The central purpose of Winchester College
is to provide a first-class and distinctive
education to boys who – irrespective of their
families’ means – will most benefit from it.
Barton Farm will ultimately prove a significant
building block in creating the bridge referred to
earlier and that 2016 should see further progress.
Canon Street, which were in need of significant
renovation, in to residential accommodation
which will generate a new income stream.
As at 31 August 2015, the College’s financial assets,
principally managed by Ruffer LLP, totalled
£23.3m; assets managed by Ruffer returned 5.2%,
while the return on the financial assets as a whole
was 6.7%, in each case in the year to 31 August 2015,
and after costs.
The success of the College’s investment strategy, to
return to the beginning, has to be judged against
the increase in our ability to fund bursaries, to build
that bridge, as well as to help fund the maintenance
and improvement of the College’s buildings and
the Quiristers. With the help of our many generous
benefactors, each of these challenges continues to
be met but much remains to be done. In the year to
31 August 2015, 102 boys received bursaries averaging
60% of fees; in the current year we are budgeting for
125 boys to receive an average bursary of 66% of fees.
During the year, our largest land acquisition was
of Winnall Down Farm, consisting of 253 acres,
just outside Winchester; while, over time, we will
look to reduce the proportion of the Endowment
invested in farmland, we remain happy to take
advantage of opportunities with long term
potential, particularly in our own back-yard.
In anticipation of the growth and diversification
of the portfolio, Cambridge Associates now serve
as our Investment Advisers; they were appointed
after a competitive process and we look forward
to their help in both portfolio diversification
and the appointment and monitoring of further
Investment Managers in due course.
The College actively seeks to increase the value of
its holdings wherever possible. In conjunction with
Hallam Land Management who promoted the site
for development, planning permission was obtained
for 180 houses on 28 acres at Will Hall Farm, on the
outskirts of Alton. This site has now been sold to
Redrow PLC, with the College due to receive some
£13m (net) for its interest, a very significant multiple
of the value of the site pre-planning permission.
The College has also obtained planning permission
to convert Wellington House and its surrounding
buildings on the corner of Kingsgate Street and
The Wykeham Journal 2015 49