2023-08-31-accounts

WINCHESTER C.nl.l Ff.F. lllid,: ANNUAL kEPORT '2023

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48 49 50 52 80 82

Contents Report of the Warden and Fellows Consolidated Statement of Financial Activities Consolidated and College Balance Sheets Consolidated Cash Flow Statement Notes to the Financial Statements Independent Auditor’s Report to the Warden and Fellows of Winchester College Fellows, Officers and Advisers

REPORT OF THE WARDEN

and Fellows

The year covered by this Report was Tim Hands’ last as Headmaster, ending a highly successful seven years. He, like me, will have been delighted by the performance of the School – both academically and on the playing field. We achieved our best Oxbridge entry results for a decade; and improved our performance at A-level by 10% in terms of A* and A grades (relative to 2019) when many schools were slipping back. In sport, the football team had its best season for perhaps 20 years; the cricket eleven was unbeaten, until a stumble in the final match; and the tennis team retained its unbeaten record for a third successive year. It was also the first year when the School admitted girls to VIth Book – a process which went remarkably smoothly, thanks to excellent preparations, in particular by the Headmaster and the Deputy Head Pastoral, and to the manifest determination of the girls to benefit from everything which Winchester has to offer.

Elizabeth Stone has now succeeded Tim and is already settling in and setting a clear direction. I remain as confident as I was at the time of her appointment that Elizabeth will prove an outstanding Headmaster.

This year has seen the second cohort of day girls arrive at Winchester. The next big milestone will be girls boarding. We took a major step towards this goal when Winchester City Council approved our planning application for two new Boarding Houses in August. Many hurdles obviously remain, but we have a very good and experienced team overseeing the project.

There are few things I’m more proud of than the School’s expanding bursary programme.

One of Tim Hands’ significant legacies is a much stronger relationship with the city of Winchester. He rightly saw us as an important player in the development of Winchester – a major employer; a significant part of the city’s heritage offering; and a strong supporter of many activities, not least through partnerships with local schools. The fact that the Friends of Winchester College has gone from strength to strength in recent years (with rapidly increasing membership) is one illustration of this new relationship.

There are few things I’m more proud of than the School’s expanding bursary programme. This will reach a new high in 2023/24 with over 140 pupils on bursaries averaging 72%. We remain committed to seeing this steadily increase, to ensure we can attract those who would most benefit from what we have to offer - irrespective of their family’s financial means. We can only do this thanks to the remarkable generosity of those donors who support the School, and I would like to pay particular tribute to those from overseas who support us.

Sir Richard Stagg Warden of Winchester College

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Winchester College - Annual Report 2023 | 5

HEADMASTER’s REPORT

Following the success of last year’s outdoor lunch for every member of the School community to celebrate the Queen’s Platinum Jubilee, a similar event was held in May to mark the King’s Coronation. Due to inclement weather the lunch took place under cover in four different locations, but all members of the community gathered together after lunch to sing the National Anthem. That evening, the newly formed 70-strong Winchester College Symphonic Wind Band gave its first performance. Comprised of pupils and teachers, the concert provided an extraordinary sound as musicians of all levels played together. The ensemble was guest conducted by accomplished trumpet player, educator and composer, Ryan Linham, a First-Class graduate from the Royal College of Music.

The School has now welcomed its second cohort of day pupils (including girls) into the Sixth Form. The transition from an all-boys boarding school has been more seamless than we could have hoped for, thanks to the meticulous planning of colleagues; we look forward to welcoming 120 girl boarders into the Sixth Form following the completion of two new boarding houses, for which we now have planning permission.

Pupils achieved strong results in A Level and GCSE exams, with 40.7% of A Level grades at A and 77.9% at A/A. At GCSE level, 49.8% of all grades were Grade 9, with 71.9% being Grade 9 or Grade 8. The vast majority of pupils secured their first or second choice university places, including 31 pupils who have achieved their offers for Cambridge or Oxford entry, as well as those heading off to leading institutions across the UK and top international universities in the United States, Canada, Hong Kong,

Europe, and South-East Asia. The School enjoyed another year of Olympiad successes, including one pupil being selected for the UK team in the International Biology Olympiad; 22 pupils achieved music diplomas during the last twelve months.

The School continues to expand and encourage its outreach programme and educational partnerships; this includes another outstanding year for our Community Service, with 400 pupils taking part in over 20,000 collective hours of volunteering in the community. For the second year running, the School participated in the National Garden Scheme, welcoming over 700 visitors and raising over £6,300 for nursing and health charities. We continue to offer greater access to our Collections by opening the School museum to the public, free of charge, every afternoon during term time. The School, as lead sponsor, has recently hosted 21 events for Heritage Open Days, and welcomed over 800 visitors.

The College has a rolling programme for the preservation, maintenance and enhancement of its natural and built environment, with a focus on reducing its carbon footprint. Gas consumption has fallen by 30% over the last five years, and this includes switching to 100% use of electricity derived from renewable sources, and reducing waste.

Having commenced as Headmaster after a decade’s absence, I am delighted to report that the School’s enduring values are as strong as ever – as seen in its tradition of excellence, its commitment to the free and rigorous exchange of ideas, its embrace of individuals of widely varying backgrounds and experiences, and its mission to develop young men and women of character, intellect and purpose.

Ms Elizabeth Stone

Headmaster of Winchester College

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At a
Glance
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WINCHESTER COLLEGE

AT THE HEART OF THE CITY OF WINCHESTER

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£29,600
raised for good causes by the
charities committee
%
78
kWh
48,796
achieved A/A
of electricity generated by at A-Level
solar panels on campus
162
pupils received fee awards 24Partner
totalling £4.1m Schools
%
72 51
average bursary award events attended by Friends
of Winchester College
790
number of Donors in the year
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Education

WHO WE ARE

In 2023, Winchester College took the first steps towards achieving its ambitions set out in the strategy - Winchester College in the 21st Century. The first cohort of day girls entered the sixth form, representing a shift to co-educational study. What remained unchanged was our commitment to delivering educational excellence, as widely as possible and irrespective of financial means. We have made significant progress towards the wider objectives set out in the Vision, as outlined by the Warden; these objectives build upon the Charitable Objects of the school (page 35).

Financial Support

Financial support to talented pupils otherwise unable to attend Winchester continues to form a central pillar of the school’s access strategy. The College is able to provide this support through its endowment and the generosity of donors, targeted at those with demonstrable financial need.

Total value of means-tested bursary awards (£)

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£3.8m
£3.5m
£3.3m £3.3m
£3.1m
18/19 19/20 20/21 21/22 22/23
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Learn more about our bursary programme and how to apply

A day in the life of a pupil or “Wykehamist” balances normal academic study with music, the arts, a wide range of sports and “Div”.

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Education
Awards offered to each family reflect their individual
circumstances, ranging from 5% to 100% of fees, with
some awards also covering associated expenses. Overall,
162 pupils received fee awards totalling £4.1m, (2022:
£3.8m) representing 13% of the school’s gross fee income,
of whom 118 pupils received means-tested bursary
assistance totalling £3.8m (2022: £3.5m), with the
remainder of support provided through the College’s
music scholarship programme.
A further £41,000 (2022: £18,000) of support towards trips
and extracurricular activities was granted to 39 pupils by
the Warden Sinclair Fund to ensure that pupils who are in
receipt of a bursary are able to take full advantage of the
opportunities available at the College.
The average bursary award per pupil was 72% (2022: 68%)
£35.8m
of the school fee. 91 pupils received support equivalent
to 50% or more of the school fee; among these 63 pupils
received awards of 80% or more and 19 pupils received
given in
awards of 100%. The awards include the first nine
recipients of The Wykeham Award – a dedicated bursary
for pupils who join the Sixth Form from a UK state
fee support
secondary school.
since 2005.
Total number of awards to pupils from state schools
199 299
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199 299
18/19 22/23
Split of means-tested bursary awards by size (£)
£2.6m
£2.2m
£2.2m £2.2m
£2.0m
£1.0m £1.1m £1.1m £1.3m £1.2m
18/19 19/20 20/21 21/22 22/23
< 80% 80%+
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A Winchester Education

A day in the life of a pupil or “Wykehamist” balances normal academic study with music, the arts, a wide range of sports and “Div”. This broad spectrum of disciplines, coupled with the freedom to explore a wide range of subjects, stimulates an inquisitive mind with the confidence to challenge. Pupils encounter an eclectic array of opportunities from the antiquities to the contemporary, from entomology to entrepreneurship. Over the year, the College welcomed a brilliant range of speakers including Professor Brian Cox, Lord Hogan Howe, Sir Anthony Beevor, Ross Brawn and Mary Ann Sieghart.

digital learning environment blended with inspirational teaching and a chance to become able users of technology at an early stage. Similarly, a focus on independent learning and exploration revolves around “Toye Time”, in which pupils extend knowledge of their chosen subjects.

The College has worked closely with partner schools to increase the diversity of its intake and this is most visible in the increase in the numbers of families applying for financial aid each year. For entry into the sixth form in 2023 we received 65 enquiries for bursary support, up from 31 in 2022, many of these from the most challenging backgrounds. Among these applicants is a continually increasing number who join the College from the state school sector. In 2023, we continued our partnership with the Royal National Springboard Foundation, a social mobility charity.

The structure of the College is such that the Boarding House is central to much of the day, with breakfast, lunch and dinner served in the House dining hall. Lunch represents an opportunity for relaxed but often animated conversations on current affairs, with both academic and non-academic staff attending as guests. The system of pastoral care ensures that, in addition to a Housemaster and Matron, every pupil has a personal tutor who regularly meets with them to discuss academic progress and provide personal support. The tutor also delivers elements of the PSHEE curriculum in tutor periods.

In addition, the College is planning significant growth in the school’s bursary provision, with close to £5m of bursary funding committed for 2023/24.

A-Level subjects range from Physics to History of Art and include six different languages, with pupils encouraged to pursue their interests far beyond the classroom. Every pupil is equipped with a Microsoft Surface, delivering a

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Education

Outside the classroom, the school offers a wide array of musical, artistic and sporting opportunities, providing activities to appeal to the whole range of pupils. During the year in excess of 200 hours of music lessons were provided free of charge to our most talented music scholars, and a range of productions took place, ranging from Macbeth to closely contested House singing and Junior Drama Festival competitions. Our core sports of football and cricket are complemented by opportunities to play a wide range of other sports. We have been particularly fortunate to have had a strong group of 1st VI tennis players at the school who completed their third unbeaten season in a row this past term. Winchester football, or “Winkies” as it’s known on campus, also stimulates a healthy rivalry between houses when the XVs, (pronounced “fifteens”), competition takes place each year. The construction of a new sports centre will provide state-of-the-art sporting facilities for the next generation of pupils.

The vast majority of our pupils leave for Russell Group or Ivy League Universities, with 67% of 2023 leavers continuing straight into further studies at those Universities. A dedicated team help pupils navigate the increasingly complex task of deciding between institutions and courses; the US is an increasingly popular destination with our 2023 leavers winning places at Harvard, Columbia, U Penn, Stanford, U Chicago among others. A growing number of leavers choose to take a gap year to follow their interests both at home and abroad. Regardless of destination, pupils continue their relationship with the College long after their departure from Campus, continuing to engage through Winchester College Society and the alumni network.

Co-Educational Sixth Form

Following a successful launch of coeducation provision in 2022, September 2023 saw a second cohort of sixth form pupils, including day girls entering the school. With means tested bursaries on offer to those who qualify, this has allowed the school to expand its offering to more local families, irrespective of their financial means.

Makyth Ventures

Makyth Ventures is the school’s entrepreneurship and innovation hub for pupils. The goal is to inspire and equip the next generation of aspiring entrepreneurs with the skills, exposure, and mindset to tackle complex challenges and drive innovation.

Maykth Ventures Ignite is an interscholastic entrepreneurial pitching competition organised by Makyth Ventures that involves a series of immersive and interactive online coaching sessions, culminating in an in-person finale at Winchester College. Last year we challenged students to tackle waste in their schools and find opportunities for change. Several schools participated including Harrow, Francis Holland, Rugby and St Swithun’s, with one of Harrow’s teams taking the winning title for their business proposition of switching to hemp-based school uniforms.

Education that keeps up with the world

“CATALYST ensures that education remains relevant in a world where change is the only constant.”

Building upon the school’s philosophy of holistic learning, the CATALYST by Winchester College initiative, now in its second year, offers dynamic online programmes for students aged 10-17. Over 300 students from 15 different countries have now participated in CATALYST programmes. The curriculum continues to draw inspiration from the school’s Div programme, and encompasses contemporary topics such as innovation, AI, and societal ethics, bringing them into discussion through different tailored tracks: the Foundations programme (for ages 10-13), the Horizons programme (for ages 14-17), and the short, yet insightful courses offered through CATALYST Bites. Further extending its reach, the initiative has introduced CATALYSTx, partnering with schools and educational organisations worldwide to provide its unique curriculum and leverage the team’s proficiency in education technology (EdTech).

Feedback from participants continues to be overwhelmingly positive, with parents noting enhanced engagement and personal growth in their children. As one parent recounted, “I was amazed to see my son actively engaged and having discussions about topics that I don’t usually hear him talking about. It was nice to hear him laughing and having fun while learning. I have observed that he has taken on a leadership role where I would have expected him to shy away. I am really impressed.” Students echo this sentiment, describing transformative experiences — “I am a completely different person now” — and highlighting the course as “the best online course I’ve ever experienced.”

CATALYST is gearing up to introduce more programmes and short courses in 2023/24, continuing its mission to develop curious, confident, and informed leaders.

Education THAT KEEPS UP WITH THE WORLD

100+ different schools represented

275+

46

hours of courses delivered to date

countries represented

77%

13

44

students rating their experience 9 or better, with over half of all students rating their experience 10/10

students have continued their journey with us as mentors, supporting additional cohorts with their learning

CATALYST students receiving financial aid

Countless Partnerships, including an exciting collaboration with The Decision Lab on skills-based assessment

> More about CATALYST

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The vast majority of our pupils leave for Russell Group or Ivy League Universities.

Campus

The College has undertaken extensive maintenance work to enhance facilities across the Campus for both pupils and staff. During the last year, technology upgrades have included audio-visual improvements to classrooms, Science Lecture Theatre and New Hall, as well as replacement of all devices within our music school Mac suite and Design & Technology CAD facility. Works are ongoing to restore War Cloister in preparation for its centenary year, whilst the new Health & Wellbeing Centre on Kingsgate Street is taking shape in preparation for opening in 2024.

Following a successful public consultation, the College secured planning permission in August 2023 to build two new boarding houses for girls, the first new boarding houses for over a century. Included in the plans are a new all-weather pitch which will expand sports provision both for pupils and the public, with the College committed to making the facility accessible to local sports groups. Meanwhile, works to integrate additional day girls into our existing boarding houses have continued, with five additional houses adapted for co-educational study in 2023, bringing the total to 9 of our 11 existing houses.

Girls also have been enjoying “Oakeshotts,” which has been beautifully renovated to form the first girls sixth-form day house, with study, changing and recreational facilities. The facility has been expanded by incorporating “Thorns” to double capacity for 2023/24.

Work continues on the construction of the new state- ofthe-art Sports Centre with a 6-lane, 25m swimming pool, café, sports hall, cardio and weights studio, squash courts and martial arts facilities. The focus is now on completion and commissioning during the coming year.

These changes will help sustain the College and its commitment to wider educational excellence into the future, as well as offering enhanced sporting facilities to the local community.

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PARTNERSHIPS

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90 2,114 96
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90 events pupil visits mock interviews for sixth were hosted from/to our form students from Bishop of for secondary partner schools Winchester Academy, Midhurst school pupils Rother College, Barton Peveril Academy and UTC Portsmouth

OUR PARTNERSHIPS

66

69

8

after-school clubs Winchester College covering Maths, Dons provided 546 hours Science, Economics teaching time to partner and Classics school pupils

teachers at partner schools benefited from CPD opportunities in Physics and Classics

The Warden and Fellows have given careful consideration to the Charity Commission’s guidance on public benefit, together with its supplemental guidance on fee-charging, and are committed to delivering the provision of public benefit.

of the year. There have been curriculum-led projects, including visits to our museum, “The Treasury”, and sessions on Shakespeare’s First Folio. The Classics department has given a course in Greek, leading to 18 students taking their Intermediate Certificate in Classical Greek; ran a trip to Oxford; hosted a GCSE revision day; and provided introductions to Classics and sessions for PGCE students. The Maths Department continues to run a programme of mathematical enrichment for pupils from Year 3 to Year 13, including the Year 12 Summer School, Year 10 Maths Competition and new Year 10 Maths and More Camp. We hosted a Year 10 Design Technology challenge and an Eco Conference.

