Signed Winchester College Financial Statements 31 August 2019

The VisitorThe 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 Si

REPORT AND FINANCIAL STATEMENTS

31 AUGUST 2019

Charity number: 1139000

Contents Page

Independent Auditor’s Report to the Warden and Fellows of Winchester College 29

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 (appointed a Fellow 8 February 2019 and Warden

1 September 2019)

Charles Sinclair CBE, BA, FCA (retired 31 August 2019)

Sub Warden (Vice Chairman) Andrew Sykes MA (from 4 October 2018)

Robert Sutton BA (retired 4 October 2018)

Fellows Jean Ritchie QC, LLM (retired 1 December 2018)

Professor Christopher Sachrajda FRS, PhD, FInstP, CPhys

Dr Peggy Frith MA, MD, FRCP, FRCOphthMajor General Jonathan Shaw CB, CBE, MAClarissa Farr MA

Andrew Joy MANicholas Ferguson CBE, FSA Scot, BSc, MBAWilliam Holland BA, FCA

Dr William Poole MA, DPhil, FSAMiles Young MA

The Hon Sir Stephen Cobb Hon LLD

Dr Magnus Ryan MA, DPhil

Roland Turnill MA (appointed 7 December 2019)

GOVERNING BODY COMMITTEE STRUCTURE

During the year, the activities of the Governing Body were carried out through seven primary committees Themembership of these committees at the time of signing these financial statements is as follows:

Academic and Pastoral Committee

Miles Young (Chairman)

Professor Christopher Sachrajda

Finance Committee

Andrew Sykes (Chairman from January 2019)

William Holland (Chairman until December 2018)

Andrew Joy

Sir Richard Stagg

HeadmasterBursarChief Accountant

Oliver Caroe (Adviser)

Simon Crago (Adviser)

HeadmasterBursarSecond MasterEstate Bursar

Development Committee

Nicholas Ferguson (Chairman)

Miles Young

Alasdair Maclay (Adviser)

Andrew Watt (Adviser)

HeadmasterBursarDirector of DevelopmentDeputy Director of DevelopmentDirector of the Winchester College SocietyDon Associate & Director of FriendsDevelopment Associate, LegaciesDomestic Bursar

Nominations and Remuneration Committee

Sir Richard Stagg (Chairman)

Andrew Sykes

Clarissa Farr

HeadmasterBursar

Audit and Risk Committee

Major General Jonathan Shaw (Chairman)

Sir Stephen Cobb

Roland Turnill

Hugh Green (Adviser)

HeadmasterBursarChief Accountant

Investment Committee

Andrew Joy (Chairman)

Nicholas Ferguson

Andrew Sykes

Rupert Sebag Montefiore (Adviser)

Roger Gray (Adviser)

Charles Park (Adviser)

BursarChief AccountantGiles Wordsworth (Land agent)

OFFICERS

Timothy Roderick Hands BA, AKC, DPhil, FKC Headmaster

Steven Little MA, FCA Bursar and Secretary to the Governing Body

SENIOR MANAGEMENT

Timothy Hands Headmaster

Steven Little Bursar

Nick Wilks Second Master

Derek Valentine Chief Accountant

Patrick Herring Deputy Head (Academic)

Tom Thomas Director of Studies

John Cullerne Under Master

James Hodgins Senior Housemaster

Andrew Shedden Registrar

Simeon Cox Estate Bursar (previously known as the Works Bursar until 1 September 2019)

Lorna Stoddart Director of Development

Alex Roe Director of the Winchester College Society

Callum Barnes Designated Safeguarding Lead

Anthony Dakin Chairman of Common Room

Jenny Michalczuk Director of Communications

Farrer & Co LLP, 66 Lincoln’s Inn Fields, London, WC2A 3LH

Dutton Gregory, Trussell House, 23 St Peter’s Street, Winchester, Hampshire, SO23 8BT

DAC Beachcroft LLP, Portwall Place, Portwall Lane, Bristol, BS99 7UD

Warner & Richardson, 29 Jewry Street, Winchester, Hampshire, SO23 8RR

REFERENCE AND ADMINISTRATIVE INFORMATION

The Warden and Fellows present their annual report for the year ended 31 August 2019

The full title of the charity is ‘The Warden and Scholars of St Mary College of Winchester The College is registeredwith the Charity Commission under the working name Winchester College and with the registration number1139000

The College was founded in 1382 by Royal Charter of King Richard II, confirmed by later Acts of Parliament TheRoyal Charter, which sets out the College’s charitable objects, was last amended in 1989 The College’s Statutes setout details of the appointment of Fellows, the administration and governance of the College and the powers ofinvestment, and were revised and received approval by HM The Queen in Council in October 2017

The information in respect of Fellows, Officers and Advisers is listed on pages 1 to 3

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

The Warden and Fellows are trustees of and manage many other special trusts, as detailed in notes 21 to 24 to theFinancial Statements

The College has three wholly owned non charitable subsidiaries: Winchester College Trading Company Limited,whose annual profits are donated to the College under the Gift Aid Scheme, and Beam Design Limited, whichundertakes building works on behalf of the College, are active The third, Winchester College Sports Limited iscurrently inactive The trading activities of Winchester College Trading Company Limited, which trades as

Winchester College Enterprises, primarily comprise revenue from letting of the school campus facilities when not inuse by the College

