THE WYKEHAM JOURNAL 2023
and the emphasis on sustainability from construction through to operation .
Smaller but no less significant projects , particularly those with a focus on sustainability , have been pushed forward even as energy prices soared last winter . The second Day House for Girls features the school ’ s first air-source heat pump , enhanced insulation and draught-proofing with energy-efficient lighting . The new Health and Wellbeing Centre ( which is being rehoused in the heart of College at 15 Kingsgate Street ) is receiving similar treatment as we test how far we can ‘ green ’ the listed and sensitive buildings across the estate . The renaming reflects our desire to place equal emphasis on mental wellbeing and healthy relationships , rather than purely physical health . The move facilitates the use of Antrim House as staff accommodation within the new Boarding Houses project .
The new Sports Complex on Kingsgate Park inches closer to completion and commissioning , targeted now for the middle of 2024 . The delays have been frustrating for all those involved in delivering this project and doubly so for pupils who have kept a patient watch over construction . It will nevertheless be a high-quality facility for our pupils to enjoy .
Financial summary Over the year total school income rose from £ 32.9m to £ 35.8m , impacted by additional pupils on the roll and fee increases . The College drew down a followon tranche of its 40-year loan — £ 25m at an interest rate of 2.07 % ahead of construction of the Boarding Houses . The charity benefitted from higher investment income , as we deployed this ( for now ), surplus cash into higher-yielding money-market funds , and from commercial income , largely from film deals and summer programmes . The biggest factor — a record year of fundraising — saw total income rise by nearly a quarter to £ 70.2m .
In a year where inflation was at its highest for over 40 years , it is perhaps no surprise that the school struggled with some costs , particularly for energy (+ 42 %) and boarding-house catering (+ 21 %), where some of the highest increases have been felt , and for teaching , where costs rose by 11 %. The deficit in overall school income after depreciation increased from £ 4.3m to £ 5.4m , whilst the net operating loss — including trading , fundraising and investment income — remained broadly flat at £ 1.7m . The macroeconomic picture in 2023 / 24 so far shows signs of inflation abating .
The College carries substantial reserves of £ 448m ( 2022 : £ 434m ). Approximately one third of these reserves represents the campus and associated liabilities , with the remaining £ 335m invested across financial and realestate holdings , with the aim of increasing their value in real terms over the long term . The investment holdings are split evenly with 53 % held in land and property and the remainder in financial investments , which delivered a combined £ 3.9m of rental and dividend income in the year .
Risks and uncertainties We remain cognisant of the risks around the imposition of VAT on school fees and business rates after the next election . The College is evaluating various VAT scenarios , and , whilst the charity is in a strong financial position , we are very concerned about the impact on fees paid by parents , our ability to attract the best and brightest and the independent school sector more widely . We continue to work with the sector and our advisers to plan for this possibility .
For more financial detail , please view our Annual Report on the Charity Commission website .
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