Educational Partnerships

The College continues to develop a collaborative and meaningful programme of partnerships with secondary schools in Hampshire and along the south coast. We currently partner with 18 secondary (2022: 16) schools, nine of which are situated in disadvantaged areas, and offer resources via our Empower programme to a wider group. The benefits are mutual, with dialogue between teachers and pupils, the sharing of resources and the opportunity for educational visits to Winchester College as well as to partner schools.

There have been trips to UTC Portsmouth for a collaborative Formula One Design Workshop and the Mars Minecraft Project. We supported Park Community School with their Big Bang Day for 200 Year 7 students. Pupils from partner schools have visited the nature reserve for their Biology, Geography and Ecology coursework, we have offered Climate Change EnROADS Workshops at

In 2022/23 the programme has included opportunities to attend talks and lectures, often linked to educational workshops, with over 20 talks attended over the course

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PARTNERSHIPS

The partnership has provided our year 10 students with a fantastic variety of experiences and opportunities that would not have been otherwise available to our young people.

partner schools and students were involved with the tree planting project in Elizabeth Meads. We continue to host a Physics Festival with Physics Partners, as well as providing CPD sessions for Physics teachers. Partner school pupils have attended rowing sessions at the boathouse; computer programming, philosophy, art history, photography, sports, science, history and geography sessions, among many others. We continue to provide support with university admissions to pupils at partner schools, and have developed an ecology work experience placement for pupils at Park Community School.

We continue to develop our provision for partner schools, in conversation with teachers from those schools, and are able to provide an increasing range of online resources in science, and careers as well as talks and lectures. Our focus remains on organising trips to the College for partner schools’ pupils, with transport provided by the College.

Wykehamists in the Community

Winchester College partners with over 40 external organisations across Winchester and Southern Hampshire. In our Outreach programme nearly 400 senior pupils provide 20,000 hours of voluntary work throughout the year, such as supporting The Beacon, Winchester’s homeless shelter, and serving meals on the wards of the Royal Hampshire County Hospital. Our senior pupils support actors with learning disabilities at Blue Apple, volunteer at Win Gold, work front-of-house at the Winchester Museum, provide weekly entertainment, from Jazz to String concerts at local primary schools and nursing homes, and volunteer in charity shops, a local community ‘Grub Club’ and a Disabled Swimming Club. We welcome

200 secondary and primary pupils to our College grounds each week for an eclectic range of academic and extracurricular activities, from Classics to Maths, and host the Hampshire Primary Schools Maths Challenge. Each year 600 local pupils participate in our Chalk Streams project in the College Nature Reserve, and hundreds visit our Treasury and Archives to fulfil Curriculum requirements, such as Ancient Greek Days. Our senior pupils host an annual Christmas party and numerous events for primary schools, including an annual AI Conference and Natural History days at Cameron’s Cottage in the New Forest.

Crown and Manor

The College has a longstanding relationship with the Crown and Manor Club, a boys club in Hoxton, East London. The club offers a safe and inspiring environment for boys and young men, and provides a variety of sporting, academic and recreational activities. College alumni serve on the club council and are involved in fundraising for the club. In November this year science Dons from the College travelled to the club to provide an evening of hands-on science for club members, covering Chemistry, Physics and Biology. We have a programme of day-long visits to the College for club members, involving a wide range of educational and fun activities, and continue to provide support for club members to attend the College for Sixth Form studies.

Music

A wide range of concerts, mostly free and open to the public, took place in Music School during the year. The Head of Piano also runs the Winchester Cathedral lunchtime concerts, with thirty concerts each year featuring students from the College as well as present and former students from Peter Symonds and Barton Peveril, and other local schools and local musicians. Weekly choral workshops were held in primary schools culminating in Cathedral concerts, and an orchestra day in partnership with Hampshire Music Service brought over 400 local primary school children to the College to hear the Symphony Orchestra. University interview preparation was given for Barton Peveril music students, and Music School was made available without charge for weekly music lessons for almost 30 local pupils throughout the year.

Community

Quiristers at The Pilgrims’ School

Winchester College has extensive grounds of approximately 250 acres and maintains 18 Grade I, 6 Grade II* and over 70 Grade II listed local buildings at no cost to the public purse. Many of these buildings are of national importance and are available to local residents or visitors to the city through our daily guided tours or through free access to our collections and archives in the Treasury Museum.

The College’s Statutes make provision for 16 boys, called Quiristers, to sing at Chapel services and this tradition is still maintained. Quiristers currently receive 40% remission of fees at The Pilgrims’ School at an annual cost to the College of £228,000 which includes bursary support of £38,000.

Charity

The Charities Committee is pupil led. The Committee has organised several events throughout the year, alongside regular collections, for the school’s three charities: Stay at School Nepal, Young Lives vs Cancer, and Winchester Action on the Climate Crisis.

Friends of Winchester College

The Friends of Winchester College is a membership organisation, open to all, with the objective of forming closer bonds between the school, the local community, parents past and present and others through special events such as lectures, tours and social occasions.

In Short Half, over £10,000 was raised from merchandise sales at Illuminā, including a charity calendar and all pupils took part in a running event named “Charity 4000”. During the Spring, a 24-hour music concert raised money for Winchester Action on the Climate Crisis, our new nominated charity, and for the DEC Turkey-Syria earthquake appeal, raising £7,000. On Wykeham Day, the Charities Committee organised a climb around the Flint Court stairs, that raised £5,000 for Stay at School Nepal. Overall, the Charities Committee raised over £29,000 for good causes across 2023.

During the course of the year more than 2,000 people (2022: 1,400) attended 51 events (2022: 36), ranging from an opportunity to ‘Meet the Animals’ living in Science School, via a gardens tour to a lecture about Apsley Cherry-Garrard (OW, 1899-1904), who took part in Scott’s ill-fated expedition to Antarctica in 1911-12.

Membership of the Friends grew during the period from 678 to 808 in September 2023.

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PARTNERSHIPS

Events

College host in excess of 3,000 parents, friends and future students/parents across the Campus. Over 50 separate events took place during the day, including sports fixtures, talks and lectures, exhibitions, musical recitals, lunches and afternoon teas, open gardens as well as the unveiling of the outgoing Headmaster’s portrait.

The Enterprise team now focuses on three main areas: Community events including Heritage Open Days and National Garden Schemes; large school events such as Illuminā and Wykeham Day, and external events including weddings, corporate functions, filming locations and residential camps.

The College welcomed 1,200 visitors across its community events, the vast majority of whom were visiting for the first time and were able to benefit from access to libraries, gardens, tours and special talks. Wykeham Day saw the

The team helped organise weddings, baptisms, memorials, 13 musical concerts, 15 charity events, 8 conferences, and hosted a major filming production and a 10-day outdoor theatre run.

Two separate residential groups were hosted during the summer holidays and were on site for a total of four weeks, totalling over 3,300 bed nights and 10,000 meals being served. Students attended from countries across Europe, Asia and South America.

330 separate sporting fixtures were held across the academic year involving participants from outside the pupil body, these range from ProCo Football Academy sessions to circuit training classes, Rugby Tots to Fives tournaments, Hampshire Cricket Vipers squad selection days to a number of Hampshire County Cricket 2nd XI U18 matches on Lords.

Tours

Over 6,700 visitors joined college tours over the last year, 2,500 in pre-booked groups and 4,200 on walk-up tours. Over 50% of all attendees were receiving a concessional discount and 14% attended free of charge, either as a child, attending Heritage Open Days, as a guest of the College, an OW or Friend of the College.

Booked groups have seen a strong revival with both European students and UK and international special interest groups returning to the College and accounting for nearly 40% of all tour visitors.

In addition to the normal run of walk-up and booked tours, the guides provide tours for visitors attending Heritage Open Days, National Garden Scheme and residential groups.

The Treasury

The Treasury Museum was open throughout the year and we welcomed 12,020 visitors (2022: 8,468), providing educational sessions for more than a thousand pupils from 21 local schools and five universities.

Our main exhibition this year was a selection of highlights from the College watercolour collection, shown first at a gallery in central London for two weeks in the autumn of 2022, and then in Treasury from January to April 2023. A catalogue to accompany the exhibition presented new research into the thirty-five works on display.

We continue to catalogue the school’s collections and to make them available online. Major projects this year included the creation of a digital catalogue of Winchester’s nationally-important holdings of historic silver, and uploading information on all of our oil paintings to the Art UK | Discover Discover. We welcome scholars and students wishing to work with our collections, and objects from Treasury have this year featured in published research in a variety of fields, from ancient Greek gravestones to the watercolours of Thomas Girtin.

Archives

It has been a busy year. During 2023 there were approximately 800 enquiries, with 51 visiting researchers who consulted over 1,500 documents. Our own pupils continue to make use of the archives, with two particular pupils undertaking substantial projects on various aspects of the school’s history. More resources have been added to our online digital archive and enhancements are underway to our Winchester College at war archive (winchestercollegeatwar.com). These initiatives open up our holdings to a much wider audience.

Fellows’ Library

The College offered public tours of the library throughout the year and put on special displays for visiting groups including the Winchester Catholic History Society, the Church Times Festival of Faith and Literature, and the Jane Austen Society. Altogether the Fellows’ Library welcomed more than 900 visitors in the past year.

We continue to provide access to researchers, both in person and remotely, and our books and manuscripts have featured in a number of publications, including a new biography of the nurse Mary Seacole and an article for English Heritage about the early history of football. The College’s copy of Shakespeare’s First Folio (1623) was displayed in the Treasury as part of a worldwide celebration of the 400th anniversary of the book’s publication.

Significant acquisitions this year included an Ethiopian manuscript of the Psalms and a page from a fifteenthcentury Italian manuscript by the scribe Pietro Ursuleo.

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SUSTAINABILITY

The College is privileged to be the custodian of some of the finest landholdings, historic buildings and priceless artefacts in the UK, and prioritises the preservation, maintenance and enhancement of its natural and man-made assets.

Much of the land cared for by the school is either a public access area, Site of Special Scientific Interest (SSSI) or Special Area of Conservation. The Fallodon Nature Reserve is an SSSI and the River Itchen, of which the College manages a 4.5 mile stretch, is a Special Area of Conservation. St. Catherine’s Hill is a public access area and is leased to the Hampshire Wildlife Trust. The College also provides access rights over its land via a cycle track which links the south of the city to Hockley and Twyford. Additionally, the grounds and rivers teams look after 11 acres of formal gardens, 100 acres of ancient water meadows and 52 acres of playing fields.

Many of our natural assets are open to the public at no cost, to the extent possible within our responsibility as a school. They are enjoyed by approximately 100,000 visitors annually and support Winchester’s tourism offer.

Biodiversity and Carbon Reduction

The 250 acres of the College’s grounds include diverse ecosystems and unique native species which require careful oversight. Both through its own Estates Team and partnerships with other charitable organisations, the College ensures that biodiversity underpins its approach to land management.

In parallel, the College is committed to reducing its carbon footprint. Gas consumption has been reduced by 33% over the last four years. 100% of electricity used is now derived from renewable sources. There is also a focus on sourcing more food locally and reducing waste (including through contractors and suppliers).

In 2022 we engaged Chartwells as our catering partners. We have greatly improved the tracking of food waste and are launching a series of initiatives to manage it down, from menu planning and meal attendance registration to improved meal acceptance and dining service. Their introduction is focused on delivery of varied, quality provision on a consistent basis for all.

We manage in excess of 4,000 33% acres of environmental reduction of gas and historical landscapes consumption in the to a high level

reduction of gas consumption in the last four years

49% of all lighting is energyefficient LEDs

100%

of school’s electricity is sourced from renewable sources

We care for 163

100,000 public visitors annually

acres of formal gardens, ancient water meadows and playing fields

50

pupils engaged in the Earth Prize competition

11%

reduction in electric consumption from 2019

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SUSTAINABILITY

Environment and Sustainability Advisory Group

The College has established an Environment and Sustainability Advisory Group (ESAG) to advise the Governing Body on setting and delivering the sustainability goals for the College. ESAG focuses on 4 areas:

1. Financial assets portfolio – consisting of the equity, fixed income and fund holdings of the College. Over 60% of our financial investments are allocated to managers with Environmental, Social and Governance strategies.

2. Real estate investment portfolio – the rural property holdings and residential properties of the College. We manage environmental and historical landscapes in excess of 4,000 acres to a high level, including national parks, ancient woodland, sites of special scientific interest and environmentally sensitive areas.

We continue to invest in energy-saving schemes across the estate, including additional insulation, ongoing roll-out of building management systems, and upgrading lighting to energy-efficient LEDs.

1. Operational areas of the School – the grounds, immediate school buildings, boarding and staff houses and facilities operated by the school for educational purposes. In the year the College took a number of important initiatives to improve sustainability across the campus, including:

2. 100% of school’s electricity is certified as sourced from renewable sources (from October 2021).

3. Air-sourced heat pump in one of the girls’ day houses.

4. New draught excluders being rolled out to windows in our listed buildings, starting with the two girls’ day houses.

5. New roof insulation in the new Health and Wellbeing centre.

6. Improved glazing and boiler efficiency upgrade in the music school.

7. Expansion of the electric vehicle fleet, now comprising the laundry van and 2 works vans; we are trialling electric minibuses.

8. Kitchen upgrades to two boarding houses, replacing elderly gas ovens with more efficient “smart” ovens estimated to deliver 30-40% energy savings.

We continue to invest in energy-saving schemes across the estate, including additional insulation, ongoing roll-out of building management systems, and upgrading lighting to energy-efficient LEDs. 49% of all lighting across the estate is now LED. As a result, electricity consumption has fallen approximately 11% and gas consumption by 33% vs 2019 levels.

1. Curriculum – the engagement of pupils and teachers, so that we both learn and contribute to ways to enhance our environment. These include:

2. Ongoing planting on St Elizabeth Meads supported by the South Downs National Park ‘Trees for the Downs’, including a number of disease resistant elms.

3. Earth Prize: Run by the Sustainability Society, saw 50 pupils engaged in the competition with our Bioplastics team finishing in second place in the Global competition.

4. Ongoing participation in UK Schools Sustainability Network with pupils leading Hampshire branch meetings and regularly joining national meetings.

5. Motivational Interviewing course focusing on how to engage on climate discussions to make them more purposeful and impactful.

6. The College has partnered with PlanetMark, a leading sustainability certification and advisory firm, to baseline elements of our carbon footprint, accelerate our path towards net zero, and enhance the engagement of pupils and staff with the sustainability agenda. In August 2023 we became certified for the first time, having successfully measured and reported on our emissions footprint for 2021-22 across heating, hot water, lighting and transport.

7. Introduction of vegetarian staff lunches and pupil led vegetarian meal trials in Houses.

8. Pupils attended a lecture series run by Winchester University’s Institute for Climate and Social Justice, and a number of sustainability relevant speakers were hosted by the College including Derek Gow & Charlie Burrell, Alan Lovell and Brian Cox for the Duncan Louis Stewart Fellow annual lecture.

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REFERENCE

AND ADMINISTRATIVE INFORMATION

Winchester College benefits from a rich history, which dates back to 1382, when William of Wykeham founded the College by Royal Charter of King Richard II, confirmed by later Acts of Parliament. This section provides further information on the history, charitable objects and governance framework, which are woven into the Vision, life and activities of the College.

Group structure

The results and activities of the Winchester College Foundation and the College’s three trading subsidiaries are incorporated into this report and accounts.

The Winchester College Foundation is a linked charitable trust set up by the Warden and Fellows in 1989 by deed of trust with objects ancillary to those of the College, including the support and promotion of the objects of the College with particular regard to the maintenance, preservation and improvement of the buildings and grounds comprising the College in accordance with the obligations imposed by the Founder in the first statutes.

The Royal Charter, originally signed in 1382, which sets out the College’s charitable objects, was last amended in 1986. The College’s Statutes set out details of the appointment of Fellows, the administration and governance of the College and the powers of investment, and were revised and received approval by HM The Queen in Council in October 2017.

The Foundation is registered as a constituent charity under registration number 1139000-1. The Warden and Fellows are the sole corporate trustee of the Foundation.

The full title of the charity is ‘The Warden and Scholars of St Mary College of Winchester’. The College is registered with the Charity Commission under the working name Winchester College and with the registration number 1139000.

The Warden and Fellows are trustees of and manage many other special trusts, as detailed in notes 21 to 24 to the Financial Statements, as well as the wholly-owned subsidiaries of the College as discussed on page 17.

