INCOME(£’ 000)
1 Gross school fees and other school income( 25,953)
2 Trading and other income( 645)
3 Investment and interest income( 1,989)
Fundraising:
4 New endowment( 2,512)
5 Other fundraising income( 685)
EXPENDITURE(£’ 000)
Charitable:
1 School( 24,138)
2 Scholarships and bursaries( 3,267)
3 Quiristers( 179)
4 Ancient buildings and collections( 603)
Other:
5 Trading( 280)
6 Financing and investment management( 973)
Development:
7 Fundraising( 428)
8 Other activities( 342)
SCHOOL EXPENDITURE(£’ 000)
1 Teaching( 10,642)
2 Welfare( 3,956)
3 Premises( 7,390)
4 Support( 1,620)
5 Other( 530)
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at its own expense, more than ninety listed buildings, including medieval buildings of national importance. Much of this is supported by the endowment. We talk of the endowment as a single entity but in practice it is a consolidation of 28 or more individual endowments, separate funds and trusts, each with their own purposes set by the donor( s), which we strive to honour. Setting aside school buildings, there is £ 120 million that is investible. We invest in agricultural land, residential property and financial assets, and our portfolio has risen significantly in recent years and promises to continue to do so, thanks to the winning combination of generous donors, judicious management and development of the College’ s investments. The income generated, even in a low interest rate world, supports the school and the“ holy trinity” of bursaries, the Quiristers and the ancient buildings. This report provides the briefest summary of a complex and varied organisation. For a fuller picture,
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I recommend the statutory accounts, which can be found on the College’ s and Charity Commission’ s websites. The first 23 pages or so are an easy read and have a good story to tell, of the breadth and scope of the school’ s ambitions and achievements. The financial pages, the layout of which is determined by reporting standards, tend to obscure as much as they illuminate, but in this report I can speak more freely. When considering Win Coll’ s finances, we tend to think in terms of four sources of income:
• School income
• Trading
• Investment income
• Fundraising and of four main, charitable areas of expenditure:
• The school
• Quiristers
• Ancient buildings
• Bursaries Each is managed appropriately, as shown in the accompanying table and pie-charts, which set out some more detailed figures; in what follows I shall try to tease out what those results tell us. School income, made up of gross school fees and a smaller amount of ancillary school income, makes up more than four-fifths of our total revenue. It is the bedrock upon which we plan, producing a steady and predictable income. There was an average of 691 pupils on the roll during the year, which is in line with our long-term targets, and we have started the new academic year in fine form with more than 700: numbers to bring joy to a Bursar’ s heart! School income is barely sufficient to cover the day-to-day operations of the school and we rely on the other three sources to support education and supplement our other charitable activities. Through Winchester College Enterprises, we seek to produce additional income from our buildings and facilities when not in use by pupils. Our sports facilities are always popular( and profitable), whether through sports club membership or hiring to clubs and community groups, and the two summer schools that use our premises each July also make a significant contribution. We also hire out our other facilities for weddings and events when not in use by our pupils and this is topped off by the occasional filming; this year Decline and Fall, and The Crown.
The Wykeham Journal 2016 11