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