Winchester College benefits from a rich history, which dates back to 1382, when William of Wykeham founded the College by Royal Charter of King Richard II, confirmed by later Acts of Parliament.

STRUCTURE, GOVERNANCE

AND management

Governing Body

Recruitment and Training of Governors

The Governing Body of Winchester College is known as ‘The Warden and Fellows’, the Warden being the elected Chairman. The Warden and Fellows, as the Trustees of the College, are legally responsible for the overall management and control of the College.

Prospective candidates for vacancies on the Governing Body are identified using executive search firms or put forward on the basis of nominations from the Warden and Fellows, and the Headmaster and Bursar. Candidates are assessed carefully by the Nominations and Remuneration Committee, which then makes recommendations to the full Governing Body.

The full Governing Body meets three times a year towards the end of each school term, or more frequently as required, and is supported by seven committees which meet at least once each term and report to the Governing Body.

Prospective candidates are considered in the light of the skills and experience required at the time, which will include personal competence, professional qualities, specialist skills, experience and availability. New Fellows are appointed for a term of five years and, subject to a performance review, may be re-appointed for up to a further five years by mutual agreement.

Under the Statutes of the College, the maximum number of Fellows, including the Warden, is fifteen. Two of these are appointed by specified external institutions, allowing the Warden and Fellows to elect up to eleven Fellows plus the Warden. The externally appointed fellows are Dr William Poole (elected by the Warden and Fellows of New College, Oxford) and The Hon Sir Stephen Cobb (appointed by the Lord Chief Justice of England). Miles Young, as the Warden of New College, Oxford also acts as a Fellow (ex officio appointment).

New Fellows are formally ‘admitted’ as Fellows at a full Governing Body meeting, or other such meeting at which there is a quorum of the Governing Body, and are expected to join at least one of the working committees. New Fellows are inducted into the workings of the College, including Governing Body policy and procedures, through meetings with existing Fellows and management of the School, written material, and by spending time at the College, before attending their first meeting. New Fellows attend specialist external training on the role and responsibilities of governors and trustees.

All Fellows are encouraged to involve themselves in school events and to spend at least one half-day in the school each year attending lessons and examining the implementation of key policies and procedures. Relevant seminars and in-service training at Governing Body and Committee meetings are arranged, where appropriate, for all Fellows. Away Days are held as required. The most recent was held in 2020.

The Governing Body commissions an external review of its activities and effectiveness every three years. The most recent was performed by a specialist consultant in 2023.

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STRUCTURE, GOVERNANCE

AND management

The Fellows of Winchester College who held office during the year and subsequently are detailed in the table below along with those committees of which they were a member at the time of signing these financial statements. The Warden is entitled to attend any Committee meeting.

Chair Member

----- Start of picture text -----
Year of Academic and Nominations and Audit
Appointment appointment Pastoral Finance Estate Development Remuneration and Risk Investment
Warden (Chairman)
Sir Richard Stagg KCMG 2019
Sub-Warden (Vice-Chairman)
Andrew Sykes MA 2017
Externally Appointed Fellows
Miles Young MA 2016
Dr William Poole MA, DPhil, FSA 2016
The Hon Sir Stephen Cobb Hon LLD 2017
Internally Appointed Fellows
Clarissa Farr MA
2012
(until 10 December 2022)
Andrew Joy MA
2013
(until 31 August 2023)
Nicholas Ferguson CBE, FSA Scot,
2014
BSc, MBA (until 23 October 2023)
William Holland BA, FCA 2015
Dr Magnus Ryan MA, PhD 2018
Roland Turnill MA 2019
Laura Sanderson MA, MPhil 2020
Alison Mayne MA, PGCE 2021
Brian Li Man-bun JP, MA, MBA, FCA 2021
Professor Helen Higson MA, PhD,
2022
OBE, DL
David Goodhew MA, FRSA
2023
(from 9 February 2023)
Richard Sanders MA, MBA
2023
(from 8 September 2023)
Robert Allen BSc, CA
2023
(from 10 November 2023)
----- End of picture text -----*

Andrew Sykes took over from Andrew Joy as Chair of the Investment Committee in November 2023. Sir Richard Stagg took over from Nicholas Ferguson as Chair of the Development Committee in September 2023.

Organisational Management

They are supported by the Senior Management Committee, which represents the various functions of the College. Together, this group is considered the key management team of the College. Other consultative committees and working groups are established as necessary to deal with matters as they arise.

The day-to-day running of the College is delegated to the Headmaster and the Bursar. The Headmaster and the Bursar are also entitled to attend any meetings of the above Committees.

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STRUCTURE, GOVERNANCE

AND management

Senior Management

Senior Management
Elizabeth Stone	Headmaster(from 1 September 2023)
Timothy Hands	Headmaster(until31 August 2023)
Paresh Thakrar	Bursar
Iain Smith	Second Master
Ali Harber	DeputyHead Pastoral & Designated SafeguardingLead
Chris Stevens	Director of Finance
George Leicester-Thackara	Chief OperatingOfcer(until30 June 2023)
Richard Rous	Director of Operations(from30 June 2023)
Tom Thomas	Director of Studies
John Cullerne	Surmaster(Academic)
Simon Mildinhall	Surmaster(Pastoral) (from 1 May2023)
James Fox	Senior Housemaster
Andrew Shedden	Registrar
Simeon Cox	Estate Bursar
Lawrence Beech	Director of IT
Melanie Bushell	Director of Development(from 20 February2023)
Tamara Templer	ActingDirector of Development(from 1 September 2022 until 17February2023)
Christopher Normand	Director of the Winchester College Society

Governance

The Warden and Fellows regard good governance as essential. As the College is defined by the Charity Commission as a “large” charity, they aim to have a governance framework that is fit for purpose, compliant and efficient. The Charity Code of Governance, launched in 2017 and updated in 2020, recommends that charities review their level of application and explain any aspects of the code they were not applying. The Warden and Fellows have reviewed each of the seven elements of the code. The review found that the Warden and Fellows meet the principles of the code and comply with the detail of the code with a few exceptions. The main areas where current practice differs from the recommendations are:

1. Chairmanship of the Audit and Risk Committee – 4.8.2 of the code recommends that the chair of the audit committee has recent and relevant financial experience. The Committee is chaired by a Fellow with significant senior leadership and management experience and who has particular and extensive experience in risk management. Although not himself a finance professional, he is supported by a senior finance professional who sits on the Committee as an Advisor and by two Fellows plus the Warden and Sub-Warden, one or both of whom normally attend meetings of the Committee.

A number of management personnel and advisors also participate in meetings of the seven committees as follows.

----- Start of picture text -----
Academic and Nominations and Audit
Appointment Pastoral Finance Estate Development Remuneration and Risk Investment
Officers
Headmaster
Bursar
Management
Second Master
Director of Studies
Deputy Head Pastoral
Surmaster (Academic)
Surmaster (Pastoral)
Director of Finance
Estate Bursar
Director of Development
Deputy Director of Development
Director of Winchester College Society
External Advisors
Oliver Caroe
Simon Crago
Alasdair Maclay (until 31 August 2023)
Andrew Watt
Hugh Green
Giles Wordsworth (Land Agent)
Rupert Sebag-Montefiore (until 2 November 2022)
Phillip Gready (from 7 November 2022)
Roger Gray
Charles Park
Helen Watson (from 16 October 2023)
----- End of picture text -----

1. Diversity management practices – 6.5.2 of the code recommends attracting a diverse group of candidates for new trustee roles. The Warden and Fellows are keen to have a range of diverse views on the Governing Body and actively seek to encourage a broad range of opinions. To that end, the College uses a specialist, non-executive recruitment firm to help ensure we reach a wide range of candidates. The Nominations and Remuneration Committee always considers a range of measures of diversity in considering new appointments and succession planning. The desire for diversity has in practical terms to be balanced with the availability of appropriately skilled and experienced practitioners who are willing to undertake the very significant commitment expected of a Winchester Fellow pro bono.

In attendance Member

1. Fellows’ term limits – 5.7.4 of the code requires explanation in the trustees’ annual report where reappointment of a trustee may occur after already serving on the board for more than nine years. The College’s Statutes set out clear term-limits for Fellows. No Fellow can serve more than two five-year terms, except where the Warden is appointed from within the Governing Body in which case the Warden may not serve more than ten years as Warden and no more than fifteen years in total on the Governing Body.

2. Size of Governing Body – 5.6.2 of the code recommends that a board of no more than twelve trustees is considered best practice. The College’s Statutes contain an explicit statement regarding the size of the Governing Body, which shall consist of a maximum of fifteen Fellows (including the Warden).

The Warden and Fellows consider these arrangements to be in the best interests of the organisation, allowing for proper supervision and oversight through the Committee structure.

Management Remuneration

Remuneration, including that of the key management team, is set by the Warden and Fellows, with the objective of providing appropriate incentives to encourage excellence and of rewarding fairly and responsibly individual contributions to the College’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including through comparisons with the local labour market and with other independent schools to ensure that the College remains sensitive to the broader context of pay and employment terms and to conditions elsewhere.

The College’s ability to deliver its charitable purpose and objects is primarily dependent on its key management personnel and staff. Staff costs are the largest single element of the College’s charitable expenditure, accounting for some 49% of the total. The College aims to recruit teachers who combine deep subject knowledge with an ability to motivate and engage, and to provide them with professional development, and an attractive remuneration package commensurate with their expertise and experience.

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OBJECTS, AIMS, OBJECTIVES

AND Activities

The College aims to encourage, train, and form confident, enthusiastic, well-rounded young adults with a strong ethical sense and a respect for the life of the mind, who are at ease in their relationships with other people, whatever the circumstances.

Charitable Objects

The Objects of the College were redefined in a Charter of 1986, supplementing the original Charter of 1382, as follows:

1. The advancement of education through the provision at the College of classical, literary, historical, mathematic, scientific, engineering, linguistic, cultural and general education of the highest class for scholars and pupils and the provision of financial assistance for such education.

2. The preservation for the public benefit of the whole or any part or parts of the buildings and grounds comprising the College and the preservation for the public benefit of furniture and pictures and chattels of any description ordinarily kept at the College and the doing of all such other things as shall be necessary or appropriate for the preservation of the College.

3. The use and occupation of the said buildings, grounds and chattels for the advancement of the Christian religion and the practice of worship in such manner as shall be consistent with the work of the College and with the expressions of religious intention contained in the Founder’s charter.

4. In connection with object 1 and 3, the promotion and maintenance of the choral foundation of the College.

5. The provision of facilities for recreation and other leisure-time occupation (within the meaning of the Recreational Charities Act 1958 and as therein limited), in such manner as shall be consistent with the work of the College and shall increase the public benefit flowing therefrom.

6. The pursuit of other charitable purposes, in so far as consistent with the work of the College and liable to increase the public benefit flowing therefrom.

To these ends the College:

• i) provides an education for pupils aged thirteen to eighteen, which is recognised worldwide as being of the highest standard;

• ii) provides substantial financial support towards fee remission, benefiting nearly one fifth of the pupils in its care;

• iii) has a continuous programme of maintenance and

refurbishment of its Ancient Buildings and other buildings and property;

• iv) allows controlled access by the public to its grounds, Ancient Buildings and facilities generally;

• v) holds a variety of religious services on weekdays and on Sundays, in Chapel and in Chantry, many of which are open to members of the public;

• vi) is unique amongst schools in still supporting the education, both academic and musical, of the sixteen Quiristers who sing at its services;

• vii) provides a wide range of sporting and cultural facilities, many of which are available to children from other local schools and which are also made available to members of the public;

• viii) supports the wider community by ‘community service’ and other activities; and

• ix) demonstrates significant public benefit through its academic and other activities as described in paragraphs (i) to (viii) above.

Aims and targets

Within these Objects, the College, a Christian foundation, aims to have an international reputation for academic excellence in one of the best boarding schools in the world, to maintain its independence to the greatest possible degree, and to offer the widest possible access to pupils capable of profiting from the education it offers. The College aims to encourage, train, and form confident, enthusiastic, well-rounded young adults with a strong ethical sense and a respect for the life of the mind, who are at ease in their relationships with other people, whatever the circumstances. The College recognises that it is a community of past and present pupils, staff and parents. It aims to foster a sense of individual and collective responsibility for the College, the community and the wider world.

Subsidiaries and Development

The College has three wholly owned non-charitable subsidiaries; two being Winchester College Trading Company Limited whose main activity is provision of campus facilities to external parties, and Beam Design Limited, which undertakes building works on behalf of the College, are active. The third, Winchester College Sports Limited is currently inactive.

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OBJECTS, AIMS, OBJECTIVES

AND Activities

Winchester College Trading Company (Enterprises)

Trading as Winchester College Enterprises, activities primarily generate revenue from letting the school’s campus facilities when not in use by the College. Annual profits from its operations, to the extent generated, are donated to the College under the Gift Aid Scheme. Losses were incurred in the year, as the level of trading activity gradually returns to pre-Covid levels.

Winchester College Enterprises hosts residential courses and sports and activity camps for children, organises catered events including wedding receptions, conferences and private parties, provides film locations and arranges charity events on campus. Enterprises also arranges guided tours of the Ancient Buildings seven days a week throughout the year, except Christmas and New Year.

Many of the College facilities are made available to the public and the College continues to forge links with the community through various economic, sports and tourism initiatives, including Heritage Open Days, Cultural Consortium, Discover Winchester, Kingsgate Village and the Business Improvement initiative.

Enterprises also organises, either free or at cost, on behalf of the College, numerous charity and community events making use of the College’s facilities, including carol services, fundraising concerts, offering performance spaces for rehearsals, concerts and other performances, providing venues and meeting spaces for local charities and community groups as well as outdoor activities for local educational and community bodies.

Beam Design Limited

The company operates as a design and build contractor on behalf of the College for major capital projects. Beam Design has managed the planning phase of two new Boarding Houses during the year which achieved planning permission in August 2023. The profits made in the year were offset against brought forward losses, such that no donation was made to the College in the year.

Development

The College is committed to best practice in relation to all fundraising activities, which are carried out by the in-house Development team who are subject to the scrutiny of the Development Committee and Governing Body. The College

is registered with the Fundraising Regulator and has set up internal protocols and procedures to adhere to the Code of Fundraising Practice as a set of guiding principles to ensure fundraising is legal, open, honest, and respectful, and the school’s Privacy Notices have been updated accordingly. This national code of practice includes rules governing consent, data sharing, data protection and privacy relating to all electronic and print communications. Within this framework, the College strives for full compliance with GDPR and PECR regulations and continues to review the management of data and its communication strategy in line with best practice.

Face to face and virtual meetings with donors and potential donors are always made by appointment and with full disclosure in advance of the purpose of each meeting. A series of guidelines, in line with the recommendations as set out in the Fundraising Regulator’s Code of Fundraising Practice, have been adopted to protect vulnerable people and to guard against intrusion on a person’s privacy. Unreasonably persistent behaviour by fundraisers or undue pressure on a person to give money or other property is not tolerated.

Winchester College Society, for which further information can be found in note 8 to these financial statements, pursues fundraising for the College’s present and future needs as one of its aims. Details of funds raised in the year can be found within the Financial Review later in this Report. Particular emphasis is placed on attracting sufficient donations to allow the College to achieve the bursary target outlined above. In addition to raising funds for bursaries, the Development team raised funds for the refurbishment of War Cloister in advance of its centenary year in 2024.

Principal Risk and Uncertainties

The risks that the College faces are reviewed on a regular basis through both its internal management structures and its governance. They examine the principal areas of the College’s operations and other activities and consider the major risks in each of those areas. Specifically, risks are evaluated in five main areas: compliance, financial, governance and operational plus the external environment. The College has established controls and procedures, which, under normal circumstances, should allow those risks to be managed appropriately and, where necessary,

mitigated to an acceptable level. The key controls used by the College to manage risk include:

• Formal agenda and minutes for all Governing Body and Committee activity;

• Detailed terms of reference for all Committees;

• Audit & Risk Committee, specifically focused on the College’s risk register;

• Strategic planning, budgeting, cash flow forecasting and management accounting;

• Established organisational structures and lines of reporting;

• Formal written policies;

• Clear authorisation and approval levels; and

• Well publicised policies and procedures as required by law for the safeguarding and protection of children, including procedures for the vetting of staff, volunteers and contractors.

Safeguarding

In common with all schools, the safeguarding and protection of children in the College’s care is of paramount importance and the Governing Body ensures that adequate time and resources are devoted to it; appropriate policies and procedures and training are in place and followed; and a policy of openness and collaboration, both within the School and with relevant external authorities, is pursued.

