgh's place as a Trustee following his death.)

The cost of building, which completed in 1931, was £50,170/12/8 (2020:£3.5m).

 

The Chapel was added later, costing £13.786/- (2020;£1m) and was funded by a gift of £13,000 from Edmund Lamplough in memory of his brother. Michael Gutteridge paid for the west window.

Amongst the College's other early costs was registering the Coat of Arms in 1924, which cost £76/10/- (2020: £4.6k).

By 1929 the Foundation Fund stood at £84,400 and the Endowment Fund at £59,000. The College's running costs were £3,700 a year; £176 per student. The costs were covered by student payments and a grant from the Theological Institution Fund, with the remainder being covered from income generated by the Endowments (which ran at £2,800 pa).

As well as supporting various funds, income from the Endowments provided a Hospitality budget of £120 a year and a contribution of £75-£100 to the library. (Commenting on the priority would be mischievous!)

By 1938 the Foundation Fund stood at £92,500 and the Endowment Fund at £61,800. The College's running costs were £4,000 a year; £200 per student.

 

Costs continued to be covered by student payments, a grant from the Ministerial Training Fund and income generated by the Endowments (which by this point ran at £2,600 pa), 

The six houses on Jesus Lane generated gross income of £315 a year. 

Wesley House, Jesus Lane, Cambridge, CB5 8BJ

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