Investments provide a steady income stream, which( depending upon interest rates) grows over time with the endowment, and it is one of our explicit investment aims to protect the real value of our capital. Harder to see in the accounts, the College realised unusually large gains on two property sales, from Barton Farm on the outskirts of Winchester and from a site at Alton. Under our total return approach to investing, such capital receipts can top up the rent and dividends earned from our investments; in general, though, they are not to be spent on our immediate needs, but suitably reinvested will benefit the school over the long term. Barton Farm has been mentioned in previous editions of the Wykeham Journal and by the Warden in his Report. To give you more detail, outline planning consent was granted to a developer, CALA Homes, for 2,000 houses in October 2012. As yet, CALA has only purchased from the College, a smaller parcel of land sufficient to build 223 houses. After expert determination settled the price, we received £ 12.1m in June 2016. We expect to receive further receipts as CALA develops the site over time. The fourth source of income is you, our donors. The previous year’ s record total, thanks to a crescendo of giving for the Treasury, could not quite be repeated and our fundraisers had to content themselves with a“ mere” £ 3,197,000. Compared to other schools, Win Coll punches well above its weight and we continue to be extremely grateful to all donors. Our fundraising falls into two distinct categories. The larger part is for the endowment and that sits well with our long view, balancing current and future needs and benefits. Although new endowment is treated as income under charity accounting, in practice this money has to be ring-fenced and invested, and hence is not immediately available to support the school’ s activities. £ 685,000 was received in other fundraising and development income, which is available for more immediate use. And how do we spend it? Just as school fees make up most of our income, so the costs of running the school make up the bulk of our expenditure. At £ 24.1 million this makes up almost exactly four-fifths of our expenditure. It will come as no surprise that we spend most heavily on teaching, both people( dons and support staff such as technicians and coaches) and kit( equipment, consumables and IT, etc.). For reasons explained, our premises require significant expenditure, not just to maintain and improve our buildings and facilities, but also to keep them and their inhabitants safe and warm. The boarding houses are significant operations in themselves, combining the pastoral and physical care of the boys. Bed and board are a given but health and welfare care are increasingly important and demanding. The College is unique in maintaining its choral foundation, as set out in William of Wykeham’ s original charter. We pay 40 % of school fees for the sixteen Quiristers, who sing at Chapel services, and offer bursary support where needed, at an annual cost of nearly £ 200,000. The ancient buildings and their associated collections are managed in tandem with the rest
TOTAL VALUE OF BURSARIES
AWARDED(£’ 000)
£ 208,410 £ 305,216 £ 332,975 £ 367,655 £ 422,360 £ 620,123 £ 708,375 £ 1,311,050 £ 1,410,596
£ 1,695,963 £ 2,118,646
£ 2,981,313
NUMBER OF BOYS RECEIVING BURSARIES
25
AVERAGE VALUE OF BURSARIES
AWARDED(£)
04 / 05 05 / 06 06 / 07 07 / 08 08 / 09 09 / 10 10 / 11 11 / 12 12 / 13 13 / 14 14 / 15 15 / 16
04 / 05 05 / 06 06 / 07 07 / 08 08 / 09 09 / 10 10 / 11 11 / 12 12 / 13 13 / 14 14 / 15 15 / 16
34 43 38 41 51 50 76 76
86 102
127
37 % 38 %
31 % 37 % 37 %
04 / 05 05 / 06 06 / 07 07 / 08 08 / 09 09 / 10 10 / 11 11 / 12 12 / 13 13 / 14 14 / 15 15 / 16
42 %
47 % 55 % 57 % 58 % 60 %
66 %
12 The Wykeham Journal 2016