Public Policy

Adverse changes to the public policy framework within which charitable independent schools operate and adverse media interest could potentially have a detrimental effect on the reputation and finances of both the school and independent education in general. The school retains appropriate legal, communications and other professional advice in addition to its own in-house resources. More broadly, the school works with sector representative bodies to promote the benefits to society that come from independent schools.

Academic Performance

The Warden and Fellows are mindful of the need to maintain pupil numbers and the academic performance of the School.

Quality and Suitability of Campus

The school is also dependent on the quality and suitability of its buildings and facilities, including IT. This brings its own challenges, including data protection and cybersecurity risks, and the school is aware of the need to spend appropriately on continuous improvement and development.

The school is currently undertaking a major redevelopment programme to replace the existing PE Centre and reshape the southern part of the campus with the construction of two new boarding houses. Financial and operational risks inevitably accompany any project of this size and extensive steps have been undertaken to ensure the project is appropriately managed and monitored, with regular reporting to the Governing Body.

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Financial Review

The financial statements are presented in the standard format required by the Statement of Recommended Practice on Accounting and Reporting by Charities issued in 2019 (“the Charities SORP”) and Financial Reporting Standard 102. These consolidated accounts incorporate the results of the College and its three wholly-owned trading subsidiaries, Winchester College Sports Limited,

Beam Design Limited and Winchester College Trading Company Limited.

The Statement of Financial Activities is a complex document and the simplified statement below seeks to bring out the College’s main sources of income and the results of its activities:

	2023 £’000 2022 £’000
Income
Gross school fees Gross scholarships and bursaries Other school income including contributions towards bursaries School fees and other school income Trading and other income Investment income Fundraising income	32,608 30,285 (4,101) (3,802) 3,145 2,570
	31,652 29,053
	810 319 6,046 4,960 972 598
	39,480 34,930
Expenditure
On charitable activities On generating other income Net operating loss Kingsgate Park capital fundraising New endowment Net income	(37,021) (33,373) (4,111) (3,193)
	(41,132) (36,566)
	(1,652) (1,636)
	108 1,686 26,523 15,971
	24,979 16,021
Analysis of net income by source:
School income Depreciation Defcit in school income Trading, investment and fundraising net of costs Net operating loss Kingsgate Park capital fundraising New endowment Net income Gains on revaluation of tangible fxed assets Investment (losses)/gains Pension scheme actuarial losses Net movement in funds	(2,334) (1,259) (3,035) (3,061)
	(5,369) (4,320)
	3,717 2,684
	(1,652) (1,636) 108 1,686 26,523 15,971
	24,979 16,021
	219 886 (10,572) 130 (459) (491)
	14,167 16,546

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Financial Review

Fee Income bursaries and rebates

The School’s core, charitable activities produce the majority of income, with school fees, and income from other activities associated with running the School producing income after bursaries and other discounts of £31.7m. Gross school fee income before discounts grew by 7.7%, reflecting a fee increase of 6.0% year on year, alongside further fee income of £0.7m received from the first year of day pupils at the School.

Bursaries, scholarships and other awards totalling £4.1m (2022: £3.8m) were deducted from gross fees during the year, with 118 pupils receiving bursary funding in the year, as explained more fully on page 12. The College remains committed to increasing bursary provision as funds allow, with the provision of the Wykeham Award, a bursary specifically focused on sixth form entrants from state schools, continuing to grow for the coming year.

Trading and Investment Income

Trading income continued to improve in year with an increase of £0.5m. External activities, such as residential summer courses run by third parties, were expanded with a second provider operating over the Summer. A restructure to Tour timings has significantly improved profitability and sports hirings, weddings, filming contracts and an outdoor theatre run in year all contributed to results.

Income from the College’s investments and cash deposits increased by £0.9m to £5.8m. A £0.6m decrease in dividend income reflects the nature of the portfolio with investments focused on long term value creation rather than short term cash distribution. Property investment income has increased in the year by £0.2m to £2.3m reflecting enhanced farm rentals and a transfer of residential property into the portfolio during the year. Interest receivable of £2.0m is up from £0.7m in 2022, reflecting improved interest rates from fixed term deposits and money market funds during the year.

Fundraising

The College has received a record amount of donation income in year, driven by an increase in endowment donations, primarily received for the purpose of expanding future bursary provision. This funding source plays a critical role in the College’s financing with £27.5m raised in the year, a significant increase of £9.4m on the previous year (2022: £18.1m). The College is immensely grateful to donors for their generosity.

Fundraising falls into two categories. Firstly, donations to endowed funds, which are treated as income under charity accounting, but in practice have to be ring-fenced and invested, and hence are not immediately available to support the College’s activities. The second category is donations which can be restricted, or unrestricted, and are expendable in accordance with the donors’ wishes and the requirements of the College.

Endowed funds received in the year included donations to the College Bursary Fund, the Warden Sinclair Fund that provides assistance to pupils who are in receipt of a bursary to take full advantage of the opportunities available at the College, and the Wykeham Fund, which supports the College’s charitable objectives through the three principal areas of the provision of bursaries, the maintenance of the Ancient Buildings and collections and support for the Quiristers.

The War Cloister fundraising campaign for the ongoing refurbishment of War Cloister in advance of its centenary year, has raised £0.5m to date with a fundraising target of £1m. This campaign was supported by the biennial telephone appeal in Summer 2023.

Unrestricted donation income, which is available for immediate operational use, increased, marginally from £0.2m to £0.3m.

Expenditure

Total expenditure in the year was £41.1m (2022: £36.6m). This was 12% higher than the previous year, although was in line with expectations as actual expenditure remained £1.0m below budget for the year. This increase in expenditure reflects an increase in the size of the school and inflationary pressures, particularly on food, utilities and wages. The largest increase to school expenditure in year was an increase in teaching costs of £1.5m.

Increases across several other areas including IT, with new devices installed across the music technology suite and design and technology CAD lab, and an expanded range of events across the school year contributed to the overall increase in teaching expenditure.

Premises costs experienced an increase of £0.6m, reflecting a busy Summer in which campus improvements were completed. Portfolio

management and financing costs were up slightly by £0.02m due to an expanding property portfolio.

Support and welfare activities saw increased expenditure of £1.1m, reflecting both food price inflation in the year, and the College’s continued focus on providing a safe environment in which to work and study.

Results

Reserves

Overall, the group generated a net operating loss of £1.7m in year, which is comparable to the result for 2022. Net movement in funds after investment and actuarial losses was £31.7m ( 2022: £29.1m ).

The College has substantial reserves, though by their very nature the use of the income and capital of each fund is limited in accordance with the wishes of the donors when the funds were established. These reserves are shown under restricted and endowed funds and summarised below.

As noted above, a further £26.5m ( 2022: £15.97m ) was received for the endowment which is capital in nature and has to be set aside from operating results and added to the College’s investments, so that the income generated may benefit both current and future generations, largely through an expanded bursary programme.

----- Start of picture text -----
2023 2022
£’m £’m
Endowment - Permanent 4 4
Endowment - Expendable 385 374
Restricted 2 2
Unrestricted 57 54
Total 448 434
----- End of picture text -----

Balance Sheet

The net asset position of the College has improved by £14.0m in the year, principally due to the receipt of new endowment donations of £26.5m as mentioned above.

The College needs to have sufficient unrestricted reserves to enable it to meet its charitable obligations in the short term should there be an unexpected revenue shortfall.

The College expended £15.4m ( 2022: £20.6m ) on capital projects in the year, including £0.5m on boarding house refurbishments, £2.4m on planning and preparing for two new boarding houses, £1.0m on enhancements to the campus including restoration works on War Cloister and refurbishment of “Thorns” as a second Day House, as well as £0.7m to relocate the medical centre to Kingsgate Street which is due to open in early 2024. £10.6m ( 2022: £18.2m ) was expended on the Kingsgate Park project.

The existence of unrestricted reserves also offers the College flexibility to plan and fund major projects to develop and maintain its buildings and facilities. The unrestricted reserve (or “General Purposes Reserve”) is expendable at the discretion of the Warden and Fellows in the furtherance of the Objects of the College.

In addition, the Warden and Fellows may call on the Winchester College Foundation, which is an expendable endowment intended to support the general purposes of the College. It is the intention of the Warden and Fellows to maintain the real value of the Foundation and use the income derived to support the College’s three main charitable objectives: bursaries, the Ancient Buildings and Quiristers. However, in extremis, the Foundation could provide adequate cover for the College’s longer-term capital expenditure commitments and any other longer-term financial obligations.

Cash holdings were supported by the drawdown of a £25m long term fixed rate loan in September 2022, providing funding to support the medium-term expansion of the College to 900 pupils. These funds add to the £40m previously drawn to enable the College to manage its cash flow requirements alongside investing in capital improvements to the Campus. The full £65m is recorded in creditors due in more than one year. Further information can be found in note 27 to the financial statements.

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Financial Review

Free reserves represent the unrestricted funds excluding the value of fixed assets less associated funding arrangements. These increased by £54.7m to £27.6m (2022: negative £27.1m), principally as a result of recognising an additional £65m loan from the Foundation, as described in note 25. The remainder of the movement relates to additions to fixed assets during the year. The level of free reserves is considered by the College to be adequate.

Investment policies and performance

The College invests funds to support its activities for the long term, across a spread of different asset classes. The three main components are:

• Over 8,000 acres of rural property holdings with their ancillary residential, commercial, sporting and woodland interests,

• 29 residential properties in Winchester which are let out on the open market, and

• a diversified portfolio of equities, fixed income and alternative investments.

These investments form the principal assets of the College’s expendable and permanent endowed funds. In addition, the College maintains significant cash holdings.

The College’s investment objectives are to:

1. maintain (at least) the value of the investments in real terms;

2. produce a consistent and sustainable amount to support expenditure; and

3. deliver (1) and (2) within acceptable levels of risk.

The College uses returns from these investments to help pay for:

• scholarships and bursaries awarded to pupils;

• the Quiristers, the College’s choral foundation;

• the preservation and maintenance of the Ancient Buildings; and

• other purposes specified by endowed and restricted funds.

This is intended to balance the needs of current and future beneficiaries of the College.

The College invests funds to support its activities for the long term, across a spread of different asset classes.

To meet these objectives, the College’s investments as a whole are managed on a total return basis, maintaining diversification across a range of asset classes in order to produce an appropriate balance between risk and return.

The Statutes of the College permit the College’s funds to be invested in assets of any nature and the College has long had a policy of holding different asset classes. In line with this approach, an Order has been obtained from the Charity Commission to allow the College to invest permanent endowments to maximise total return and to make available an appropriate proportion of the total return for expenditure each year.

Under this total return accounting basis, the Warden and Fellows extracted as income in the year 3.5%, of the value of the relevant investments. Further information can be found in note 1.9 and 6 of the financial statements.

Investment policy, asset allocation and performance are monitored by the Investment Committee. The Investment Committee consists of three Fellows, two members of the College management and four external members selected for their relevant expertise and experience.

assets portfolio, 7% by the portfolio of residential properties and 1% by the fees in advance scheme investments.

Property Holdings

The College’s property holdings and their associated interests were valued at the balance sheet date at £155.0m ( 2022: £163.6m ), after farm improvements of £0.7m and a net revaluation loss of £9.7m. This reflects a more challenging year for the real estate market.

The total returns from the College’s investments in the year on a like for like basis comprised dividend and rental income totalling £3.9m less valuation losses on financial and property assets of £10.5m and management fees of £1.0m. Additive items were net property improvements and transfers into and out of the portfolio of £1.4m, and new funds of £26.6m. After the annual extraction of £7.2m, total investments rose by £13.2m in the year. At the balance sheet date, the College’s investments were valued at £335m ( 2022: £322m ), with £9.7m and £0.8m of losses across property and financial assets respectively as disclosed in the Statement of Financial Activities. Of the balance sheet value, 46% was represented by the College’s property holdings, 46% by the financial

The property holdings, managed by Savills on behalf of the College, include the College’s interest in Barton Farm (land on the outskirts of Winchester), on which, in October 2012, outline planning consent was granted for 2,000 houses. To date, the developers, CALA Homes (Thames) Limited, have purchased from the College sufficient land to build 686 houses, for which the College has received £46.1m. Further information can be found in note 15(a) to these financial statements.

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Financial Review

We have set a target of having at least 60% of the securities portfolio invested in funds with some degree of integration of ESG considerations into their investment processes.

ESG Strategy for Securities Portfolio

----- Start of picture text -----
Target allocation to ESG strategies 15%
Allocation split:
60%
ESG Leader
ESG Advanced
ESG Initiated
Actual allocation to ESG strategies
33%
74% 26%
----- End of picture text -----

The categorisation of managers within the portfolio is determined by the managers responses to Partners Capital’s ESG and Impact Investing Survey combined with their ongoing monitoring of the manager.

The portfolio of 29 residential houses ( 2022: 28 ) is held principally for the rental stream they generate. Two properties under the existing ownership of the College were transferred to the portfolio during 2023 to maximise returns on those assets. The valuation of housing stock has declined on average by 1.3% in the year, reflecting the impact of rising interest rates and the start of a correction to UK house prices.

Financial Assets

During the year the College’s financial assets portfolio was principally managed by Partners Capital. The College also utilised Troy Asset Management for legacy funds. Partners Capital report on the consolidated position of funds held by themselves and the other managers to the Investment Committee on a regular basis. In addition, the College directly holds positions in Tetragon Financial Group Ltd and Arisaig Consumer Fund Ltd, which have been generously donated to the College. The portfolio’s asset allocation and major holdings are set out in note 15 (c).

Portfolio performance has been adversely affected by the global economic environment in 2023, which has been partially mitigated by rebalancing of asset allocations, with a net return after fees and expenses of (0.8%) for the period 1 September 2022 to 31 August 2023. Currency translation gains from US Dollar to Sterling in 2022 were reversed in 2023, detracting from the overall performance of the portfolio in Sterling terms.

The diversified financial assets portfolio is invested so as to deliver a sustainable return to support the College’s charitable objectives over the long term, whilst maintaining sufficient liquidity to meet cash commitments without having to sell equities at short notice.

Proceeds from land sales, together with new donations to the endowed funds, are primarily invested into the financial assets portfolio. During the year new donations of £20.6m were invested into the financial asset portfolio. The balance of new endowment funds of £5.9m was held in cash at the year end, waiting to be invested in the financial asset portfolio in 2023/24. Dividends and interest of £1.6m were received and reinvested, fees of £0.3m paid, £0.5m spent on a commercial property purchase and £5.0m extracted. After the above movements and a revaluation loss of £0.8m, the year-end value of the financial assets portfolio was £152.6m ( 2022: £131.1m ).

In addition to the property and financial assets portfolios, the College holds a separate portfolio of lower-risk assets to support the College’s fees in advance scheme. This portfolio is invested in a spread of fixed deposits, investment grade corporate bond funds, UK gilts and cash. As these investments are not held as part of the College’s long-term investment strategy, but specifically to help meet liabilities under the fees in advance scheme, the income and gains arising are excluded from the overall return figures set out within this Report.

Responsible Investment

Winchester College seeks to incorporate responsible investment best practices into investment decision making. We are focused on Environmental, Social and Governance (ESG) factors that may have a material impact on our investment risk or return.

One such example is the substantial allocation (c.41% of the securities portfolio) to iShares ESG Aware ETFs. The iShares ESG Aware series of ETFs seek to track the investment results of an index composed of companies that have positive environmental, social and governance features while exhibiting risk and return characteristics similar to the broad index. Within our formal Responsibility Investment Policy, we have set a target of having at least 60% of the securities portfolio invested in funds with some degree of integration of ESG considerations into their investment processes.

Through the aforementioned iShares ESG Aware ETFs, as well as investments in ESG orientated and specialised managers, the College has exceeded this target since the end of 2021 (74% compliance as of November 2023).

Alongside our Investment Advisor, Winchester College will continue to encourage ESG adoption through the following steps:

1) The application by its Investment Adviser of an ESG due diligence framework when selecting third-party funds for inclusion in the Securities Portfolio. This will involve a review of a potential third-party fund manager’s ESG policies and governance, an assessment of how the manager integrates ESG factors into investment decisions, and determination of how the manager communicates ESG information to its various stakeholders. Every manager will be surveyed annually by the Investment Advisor to ensure compliance.

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Financial Review

The College is executing the Warden’s Vision to expand the number of pupils at the College.

2) Considered and focused dialogue with third-party fund managers conducted by the Investment Advisor with the aim of alerting third-party fund managers to investor concerns and encouraging positive change on ESG issues, by sharing views and examples of best practice with those managers.

