Wykeham Journal 2015 | Page 11

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