A Report from
the Investment
Committee
R O B E R T S U T T O N ( C O L L , 19 6 6 - 71)
Sub-Warden
If the central purpose of Winchester College is to
provide a first-class and distinctive education to boys
who – irrespective of their families’ means – will most
benefit from it and as the costs of that provision become
more and more difficult to meet for an increasing
number of our strongest applicants, it can be seen that
the work of the Investment Committee is at the heart
of creating a bridge between that purpose and the
aspirations of those boys.
Further, and importantly, our Endowment provides the
College with a degree of freedom to choose its own path
and pupils. With that freedom, of course, comes an
obligation to manage the Endowment carefully and with
an eye to the (very) long term as well as to current needs.
The Committee consists of three Fellows, one of whom,
Andrew Joy (C, 1970-74), serves as its Chairman and is
ably and selflessly assisted by four advisers – Patrick
Disney (B, 1969-74), Roger Gray (D, 1970-74), Rupert
Sebag-Montefiore and Andrew Sykes (K, 1970-74),
48 The Wykeham Journal 2015
as well as by the Bursar, Chief Accountant and Estates
Bursar. The Warden frequently attends its meetings.
The Committee met four times during the year, and
is in frequent contact at other times. It now reports
directly to the Governing Body, rather than through
the Finance Committee.
As at 31 August 2015, the College’s estate holdings
(excluding Barton Farm) were independently valued
at £81.5m, a like-for-like increase on 2014 of 22%;
and our residential portfolio of commercially-let houses
in Winchester at £9m, a like-for-like increase on 2014
of 8.7%. The total return on these asse