Future Plans

The Warden and Fellows are mindful of the need to offer an education which is both relevant and beneficial in the current climate and can be afforded by those who wish to access it. To that end, the College

is executing the Warden’s Vision to expand the number of pupils at the College. This is expected to deliver economies of scale and widen the reach of the College by expanding the number of places available. An accelerated bursary programme will also provide means tested fee remission to a greater number of pupils. The introduction of day pupils including girls into the sixth form in September 2022 was the first step on this journey.

The College was granted planning permission in August 2023 to build two new boarding houses alongside landscaping of Kingsgate Park and installation of a fullsize all-weather pitch. This provides the platform for the expansion of pupil numbers from current levels to the target of 900. The installation of an all-weather pitch will complement the new sports centre, which is nearing completion.

Going concern

A detailed budget has been prepared for the 2023/24 academic year as well as a 10 year cashflow forecast, which consider the College’s cash position, sources of income and planned expenditure. This budget and forecast take account of key challenges foreseen including the economic and political environment, and inflationary pressure on wages, construction costs and utilities. Both the budget and forecast have made prudent assumptions relating to our future income streams. Financial performance continues to be monitored regularly and, as mentioned above, the College has a large endowment. The Warden and Fellows have scrutinised the key assumptions within the financial budget and forecast and are satisfied that the current level of free reserves, available investment and cash balances are sufficient to allow the College to meet its commitments as they fall due.

Responsibilities of the Warden and Fellows

The Warden and Fellows are responsible for preparing the Report of the Warden and Fellows and the financial statements in accordance with applicable law and regulations.

Charity law requires the Warden and Fellows to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting

Practice (FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland) and applicable law.

Under charity law the Warden and Fellows must not approve the financial statements unless they:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue to operate.

The Warden and Fellows are responsible for keeping proper accounting records that are sufficient to show and explain the College’s transactions and disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the financial statements comply with the Charities Act 2011 and Charities Act 2022. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Warden and Fellows confirm that they have complied with the above requirements.

Approved by the Warden and Fellows on 25 November 2023 and signed on their behalf by:

Sir Richard Stagg Warden of Winchester College

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CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

CONSOLIDATED AND COLLEGE BALANCE SHEETS

FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
Unrestricted Restricted Endowed 2023 2022
Funds Funds Funds Total Total
Notes £’000 £’000 £’000 £’000 £’000
Income:
Income from charitable activities
School fees receivable 2 30,272 - - 30,272 27,719
Other income 3 1,380 - - 1,380 1,334
Income from other activities
Trading income 4 756 - - 756 256
Other activities 4 54 - - 54 63
Investment income 5 28 - 3,867 3,895 4,284
Capital applied to income 6 5,192 2,048 (7,240) - -
Bank and other interest 7 1,848 - 303 2,151 676
Grants and donations 8 311 685 26,563 27,559 18,208
Other development income 8 44 - - 44 47
Total income 39,885 2,733 23,493 66,111 52,587
Expenditure:
Costs of raising funds
Trading costs 9 (489) - - (489) (281)
Financing costs 10 (1,637) - - (1,637) (1,233)
Investment management 9 - - (1,009) (1,009) (740)
Development costs:
- Fundraising 9 (590) - - (590) (575)
- Other activities 9 (386) - - (386) (364)
Total costs of raising funds 9 (3,102) - (1,009) (4,111) (3,193)
Charitable activities
Education and grant making 9 (33,251) (2,272) (808) (36,331) (32,462)
Preservation of buildings and contents 9 (395) (295) - (690) (911)
Total expenditure (36,748) (2,567) (1,817) (41,132) (36,566)
Net incoming resources before transfers and investment gains 3,137 166 21,676 24,979 16,021
Gains on revaluation of tangible fixed assets 12 37 - 182 219 886
(Losses)/gains on property investments 15 - - (9,663) (9,663) 1,075
Losses on financial assets portfolio 15 - - (883) (883) (804)
Losses on fees in advance investments 16 (26) - - (26) (141)
Transfers between funds 23 181 (181) - - -
Net income and capital inflow/(outflow) 3,329 (15) 11,312 14,626 17,037
Pension scheme actuarial losses 26 (459) - - (459) (491)
Net movement in funds for the year 2,870 (15) 11,312 14,167 16,546
Fund balances brought forward 53,993 1,569 378,413 433,975 417,429
Fund balances carried forward
56,863 1,554 389,725 448,142 433,975
at 31 August 2023
----- End of picture text -----

FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
Group College
2023 2022 2023 2022
Notes £’000 £’000 £’000 £’000
Fixed Assets
Tangible fixed assets 12 151,210 139,336 151,210 139,336
Investments 14 335,091 321,931 335,151 321,991
486,301 461,267 486,361 461,327
Current Assets
Stock 10 8 - -
Debtors 17 1,072 526 1,146 858
Cash and deposits 39,081 28,283 39,021 28,139
40,163 28,817 40,167 28,997
Creditors:
amounts falling due within one year 18 (10,697) (12,968) (10,611) (12,938)
Net Current Assets 29,466 15,849 29,556 16,059
Total Assets Less Current Liabilities 515,767 477,116 515,917 477,386
Creditors:
amounts falling due after more than one year 19 (67,625) (43,141) (67,625) (43,141)
Net Assets Before Pension Deficit 448,142 433,975 448,292 434,245
Pension Scheme deficit 26 - - - -
Net Assets After Pension Deficit 448,142 433,975 448,292 434,245
Represented by:
Endowed Funds 23 389,725 378,413 389,725 378,413
Restricted Funds 23 1,554 1,569 1,554 1,569
Unrestricted Funds
General Purpose Reserve 23 56,863 53,993 57,013 54,263
Pension Reserve 26 - - - -
448,142 433,975 448,292 434,245
----- End of picture text -----

The total surplus recognised by the College in 2023 was £14,047,000 (2022: £16,581,000).

These financial statements were approved by the Warden and Fellows on 25 November 2023 and were signed on their behalf by:

Warden

Bursar

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CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
2023 2022
Total Total
Notes £’000 £’000
Net cash (outflow)/inflow from operations (i) (5,586) 1,590
----- End of picture text -----

Cash fows from fnancing activities New endowment New loan note Fees in advance scheme Interest and fnance costs paid Cash fows from investing activities Investment income and bank interest received Payments for tangible fxed assets Payments for investments Acquisition and improvements to estates properties Proceeds from sales of estates properties Proceeds from sale of fxed assets Proceeds from sale of investments Net cash used in investing activities Change in cash and cash equivalents in the reporting year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	26,563 15,721 25,000 - (861) 96 (1,637) (1,233)
	49,065 14,584
	6,046 4,960 (15,655) (21,375) (27,887) (35,670) (703) (396) - 14,773 1 23 5,517 7,417
	(32,681) (30,268) 10,798 (14,094) 28,283 42,377
	39,081 28,283

FOR THE YEAR ENDED 31 AUGUST 2023

	2023 Total £’000 2022 Total £’000
(i) Reconciliation of net income to net cash fow from operating activities
Net incoming resources Elimination of non-operating cash fows: - Investment income - Interest receivable - Endowment donations - Financing costs FRS102 pension adjustments Depreciation charge Proft on sale of assets (Increase)/decrease in debtors and stock (Decrease)/increase in creditors (excluding fees in advance scheme and parent deposits) Increase in parents’ deposits Net cash (outfow)/infow from operations	24,979 16,021
	(3,895) (4,284) (2,151) (676) (26,563) (15,721) 1,637 1,233 (459) (491) 3,035 3,061 (1) (23) (549) 23 (2,354) 2,024 735 423
	(30,565) (14,431)
	(5,586) 1,590
(ii) Analysis of cash and cash equivalents
Cash at bank Bank deposits	4,777 7,334 34,304 20,949
	39,081 28,283

	At 1 September 2022 £’000 Movement £’000 At 31 August 2023 £’000
Reconciliation of net debt
Cash and cash equivalents Loan Net debt	28,283 10,798 39,081 (40,000) (25,000) (65,000)
	(11,717) (14,202) (25,919)

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NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

The College is a Public Benefit Entity. The College was founded in 1382 and registered as a charity with the Charity Commission for England and Wales on 12 November 2010 (charity number 1139000). Its registered office is: Winchester College, College Street, Winchester, Hampshire, SO23 9NA.

The consolidated financial statements have been prepared in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Statement of Recommended Practice on Accounting and Reporting applicable to charities preparing their accounts in accordance with FRS 102 (“The Charities Statement of Recommended Practice 2019”).

The financial statements have been prepared to give a ‘true and fair’ view and departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved preparing accounts in accordance with FRS 102 rather than SORP 2005 which has since been withdrawn.

The financial statements consolidate those of the College and its wholly owned trading subsidiary companies: Beam Design Limited (company no. 02902175) and Winchester College Trading Company Limited (company no. 02673873).

The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of certain assets including investment properties and other investments. The functional currency of the College is considered to be GBP because that is the currency of the primary economic environment in which the College operates.

A detailed budget has been prepared for the 2023/24 academic year as well as a 10 year cashflow forecast, which consider the College’s cash position, sources of income and planned expenditure. The budget and forecast take account of key challenges foreseen including the economic and political environment, and inflationary pressure on wages, construction and utilities. Both the budget and forecast have made prudent assumptions relating to future income streams. Financial performance continues to be monitored regularly and, as mentioned above, the College has a large endowment. The Warden and Fellows have scrutinised the key assumptions within the financial budget and forecast and are satisfied that the current level of free reserves, available investment and cash balances, and in extremis the expendable endowment, are adequate to meet the College’s obligations as they fall due. Having regard to the above, the Warden and Fellows are satisfied that there are no material uncertainties around the decision to adopt the going concern basis of accounting in preparing these financial statements.

1.1 Fees and similar income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the College against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

1.2 Investment income

Interest on bank balances and fixed interest securities is accounted for on the accruals basis. Credit is only taken for dividend income and similar distributions when received. Income from investment properties is accounted for in the period to which the rental income relates.

1.3 Donations, legacies, grants and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the College is considered probable. Voluntary income received for the general purpose of the College is credited to unrestricted funds. Voluntary income subject to specific wishes of the donor is credited to the relevant restricted fund or, where the voluntary income is required to be held as permanent capital, to endowed funds. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the College in the case of donated services or facilities.

1.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Certain expenditure is apportioned to expenditure categories based on the estimated amount attributable to that activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. The direct costs incurred in preserving the College’s Ancient Buildings and their contents are shown as a charitable activity separate to that of education and grant-making. Irrecoverable Value Added Tax is included with the item of expenditure to which it relates.

Governance costs comprise the costs of running the charity and of complying with constitutional and statutory requirements. Intra-group sales and charges between the College and its subsidiaries are excluded from group trading income and expenditure.

Termination benefits are recognised in the Statement of Financial Activities when the College has demonstrably committed to making termination payments and there is no realistic possibility of withdrawal from a termination agreement.

1.5 Tangible fixed assets

Expenditure on the acquisition, construction or enhancement of land and buildings costing more than £50,000 together with artefacts, vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £5,000 are capitalised and carried in the Balance Sheet at historical cost less depreciation. The cost of ICT equipment is written off as incurred. In certain circumstances, where the original costs of assets are not ascertainable, a reasonable estimate of the cost, if material, has been used.

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

Other expenditure on equipment incurred in the normal day-to-day running of the College and its subsidiaries is charged to the Statement of Financial Activities as incurred.

The exception to holding assets at cost is that residential houses for staff accommodation are shown at market value. These properties are revalued annually. The surplus or deficit on revaluation is dealt with in the Statement of Financial Activities.

The College also holds certain heritage assets which are not recognised on the balance sheet, in accordance with the requirements of the Charities SORP 2019, as information on their cost or valuation is not available due to the length of ownership and unique nature of the assets in question. Further information on these assets can be found in note 13.

1.6 Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets, less their estimated residual value based on current market prices, in equal annual instalments over their expected useful economic lives as follows:

College buildings, including major extensions 50 years Residential houses for staff 50 years Refurbishments, alterations and minor extensions 7 to 15 years Furniture, machinery and equipment 4 to 15 years Motor vehicles 4 years

Land is not depreciated

1.7 Investments

Investment properties have been valued as individual investments at their market values as at the balance sheet date. Purchases and sales of investment properties are recognised on unconditional exchange of contracts.

Listed investments are valued at market value as at the balance sheet date. Investments such as hedged equities and private equity funds, which have no readily identifiable market value, are included at the most recent valuations from their respective managers.

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

Investments in subsidiaries in the College balance sheet are held at cost less provision for impairment.

1.8 Stock

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

1.9 Total return accounting

The Charity Commission permitted the College to adopt the use of total return in relation to its permanent endowment on 26 June 2008. The power permits the College to invest permanent endowments to maximise total return and to make available

an appropriate proportion of the total return for expenditure each year. Until this power is exercised the total return will be an “unapplied total return” and remain as part of the permanent endowment. The Warden and Fellows have decided it is in the interests of the College to present its expendable endowment in the same way, though there is no legal restriction on the power to distribute the expendable reserve.

To represent the “preserved value” of the original gifts the Warden and Fellows have used the gifted values of the permanent endowments where known, or otherwise their values as at 31 December 1954 when a scheme of consolidation was approved by the Privy Council for those funds subject to that scheme, and as at 31 December 1985 for other funds, together with the gifted values of any subsequent additions.

1.10 Fund accounting

The total funds of the College and its subsidiaries are allocated to unrestricted, restricted or endowed funds based on the terms set by the donors. Endowed funds are further sub-divided into permanent and expendable.

Unrestricted funds can be used in furtherance of the Objects of the College at the discretion of the Warden and Fellows. The Warden and Fellows may decide that part of the unrestricted funds shall be used in future for a specific purpose and this will be accounted for by transfers to appropriate designated funds.

Restricted funds comprise gifts, legacies and grants where the donors have earmarked funds for specific purposes. They consist of either gifts where the donor has specified that both the capital and any income arising must be used for the purposes given or the income on gifts where the donor has required that the capital be maintained and the income used for specific purposes.

Permanent endowment funds arise where donors specify that the funds should be retained as capital for the permanent benefit of the College. Any income arising from the capital will be accounted for as unrestricted funds unless the donor has placed further restrictions on the use of that income, in which case it will be accounted for as a restricted fund.

Expendable endowment funds are similar to permanent endowment in that they have been given, or the College has determined based on the circumstances that they have been given, for the long-term benefit of the College. However, the Warden and Fellows may at their discretion determine to spend all or part of the capital.

Further details of the funds recognised under each heading are set out in notes 21 to 23.

1.11 Pension costs

Retirement benefits to employees of the College are provided through three pension schemes; a closed defined benefit scheme, a defined contribution scheme and the Teachers’ Pension Scheme. The pension costs charged in the Statement of Financial Activities are determined as follows:

The Teachers’ Pension Scheme - This scheme is a multi-employer defined benefit pension scheme. It is not possible to identify the assets and liabilities of the Teachers’ Pension Scheme, which are attributable to the College, on a consistent and reasonable basis and therefore, as required by FRS102, the College accounts for the scheme as if it were a defined contribution scheme. The College’s contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

The Winchester College Support Staff Pension Fund - This is an occupational defined benefit scheme. The defined benefit pension scheme current service costs are charged to the Statement of Financial Activities within staff costs. The expected return on the scheme assets less the scheme interest costs are credited within other interest. The scheme actuarial gains and losses are recognised immediately as other recognised gains and losses.

The defined benefit scheme assets are measured at fair value at the balance sheet date. Scheme liabilities are measured on an actuarial basis at the balance sheet date using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term to the scheme liabilities. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the Balance Sheet, although defined benefit assets may not be recognisable for statutory purposes. (See note 26).

The Winchester College Group Personal Pension Plan - This is a defined contribution group personal pension plan with Aviva. Employer’s pensions costs are charged in the period in which the salaries to which they relate are payable.

1.12 Operating leases

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.13 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and deferred income and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate.

1.14 Critical accounting judgements and key sources of estimation uncertainty

In the application of the College’s accounting policies, the Warden and Fellows are required to make judgements, estimates, and assumptions, about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below:

• Valuation of land and buildings – The College’s staff residential houses and land and buildings held as investment property, are stated at their estimated fair value based on professional valuations as disclosed in note 12 and 15.

• Pensions liabilities – The College recognises its liability to its defined benefit pension scheme which involves a number of estimations as disclosed in note 26.