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Body

The Governing Body of Winchester College is known as The Warden and Fellows , the Warden being the electedChairman Sir Richard Stagg was appointed Warden with effect from 1 September 2019 upon the retirement ofCharles Sinclair who served as Warden during the year

Under the Statutes of the College, the maximum number of Fellows, including the Warden, is fifteen Three of theseare appointed by specified external institutions as shown below, allowing the Warden and Fellows to elect up toeleven Fellows plus the Warden:

Appointment Current Fellow(s) Date of first

appointment

The Warden of New College, Oxford Miles Young (from 4 September 2016) 2016

One Fellow elected by the Warden and Fellows

of New College, Oxford

Dr Peggy FrithAndrew Sykes

Dr Magnus RyanRoland Turnill

201120132013201420152016201720182019Professor Sachrajda is a nominee of the President and Council of the Royal Society and remains so until the end ofhis term in 2020 The Royal Society have subsequently notified the College that they will make no further

appointments

Recruitment and Training of Governors

Prospective candidates for vacancies on the Governing Body are put forward on the basis of nominations from theWarden and Fellows, and the Headmaster and Bursar Candidates are considered in detail by the Nominations andRemuneration Committee, which then makes recommendations to the full Governing Body

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

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

responsibilities of governors and trustees

Existing Fellows are encouraged to involve themselves in school events and to spend at least one half day in theschool each year attending lessons and examining the review and 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, usually every two years The most recent was held in2019

The board commissions an external review of its activities and effectiveness every three years The most recent wasperformed by Bvalco in 2017

The Charitable Governance Code 2017

The Warden and Fellows take their governance responsibilities seriously and, the College as a large charity, aim tohave a governance framework that is fit for purpose, compliant and efficient In 2017 the new Charity Code ofGovernance was launched, with a recommendation that charities review their level of application and to explain anyaspects of the code they were not applying The Warden and Fellows have reviewed each element of the code:

Organisational purposeLeadership

IntegrityDecision making, risk and controlBoard effectiveness

DiversityOpenness and accountabilityThat review found that the Warden and Fellows meet the principles of the code and comply with the detail of thecode with a few exceptions The main areas where current practice differs from the recommendations are:

1 Chairmanship of the Audit and Risk Committee The Committee is chaired by a Fellow with significantsenior leadership and management experience and who has particular and extensive experience in riskmanagement Although not himself a finance professional, he is supported by a senior finance professionalwho sit on the Committee as an Adviser and by two Fellows plus the Warden and Sub Warden, one or both

of whom normally attend meetings of the Committee

2 Diversity management practices The Warden and Fellows are aware of the need for a range of diverseviews on the board and actively seek to encourage a broad range of opinions The Nominations andRemuneration 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 withthe availability of appropriately skilled and experienced practitioners who are willing to undertake the verysignificant commitment expected of a Winchester Fellow

3 Fellows’ term limits and size of governing Body The College’s Statutes set out clear term limits forFellows No Fellow can serve more than two five year terms, except where the Warden is appointed fromwithin the Governing Body in which case the Warden may not serve more than ten years as Warden and nomore than fifteen years in total on the board The Statutes also contain an explicit statement regarding thesize 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

implementation of matters as they arise

Remuneration, including that of the key management team, is set by the Warden and Fellows, with the objective ofproviding appropriate incentives to encourage excellence and of rewarding fairly and responsibly individualcontributions to the College’s success The appropriateness and relevance of the remuneration policy is reviewedannually, including reference to comparisons with the local labour market and to comparisons with other

independent schools to ensure that the College remains sensitive to broader issues of pay and employment termsand conditions elsewhere.

The College’s ability to deliver its charitable purpose and objects is primarily dependent on its key managementpersonnel and staff Staff costs are the largest single element of the College’s charitable expenditure, accounting forsome 60% of the total The College aims to recruit teachers who are the very best specialists in their field and,subject to experience, provide them with an attractive remuneration package commensurate with their expertise; itaims to recruit support staff at the lower to mid point within the local employment market, providing scope toreward excellence

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

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 anydescription 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 Christianreligion and the practice of worship in such manner as shall be consistent with the work of the College and withthe 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 ofthe 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 toincrease the public benefit flowing therefrom

To these ends the College:

i) provides an education for boys aged thirteen to eighteen, which is recognised worldwide as being of thehighest standard:

ii) provides substantial financial support towards fee remission, benefiting nearly one fifth of the pupils in itscare:

iii) has a continuous programme of maintenance and refurbishment of its ancient buildings and other buildingsand 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, in Chantry and in St Michael’sChurch, 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 otherlocal 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 academicexcellence in one of the best boarding schools in the world, to maintain its independence to the greatest possibledegree, and to offer the widest possible access to pupils capable of profiting from the education it offers TheCollege aims to encourage, train, and form confident, enthusiastic, well rounded young adults with a strong ethicalsense and a respect for the life of the mind, and who are at ease in their relationships with other people, whateverthe circumstances The College recognises that it is a community of past and present pupils, staff and parents Itaims to foster a sense of individual and collective responsibility for the College, the community and the wider world

Objectives

The Warden and Fellows carry out the College’s Charitable Objects for the public benefit by seeking to ensure,wherever possible, that such education is available to all who can best profit from it irrespective of financial

circumstances and that the College’s buildings, facilities and other resources are made available, insofar as

practicable, to other schools and the wider community Additionally, the College’s buildings with their contents ofhistoric, artistic and cultural importance and the College’s environment are made as widely available to the local,national and international community as practicably possible

