BURSAR ’ S REPORT
from the ground ; COVID and archaeological finds mean that we will inevitably add cost and time to the schedule , but there is no doubt that we will have a building to be proud of . And in 2020 a beautifully restored Michla was unveiled — a unique space for worship , musicians , orators and collaboration .
Our Bursary programme remains one of the most generous of any school in the country . In 2019 / 20 we spent £ 3.33m ( 2019 : £ 3.25m ) on means-tested fee remission , equivalent to 12 % of gross fee income and supported 125 students across the school . The programme continues to focus efforts on families able to demonstrate genuine need and those students who will benefit most from a Winchester education . In 2020 over 60 pupils received a potentially life-changing bursary of over 80 %, without which they would not have been able to come to Winchester . We continue to support recipients throughout their educational journey , enabling them to make the most of the opportunity .
Financially , the numbers give an impression of the serenity expected of a classy number four , unfazed having come to the crease before first change with the shine still on the ball . The headline outturn for 2019 / 20 was a respectable £ 2.94m ( 2019 : £ 4.47m ). The results mask significant movement , both off the pitch and in the underlying line items . The school itself made a further operational loss of £ 0.53m ( 2019 : £ 0.98m ) with income from fundraising , investment and trading (£ 2.28m ) helping the overall result back into surplus .
COVID impacted every part of the financial statement . Headline fee income was lower by 4.5 % on account of the fee rebates over the summer as the College managed a move to online teaching during Cloister Time . Costs increased because of the major investments in technology — hybrid teaching systems , license costs , training and tools — and the physical changes required across campus to ensure that distances could be maintained . Visitors will note the new one-way system , wash stations and signage against the flint backdrop .
In the positive column , the College applied for the UK Government ’ s Coronavirus Job Retention Scheme .
We applied an emergency brake to all but the most essential of works spend — deferring £ 1.5m of spend and postponing all but the most critical of items . Development income also remained resilient through the crisis : we remain incredibly grateful for those who continue to support us during the crisis — particularly those who have contributed to the COVID Hardship Fund of which £ 100,000 has been disbursed to date .
The financial action paid off and I extend my thanks to the Chief Accountant and his team for their diligence . The College made no redundancies during the lockdown and was able to ensure continuity of education and employment alike . Looking forward , we have maintained the value of the endowment , which in turn enables the College to maintain and ultimately increase the level of financial support offered to current and prospective students .
The underlying trend in independent education and boarding is articulately described in previous Bursar ’ s reports . Rising operational costs , political risk and societal expectations have not gone away and the longer-term impacts of the pandemic will play themselves out in time . In many ways however , the school ’ s response has showcased the enduring relevance of Winchester : a propensity to innovate , to engage with and solve problems , and to be open to the world . The new Vision is integral to securing the future of the College , and you will have read further details about the developments in this edition of the Wykeham Journal .
Finally , I wish to sign off my first Wykeham Journal report with immense thanks to my predecessor Stephen Little , for his dedication and distinction of service . The confidence with which the school has been able to respond in 2020 has , in no small part , been rooted in his financial stewardship over the last 20 years .
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