Wykeham Journal 2015 | Page 12

The good work undertaken by the Development Office was well-rewarded by a record result. The total received in the year was £3,560,000. I N C O M E (£ ’ 0 0 0 ) 1  School fees and other School income (net) (22,470) 2  Trading and other income (627) 3 Investment and interest income (2,180) Fundraising Income: 4  New endowment (2,295) 5  Other fundraising income (1,265) 4 5 3 2 1 E X P E N D I T U R E (£ ’ 0 0 0 ) 1  Charitable – School (22,934) Charitable – Quiristers (196) 3  Charitable – Ancient Buildings and Collections (887) 4  Trading (271) 5 Financing and investment management (760) Development Expenditure: 6  Fundraising (501) 7  Other Activities (361) 2  2 5 67 34 1 Fundraising: This is the fourth income stream and the good work undertaken by the Development Office was well-rewarded by a record result. The total received in the year was £3,560,000, up significantly on the previous year (2014: £2,929,000) and we continue to be extremely grateful to all donors. Fundraising falls into two distinct categories. Donations to endowed funds amounted to £2,295,000, including £995,000 for the Bursary Fund, £660,000 to fund a full time Natural History don, £203,000 towards the future operation of the new Treasury and £197,000 for the Wykeham Fund, which supports the School’s three principal, charitable objectives: bursaries, Ancient Buildings and Quiristers. Although new endowment is treated as income under charity accounting, in practice this money has to be ring-fenced and invested, and hence is not immediately available to support the School’s activities. Other fundraising and development income, available for immediate use, increased by £41,000 to £1,265,000, including a further £304,000 towards the construction of the Treasury. This report provides the briefest summary of a complex and varied organisation. For a fuller picture, I recommend the statutory accounts, which can be found on the College’s and Charity Commission’s websites. The first twenty pages or so are an easy read and have a good story to tell, of the breadth and scope of the School’s ambitions and achievements. They highlight the College’s six current targets and aims, pre-eminent amongst which is widening access through the bursary programme. In the 2014/2015 academic year £2,140,000 was spent on bursaries, the equivalent of over 61 full fees and 9% of gross fee income. 102 boys received assistance with school fees totalling £2,119,000 and a further £21,000 was provided towards the cost of extras and school trips in order that they can play a full part in the life of the School. In addition, scholarships, music and other awards totalling £291,000 were given to a further 67 pupils. Overall, 172 pupils received 10  The Wykeham Journal 2015