Through formal consideration at meetings of the full Governing Body and its Committees, input from the SeniorManagement Committee, discussions with a wide range of other interested parties and a series of Away Days of theGoverning Body, the College identifies its strategic objectives for the present and coming years, and reviews itsprocesses and procedures to achieve them Current objectives include:

1 Offering the widest possible access to pupils capable of profiting from the education provided

2 Promoting intellectual and educational excellence within the curriculum and beyond

3 Conserving and developing the college’s buildings and facilities

4 Providing appropriate up to date accommodation and teaching facilities

5 Undertaking a sustained fundraising programme to enable and support the preceding activities

6 Sustaining the College on a secure financial footing

PUBLIC BENEFIT

William of Wykeham founded Winchester College in 1382 He rose from modest social origins to become Bishop ofWinchester and Lord Chancellor, the trusted adviser of contrasting monarchs: “nothing was done, in any respect,without his advice,” wrote Froissart Wykeham directed the wealth he had acquired for the provision of an

education of a kind he himself had not been able to experience

Wykeham gave the distinctive motto: “Manners Makyth Man” to the College Deliberately expressed in the

vernacular, rather than in the adopted languages of court or church, this adaptation of a contemporary proverbexpresses two of Wykeham’s guiding principles: first, commitment to wider society and to mobility within thatsociety; and second, the provision of a holistic education, productive of character as well as intellect, of broadpersonal virtues and sympathies, rather than narrow intellectual or social judgements

The original Foundation provided for the education of seventy “poor and needy scholars” Subsequent revisions tothe Charter have expanded the College’s charitable objects and made explicit the need for public benefit, mostrecently in the 1989 Supplemental Charter, which set out the six charitable objects referred to on page 7, several ofwhich expressly impose a public benefit requirement on the College The Warden and Fellows are mindful of thelong standing drive to provide public benefit, which has more recently been restated in the requirements of theCharities Act 2011 They have also given careful consideration to the Charity Commission’s guidance on publicbenefit, together with its supplemental guidance on fee charging

The College remains committed to the aim of providing public benefit in accordance with the Founder’s intention,and recognises that it is itself a community of past and present pupils, staff and parents and has an individual andcollective responsibility for the College, the community and the wider world Charity legislation now includes arequirement to demonstrate public benefit for any charitable purpose where it had hitherto been presumed in theabsence of evidence to the contrary The Warden and Fellows prefer to provide details of the many activitiesundertaken by the College for the public benefit throughout this Report rather than offering a separate description

without context.

The College continues to provide benefit in a wide variety of ways In summary, bursaries are the most readilymeasurable means of providing public benefit The Warden and Fellows take the view that bursaries awarded tothose who would not otherwise be able to afford the fees are important, but not to the exclusion of the much widerbenefit that the College provides within the community Those pupils who attend the College and who receivefinancial support contribute to the school community in a variety of ways, and so the benefit is not purely to thesepupils but also to the whole College and wider community The preservation for the public benefit of the College’sbuildings and grounds, the advancement of the Christian religion and the promotion and maintenance of the choralfoundation of the College also form measurable means of providing public benefit

The financial cost of the many other activities undertaken by the College, including working with local charities,schools, and cultural and sporting bodies, is more difficult to measure accurately, but it is certainly substantial.Notable examples include the extensive Community Service programme (page 14), academic links with MidhurstRother College and Crown and Manor Club (page 17 18) and general public access to the College itself, Treasury,Archives and Fellows’ Library (pages 19 20) and Sponsorship of the Heritage Open Days in Winchester

The College also makes a significant contribution towards the local economy The College employs 549 staff andsupports local jobs either directly or via its UK based supply chain The school paid its staff wages and salariestotalling £14.4m and made pension contributions of £1.6m on their behalf, making it one of the larger employers inWinchester The school itself and its staff paid direct taxes of £4.3m through employer’s national insurance

contributions (£1.2m), council tax and business rates and vehicle excise duty (£0.3m) and income tax and employee’snational insurance contributions (£2.8m) The school also bore the cost of more than £1.5m of VAT that it was notable to recover on its purchases This is in addition to the total savings generated for the UK taxpayer as a result ofattendance at the school by pupils who would otherwise take up a free UK state school place

PRINCIPAL RISKS AND UNCERTAINTIES

The risks that the College faces are reviewed on a regular basis through both its internal management structures andits governance They examine the principal areas of the College’s operations and other activities and consider themajor 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

Detailed consideration of risk and coordination of mitigating measures is delegated to the Audit and Risk

Committee, which is comprised of Fellows with senior management in attendance In addition to its own agenda, itreceives reports and assessments brought up by management from within the school’s own reporting structures.The Committee, which reports to the Governing Body each term, also allocates major identified risks to relevantindividuals or Governing Body committees for scrutiny and mitigation They then form standing agenda items ateach meeting of the committee or full Governing Body as appropriate and the committee assesses their impact andlikelihood and, where necessary, recommends controls to mitigate and monitor those risks that are assessed as mostpressing The Warden and Fellows have prioritised a number of risks for special attention

