BURSAR ’ S REPORT campus saw major investment too . College Street , including the house where Jane Austen died , received a major external facelift , whilst Flint Court saw the next phase of classroom upgrades and a new light feature .
Looking to the future , we have reached the base camp equivalent in the construction of the new girls ’ boarding houses . After an intensely fought pitch , the College appointed Stanton Williams , a London-based Stirling Prize-winning practice , as lead architects . Much graft and labour lie ahead , but early concepts point to a unique building that will house many future generations of young women of ability and potential .
Financial summary Financial results were once again heavily impacted by the COVID pandemic . Gross fee income net of COVID discounts rose by 1.5 % year-on-year , but still rests below pre-pandemic levels of 2019 . Trading and other income was similarly subdued , with travel , summer schools and visitor income still curtailed . The school once again received income from the Coronavirus Job Retention Scheme in 2021 , as some non-teaching staff had to be placed on furlough once more . On the cost side , the school continued to exercise discipline , with overall costs maintained below 2019 levels at £ 32.4m ( 2020 : £ 33.0m ), as reduced activity during lockdown and deferred works spend were offset by critical investments to mitigate the impact of COVID . Despite the tough year , and largely as a result of work being disrupted or deferred , the school operating result before depreciation was breakeven ( 2020 : £ 0.5m loss ), with a loss after depreciation of £ 3.2m ( 2020 : £ 3.6m ). Thanks to the wonderful generosity of donors , we received record capital contributions of £ 14.25m to support bursaries and the Kingsgate Park campaign , and thus recorded an aggregate surplus of £ 11.3m ( 2020 : £ 2.9m ).
The investment portfolio saw total returns on a like-for-like basis of £ 45m which comprised investment gains of £ 42.1m , plus income of £ 3.0m as asset prices
THANKS TO THE WONDERFUL GENEROSITY OF DONORS , WE RECEIVED RECORD CAPITAL CONTRIBUTIONS OF £ 14.25M TO SUPPORT BURSARIES AND THE KINGSGATE PARK CAMPAIGN .
rebounded following COVID lows . At the balance sheet date , the College ’ s investments were valued at £ 291m ( 2020 : £ 250m ).
Partners Capital took over as our investment advisors in the course of the year , with the majority of the financial portfolio transferred to their management from 1 October 2020 . The transition to new advisors will support the College ’ s charitable objectives through a longerterm approach to investing and includes a renewed focus on Environmental , Social and Governance factors .
The recruitment environment for some roles remains the most challenging in a generation , and prices of basic commodities — food , energy and building materials — have surged from COVID lows . Many of these impacts may be transitory , whilst others , such as the increase in employers ’ national insurance , will likely remain at least until the end of the parliamentary term .
Despite the uncertainties , the College ’ s future ambitions have never been clearer . In a time when the disparity of educational provision has been brought into sharp focus once again , it is more critical than ever to attract the brightest and the best , irrespective of their financial means or circumstance . It is with the help of our generous donors that we will prepare all future Wykehamists to thrive and contribute in a changing and increasingly complex world . As ever , we are incredibly grateful to those who continue to support the school .
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