The financial statements are presented in the standard format required by the Statement of Recommended Practice on Accounting and Reporting by Charities issued in 2019 (“ the Charities SORP ”) and Financial Reporting Standard 102 . These consolidated accounts incorporate the results of the College and its three wholly-owned trading subsidiaries , Winchester College Sports Limited ,
Beam Design Limited and Winchester College Trading Company Limited .
The Statement of Financial Activities is a complex document and the simplified statement below seeks to bring out the College ’ s main sources of income and the results of its activities :
Income
2023 £’ 000
Gross school fees 32,608 30,285 Gross scholarships and bursaries ( 4,101 ) ( 3,802 ) Other school income including contributions towards bursaries 3,145 2,570 School fees and other school income 31,652 29,053
Trading and other income 810 319 Investment income 6,046 4,960 Fundraising income 972 598
Expenditure
2022 £’ 000
39,480 34,930
On charitable activities ( 37,021 ) ( 33,373 ) On generating other income ( 4,111 ) ( 3,193 )
( 41,132 ) ( 36,566 ) Net operating loss ( 1,652 ) ( 1,636 )
Kingsgate Park capital fundraising 108 1,686 New endowment 26,523 15,971 Net income 24,979 16,021
Analysis of net income by source : School income |
( 2,334 ) |
( 1,259 ) |
Depreciation |
( 3,035 ) |
( 3,061 ) |
Deficit in school income |
( 5,369 ) |
( 4,320 ) |
Trading , investment and fundraising net of costs |
3,717 |
2,684 |
Net operating loss |
( 1,652 ) |
( 1,636 ) |
Kingsgate Park capital fundraising |
108 |
1,686 |
New endowment |
26,523 |
15,971 |
Net income |
24,979 |
16,021 |
Gains on revaluation of tangible fixed assets |
219 |
886 |
Investment ( losses )/ gains |
( 10,572 ) |
130 |
Pension scheme actuarial losses |
( 459 ) |
( 491 ) |
Net movement in funds |
14,167 |
16,546 |
Winchester College - Annual Report 2023 | 39