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

Adverse changes to the public policy framework within which charitable independent schools operate and adversemedia interest could potentially have a detrimental effect on the reputation and finances of both the school andindependent education in general The school retains appropriate legal, PR and other professional advice in

addition to its own in house resources More broadly, the school works with sector representative bodies to promotethe benefits to society that come from independent schools

The Warden and Fellows are also mindful of the need to maintain pupil numbers and the academic performance ofthe School, matters which are interdependent The College is currently significantly oversubscribed but it is notcomplacent

The school is also dependent on the quality and suitability of its buildings and facilities, including increasingly IT.This brings its own challenges, including data protection and cyber security risks, and the school is aware of theneed to spend appropriately on continuous improvement and development The school is currently undertaking amajor redevelopment programme to replace the existing PE Centre and reshape the southern part of the campus.Financial and operational risks inevitably accompany any project of this size and extent and extensive steps havebeen undertaken to ensure the project is appropriately managed and monitored, with regular reporting to theGoverning Body.

Through good planning and management across all its many, varied activities, the College seeks to ensure that thesemajor risks are minimised and controlled in so far as practicable The key controls used by the College to minimiserisk include:

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

 Detailed terms of reference for all Committees;

 Strategic planning, budgeting 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

ACHIEVEMENTS AND PERFORMANCE TO FULFIL THE PRIMARY OBJECTIVES

In September 2018, 140 pupils were admitted into the first year and a further fourteen direct into the sixth form Atthe start of the academic year 2018/2019 there were 691 pupils in School, with an average of 689 over the year

At the start of the 2019/2020 year, 140 pupils were admitted into the first year and a further eighteen direct into thesixth form In total, there were 690 pupils in School in September 2019

Registrations and numbers applying to the School for future years continue at record levels

The school launched its new website in March 2019, targeted at prospective and current parents Analytics show agreater number of visitors to the site and those visitors view a larger number of pages and spend more time on thesite, suggesting deeper engagement

Scholarships, Bursaries and Other Awards

The Governing Body is determined to maintain the Founder’s intention to offer the best possible intellectual andcultural formation to boys who can best profit from it The Warden and Fellows continue to pursue a two foldstrategy: to redirect awards out of existing resources towards bursaries and to increase the total value of awardsavailable by building up the endowment Over time and as funds allow, the College aims to be in a position to fundthe equivalent of 10% of the School on full bursaries and a further 20% on an average of half a bursary (i.e about 200pupils overall on an average bursary of 66%)

In 2018/2019, 118 pupils (2018: 132) received bursary assistance with school fees totalling £3,250,000 (2018:

£3,294,000), the equivalent of 81 full fees and 12% of gross fee income A further £18,000 (2018: £19,000) was

provided towards the cost of extras and school trips so that, in total, 119 pupils received some form of a bursarysupport.

In addition, scholarships and other awards totalling £409,000 were given to 73 pupils (2018: 76 pupils; £419,000).Overall, 170 pupils received fee awards totalling £3,677,000 representing more than 13% of gross fee income

At the start of the current academic year (2019/2020), 119 pupils are receiving bursaries totalling £3,508,000 Thevalue of these bursaries is equivalent to 84 full fees Nearly 1 in 5 pupils currently in the school receive support withschool fees

The award offered to each family reflects their individual circumstances and need for support To allow the

broadest possible range of pupils to attend the College, awards range from 5% to 100% of the school fee, and forthose on the largest bursaries, this may include additional support for books, exam entry fees and extras such aseducational visits

In 2018/2019, the average award per pupil was equivalent to 69% of the school fee (2017/2018: 66%) 89 pupilsreceived support equivalent to 50% or more of the school fee; among these 60 pupils received awards of 80% or moreand sixteen awards of 100%

The School has increased its bursary programme very substantially over the last decade or so This growth putsconsiderable pressure on the resources available to support bursaries and the School cannot fully satisfy the demandfor support for very able boys, who would benefit from the opportunities offered at the College but whose parentscannot afford the school fees The School is, therefore, for the time being, having to limit the number and value ofthe awards it can make The School is actively taking steps to increase the size of its endowment to support

bursaries and has made changes to its admissions procedures to allow it to manage better and prioritise fairly theawards it makes Bursary applications reflect a wide range of family circumstances, and accordingly the Bursar isempowered and required to exercise his complete discretion in making awards

The College’s Statutes also make provision for sixteen boys, called Quiristers, to sing at Chapel services and thisinheritance is still maintained Quiristers currently receive 40% remission of fees at The Pilgrims’ School at anannual cost to the College of £215,000 (2018: £204,000) This includes bursary support of £42,000 (2018: £44,000) forfive specific pupils as a result of means testing A fundraising campaign to provide additional bursary and day today support for Quiristers has to date raised nearly £1,250,000

Objective 2: “Promoting intellectual and educational excellence within the curriculum and beyond”

Whilst the College enjoys an enviable academic reputation and public examination performance, its overridingobjective is to prepare a boy for life, not just for examination success and university entrance To that end, it aims tocultivate a life long interest in, and enjoyment of, intellectual and cultural matters Winchester pupils flourish inbeing free to pursue their academic interests with maximum flexibility, both in terms of combinations of subjectsand timing of examinations The College has always delivered intellectual breadth through Div, a series of coursesdesigned to foster a love and respect for learning for its own sake New programmes in the second and third yearswere introduced in the year While retaining their central historical thread, from the classical to the modern period,they place greater emphasis on rigorous development of skills, especially written and oral communication and closerintegration with PSHE