1.15 Fees in Advance Scheme

Amounts received under the school’s Fees in Advance Scheme contracts for education, not yet utilised to settle school fees, are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

54 | Winchester College - Annual Report 2023

Winchester College - Annual Report 2023 | 55

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

2. CHARITABLE ACTIVITIES – FEES RECEIVABLE

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

Gross school fees	32,608	30,285
Less: Total scholarships, bursaries and other awards	(4,101)	(3,802)
	28,507	26,483
- Endowment donations
Add back: Bursaries and other awards paid for by restricted funds (note 9)	1,765	1,236
	30,272	27,719
A total of 194 awards were made in the year (2022: 190) to 162 individual pupils (2022: 165). Within these, means-tested bursaries		were
granted to 118 pupils (2022: 120).

5. INVESTMENT INCOME

----- Start of picture text -----
2023 2022
Unrestricted Restricted Endowed Total Total
£’000 £’000 £’000 £’000 £’000
Portfolio investment income
Equities - - 1,595 1,595 2,144
Cash - - - - -
- - 1,595 1,595 2,144
- Endowment donations
Portfolio investment income
Fixed interest 28 - - 28 24
Property investment income
Rents receivable - - 2,272 2,272 2,116
28 - 3,867 3,895 4,284
----- End of picture text -----

3. CHARITABLE ACTIVITIES – OTHER INCOME

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

	£’000 £’000
Extras Entrance and registration fees Social Centre and other sales Commissions and other income	917 896 453 433 8 4 2 1
	1,380 1,334

4. OTHER ACTIVITIES TO GENERATE FUNDS

	2023 £’000 2022 £’000
Trading income
Winchester College Enterprises	756 256
Other activities
Interest on overdue fees, feed-in-tarif and other income	54 63

6. STATEMENT OF INVESTMENT TOTAL RETURNS

The Warden and Fellows have adopted a policy of Total Return accounting for the College’s permanent endowment investment and invests on a total return basis. The return applied as income is currently 3.5% (plus costs) of a 5 year smoothed average valuation. The preserved value of the permanent endowments represents the values of the original gifts where known or otherwise the values of the endowment assets in 1954 and 1985 as described in Note 1.9 together with subsequent additional capital received.

----- Start of picture text -----
Permanent Expendable 2023
Endowment Endowment Total
£’000 £’000 £’000
----- End of picture text -----

	£’000 £’000 £’000
Investment return Investment income Capital losses Investment management costs Total return for the year Less: application as income Total return for the year less amount applied as income Unapplied total return at 1 September 2022 Unapplied total return at 31 August 2023 Preserved value	54 3,813 3,867 (29) (10,517) (10,546) (12) (997) (1,009)
	13 (7,701) (7,688) (143) (7,097) (7,240)
	(130) (14,798) (14,928)
	1,513 1,383 2,892

The income taken from the permanent and expendable endowments is applied to unrestricted and restricted funds in accordance with the terms of the individual trusts and special funds that make up the endowment. Further analysis can be found in note 23.

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Winchester College - Annual Report 2023 | 57

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

7. BANK AND OTHER INTEREST

	Unrestricted £’000 Restricted £’000 Endowed £’000 2023 Total £’000 2022 Total £’000
Bank interest Other interest	94 - - 94 151 1,754 - 303 2,057 525
	1,848 - 303 2,151 676

8. DEVELOPMENT INCOME

	Unrestricted £’000 Restricted £’000 Endowed £’000 2023 Total £’000 2022 Total £’000
Grants and donations
Development donations Fundraising events and activities	256 685 26,563 27,504 18,148 55 - - 55 60
	311 685 26,563 27,559 18,208
Other development income
Friends of Winchester College Alumni Parents	22 - - 22 26 15 - - 15 10 7 - - 7 11
	44 - - 44 47

The College brings together under one “umbrella” its relations with all constituents of the Wykehamical family, including Old Wykehamists, parents past and present, the Quirister Association and the Friends of Winchester College, through Winchester College Society. The aims of the Society are to maintain and build good relations amongst the worldwide Wykehamical family, foster support for the School and support for all it seeks to achieve and encourage the culture of giving.

Within endowed development donation income above, there is £23.9m which was received in the year specifically for the purpose of investment in bursaries and scholarships.

9. ANALYSIS OF RESOURCES EXPENDED

----- Start of picture text -----
Staff costs Depreciation 2023 2022
(note 11) (note 12) Other Total Total
£’000 £’000 £’000 £’000 £’000
(a) Total expenditure
Grants and donations
Trading costs 341 - 148 489 281
Financing costs (note 10) - - 1,637 1,637 1,233
Investment and estates management - - 1,009 1,009 740
Development costs
- Fundraising costs 322 - 268 590 575
- Other development costs 237 - 149 386 364
Total costs of raising funds 900 - 3,211 4,111 3,193
Charitable expenditure
Education and grant making
Teaching 12,550 128 1,820 14,498 13,032
Welfare 1,594 3 4,177 5,774 4,807
Premises repair and maintenance 2,386 2,904 4,851 10,141 9,493
Support costs of schooling 2,220 - 1,627 3,847 3,624
Grants, awards and prizes (note 9 (b)) - - 2,071 2,071 1,506
18,750 3,035 14,546 36,331 32,462
Preservation of Ancient Buildings and contents 46 - 644 690 911
Total charitable expenditure 18,796 3,035 15,190 37,021 33,373
Total expended 19,696 3,035 18,401 41,132 36,566
2023 2022
Unrestricted Restricted Total Total
£’000 £’000 £’000 £’000
(b) Grants, awards and prizes
Bursaries and other grants and awards paid for by restricted -
1,765 1,765 1,236
funds (note 2)
Quiristers - 228 228 212
Prizes and leaving awards 2 76 78 58
2 2,069 2,071 1,506
(c) Governance included in support costs
Remuneration paid to auditor for audit services 50 - 50 45
-
Other governance costs 98 98 65
148 - 148 110
----- End of picture text -----

One Fellow received remuneration of 2023: £1,296 ( 2022: £18,039 ) in the year for services provided to the College in addition to those services provided in the role of Fellow. Neither the Warden, Sub Warden, nor any other Fellow, received any remuneration or other benefits from Winchester College or any connected body. Travel expenses totalling £6,313 ( 2022: £5,213 ) were reimbursed to 7 members ( 2022: 9 ) of the Governing Body.

In addition to the above audit remuneration, the auditor received fees for corporation tax and VAT advisory services totalling £16,000 ( 2022: £9,000 ).

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Winchester College - Annual Report 2023 | 59

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

10. FINANCE AND OTHER COSTS

	2023 £’000 2022 £’000
Fees in advance debt fnancing cost Loan interest Other costs	31 31 1,587 1,092 19 110
	1,637 1,233

11. STAFF COSTS

The aggregate payroll costs for the year were as follows:

----- Start of picture text -----
2023 2022
£’000 £’000
----- End of picture text -----

	£’000 £’000
Wages and salaries Social security costs Pension costs Aggregate employee-benefts of key management personnel	15,911 16,136 1,497 1,542 2,288 2,065
	19,696 19,743
	1,946 1,835

The number of higher paid employees, as defined by the Charities SORP, was:

----- Start of picture text -----
2023 2022
No No
£60,001 to £70,000 30 32
£70,001 to £80,000 21 15
£80,001 to £90,000 12 5
£90,001 to £100,000 4 1
£100,001 to £110,000 1 2
£120,001 to £130,000 - 1
£130,001 to £140,000 1 -
£160,001 to £170,000 - 1
£170,001 to £180,000 1 -
£270,001 to £280,000 1 1
----- End of picture text -----

The number with retirement benefits accruing in:

	2023 No	2022 No
- money purchase schemes was	13	12
- of which the contributions amounted to	£132,000	£98,000
- defned beneft schemes was	57	46

The average number of the College’s employees during the year was 491 ( 2022: 549 ). The year on year reduction is due to the outsourcing of catering operations from August 2022. Calculated on a full time equivalent basis, there were 313 employees ( 2022: 364 ), as detailed below:

----- Start of picture text -----
2023 2022
No No
----- End of picture text -----

Teaching Welfare Premises Support Other activities	157 150 43 101 70 71 29 29 14 13
	313 364

12. TANGIBLE FIXED ASSETS

Freehold land and buildings

----- Start of picture text -----
Staff residential Boarding Artefacts, vehicles
houses houses Campus and equipment Total
Group and College £’000 £’000 £’000 £’000 £’000
Cost/valuation
At 1 September 2022 66,479 21,028 74,749 3,289 165,545
Additions and transfers in 915 2,811 12,381 197 16,304
Disposals and transfer out (1,574) - (40) (12) (1,626)
Revaluation (667) - - - (667)
At 31 August 2023 65,153 23,839 87,090 3,474 179,556
Depreciation
At 1 September 2022 - (11,918) (11,919) (2,372) (26,209)
Charge for the year (886) (1,152) (843) (154) (3,035)
Disposals - - - 12 12
Revaluation 886 - - - 886
At 31 August 2023 - (13,070) (12,762) (2,514) (28,346)
Net book value
At 31 August 2023 65,153 10,769 74,328 960 151,210
At 31 August 2022 66,479 9,110 62,830 917 139,336
----- End of picture text -----

Assets are held at historical cost less depreciation except for staff residential houses, which are shown at market value.

Assets under construction at the year end was £63.3m ( 2022: £51.2m ).

All tangible fixed assets are held for use on charitable activities except assets with a cost of £26,000 ( 2022: £26,000 ) and a net book value of £nil ( 2022: £nil ) used in the generation of funds.

An update to the formal valuation of the Staff residential houses on a market value basis as at 31 August 2020 was prepared by Mr G FitzGerald of Savills as at 31 August 2023.

The College has substantial historic assets that are used in the course of the College’s activities (see note 13).

13. HERITAGE ASSETS

The College has substantial historic assets which are used in the course of its activities. These collections include antiquities, ceramics, coins, watercolours, books and manuscripts, archives and Wiccamica (i.e. ephemera relating to the College), scientific equipment, silver and plated wares, furniture, sculptures, oil paintings and portraits, and the armoury. Many are unique to the College, being either commissioned by the College or donated. They are appropriately preserved, conserved and catalogued, through a continuous and evolving process. These historic assets were appraised by Sotheby’s in 2005 and are insured through an appropriate fine arts policy.

the history and heritage of the College and a unique resource for the advancement of education, with a number having a dual use, being frequently used in the day to day operation of the College.

The majority of these historic assets have been held for many years and accurate information on value or cost is not available for these assets. However, the Warden and Fellows consider that their historical cost less depreciation would not be material. More recent acquisitions and gifts are capitalised in accordance with the College’s accounting policies and are included within Tangible Fixed Assets under the heading “Artefacts, vehicles and equipment” (note 12). At the balance sheet date, heritage assets had a cost of £399,000 ( 2022: £399,000 ).

The Warden and Fellows consider that these collections are held in accordance with the College’s charitable objects as a vital part of

There were £47,000 of redundancy or termination payments charged during the year ( 2022: £30,000 ). There was £44,000 ( 2022: £nil ) outstanding at the year-end.

60 | Winchester College - Annual Report 2023

Winchester College - Annual Report 2023 | 61

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

14. INVESTMENTS

----- Start of picture text -----
Group College
2023 2022 2023 2022
£’000 £’000 £’000 £’000
Investments held in support of endowed funds (note 15)
----- End of picture text -----

Investments held in support of endowed funds (note 15)	£’000 £’000 £’000 £’000
Property investments - Property holdings - Residential properties Financial assets portfolio Investments held in support of the fees in advance scheme (note 16) Investments in subsidiaries	154,999 163,637 154,999 163,637 25,191 24,854 25,191 24,854
	180,190 188,491 180,190 188,491 152,584 131,143 152,584 131,143
	332,774 319,634 332,774 319,634 2,317 2,297 2,317 2,297 - - 60 60
	335,091 321,931 335,151 321,991

15. INVESTMENTS HELD IN SUPPORT OF ENDOWED FUNDS

Group and College

The College invests those funds it has been given to support its activities for the long term across a spread of different asset classes. Currently there are three main components:

• Over 8,500 acres of rural property holdings with their ancillary residential, commercial, sporting and woodland interests in Hampshire, Dorset and Cambridgeshire,

• twenty-eight residential properties in Winchester which are let out on the open market, and

• a diversified portfolio of stocks, shares and alternative investments.

These investments form the principal assets of the College’s expendable and permanent endowed funds.

The property holdings and residential properties and portfolio of financial assets are managed externally.

	2023 £’000 2022 £’000
(a) Property holdings
Valuation at 1 September 2022 Improvements and additions at cost Disposals at carrying value Net revaluation (losses)/gains in the year Valuation at 31 August 2023	163,637 165,398 703 396 - (3,232) (9,341) 1,075
	154,999 163,637

The College’s property holdings consist of two main elements; farm holdings and development land at Barton Farm on the outskirts of Winchester. A formal valuation of both elements was prepared by Mr G FitzGerald MRICS FAAV of Savills as at 31 August 2023.

	2023 £’000 2022 £’000
(b) Residential properties
Valuation at 1 September 2022 Transfers to fxed assets Transfers from fxed assets Net revaluation gains in the year Valuation at 31 August 2023	24,854 19,664 (915) - 1,574 5,190 (322) -
	25,191 24,854

	2023 £’000 2022 £’000
(c) Financial assets portfolio
Group investments At 1 September 2022 New money invested New money awaiting investment Withdrawals Reinvested income Amounts extracted Investment management fees Decrease in value of investments Group investments at 31 August 2023	131,143 103,203 26,219 28,100 - 5,418 (100) (2,615) 1,595 2,144 (5,044) (4,040) (346) (263) (883) (804)
	152,584 131,143
Investments comprise:
Listed investments Equities Alternative assets Hedged equities Private equity Fixed interest Credit and private debt Cash Group investments	82,818 72,538 13,482 15,962 6,651 3,830 3,916 3,341 21,744 15,512 23,973 19,960
	152,584 131,143

£9.0m of the cash balance within investments is managed by the College. The remainder of investments are managed and held in the UK by Partners Capital and Troy Asset Management Ltd. Within the Partners Capital portfolio, funds awaiting investment are invested in passive global equities funds managed by Blackrock. At 31 August 2023, 65% of the value of the Partners Capital portfolio is invested in funds which adhere to the Responsible Investment Policy, set by the College, against a target of 60%.

As hitherto, any realisations of the College’s investments have to be retained within the endowed funds, and it is the Governing Body’s intention that the income is to be used to support the College’s charitable objectives, including the provision of bursaries.

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Winchester College - Annual Report 2023 | 63

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

16. FEES IN ADVANCE INVESTMENTS

	2023 £’000 2022 £’000
At 1 September 2022 Money withdrawn Reinvested income Decrease in value of investments Group and College investments at 31 August 2023	2,297 2,930 (28) (524) 74 32 (26) (141)
	2,317 2,297
Investments comprise:
Listed investments Fixed interest Cash Group and College investments	713 739 1,604 1,558
	2,317 2,297

18. CREDITORS

	Group College
	2023 £’000 2022 £’000 2023 £’000 2022 £’000
Amounts falling due within one year
Deposits from parents Trade creditors Taxation and social security Other creditors Accruals and deferred income Deferred income - fees received in advance of Short Half Deferred income – Fees in Advance Scheme (note 20)	3,023 2,288 3,023 2,288 1,661 1,557 1,630 1,527 293 337 332 379 399 452 375 440 1,884 3,063 1,814 3,033 1,415 2,831 1,415 2,831 2,022 2,440 2,022 2,440
	10,697 12,968 10,611 12,938

19. CREDITORS

In addition to the above investments, the balance of the fees in advance scheme assets at the year-end were held within current assets as cash deposits. Fees in advance investments were managed and held throughout the year in the UK by J M Finn & Co.

17. DEBTORS

----- Start of picture text -----
Group College
2023 2022 2023 2022
£’000 £’000 £’000 £’000
----- End of picture text -----

	£’000 £’000 £’000 £’000
Fees and extras Trade Staf loans Tax recoverable Other debtors Other prepayments and accrued income Amounts due from subsidiary companies	56 113 56 113 189 37 141 33 67 54 67 54 - 48 - 48 393 94 394 93 367 180 366 174 - - 122 343
	1,072 526 1,146 858

All debtors are due within one year, except for £30,000 ( 2022: £27,000 ) of staff loans, which are due after more than one year.

