Bursar’s Message
STEVEN LITTLE
Bursar & Secretary to the Governing Body
It has been another good year for the School’s finances.
Total income was up a little and expenditure up by
rather more, which was planned. Overall net income
remained at a healthy £2,927,000, albeit £646,000
less than the previous year, reflecting increased
expenditure on bursaries and the School’s buildings,
ancient and modern.
(work that was substantially funded by donations),
and extensive work in School, Chapel and Art School.
This reminds us that the College is a charity and
reinvests all income back into its pursuit of excellence.
We, the current generation, benefit from the generosity
and foresight of those who were here before us and
in turn we leave a legacy to those who come after.
The College’s balance sheet remains strong. This allows
for the necessary capital programme. The School spent
£4,731,000 in the year, including completing New Hall;
the next boarding house refurbishment, this year Hopper’s;
a new all-weather playing surface on Kingsgate Park and
the start of work on the Winchester College Treasury
(aka Museum).
These global figures, however, do not tell the
whole story and it is only when we dig deeper and
look at the College’s four income streams that we
can see the many moving parts that make up an
organisation as complex and varied as Win Coll.
If the School spent less on capital projects this year,
greater priority was given to the planned maintenance
programme to improve our existing buildings and
facilities, including levelling and installing drainage
systems on three of the School’s main soccer pitches,
8 The Wykeham Journal 2015
The School: School fees alone are not enough to cover the
cost of running the School and its charitable activities,
including bursaries, the Quiristers and Ancient Buildings.
After depreciation, there was a shortfall of £1,547,000
in School income, driving home how critical a
contribution is made by the three other income
streams: trading, the endowment and fundraising.