The College offers a distinctive and rigorous curriculum with a strong non examined element, as well as a very widerange of sport, music, art, drama and other cultural and physical opportunities Div continues to be the hallmark of

a Winchester education, the quality of which the College continues to develop, together with a rich and extensiveprogramme of other activities

The College continues to maintain and expand wider academic links with schools in the UK, particularly withMidhurst Rother College, and a group of leading schools across the world

Wider academic and intellectual activities

Art

The school hosted over a dozen exhibitions of work by pupils, teachers, contemporary artists including the school’sown visiting artist, Jesse Leroy Smith, and items from the school collections Members of the sixth form travelled toEurope on Drew Travel Scholarships and exhibited on their return

Design Technology

The 2018/2019 academic year saw the introduction of new GCSE and A/Pre U level qualifications A Level

Engineering offers a complementary course for those interested in technical innovation in addition to the Pre U’sfocus on aesthetic design (Art & Design) Those studying the former tend to go on to study Engineering, ComputerScience or Materials Science at University, while those studying the latter, Architecture and other design relatedsubjects Work ranged from LED watches to marquetry jewellery boxes

Music

The strength of the College’s classical music is of particular importance in the school s common life In addition tothe Quiristers who sing at services in Chapel, two thirds of pupils learn a musical instrument, many two or three,and nearly 750 individual musical lessons are taught each week by the school’s own staff and sixty visiting musicteachers There are formal and informal concerts every week, allowing every pupil to perform The school also has

a thriving jazz band and orchestra and many boys are instructed in contemporary music

The year saw the continuation of the school’s Visiting Artists Series In October, Mitsuko Uchida, playing on aSteinway grand piano that had been donated to the College, opened the 2018/2019 season Also performing werethe Doric String Quartet, Fretwork, and Ashley Riches

The centenary of the Armistice was marked with music by composers who served in the Great War includingVaughan Williams, Holst and Butterworth, alongside a performance of Liszt’s first piano concerto while the summerschool concert featured one of Mozart’s horn concertos and Sibelius’ first symphony The Glee Club performed inboth the Cathedral in celebration of St Cecilia and in New Hall The Quiristers and Chapel Choir enjoyed anothersuccessful year giving concerts in aid of local churches and charities They joined the combined choirs of Eton, New

College, Oxford and King’s College, Cambridge for the rarely convened full Amicabilis Concordia at King’s College

Chapel

There was an extensive series of Orchestral and Chamber Concerts and other recitals during the year This included

repertoire rarely seen in school performances: Ravel’s Introduction and Allegro, Schumann’s Konzertstuck for Four

Horns , Vaughan William’s On Wenlock Edge and Brahms’s Clarinet trio Many were well attended by members of the

public, and pupils gave lunchtime performances in the cathedral The school also holds an annual primary schoolsconcert for 350 local children

Over three nights, the school presented a joint production with St Swithun’s of Fiddler on the Roof at the Theatre

Royal, Winchester

Science

Two of the school’s Physics teachers worked with pupils from the school and, in particular, a pupil from BartonPeveril College who had attended a lecture on the epidemiology of infectious disease at the Winchester Maths

Summer school, to publish a pair of journal papers in the international journal Physics Education:

 French A., Kanchanasakdichai O., Cullerne J.P., (2019) The pedagogical power of context: iterative calculusmethods and the epidemiology of Eyam Phys Educ (2019) 045008

 French A., Cullerne J.P., Kanchanasakdichai O (2019) Numerical methods as an introduction to

calculus Phys Educ (2019) 045009

In preparing the former paper, the pupil from Barton Peveril developed an app for a phone that could potentially beused by health workers in the field who are taking data on Ebola A third paper is currently in peer review

( Extending the Epidemiology of Eyam )

There was considerable success in the science Olympiads In Biology, 46 pupils in Year 10 gained a gold award inthe Biology Challenge and eight pupils achieved gold in the Sixth Form Biology Olympiad In Chemistry, twopupils made it into the second round of the UK Chemistry Olympiad and one represented the UK at the

International Chemistry Olympiad, winning a gold medal, an achievement last accomplished by a Wykehamist in

2005 and 1998 In the Cambridge Chemistry Challenge, known as C3L6, a record four pupils achieved the highest

award (called roentgenium) and a pupil in year 11 achieved the highest mark in the UK This is a national

competition aimed at lower sixth pupils and entered by ten thousand students from across the UK As a result theYear 11 pupil was invited to join the top 50 lower sixth pupils in the country at the C3L6 summer camp in

Cambridge In Physics, one pupil was selected as reserve for the British Astrophysics and Astronomy team

In addition to Div, Winchester sets aside from normal teaching a day each October for a festival with more thanthirty lectures and workshops spread over five one hour sessions The topics covered in 2018 were many andvaried, including Lord Wavell, Brexit, the history of cricket commentary, exploration and the recent conflict inAfghanistan

Poetry and literature

Beyond the classroom, the prominence of poetry and literature continue to be promoted by the Empson Society,with visiting lecturers and speakers The in house creative arts magazine Spirit Lamp, ensures a good mix ofcultural and creative enrichment The Head of English organised with local Sixth Form Colleges and independentschools the Young Wordsmiths Scheme, a poetry mentorship scheme and creative writing course, funded by theWinchester Poetry Festival, of which he is also a trustee

