10/11
09/10
34
the College received last year for that first tranche
of land have to be retained within the endowment.
In line with the Governing Body’s intention that
the income should be used to support the College’s
charitable objectives, and bursaries in particular,
they have been invested in equity markets. We
await the next draw down. Discussions continue
and we look forward with anticipation.
The Kingsgate Park development is discussed
elsewhere in this report. I would like to thank
the current and former Works Bursars for their
unstinting work in pushing forward what promises
to be the most comprehensive development the
school has embarked on in many years. There is
much still to be done, but the prospect is enticing.
The project has been planned over many years and
at a likely cost of £50 million will be a financial
challenge. As with all projects of this size, it will be
financed by a mixture of borrowing, the school’s
own funds, and fundraising.
Before proceeding the College must be confident that
it can complete what it starts. We have a balancing
act to perform, between the short-term certainty
that we will need to pay for the Sports Centre and
our longer-term desire to protect proceeds from
Barton Farm, the timing and amount of which are
uncertain, for bursaries. Against this background,
the College has negotiated a borrowing facility
to allow it to manage its cash flow requirements.
12 The Wykeham Journal 2017
Average value of
bursaries awarded
£2,118,646
Number of boys
receiving bursaries
Total value of
bursaries awarded (£)
Bursaries
Bursaries are also a theme of this year’s Wykeham
Journal. Many people ask me how we decide who
gets what bursary and this is a good opportunity
to say something about the process.
In the 2016/2017 academic year, 127 pupils received
bursaries totalling £3,080,000, equivalent to more
than 80 full fees and 12% of gross fee income.
Individual bursaries vary between 5% and 100% of
the school fee and the average award is two-thirds
of the fee. 91 pupils received support equivalent to
50% or more of the school fee; among these, 59 pupils
received awards of 80% or more and eighteen 100%.
For those on the largest bursaries, this may include
additional support for extras, exam entry fees and
school trips and we spent £15,000 during this way
in the year.
Most people applying for bursaries are new entrants
to the school. Parents are expected to apply as soon
as their child receives an offer of a place. If they do
not, we assume they will not require financial
support throughout their child’s time at Winchester.
Once a pupil has been in the school for a year,
parents can apply for a hardship award where
wholly unforeseeable circumstances have resulted
in a material change to their finances such that
without support their child would have to leave.
Although we offer a large number of bursaries,
and more than most other schools, we receive many