Bursar’s Report
Steven Little
BURSAR
Financially, 2017/2018 was a
very good year and the headline
numbers show up well.
G
ross income (before paying for scholarships
and bursaries) was up by more than 8%
with the welcome result that the overall
surplus for the year was a healthy £3,866,000, or an
even better looking £6,716,000 before depreciation.
From that, the school spent £3,813,000 on capital
projects, most notably the refurbishment of Kenny’s
and preparation for the Kingsgate Park project.
More than three quarters of the school’s income
comes from school fees and other activities associated
with running the school. This is sufficient to cover
the school’s day-to-day operations but insufficient
to pay for our other three core charitable activities
– bursaries, ancient buildings and Quiristers – the
things that make Winchester special. For this we
have to rely on other sources of income: Trading
and Investment Income from our endowments,
and the outstanding performer this year, Fundraising.
Donations totalled a record-breaking £5,484,000
– 15% of total gross income, emphasising the critical
role fundraising plays in the current and future
prosperity of the school.
However, such generosity also flatters the results.
Most of that £5m is not immediately available for
use. Donations for the endowment (£1,539,000)
and for the Kingsgate Park project (£2,265,000)
are capital in nature and have to be set aside: the
former to be added to the endowments and invested,
from where they will in future add to the stream
of investment income that supports pupils, and the
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The Wykeham Journal 2018