The school also worked with the Keats Foundation and the University on Winchester on the “Keats Symposium”, anessay writing competition for Hampshire Sixth Form Colleges, which culminated in an event with talks by

academics including Professor Nicholas Roe

Evensong is held in the chapel on Tuesday (choral evensong) and Thursday (eucharist) evenings and is open to thepublic The College shares in the patronage of eleven parish churches and has chancel responsibilities for three

Sport

Sport is a vital component of a pupil’s time at Winchester Pupils must take a certain amount of physical exercise inthe course of a week and the choice of that exercise is largely up to the individual The range of options is wide Themost important aim is for pupils to realise the importance of activity for a healthy lifestyle, and to acquire the habit

of exercise for life through enjoyable and rewarding activity The major sports on offer are soccer, WinchesterCollege football, cricket and rowing More than 25 other sports are available

The Prep schools Cricket and Soccer Tournaments continue to promote the school and its sporting excellence Sportsstaff also give taster sessions and coach at district and county levels

At the start of the year, the first cohort of 13+ Sports Awards holders started at the school and were joined in

September 2019 by a second cohort Sports Award holders are provided with specialist coaching sessions, a

regularly assessed strength and conditioning programme, a selection of lectures, workshops and presentations based

on various aspects of sport (e.g nutrition, sports injury, rehabilitation, sports psychology etc.), support in balancingsporting goals with maintaining a sensible and sustainable routine in the school, and permission to attend externalcounty level (or equivalent) training sessions

Sports had an outstanding year with pupils playing at National, Regional, County and District levels, across allsports

In Soccer, a Winchester pupil was selected to represent Nigeria in the 2019 U17 Africa Cup of Nations FootballFederation’s U17 squad as well as being selected for Nigeria in the U17 Soccer World Cup

In Cricket, Lords and the Yearlings A team have had bumper seasons Lords, in their best season for ten years, havewon 13 and drawn one of their 20 games One pupil was selected to play in the prestigious MCC Schools game atLords in September and was then subsequently selected to represent the UAE in the Youth Asia Cup in Bangladesh

The Sailing team came second in the BSDRA Midland Area Team Racing Championship Outside school

competition, our seniors raced against teams around the country to be placed 5th in the RYA Eric Twiname

National Youth Team Racing Championships

In Rowing, two boys have participated in GB trials, whilst the School’s Head of the River saw us win the Schools 1st8s, our second win in that category in four years Four OWs have been selected for the Boat Race in either the Blueboats or the reserves, in what may be a Winchester record

In Golf, Winchester reached the regional semi final of the HMC foursomes and one pupil became HampshireSchools Champion at both U16 and U18 level; was runner up at the Van Phillips Trophy at Stoke Park; and hassubsequently been selected for the England U18 training squad a year young

Fencing had another good year, pupils won a variety of medals in competitions at school, county, national andinternational levels, with one pupil winning a bronze in the Senior Scottish Open Fencing competition, and thenfinished 24th (out of 259) at an international event in Budapest, the top U16 GB fencer

Leadership

Community Service

The Community Service programme is designed to stretch and challenge the College’s pupils in a range of

demanding and rewarding activities, by volunteering at the sharp end The programme involves nearly fiftyactivities involving more than 300 senior pupils, fifty teachers and thirty external organisations within the City ofWinchester and Southern Hampshire

From the end of their second year, senior boys participate in weekly forms of service in a range of environments.They understand the importance of broadening their life skills to bring tangible benefits to the wider community

Local residents

 Blue Apple Theatre a professional theatre company supporting performers with learning difficulties todevelop and present theatrical productions Senior boys volunteer at weekly rehearsals, assist with

dramatic exercises, and help actors to learn lines

 Senior boys undertake an intensive induction and training programme to work on the dementia, surgical

and medical wards at the Royal Hampshire Country Hospital Boys deliver meals to the patients’ bedsides

and help with feeding for those who require assistance

 Boys undertake weekly visits to eight local nursing homes where they develop inter generational

friendships whilst participating in a diverse range of activities The CS Entertainers, an experienced troupe

of musicians, provide an eclectic range of songs, sketches and individual solo performances at the nursing

homes Additionally, the CS Music and Dementia group visit Sunrise Nursing Home, playing string and

wind instruments for residents

 Boys undertake the washing up and assist with kitchen chores at the Winchester Churches Night Shelterkitchen In 2017, all volunteers at the Night Shelter were acknowledged with the Queen’s Award forVoluntary Service Boys also volunteer at Trinity Winchester, a day centre for homeless people

 Boys assist disabled swimmers at the River Park Leisure Centre on a weekly basis

Natural environment

The College has developed a new link with Butterfly Conservation The aim of the project is to develop an outdoor

exhibit with a 5 year lifespan, which educates visitors to the local Science Centre about wildlife found in the localarea

Senior boys undertake weekly volunteering at Barton Meadows, a new Hampshire and Isle of Wight Wildlife Trust

site Boys have contributed to creating a natural meadow, clearing scrub, laying fence posts and planting native treespecies

Educational partnerships Local Primary schools

Winchester works in partnership with seven local primary schools and two special schools in the area Senior boysvisit the schools on a weekly basis and assist pupils from Years 1 6 with individual numeracy, literacy and extracurricular skills Partnerships include:

 Angling with Autism: Weekly fly fishing session in the Summer Term for pupils from Osborne school Thepupils receive instruction from a qualified fly fishing coach and are supported by Winchester boys

