INCOME
Gross School fees
Gross scholarships and bursaries
Other School income including
contributions towards bursaries
School income
Trading and other income
Investment income
Fundraising income
(excluding New Endowment)
Total income
2015
(£’000)
2014
(£’000)
23,543 22,976
(2,431) (2,069)
1,358 1,360
22,470 22,267
627 532
2,180 2,256
1,265 1,224
26,542 26,279
EXPENDITURE
School expenditure (24,017) (22,453)
On generating other income
(1,893) (1,958)
Total expenditure
(25,910) (24,411)
Net operating income
New endowment
Net income
632 1,868
2,295 1,705
2,927 3,573
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.
School fees and the like account for more than
three-quarters of the College’s income, generating
£22,470,000. For the Bursar the number of pupils
in the School is the most important number in the
accounts. In recent years we have been suffering from
a small year-group, which has been working its way
through the School. This led to a slight fall in the
average number of pupils in School in the year from
681 to 679. The good news is that from September 2015
numbers are once again above the School’s target of 690.
By comparison, more than nine-tenths of the
College’s expenditure (£24,017,000) goes on
the running the School and its other charitable
activities, including £196,000 for the Quiristers and
£887,000 for the Ancient Buildings. The cost of fee
reductions, most notably bursaries, is also significant
and rising fast: from £2,069,000 in 2013/2014
to £2,431,000 in 2014/2015, and is certain to top
£3,000,000 in the new academic year. More anon.
Trading: The £627,000 of income generated from
Trading is a fraction of school fees but the £356,000
net contribution it makes towards the cost of running
the College is most welcome. Both figures were
a significant improvement on the previous year.
Winchester College Enterprises, whose purpose is to
make the most of the College’s sports and other facilities
when not in use by the boys, enjoyed a return to form
after a difficult year and the School also continues to
reap the benefits of its investment in green technology
– solar panels and a new biomass boiler at New Hall.
The Endowment: Much of the income from the
Endowment is earmarked for specific purposes
and goes towards providing continuing long-term
support for the College’s core charitable objectives.
Income from investments and cash deposits was
3% lower than last year but still contributed a net
£1,420,000 towards the College. More detail is
given on the College’s portfolio and investment
strategy in the Sub-Warden’s report on page 48.
The Wykeham Journal 2015 9