Wykeham Journal 2014 | Page 10

For the first time, we have surpassed 100 pupils receiving financial support, with 101 pupils currently receiving bursaries totalling £2,103,000, the equivalent of over 60 full fees. 8  The Wykeham Journal 2014 In brief, 2013/2014 was a good year: income was up a little at £26,279,000 (2013: £25,440,000) and expenditure down fractionally at £24,411,000 (2013: £24,489,000), giving a surplus for the year of £3,573,000, which compares favourably with the previous year’s £2,789,000. 2014 (£’000) 2013 (£’000) Income Gross School fees Gross scholarships and bursaries Other School income including   contributions towards bursaries School fees and other School income Bursar’s Message Steven Little, Bursar & Secretary to the Governing Body The accounts for last year, ended 31 August 2014, are summarised on pages 50 and 51. I would also strongly recommend the full statutory accounts, which can be readily downloaded from the websites of the School and the Charity Commission. The detailed figures may be only for those with strong stomachs, but the first twenty pages or so are a good read, providing a clear and compelling narrative of what we are about and what we are setting out to achieve with a breadth and depth beyond the scope of this publication. It is with great pleasure that I make my first report on the School’s finances. The year to 31 August 2014 was the last overseen by my predecessor, Jeff Hynam, who took well-earned retirement at the end of the academic and financial year: we owe him a huge debt of gratitude. These results are the most recent in a series stretching back across his ten years in post, which have seen the finances improved and strengthened beyond recognition. This has been won through much hard toil and effort and no less gentle persuasion and diplomacy on his part. It now falls to me to carry on his good work. 22,976 (2,069) 22,504 (1,951) 1,360 22,267 1,164 21,717 Other income   Trading and other income   Investment income   Other fundraising income Total income 532 2,256 1,224 26,279 650 1,943 1,130 25,440 Expenditure On charitable activities On generating other income Total expenditure (22,453) (1,958) (24,411) (22,701) (1,788) (24,489) 1,868 1,705 3,573 951 1,838 2,789 Net operating income New Endowment Net income The year also saw by far the largest capital expenditure programme in many, many years. During 2013-14, £6.1 million was spent, including £4.5m on the refurbishment of New Hall and £1.2m on Morshead’s. There is much more to follow: four more boarding houses in the present refurbishment cycle; the new museum in the Warden’s Stables; the proposed redevelopment of the Wellington House site; and exciting plans for the whole of the campus to the south of Kingsgate Park. However, this is a complex and varied organisation, and these bald facts do not tell the full story, and even the presentation of the results in the statutory accounts, prescribed as it is by charity accounting rules, does us no favours by obscuring more than it reveals. The table on this page and the accompanying charts on pages 10 and 11 seek to illuminate from where the School gets its income, where the money goes and which activities generate the surpluses that allow us to reinvest in the future. The College thinks about its activities under four headings which mirror its four principal sources of income:   The School’s operations;  The Endowment;   Trading; and  Fundraising The Wykeham Journal 2014  9