Bursar’s Report:
steven little
Bursar’s T
Report
Steven Little
Financially it was
a very good year.
his is the last of these reports I will
write before I retire and it is particularly
pleasing that the College as a whole
recorded its highest ever surplus, £4.471m.
This was in large measure due to donations
received also reaching an all-time high, of
£6.3m, including £3.3m for the Kingsgate
Park Project (more anon) and £2.4m as new
endowment. These are remarkable figures and
thanks to you, the readers of this Journal, our
Development Office punches well above its
weight compared with other schools
Those who have read my previous reports
will be familiar with the workings of the
College’s finances. Three of our four sources
of income had good years: Trading, Fundraising
and the Endowment. However, operationally
the school made a loss, even before depreciation,
for the first time in many years. We operate in
an increasingly hostile environment. The
financial, fiscal and political risks are plain to
see, and some judge the school’s commitment to
excellence as privileged and divisive. Under the
Headmaster’s leadership the school is embracing
significant change, opening itself to the wider
community and demonstrating its relevance
in a global world. Thankfully, the school has
the financial strength to make the necessary
investment in people and infrastructures
without diminishing its charitable activities.
We continue to enjoy the choral foundation
of the Quiristers, to care for our Ancient
Buildings for the public benefit, and to offer one
of the highest levels of bursary support of any
school in the country. One hundred and eighteen
pupils received bursaries averaging 69% of the
school fee. For the third year running the value
of support exceeded £3m, equivalent to 81
full fees and 12% of gross fee income. Without
bursaries, these pupils would have been unable
to benefit from Winchester’s unique education.
A perennial concern is to ensure that those
on bursaries can take advantage of all the
opportunities the school offers. For some years
we have struggled to provide additional support
for those on the largest bursaries with books, exam
entry fees and educational trips. I am therefore
particularly happy and grateful that the Warden
Sinclair Fund has been established at the behest of
the previous Warden to meet that need head-on.
The Wykeham Journal 2019 9