Cambridge has raised £800m towards its £1bn fundraising target, the University announced yesterday.

The 800th anniversary campaign’s annual fundraising report said that the total raised centrally and by the Colleges was £138m, lifting the total raised so far to £801m.

In 2005, Cambridge launched a campaign to raise £1bn to safeguard the University’s financial future.

The announcement, which reflects donations up until August 2008, comes amid growing concerns about the economic climate and Britain’s deepening recession. But the campaign says it is conscious of the “financial storms” that could affect future fundraising.

The Vice-Chancellor, Alison Richard, expressed her delight at the announcement. “Our high hopes for the support of our alumni and friends have been far exceeded thanks to their commitment and generosity. This is all the more remarkable as financial and economic concerns mounted during the year.”

The co-chairman of the campaign, Sir David Walker, said: “This milestone year for Cambridge has brought us ever closer to our campaign target of £1 billion. However, we are keenly aware of the financial storms around us. We know that achieving our shared goal will demand even more intense commitment from all of us, as we continue to build a firm financial base for collegiate Cambridge.”

By Andrew Bellis