Kingston College Development Trust Fund

Prepared by: Lt Col Oscar Derby, MBA, JP

Director KCDTF

Overview

• History• Purposes• Members of the KCDTF• Directors of the KCDTF• Officers of the KCDTF• Financials• The Future• How to Donate

History

• The Kingston College Development Trust Fund was started in 1987 with Patrick McIntosh as its first Chairman. He was succeeded by Bruce Rickards upon the death of whom Mr. Woodburn Miller, former Headmaster, was invited to become the Chairman.

Purposes

• The purpose of the KCDTF is to build a Capital Fund that will generate income for financing development projects at Kingston College

Members of the KCDTF

• Charles Burgess• Bernard Channer• Winston Davidson• Eldon Forrest• Herbert Grant• Joseph Hawes• Lynval Kiddoe• Kingston College• KCOBA Limited

• KCOBA USA• KC PTA• Patrick McIntosh• Woodburn Miller• Winston Pryce• Clive Savage• Winston Ulett• Rudolph Wallace• Lancelot Walters

Directors Of the KCDTF

• Mr. Anthony Allen - President KCPTA• Mr. Keith Bryan - Acting Principal• Mr. Bernard Channer • Lt Col Oscar Derby - Chairman KCOBA• Prof Alfred Francis• Mr. Crafton Miller - Chairman KC Board• Mr. Patrick McIntosh• Mr. Woodburn Miller• Mr. Rudolph Wallace• Prof. Rainford Wilks

Officers of the KCDTF

• Woodburn Miller - Chairman• Leon Roberts - Honorary Secretary• Bernard Channer - Honorary Treasurer• Herbert Grant - Legal Officer• Patrick McIntosh - Authorized Signatory• Rudolph Wallace - promotions Officer

Modus Operandi

• The KCDTF operates under very strict Accounting Policies

• It offers accurate accountability and timely acknowledgement of all contributions

• It requires strict criteria for the granting of financing

• Investments are managed and the activity overseen by an Investment Committee

Financials

Total AssetsTotal Assets

J$10,120,424

J$14,387,262

J$19,931,556

J$25,070,549J$27,366,861

J$-

J$5,000,000

J$10,000,000

J$15,000,000

J$20,000,000

J$25,000,000

J$30,000,000

2001 2002 2003 2004 2005

Total Assets

Remarks on Total Assets

• The growth has slowed significantly owing to large disbursement to school and reduced contributions

Remarks on Total Assets

• In real terms, the total assets have not reached the $20m Dec 2000 target.–J$20m in Dec 2000 = US$444,444

–J$27.366m today = US$414,649

Development Fund

Development Fund

J$104,424.00J$352,642.00

J$1,871,936

J$3,815,973

J$1,543,910

J$-J$500,000.00

J$1,000,000.00J$1,500,000.00J$2,000,000.00J$2,500,000.00J$3,000,000.00J$3,500,000.00J$4,000,000.00J$4,500,000.00

2001 2002 2003 2004 2005

Development Fund

Remarks on Development Fund

• Transfers from the Capital Fund to the Development fund has been low while the Capital Fund was allowed to grow to $20m.

• The school has not always utilized the amounts available in the Development Fund.

• The Directors of the Trust now offers help in completing applications for financing.

Disbursements to KC

Disbursements to School

J$-

J$699,950J$408,551

J$120,000

J$2,272,063

J$-

J$500,000

J$1,000,000

J$1,500,000

J$2,000,000

J$2,500,000

2001 2002 2003 2004 2005

Disbursements to School

Remarks on the Disbursements to the School

• Disbursement in 2005 reflects the financing of the Computer Lab at North Street. Payment completed in 2006.

• Project included:– Rectifying power supply problem– Providing Air Conditioning Units– Providing Hardware– Providing Software– Buying 100 licenses for all school PCs

Contributions

Donations

$265,000

$865,830 973,500$719,136

$1,793,539

$2,553,672

$2,103,337

$1,658,764$1,702,920

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

1997 1998 1999 2000 2001 2002 2003 2004 2005

Donations

Remarks on Contributions

• After a 2002 peak contributions have been on a decline and has slowed to a mere trickle in 2006.

• This trend has affected the funds ability to meet the needs of the school in a more meaningful way.

Interest and Dividends

Interest & Dividends

$780,234.00

$2,580,227.00

$3,634,248.00 $3,704,283.00$3,329,722.00

$-

$500,000.00$1,000,000.00

$1,500,000.00$2,000,000.00

$2,500,000.00

$3,000,000.00$3,500,000.00

$4,000,000.00

2001 2002 2003 2004 2005

Interest & Dividends

Remarks on Interest and Dividends

• Interest and Dividends are declining as the inordinately high interest rate regime has passed.

• Interest Income way exceeds contributions and so the Capital fund has to be protected from all urgings to deplete same.

The Future

• At a Retreat in July 2006 the KCDTF reviewed its position and concluded that a major fund raising drive had to be initiated to finance the development plans that were presented by the Board of Management. For the development to be sustainable the increased operating cost after construction has to be met.

The Future

• Although the Plan has not gone the rounds of full stakeholder input as yet, it is clear that the financing of most of the projects will require funds in excess of J$500m. Financing will be sought from old boys, corporate sources, and international donor agencies. Every old boy with the means to give is expected to do so, and with alacrity.

The Future

• Having raised the financing for the construction of various buildings the Capital Fund will have to be increased to levels that will generate the yield to ensure sustainability of the development.

How to Donate

• By cheque or Money Order payable to The Kingston College Development Trust Fund

• May be mailed or lodged to any branch of BNS Jamaica Limited, a/c #9429 Scotia Centre branch

How to Donate

• Gifts may be designated to:– The Capital Fund– Where it is needed most– Other

• “In Memoriam Contributions” may be made in memory of a member of the KC Family, a friend, or loved one.

How to Donate

• “Contributions In Honour Of” someone’s accomplishments or achievements may be made to the Fund.

• “Endowment Gifts” may be made to the Capital Fund by:– Specific gift under your will– Gift of residue under your will– Life insurance

Fortis Forever