management and financing costs were up slightly by £ 0.02m due to an expanding property portfolio .
Support and welfare activities saw increased expenditure of £ 1.1m , reflecting both food price inflation in the year , and the College ’ s continued focus on providing a safe environment in which to work and study .
Results Overall , the group generated a net operating loss of £ 1.7m in year , which is comparable to the result for 2022 . Net movement in funds after investment and actuarial losses was £ 31.7m ( 2022 : £ 29.1m ).
As noted above , a further £ 26.5m ( 2022 : £ 15.97m ) was received for the endowment which is capital in nature and has to be set aside from operating results and added to the College ’ s investments , so that the income generated may benefit both current and future generations , largely through an expanded bursary programme .
Balance Sheet The net asset position of the College has improved by £ 14.0m in the year , principally due to the receipt of new endowment donations of £ 26.5m as mentioned above .
The College expended £ 15.4m ( 2022 : £ 20.6m ) on capital projects in the year , including £ 0.5m on boarding house refurbishments , £ 2.4m on planning and preparing for two new boarding houses , £ 1.0m on enhancements to the campus including restoration works on War Cloister and refurbishment of “ Thorns ” as a second Day House , as well as £ 0.7m to relocate the medical centre to Kingsgate Street which is due to open in early 2024 . £ 10.6m ( 2022 : £ 18.2m ) was expended on the Kingsgate Park project .
Cash holdings were supported by the drawdown of a £ 25m long term fixed rate loan in September 2022 , providing funding to support the medium-term expansion of the College to 900 pupils . These funds add to the £ 40m previously drawn to enable the College to manage its cash flow requirements alongside investing in capital improvements to the Campus . The full £ 65m is recorded in creditors due in more than one year . Further information can be found in note 27 to the financial statements .
Reserves The College has substantial reserves , though by their very nature the use of the income and capital of each fund is limited in accordance with the wishes of the donors when the funds were established . These reserves are shown under restricted and endowed funds and summarised below .
2023 £’ m
2022 £’ m
Endowment - Permanent 4 4 Endowment - Expendable 385 374 Restricted 2 2 Unrestricted 57 54 Total 448 434
The College needs to have sufficient unrestricted reserves to enable it to meet its charitable obligations in the short term should there be an unexpected revenue shortfall .
The existence of unrestricted reserves also offers the College flexibility to plan and fund major projects to develop and maintain its buildings and facilities . The unrestricted reserve ( or “ General Purposes Reserve ”) is expendable at the discretion of the Warden and Fellows in the furtherance of the Objects of the College .
In addition , the Warden and Fellows may call on the Winchester College Foundation , which is an expendable endowment intended to support the general purposes of the College . It is the intention of the Warden and Fellows to maintain the real value of the Foundation and use the income derived to support the College ’ s three main charitable objectives : bursaries , the Ancient Buildings and Quiristers . However , in extremis , the Foundation could provide adequate cover for the College ’ s longer-term capital expenditure commitments and any other longer-term financial obligations .
Winchester College - Annual Report 2023 | 41