 CS Jazz: The school’s 15 piece jazz band perform regularly to local schools

 Drama: Year 6 pupils from All Saints Primary school spend a term working towards a theatrical

production, performed in the school’s theatre In the summer term, the school runs a primary schoolsdrama club, which all local junior schoolchildren are welcome to attend

 Music: Year 4 pupils from All Saints Primary school receive weekly choral sessions The pupils spend aterm preparing for a public performance at mayoral and other public events

 Rivers Project: The school has established a partnership with the Wessex Chalk Stream and Rivers Trust todeliver environmental education to Winchester schools Over the past year, 500 pupils have participated inthe Rivers Project

 Science: Senior boys deliver a range of scientific experiments to pupils at Sparsholt Primary school in aweekly session for Year 5 and 6 pupils to enrich the primary school science curriculum The primary schoolpupils work in small groups and the school provides equipment that the primary schools often cannot Inthe summer term, the school runs a weekly Science Club with a variety of interactive and fun scienceactivities

 Annual Primary schools Concert, held at Winchester College for 400 local pupils The school Orchestraperform a varied mix of contemporary and historical pieces to pupils in Year 5 and 6

 Annual Primary schools Wildlife Talk in partnership with the Cameron Bespolka Trust, which linkschildren with nature The lecture is held at the school and hundreds of local children are inspired toappreciate their environment and to engage in wildlife conservation

Mathematics Outreach

The school’s Mathematics outreach programme has developed substantially In addition to the Community Serviceactivities, the Maths Department runs a number of regular maths activities, which are open to members of the widercommunity Some of these are:

 Maths Challenge Programme and Primary schools Maths and Science Programme: weekly sessions tostretch and challenge local pupils (years 5 and 6)

 Maths lectures – open to all

 Maths lunches for local sixth form students to collaborate on ideas

 Maths Masterclasses (years 9 and 10) Students from Kings’ School, The Westgate School, Henry BeaufortSchool, Perins School and The Wildern School attend for specialist lectures

 Primary schools Inset Training – the Maths department offers inset for primary school teachers bothindependently and in collaboration with the Winchester schools Teaching Alliance

 Win@Maths (Years 1 6), held weekly at the Winchester Discovery Centre

 Winchester Maths Summer School (WMSS) – A residential course for year 12 students from maintainedsector schools planning to read mathematics at university

In addition, the school works with the UK Mathematics Trust to compose extension problems for their mentoringscheme, creating fun but stretching problems for the Emmy Noether level, for boys and girls at GCSE level

Charity Committee

The school’s Charity Committee is led by sixteen sixth form pupils Pupils carry out numerous fundraising

initiatives for the school’s nominated charities, including fun runs, 24 hour run, row and cycle events, calendar andcookbook sales, as well as collections after plays and concerts They fundraise on behalf of local, national andinternational charities over a two year period, currently:

 Naomi House & Jack’s Place which provides hospice care for children and young people across Hampshire,Wiltshire, Dorset, Berkshire and the Isle of Wight (local);

 The Brendoncare Foundation which supports older people through its 10 care homes and clubs acrossHampshire and Dorset (local);

 The Anthony Nolan Trust saving the lives of people with blood cancer who need a stem cell (or bonemarrow) transplant (national);

 Mary’s Meals which provides daily school meals to more than 1.2 million school children in some of theworld’s poorest communities (international); and

 The Lotus Flower Trust – see next section (international)

Other pupils raise substantial sums for charity through a broad range of fundraising and sponsored activities eachyear; and through the sale of cards and other art items, provide travel awards to allow state sixth form students,who would not otherwise be able to do so, to visit exhibitions at a distance from where they live

International

The College works closely with the Lotus Flower Trust, a registered charity, to build schools, homes and similarconstructions in remote, rural and often environmentally challenging areas of India, working with local peoplehelping bring education and dignity to some of the poorest children in the world All projects utilise local labourand materials, which is of great financial benefit to the community, ensuring real ownership of the projects thusenabling buildings to be sustained long term, in addition to providing a trustee and funding towards staffing andfundraising for the Trust The Summer 2019 project team that travelled to Ladakh to work on accommodation forthose with disabilities and also raised £32,000 for the project

Adventure Education

In addition to the School’s long established CCF Corps, the School runs an “Adventure Education” programmecovering canoeing, kayaking, track cycling, mountain biking, climbing and mountain walking Expeditions duringthe year were geared to the Duke of Edinburgh programme and more than twenty pupils completed the Award inthe year

Examination Results for Summer 2019

Pre U

There were 476 entries: 20.2% achieved a D1; 42.4% D1/D2 (the equivalent of A* at A Level); 67.4% D1/D2/D3 and96.6% D1 to M3 The overall pass rate was 99.2%

Over the five years from 2015 to 2019, results have averaged 19.7% D1; 47.4% D1/D2; 72.7% D1/D2/D3 and 96.2% D1

to M3 The overall pass rate was 99.0%

GCSE/IGCSE

There were 1,246 entries for exams with the new style 9 to 1 grading 71.9% of results were A* or equivalent (grades

8 and 9); 87.3% of results were A* or A or equivalent (grades 7, 8 and 9); 99.6% received A* C (grades 4 to 9) Inaddition, there were 64 entries for Mathematics and Additional Mathematics examinations that were graded on theold A to G system

