AnnuAL rePOrt 2011 - Winchester College

“ In the year to 31 August 2011
scholarships, bursaries and
other awards were given to
192 pupils and totalled
£1,621,000 (2010: 191 pupils;
£1,542,000). This represents
nearly 8% of gross fee income,
with most of the funding derived
from the College’s trusts and
endowments.”
Jeff hYnAM
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In its report and financial statements for the
year ended 31 August 2011, which are summarised
on pages 34 and 35 of this report, the College
reported an operating surplus of £1,574,000,
a healthy increase over the previous year.
The College’s accounts are prepared in full
accordance with the financial reporting rules for
charities. however, the scope and complexity of the
College’s activities does not always sit comfortably
within these constraints and this single figure for
the surplus is not the clearest reflection of the actual
resources available to the College for its day-today
activities. This is better expressed by making
adjustments to add back depreciation, a non-cash
item, (£1,806,000), to recognise the amounts the
College draws from its investments under its total
return approach (£742,000) and to set aside certain
donations that the rules require are recognised as
income but which cannot be spent on the College’s
general activities. The last would include donations
received for the endowment, which have to be
invested (£1,306,000), and those for restricted and
capital purposes, such as the new museum which is
discussed elsewhere in this report (c.£400,000). It is,
therefore, more realistic to argue that the resources
generated last year for the College’s general purposes
were nearer £2.4 million and this paid for capital
expenditure in the year of £2.56 million.
Income (£’000)
gross school fees receivable 20,327
scholarships and bursaries (1,621)
Contributions to bursaries from endowed funds and donations 375
net school fees receivable 19,081
Investment income 1,498
Interest receivable 182
grants and donations receivable 2,234
trading and other income 1,353
total income 24,348
expenditure (£’000)
Revenue expenditure
teaching (8,566)
Accommodation and welfare (3,486)
Premises, repairs and maintenance (6,657)
Ancient buildings and collections (427)
Quiristers (168)
other grants and awards (414)
support and governance (1,369)
Costs of generating funds (1,687)
total expenditure (22,774)
net income 1,574
Capital expenditure 2,555
Income
total income for the year was £24,348,000,
an increase of 6.5% on the previous year. Within this,
gross fee income increased by 5.3% to £20,327,000.
fees were put up by 4.6% and the average number of
pupils in the year rose from 669 to 678 in line with the
Warden and fellows’ aim to increase pupil numbers
to 690. In the first term of the 2011/2012 academic
year there were 691 pupils on the school roll.
In addition to fees, the College generates income
through trading, investments and fundraising.
Investment income increased from £1,383,000
to £1,498,000. Within this, rental income from the
College’s agricultural estates increased primarily as
a result of a successful round of rent reviews in the
wake of strong agricultural markets, and income
from the fees-in-advance scheme increased, reflecting
the continued growth in popularity of the scheme.
Interest receivable also increased from £115,000
to £182,000; while base rate remained unchanged,
the College took advantage of more favourable
opportunities in the fixed deposit markets to
improve income.
grants and donations received totalled
£2,234,000 (2010: £1,675,000); of this £1,306,000
(58%) represented new capital to be added to
the endowment and a further £117,000 (5%) was
received to be spent immediately in support of
current expenditure on the three key elements
of the College’s charitable activities: provision of
bursaries, maintenance of the Quirister choral
foundation and the preservation of the College’s
ancient buildings. This continued growth in
development income is most encouraging and
reflects positively on the significant time and
resources the College has put into its fundraising
efforts through its Wykeham Campaign.
Although both the College’s subsidiaries traded
profitably in the year, the net contribution from the
group’s trading activities declined slightly from
£231,000 to £225,000. Cornflowers gift shop found
conditions difficult, reflecting the general slowdown
and lack of confidence in the wider economy.
Both turnover and profitability suffered and as a
consequence, it was decided to close the shop at
the end of december 2011 after the peak Christmas
trading season. however, the College has now entered
into a lease agreement with the former manager of
the shop and after a period of refurbishment the shop
has now re-opened independently of the College.
6 WINCHESTER COLLEGE
ANNUAL REPORT 2011
7
3
2
Income %
78 %
1 net school fees receivable 78%
2 Investment income 6%
3 Interest receivable 1%
4 grants and donations receivable 9%
5 trading and other income 6%
3
4
5
6
4
5
7 8
38 %
2
expenditure %
1 teaching 38%
2 Accommodation and welfare 15%
3 Premises, repairs and maintenance 29%
4 Ancient buildings and collections 2%
5 Quiristers 1%
6 other grants and awards 2%
7 support and governance 6%
8 Costs of generating funds 7%
1
1