	Group College
	2023 £’000 2022 £’000 2023 £’000 2022 £’000
Amounts falling due after more than one year
Loan notes (note 27) Other creditors Deferred income - Fees in Advance Scheme (note 20)	65,000 40,000 65,000 40,000 225 299 225 299 2,400 2,842 2,400 2,842
	67,625 43,141 67,625 43,141

20. FEES IN ADVANCE SCHEME

Parents may enter into a contract to pay the College in advance for fixed contributions towards the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the College, fees in advance will be applied as follows:

	2023 £’000	2022 £’000
After fve years Within two to fve years Within one to two years Within one year	- 1,276 1,124	54 1,534 1,254
	2,400 2,022	2,842 2,440
	4,422	5,282
Summary of movements in liability
Balance at 1 September 2022 New contracts Amounts used to pay fees Amounts accrued to contract as debt fnancing cost Balance at 31 August 2023		5,282 1,757 (2,466) (151)
		4,422

64 | Winchester College - Annual Report 2023

Winchester College - Annual Report 2023 | 65

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

21. FUNDS OF THE COLLEGE

The College’s funds are analysed under the following headings.

a) ENDOWED FUNDS

Winchester College Foundation

The Winchester College Foundation is a charitable trust settled by the Warden and Fellows in 1989 to support, promote and assist in the Objects of the College. The Warden and Fellows are its sole trustee. It is maintained as an expendable endowment. Income arising from the assets of the Foundation is available for the general purposes of the College. The Foundation owns most of the College’s residential houses and also has investments in the College’s investment properties, the pooled portfolio of stocks and shares, cash and long-term ‘loans’ to the other funds of the College to finance major projects.

The specific endowment funds are:

Trusts and Special Funds

These consist of numerous individual gifts, legacies and grants given to the College over many years for specific purposes. A distinguishing feature of these funds is that there is an express requirement or implicit understanding that the funds shall not be spent immediately but should be retained for the medium or longterm. Where donors have explicitly specified that capital is to be maintained, they are shown as permanent endowment, otherwise as expendable endowment. In both cases income arising is shown as restricted funds. These funds are invested in the College’s pooled portfolio of stocks and shares, and cash.

Permanent endowments

----- Start of picture text -----
Burge Fund For classical books.
Duncan Stewart Natural History To fund one full time Natural History Don.
For bursaries and for the augmentation of the salaries of the Chaplains of the College, for Wiccamica and to
Firth Bequest
augment the capital funds of the College.
Goddard Masters Fund For stipends for the Headmaster and Second Master.
Goddard Scholarships Leavers’ scholarships in the Classics.
Treasury Endowment Fund
To fund the day-to-day operations of the College’s new Treasury and study facility.
(formerly the Museum)
Oakeshott Fund To support cultural, social and literary activities.
Wiccamica Fund For the repair and maintenance of Wiccamica.
Consolidated Libraries Funds Numerous individual gifts to support the College’s various libraries.
Consolidated Prizes Funds Numerous individual gifts to establish prizes for pupils.
Consolidated Revenue Funds Individual gifts to support the upkeep of the War Memorial, playing fields, Treasury and Boat Club.
Consolidated Scholars Funds Individual gifts for the benefit of the Scholars.
Consolidated Travel Fund Numerous individual gifts to help pupils travel abroad for educational purposes.
----- End of picture text -----

Expendable endowments

Al Gordon Sports Fund	To improve the sports facilities at the College.
Ancient Buildings Fund Archives Fund Bursary Fund Deansley Gift Duncan Stewart Natural History Fund Graham Drew Travel Scholarships Jackson Bequest Warden Sinclair and Doc Bill Funds OWGS Micklem Coaching Fund Quirister & Shedden Funds Ralph & Cathy Townsend Bursary Fund Sparrow Bequest Warden’s Fund	For the long-term preservation of the College’s Ancient Buildings with their contents for the public beneft. For the conservation of the College archives and monuments. A consolidated fund of numerous individual gifts to provide bursaries to enable pupils to attend the College. For the beneft of the Scholars. To enhance the activities and appeal of the Natural History Society. To fund travel to study some aspect of European civilisation. For the general purposes of the College but with a preference for defraying the cost of publication of the Winchester College Register and the Roll and Records for Old Wykehamists. The Warden Sinclair Fund provides assistance to pupils who are in receipt of a bursary to take full advan- tage of the opportunities available at the College. The Doc Bill Fund operates in the same manner with a specifc focus on support of languages. To develop golf at the College. To maintain the choral foundation of the Quiristers who sing at chapel services. Incorporating the Shedden fund that provides bursaries for Quiristers. For bursary provision. Primarily for the maintenance of the library. For purposes benefcial to the College at the personal discretion of the Warden.
Wykeham Fund	For the long-term support of bursaries and the Ancient Buildings and Quiristers.

b) RESTRICTED FUNDS

Trusts and Special Funds

Included under this heading is accumulated, unspent restricted income arising from trusts and special funds.

Development and other funds

These represent current gifts, donations, legacies etc. received from external donors for specific purposes but where there is no requirement to preserve capital. Expenditure directly financed by such gifts is shown under restricted funds. The balance of items shown under the heading Development Fund represents donations for projects not yet completed. At 31 August 2023, these balances were:

----- Start of picture text -----
£’000
----- End of picture text -----

Boat Club Cricket D House E House G House Golf Grounds Gym Equipment Johnny Sutton Memorial Award War Cloister Julian Smith Music Fund College 21 other balances under £10,000	62 19 33 88 11 35 10 22 53 312 63 10 77
	795

c) UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the College’s activities and other sources that are available for the general purposes of the College.

66 | Winchester College - Annual Report 2023

Winchester College - Annual Report 2023 | 67

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
2023
Endowed Restricted Unrestricted Total
Current year £’000 £’000 £’000 £’000
----- End of picture text -----

Current year	£’000 £’000 £’000 £’000
Staf residential houses Other tangible assets Property investments Financial assets portfolio Fees in advance investments Foundation loan (note 25) Net current assets Long term liabilities Pension Scheme funding defcit	53,546 - 11,607 65,153 - - 86,057 86,057 180,190 - - 180,190 152,584 - - 152,584 - - 2,317 2,317 68,367 - (68,367) - 38 1,554 27,874 29,466 (65,000) - (2,625) (67,625) - - - -
	389,725 1,554 56,863 448,142

Last year	Endowed £’000 Restricted £’000 Unrestricted £’000 2022 Total £’000
Staf residential houses Other tangible assets Property investments Financial assets portfolio Fees in advance investments Foundation loan (note 25) Net current assets Long term liabilities Pension Scheme funding defcit	54,753 - 11,726 66,479 - - 72,857 72,857 188,491 - - 188,491 131,143 - - 131,143 - - 2,297 2,297 3,494 - (3,494) - 40,532 1,569 (26,252) 15,849 (40,000) - (3,141) (43,141) - - - -
	378,413 1,569 53,993 433,975

23. ANALYSIS OF MOVEMENTS ON FUNDS (CURRENT YEAR)

	At 1 September 2022 £’000 Incoming resources £’000 Capital applied to income £’000 Resources expended £’000 Other transfers £’000 Gains and losses £’000 At 31 August 2023 £’000
Unrestricted funds
General Purposes Reserve Pension Reserve	53,993 34,693 5,192 (37,207) 181 11 56,863 - - - 459 - (459) -
	53,993 34,693 5,192 (36,748) 181 (448) 56,863
Restricted funds
Trusts and special funds Development and other funds Kingsgate Park Friends of Winchester College	514 - 2,048 (1,960) - - 602 837 578 - (546) (74) - 795 209 107 - (61) (107) - 148 9 - - - - - 9
	1,569 685 2,048 (2,567) (181) - 1,554
Endowed - Expendable
Al Gordon Sports Fund Archives Fund Deansley Gift Drew Duncan Stewart Warden Sinclair Fund Doc Bill Fund Jackson OWGS Micklem Coaching Fund Sparrow Bequest Warden’s Fund Ancient Buildings Fund Bursary Fund Foundation Quirister Funds Shedden Fund Wykeham Fund	489 57 (16) (1) - (3) 526 152 2 (5) - - (1) 148 53 1 (2) - - - 52 199 5 (7) (1) - (1) 195 91 1 (2) - - - 90 1,277 30 (41) (3) - (8) 1,255 - 11 - - - - 11 313 4 (10) (1) - (2) 304 58 1 (2) - - - 57 169 2 (5) - - (1) 165 348 4 (11) (1) - (2) 338 262 3 (8) (1) - (2) 254 49,493 24,892 (1,603) (131) - (354) 72,297 315,050 3,395 (5,192) (1,650) - (9,914) 301,689 119 1 (4) - - (1) 115 1,059 13 (34) (3) - (7) 1,028 4,920 2,256 (155) (13) - (37) 6,971
	374,052 30,678 (7,097) (1,805) - (10,333) 385,495

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

23. ANALYSIS OF MOVEMENTS ON FUNDS (CURRENT YEAR) (continued)

----- Start of picture text -----
At 1 Capital At 31
September Incoming applied to Resources Other Gains and August
2022 resources income expended transfers losses 2023
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Endowed – Permanent - Total
----- End of picture text -----*

Burge Fund Duncan Stewart Firth Bequest Goddard Masters Fund Goddard Scholarships Treasury Endowment Fund Oakeshott Fund Wiccamica Consolidated Libraries Funds Consolidated Prizes Funds Consolidated Revenue Funds Consolidated Scholars Funds Consolidated Travel Funds Total endowment Total Funds	10 - - - - - 10 1,141 14 (38) (3) - (9) 1,105 796 10 (26) (2) - (6) 772 337 4 (11) (1) - (3) 326 65 1 (2) - - - 64 1,532 19 (50) (5) - (11) 1,485 77 1 (3) - - (1) 74 5 - - - - - 5 57 1 (2) - - - 56 214 3 (7) (1) - (1) 208 32 - (1) - - - 31 50 1 (2) - - - 49 45 1 (1) - - - 45
	4,361 55 (143) (12) - (31) 4,230
	378,413 30,733 (7,240) (1,817) - (10,364) 389,725
	433,975 66,111 - (41,132) - (10,812) 448,142

Other transfers represent current year expenditure, including capital expenditure on the Winchester College Treasury, funded out of donations to restricted and expendable endowment funds, in furtherance of the Fund’s principal aims

• The balances of the preserved Trusts for Investment within the above permanent endowment total balances is as follows:

	At 1 September 2021 £’000 Endowment donations £’000 At 1 September 2022 £’000 Endowment donations £’000 At 31 August 2023 £’000
Endowed – Permanent preserved balances
Burge Fund Duncan Stewart Firth Bequest Goddard Masters Fund Goddard Scholarships Treasury Endowment Fund Oakeshott Fund Wiccamica Consolidated Libraries Funds Consolidated Prizes Funds Consolidated Revenue Funds Consolidated Scholars Funds Consolidated Travel Funds	4 - 4 - 4 1,003 - 1,003 - 1,003 299 - 299 - 299 127 - 127 - 127 5 - 5 - 5 1,298 - 1,298 - 1,298 40 - 40 - 40 1 - 1 - 1 18 - 18 - 18 67 - 67 - 67 11 - 11 - 11 8 - 8 - 8 11 - 11 - 11
	2,892 - 2,892 - 2,892

24. ANALYSIS OF MOVEMENT OF FUNDS (Comparative figures to note 23)

	At 1 September 2021 £’000 Incoming resources £’000 Capital applied to income £’000 Resources expended £’000 Other transfers £’000 Gains and losses £’000 At 31 August 2022 £’000
Unrestricted funds
General Purposes Reserve Pension Reserve	51,490 30,078 4,566 (33,929) 1,773 15 53,993 - - - 491 - (491) -
	51,490 30,078 4,566 (33,438) 1,773 (476) 53,993
Restricted funds
Trusts and special funds Development and other funds Kingsgate Park Friends of Winchester College	402 - 1,468 (1,356) - - 514 812 291 - (218) (48) - 837 - 1,934 - - (1,725) - 209 9 - - - - - 9
	1,223 2,225 1,468 (1,574) (1,773) - 1,569
Endowed - Expendable
Al Gordon Sports Fund Archives Fund Deansley Gift Drew Duncan Stewart Warden Sinclair Fund Thwaites Music Scholarship Jackson OWGS Micklem Coaching Fund Sparrow Bequest Warden’s Fund Ancient Buildings Fund Bursary Fund Foundation Quirister Funds Shedden Fund Wykeham Fund	744 (228) (21) (2) - (4) 489 154 3 (4) - - (1) 152 54 1 (2) - - - 53 202 5 (6) (1) - (1) 199 92 1 (2) - - - 91 1,291 37 (39) (3) - (9) 1,277 45 (38) (1) (6) - - - 319 7 (10) (1) - (2) 313 59 1 (2) - - - 58 171 4 (5) - - (1) 169 355 7 (11) (1) - (2) 348 266 7 (8) (1) - (2) 262 34,492 16,451 (1,056) (89) - (305) 49,493 316,089 3,558 (4,567) (1,425) - 1,395 315,050 120 4 (4) - - (1) 119 1,080 23 (33) (3) - (8) 1,059 4,740 347 (127) (11) - (29) 4,920
	360,273 20,190 (5,898) (1,543) - 1,030 374,052

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Winchester College - Annual Report 2023 | 71

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

24. ANALYSIS OF MOVEMENT OF FUNDS (Comparative figures to note 23, continued)

----- Start of picture text -----
At 1 Capital At 31
September Incoming applied to Resources Other Gains and August
2021 resources income expended transfers losses 2022
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Endowed – Permanent - Total
----- End of picture text -----*

Burge Fund Duncan Stewart Firth Bequest Goddard Masters Fund Goddard Scholarships Treasury Endowment Fund Oakeshott Fund Wiccamica Consolidated Libraries Funds Consolidated Prizes Funds Consolidated Revenue Funds Consolidated Scholars Funds Consolidated Travel Funds Total endowment Total Funds	10 - - - - - 10 1,163 25 (36) (3) - (8) 1,141 812 17 (25) (2) - (6) 796 343 7 (10) (1) - (2) 337 66 1 (2) - - - 65 1,562 33 (48) (4) - (11) 1,532 79 2 (2) - - (2) 77 5 - - - - - 5 58 1 (2) - - - 57 217 5 (7) (1) - - 214 32 1 (1) - - - 32 51 1 (2) - - - 50 45 1 (1) - - - 45
	4,443 94 (136) (11) - (29) 4,361
	364,716 20,284 (6,034) (1,554) - 1,001 378,413
	417,429 52,587 - (36,566) - 525 433,975

Other transfers represent current year expenditure, including capital expenditure on the Winchester College Treasury, funded out of donations to restricted and expendable endowment funds, in furtherance of the Fund’s principal aims.

25. LOAN TO THE GENERAL PURPOSES RESERVE FROM THE FOUNDATION

Certain capital works by way of investment in the College’s buildings have been financed by loans from the Foundation (endowment) to the General Purposes Reserve (unrestricted funds). This funding is being repaid over periods ranging from 10 to 30 years for College equipment and from 50 to 125 years for building improvements.

26. PENSION SCHEMES

Retirement benefits to employees of the College are provided through two defined benefit schemes and one defined contribution scheme, which are funded by the College’s and employees’ contributions.

i) Defined benefit schemes

Winchester College Support Staff Pension Fund

Teachers’ Pension Scheme

The College operates a defined benefit scheme for non-teaching staff, the Winchester College Support Staff Pension Fund (the WCSSP Fund). The scheme was closed to new members with effect from 1 April 2002 and was closed to further accrual by existing members with effect from 31 August 2013.

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,556,000 (2022: £1,407,000) and at the year-end £nil (2022 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Whilst no existing member contributions are being made to the scheme, the College paid contributions totalling £540,000 p.a. in respect of the past service deficit and £82,000 contribution towards the scheme’s administration costs.

Scheme administration costs are determined by the scheme’s actuary and are charged to the Statement of Financial Activities.

