INCOME (£’ 000 )
1 Gross school fees and other school income ( 25,953 )
2 Trading and other income ( 645 )
3 Investment and interest income ( 1,989 )
Fundraising :
4 New endowment ( 2,512 )
5 Other fundraising income ( 685 )
EXPENDITURE (£’ 000 )
Charitable :
1 School ( 24,138 )
2 Scholarships and bursaries ( 3,267 )
3 Quiristers ( 179 )
4 Ancient buildings and collections ( 603 )
Other :
5 Trading ( 280 )
6 Financing and investment management ( 973 )
Development :
7 Fundraising ( 428 )
8 Other activities ( 342 )
SCHOOL EXPENDITURE (£’ 000 )
1 Teaching ( 10,642 )
2 Welfare ( 3,956 )
3 Premises ( 7,390 )
4 Support ( 1,620 )
5 Other ( 530 )
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at its own expense , more than ninety listed buildings , including medieval buildings of national importance . Much of this is supported by the endowment . We talk of the endowment as a single entity but in practice it is a consolidation of 28 or more individual endowments , separate funds and trusts , each with their own purposes set by the donor ( s ), which we strive to honour . Setting aside school buildings , there is £ 120 million that is investible . We invest in agricultural land , residential property and financial assets , and our portfolio has risen significantly in recent years and promises to continue to do so , thanks to the winning combination of generous donors , judicious management and development of the College ’ s investments . The income generated , even in a low interest rate world , supports the school and the “ holy trinity ” of bursaries , the Quiristers and the ancient buildings . This report provides the briefest summary of a complex and varied organisation . For a fuller picture ,
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I recommend the statutory accounts , which can be found on the College ’ s and Charity Commission ’ s websites . The first 23 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 . The financial pages , the layout of which is determined by reporting standards , tend to obscure as much as they illuminate , but in this report I can speak more freely . When considering Win Coll ’ s finances , we tend to think in terms of four sources of income :
• School income
• Trading
• Investment income
• Fundraising and of four main , charitable areas of expenditure :
• The school
• Quiristers
• Ancient buildings
• Bursaries Each is managed appropriately , as shown in the accompanying table and pie-charts , which set out some more detailed figures ; in what follows I shall try to tease out what those results tell us . School income , made up of gross school fees and a smaller amount of ancillary school income , makes up more than four-fifths of our total revenue . It is the bedrock upon which we plan , producing a steady and predictable income . There was an average of 691 pupils on the roll during the year , which is in line with our long-term targets , and we have started the new academic year in fine form with more than 700 : numbers to bring joy to a Bursar ’ s heart ! School income is barely sufficient to cover the day-to-day operations of the school and we rely on the other three sources to support education and supplement our other charitable activities . Through Winchester College Enterprises , we seek to produce additional income from our buildings and facilities when not in use by pupils . Our sports facilities are always popular ( and profitable ), whether through sports club membership or hiring to clubs and community groups , and the two summer schools that use our premises each July also make a significant contribution . We also hire out our other facilities for weddings and events when not in use by our pupils and this is topped off by the occasional filming ; this year Decline and Fall , and The Crown .
The Wykeham Journal 2016 11