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