Contingent Liabilities

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Benefits provided to members of the WCSSP Fund have been compared to the requirements of the scheme’s governing documentation. The review has identified that, in some cases, changes to benefits over the period 2003 to 2012 may have been implemented at a time or in a way that may give rise to additional scheme liabilities. Depending on the outcome of court rulings, the range of additional liabilities is anticipated to be between £0.0m and £1.5m.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The cumulative finance of capital works on College buildings was as follows:

	£’000
At 1 September 2022 Capital repaid Additional loan At 31 August 2023	3,494 (127) 65,000
	68,367

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Winchester College - Annual Report 2023 | 73

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

26. PENSION SCHEMES (continued)

Winchester College Support Staff Pension Fund (continued)

	2023 £’000 2022 £’000
a) The amounts recognised in the Balance Sheet are as follows
Present value of funded obligations Fair value of scheme assets Efect of asset ceiling/unrecognised surplus Net liability	(15,329) (18,307) 16,238 19,829 (909) (1,522)
	- -
b) Changes in the present value of the defned beneft obligation
Opening defned beneft obligation Interest expense Actuarial gains Benefts paid Closing defned beneft obligation	18,307 25,200 772 408 (2,794) (6,410) (956) (891)
	15,329 18,307
c) Changes in the fair value of the scheme assets
Opening fair value of scheme assets Interest income Actual return less expected return on scheme assets Contributions by employer Benefts paid and expenses Closing fair value of scheme assets	19,829 25,839 848 423 (3,942) (6,033) 588 568 (1,085) (968)
	16,238 19,829
d) The amounts included within the Statement of Financial Activities
Expenses Net interest cost Total amount charged within net incoming resources Net actuarial losses recognised in the year Total amount included within the Statement of Financial Activities Net cumulative actuarial losses (since year ended 31 August 2006) The College expects to contribute £568,000 to the scheme in 2022/2023.	129 77 - -
	129 77 459 491
	588 568
	(4,729) (4,141)
e) Reconciliation of movements in Present Value of Scheme Liabilities and Assets
Net liability at beginning of the year Movements in the year: Employer’s expenses Employer’s contribution Interest income Actual return less expected return on scheme assets Interest on pension liabilities Interest efect of ceiling Experience losses arising on the scheme liabilities Changes in assumption underlying the scheme liabilities Changes in the amount of surplus that is not recoverable Net liability at end of the year	- - 129 77 (588) (568) (848) (423) 3,942 6,033 772 408 76 15 490 1,390 (3,284) (7,800) (689) 868
	- -

26. PENSION SCHEMES (continued)

Winchester College Support Staff Pension Fund (continued)

	2023 2022
f) The major categories of scheme assets as a percentage of total assets
Equity Bonds Property Cash Other LDI	7% 10% 13% 23% 10% 10% 5% 1% 29% 36% 36% 20%
	100% 100%
	£’000 £’000
The actual return on the scheme assets in the year was	(3,094) (5,610)
	2023 2022
g) Principal actuarial assumptions at the balance sheet date
Financial Assumptions: Discount rate Rate of increase in salaries Infation assumptions - RPI - CPI The mortality assumptions adopted imply the following life expectancies: Females retiring in 2023 Males retiring in 2023 Females retiring in 2037 Males retiring in 2037	5.49% 4.33% 2.96% 3.08% 3.28% 3.44% 2.96% 3.08%
	240 24.4 21.5 22.0 25.5 25.9 23.1 23.5

	2023 £’000	2022 £’000	2021 £’000	2020 £’000	2019 £’000
h) History of experience gains and losses
Defned beneft obligation	(15,329)	(18,307)	(25,200)	(23,742)	(23,532)
Scheme assets	16,238	19,829	25,839	23,369	23,152
Asset ceiling/unrecognised surplus	(909)	(1,522)	(639)	-	-
Defcit	-	-	-	(373)	(380)
Experience adjustments on scheme liabilities	(490)	(1,390)	(86)	81	71
Experience adjustments on scheme assets	(3,942)	(6,033)	2,387	160	2,282

hi) Employer’s contributions

The employer’s contributions in the year amounted to £588,000 ( 2022: £568,000 ). At 31 August 2023, there were £nil accrued pension contributions ( 2022: £nil ).

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Winchester College - Annual Report 2023 | 75

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

26. PENSION SCHEMES (continued)

hii) Defined contribution schemes

Winchester College Group Personal Pension Plan

The Winchester College Group Personal Pension Plan started in August 2007. This is a money purchase group personal pension scheme managed by Aviva. To facilitate Auto-Enrolment, the scheme has been reorganised into a number of tiers, each with its own minimum employee and employer contribution rates. These vary between 4.0% and 9.0% for employees and 3.0% and 21.5% for employer’s contributions. In certain circumstances, employees may contract to exchange salary for higher employer’s pension contributions. The employer’s contributions are charged in the Statement of Financial Activities in the period in which the salaries to which they relate are due. The employer’s contributions in the year amounted to £585,000 ( 2022: £575,000 ). At 31 August 2023, there were £nil accrued pension contributions ( 2022: £140,000 ).

27. LOAN NOTE COMMITMENTS

On 27 November 2017, the Winchester College Foundation issued, by way of private placement, long term loan notes with a fixed interest rate of 2.73%, for the aggregate principal amount of £40,000,000, maturing November 2057.

On 4 December 2021, the Winchester College Foundation authorised for issue, by way of private placement, long term loan notes with a fixed interest rate of 2.07%, aggregate principal amount of £25,000,000, and, maturing 6 December 2061.

28. LEASES

The future minimum operating lease expenditure under non-cancellable operating leases are payable:

	2023 £’000 2022 £’000
Equipment
Within one year Within two to fve years More than 5 years The future minimum operating lease income under non-cancellable operating leases are receivable:	33 35 54 39 3 -
	90 74
Land and buildings
Within one year Within two to fve years After fve years	1,645 1,719 1,414 1,674 1,819 2,056
	4,878 5,449

30. COLLEGE RESULTS

The College’s own results for the year included in the consolidated Statement of Financial Activities were:

	2023 £’000 2022 £’000
Income from charitable activities
Fees and other income from charitable activities	31,652 29,053
Income from other activities
Trading income Other income Investment income Interest receivable Grants and donations Other development income Total income	212 100 178 161 3,895 4,284 2,151 676 27,559 18,208 44 47
	65,691 52,529
Expenditure on raising funds
Trading costs Other costs of raising funds	(223) (129) (3,623) (2,910)
Charitable activities
Education and grant making Preservation of buildings and contents Total expenditure Net income for year Investment and revaluation gains and losses Retained income for year Investment Reserves carried forward	(36,296) (32,523) (690) (911)
	(40,832) (36,473)
	24,859 16,056 (10,812) 525
	14,047 16,581 434,245 417,664
	448,292 434,245

29. CAPITAL COMMITMENTS

At 31 August 2023, the College had capital commitments for the Southern Campus Project construction works and related professional fees totalling £1.7m ( 2022: £3.3m ).

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Winchester College - Annual Report 2023 | 77

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

31. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Comparatives to page 40)

----- Start of picture text -----
Unrestricted Restricted Endowed 2022 2021
Funds Funds Funds Total Total
Notes £’000 £’000 £’000 £’000 £’000
Income:
Income from charitable activities
School fees receivable 2 27,719 - - 27,719 24,825
Other income 3 1,334 - - 1,334 450
Income from other activities
Trading income 4 256 - - 256 118
Other activities 4 63 - - 63 689
Investment income 5 24 - 4,260 4,284 2,909
Capital applied to income 6 4,566 1,468 (6,034) - -
Bank and other interest 7 373 - 303 676 70
Grants and donations 8 262 2,225 15,721 18,208 14,228
Other development income 8 47 - - 47 23
Total income 34,644 3,693 14,250 52,587 43,312
Expenditure:
Raising funds
- -
Trading costs 9 (281) (281) (227)
Financing costs 10 (1,233) - - (1,233) (1,112)
Investment management 9 - - (740) (740) (845)
Development costs:
- Fundraising 9 (575) - - (575) (435)
- Other activities 9 (364) - - (364) (318)
Total expenditure on raising funds 9 (2,453) - (740) (3,193) (2,937)
Charitable activities
Education and grant making 9 (30,083) (1,565) (814) (32,462) (28,568)
Preservation of buildings and contents 9 (902) (9) - (911) (515)
Total expenditure (33,438) (1,574) (1,554) (36,566) (32,020)
Net incoming resources before transfers
and investment gains 1,206 2,119 12,696 16,021 11,292
Gains on revaluation of tangible fixed assets 12 156 - 730 886 1,239
Gains on property investments 15 - - 1,075 1,075 30,364
(Losses)/Gains on financial assets portfolio 15 - - (804) (804) 11,728
Losses on fees in advance investments 16 (141) - - (141) (4)
Transfers between funds 23 1,773 (1,773) - - -
Net income and capital inflow 2,994 346 13,697 17,037 54,619
Pension scheme actuarial losses 26 (491) - - (491) (88)
Net movement in funds for the year 2,503 346 13,697 16,546 54,531
Fund balances brought forward 51,490 1,223 364,716 417,429 362,898
Fund balances carried forward
53,993 1,569 378,413 433,975 417,429
at 31 August 2022
----- End of picture text -----

32. SUBSIDIARIES AND RELATED PARTY TRANSACTIONS

Related party transactions

The College owns all of the issued share capital of Winchester College Trading Company Limited, a company incorporated in England (company no. 02673873). This company carries out trading activities on behalf of the College, including the major part of the College’s commercial lettings business, which trades under the Winchester College Enterprises name.

In 2023, the College charged £110,000 ( 2022: £83,000 ) to Winchester College Trading Company Limited for the provision of staff, property rental and administrative services. The balance owed to the College at 31 August 2023 was £122,000 ( 2022: £275,000 ).

In 2023, the College charged £4,000 ( 2022: £5,000 ) to Beam Design Limited for the provision of staff and administrative services. The balance owed to the College at 31 August 2023 was £nil ( 2022: £67,000 ). In 2023 Beam Design Limited charged the College £2,276,000 ( 2022: £1,318,000 ) for construction services provided to the College. The balance owed to Beam Design Limited at 31 August 2023 was £8,000 ( 2022: £nil ).

Winchester College Trading Company Limited had a turnover of £542,000 ( 2022: £156,000 ), gross profit of £324,000 ( 2022: £99,000 ) and a profit before tax and Gift Aid of £160,000 in the year ended 31 August 2022 ( 2022: loss of £85,000 ).

At 31 August 2023, the company had net liabilities of £(95,000) (2022: £(254,000) ).

Nicholas Ferguson, a Fellow, is Chairman of Savills plc, who are the ultimate parent company of Savills (UK) Ltd, a company who provide property management, valuation and residential letting services to the College under normal commercial terms.

The College also owns all of the issued share capital of Beam Design Limited, a company incorporated in England (company no. 02902175), which provides construction services to the College. The entire turnover of Beam Design Limited was derived from Winchester College.

In 2023, the College paid Savills (UK) Ltd £617,000 ( 2022: £435,000 ). The balance owed to the College at 31 August 2023 was £83,000 ( 2022: £68,000 ).

In the year ended 31 August 2023 Beam Design Limited had a turnover of £2,276,000 ( 2022: £1,318,000 ), gross profit of £17,000 ( 2022: £13,000 ) and a profit before tax and Gift Aid to Winchester College of £11,000 ( 2022: £4,000 ).

Chris Stevens, management, entered into an assured shorthold tenancy agreement with the College on 25 August 2022, with £4,230 paid during the year ( 2022: £nil ). The balance owed to the College at 31 August 2023 was £nil ( 2022: £1,000 ).

At 31 August 2023, the company had shareholder’s funds of £11,000 ( 2022: (£1,000) ).

Clarissa Farr, a Fellow for part of the year, received remuneration of £2,916 ( 2022: 18,039 ) to the end of her tenure as a Fellow for consultancy services provided to the College in addition to those services provided in the role of Fellow for that period. The balance owed by the College at 31 August 2023 was £nil ( 2022: £nil ).

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INDEPENDENT AUDITOR’S REPORT

TO THE WARDEN AND FELLOWS OF WINCHESTER COLLEGE

Opinion

We have audited the financial statements of Winchester College (the ‘Charity’) and its subsidiaries (‘the Group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and College Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• Give a true and fair view of the state of the Group’s and of the Charity’s affairs as at 31 August 2023 and of the Group’s income and receipts of endowments and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Warden and Fellows’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s or the Group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Warden and Fellows with respect to going concern are described in the relevant sections of this report.

Other information

The Warden and Fellows are responsible for the other information contained within the annual report. The other information

comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Group and Charity and their environment obtained in the course of the audit, we have not identified material misstatements within the Warden and Fellows’ report.

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Warden and Fellows ‘ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of the Warden and Fellows

As explained more fully in the Warden and Fellows’ responsibilities statement, the Warden and Fellows are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Warden and Fellows determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Warden and Fellows are responsible for assessing the Charity’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Warden and Fellows either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of

detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011, taxation legislation, employment legislation and general data protection legislation, together with the Charities SORP (FRS 102) 2019 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Charity’s and the Group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Charity and the Group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Warden and Fellows and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing and recognition of non-fee income, procurement processes for significant capital projects and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the Charity’s members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor London Date: 14th December 2023

Crowe U.K. LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Fellows, officers & advisers

The Visitor

The Lord Bishop of Winchester

GOVERNING BODY (The Warden and Fellows)

The Fellows of Winchester College who held office during the year and subsequently were:

Warden (Chairman) Sir Richard Stagg KCMG Sub-Warden (Vice-Chairman) Andrew Sykes MA Fellows Clarissa Farr MA (until 10 December 2022) Andrew Joy MA (until 31 August 2023) Nicholas Ferguson CBE, FSA Scot, BSc, MBA (until 23 October 2023) William Holland BA, FCA Dr William Poole MA, DPhil, FSA Miles Young MA The Hon Sir Stephen Cobb Hon LLD Dr Magnus Ryan MA, PhD Roland Turnill MA Laura Sanderson MA, MPhil Alison Mayne MA, PGCE Brian Li Man-bun JP, MA, MBA, FCA Professor Helen Higson OBE, DL David Goodhew MA, FRSA (from 9 February 2023) > View Fellow Richard Sanders MA, MBA (from 8 September 2023) biographies Robert Allen BSc CA (from 10 November 2023)

OFFICERS

Elizabeth Stone BA, LLB, MLitt, GradDipEd, AmusA (from 1 September 2023) Timothy Roderick Hands BA, AKC, DPhil, FKC (until 31 August 2023) Paresh Thakrar BA (Hons), MA (Cantab), MBA

Headmaster Headmaster Bursar and Secretary to the Governing Body

Bankers

National Westminster Bank plc, 105 High Street, Winchester, Hampshire, SO23 9AW

Solicitors

Farrer & Co LLP, 66 Lincoln’s Inn Fields, London, WC2A 3LH Addleshaw Goddard LLP, 60 Chiswell Street, London, EC1Y 4AG Warner & Richardson, 29 Jewry Street, Winchester, Hampshire, SO23 8RR Veale Wasbrough Vizards LLP, 106 Henleaze Rd, Henleaze, Bristol BS9 4JZ

Auditor

Crowe U.K. LLP, 55 Ludgate Hill, London, EC4M 7JW

Investment Advisers

Partners Capital LLP, 5th Floor, 5 Young Street, London, W8 5EH Savills PLC, 1 Jewry St, Winchester, SO23 8RZ

Insurance Brokers

Marsh Limited, 1 Tower Place West, Tower Place, London, EC3R 5BU

Principal Address

Winchester College, College Street, Winchester, Hampshire, SO23 9NA

This is to certify that by using Carbon Balanced Paper for the Winchester College Annual Report 2023 , Winchester College has offset the equivalent of 41kg of carbon dioxide . This will support the work of World Land Trust through the protection of critically threatened tropical forest . www.carbonbalancedpaper.com CBP2257

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Chernocke house

Chernocke House was the first tutor’s house for Commoners to be opened at Winchester College. In 1859, the headmaster, Dr Moberly, invited Revd HJ Wickham, then a tutor in Commoners, to open a house for up to 30 boys. Revd Wickham’s family owned a property on St Thomas’ Street in Winchester known as Chernocke House and it was this house which opened as a boarding house in September 1859.

The house is thought to have been built in 1704. Extensions were added in 1860 and 1879 to create a mugging hall and a dining hall, followed by further additions of new dormitories and a prefects’ library in the late 1880s. The desks at Winchester College known as ‘toys’ were first installed in Chernocke House to Revd Wickham’s design.

By the early 20th century, a new Chernocke House was under consideration – the old house was in poor condition and repairs and further expansion were deemed to be too expensive. The Governing Body instead agreed to build a new house on Kingsgate Park, land acquired by the school in 1890. The house was designed by Sir Charles Nicholson and opened in 1912.

Chernocke House is therefore the oldest boarding house at Winchester College but also the most recently built house.

Today, Chernocke House is home to 61 boarders and 5 day pupils all of whom are looked after by the Senior Housemaster, James Fox and Matron, Karen Palmer. The most recent renovations include the conversion of the old boot room/tv room into a day study for the first cohort of day girls. The successful integration of day girls into Chernocke House has not only promoted a more inclusive and diverse environment, it has also created a stronger sense of community among all residents.