A five year comparison is complicated by the change in grading system, but broadly from 2015 to 2019 results haveaveraged 66.0% A*, 89.9% A* or A, and 99.8% received A* C

For the first time, History was offered as a separate subject at GCSE and seventy pupils sat the subject in summer2019

UK Manchester Canada

Courtauld Institute St George’s, London Dartmouth

Goldsmths

Imperial

WarwickYork

UChicagoUCLA

Leicester

LSE

AmsterdamBocconi, Italy Japan

Keio

ACADEMIC LINKS

The school has particular partnerships with Midhurst Rother College and Barton Peveril Sixth Form College andthese are based on a continuing educational dialogue and a sharing of resources, personnel and opportunity

Midhurst Rother College

Winchester College has been involved with Midhurst Rother College (MRC) since it became an academy in January

2009 and in 2018 renewed its commitment to MRC for a further five year term MRC was formed to replace threepredecessor schools: two middle schools and one upper secondary The latter was put into Special Measures byOfsted in 2006 and in the same year West Sussex County Council judged one of the middle schools as being at risk ofreceiving a Notice to Improve It was, therefore, particularly gratifying that in May 2013 Ofsted judged MRCOutstanding in every category

The school has worked closely with MRC on governance and academic improvement Winchester’s Headmasterchairs MRC’s Academic and Pastoral Committee that meets each term in Winchester and the school provides threemembers of MRC’s governing body (the Headmaster, a Fellow and a senior teacher) Tuition is given at Winchester

to groups of Year 10 and 11 pupils, especially in mathematics and science Winchester has been able to providesupport with university applications, personal statements and interview technique The number of MRC pupilsreceiving offers from Russell Group universities increased once again this year and two pupils were offered

Oxbridge places There are regular sports fixtures and joint activities; MRC’s “aspiration” pupils attended

“Studium” and an inter library loan scheme came into operation, allowing MRC pupils to borrow from Winchester’sschool library Senior management at Winchester have learnt much from their colleagues at MRC and discussions

on methods and techniques for pupil monitoring have been particularly useful MRC collaborated in the EducationSunday service at Winchester Cathedral These relationships develop a spirit of awareness and opportunity, a trueand mutually beneficial partnership

Barton Peveril Sixth Form College and other partnerships

The school and its staff undertake a wide range of other activities with state schools, many of which are describedelsewhere in the Report Particularly noteworthy is the partnership with Barton Peveril, including helping withpractice for university interviews and tuition in English, Maths and Science In addition to regular sports fixturesand joint activities of all kinds, each Autumn term specialist subject dons from Winchester College contribute toBarton Peveril’s ‘Aspire’ programme by providing lectures

The school also works with other local schools and sixth from colleges, for example in organising a series of talks byEnglish dons at Kings’ School, Winchester and helping to prepare English candidates from Peter Symonds forOxbridge interviews

Many of the College’s staff act as governors to local schools, and others act as trustees to a variety of local charitiesincluding The Hospital of Saint Cross and Broadhalfpenny Down, the oldest cricket ground still in use.

Outreach Fencing involves the sharing of the school’s fencing resources in terms of venue, kit and coaching

Winchester College Fencing Club provides these for free to clubs in or near Winchester Over the year three clubshave regularly used this service: Club Escrime Winchester, Sarum Swords in Salisbury, and Southampton UniversityFencing Club The school also regularly provides free venue to Hampshire Fencing Union to host various fencingcompetitions to the benefit of hundreds of fencers

Two chess clubs for primary school children are run each week in term time, one at the College and the other at alocal primary school The school hosts three major events annually free of charge:

 The Hampshire Junior Chess Congress open to all under 18s in Hampshire and the surrounding area.This happens every October with 150 players, plus their families, free of charge

 The UK Chess Challenge Hampshire Megafinal in spring each year involving a similar number from avariety of schools and chess clubs

 A regional qualifying round in the U19 National schools Chess Championships every November Schools

of all types enter this competition

The school also sponsors the U19 National schools Chess Championship, a national event for all schools in the UK

Crown and Manor Club

The College provides support for the Crown and Manor Club, a boys club in Hoxton, East London The club offers asafe haven for boys aged 7 to 25 as well as a variety of sporting and academic activities First started in 1903, theClub greatly expanded under the influence of two Old Wykehamists, Arthur and Harold Llewellyn Smith, and tookits current name when it moved into the disused Crown public house Now in new premises and on a firm financialfooting, the Club retains strong links with the College Old Wykehamists chair and serve on the Council andtogether with teachers from Winchester help in the homework club Crown and Manor play a soccer fixture at theCollege, and last summer the Crown and Manor summer school reappeared in the calendar In September 2019, twofurther members started in the sixth form at the school, following in the footsteps of their colleague who is now inthe upper sixth

Winchester International

The College focuses on establishing links with schools operating in different educational systems, which provides achallenge to Winchester’s educational outlook and practice and valuable professional development for the College’sstaff; providing first hand experience of other languages and cultures for the pupils involved; and cultivating longterm links with other schools to provide depth of relationship

At Easter 2019, the school took part in the tenth and final Winchester International Symposium hosted by theGarodia international Centre for Leaning, Mumbai The subject of discussion was “Culture and Values” Allparticipants had prepared for six months by reading and writing essays

The College maintains links with US universities, particularly Columbia, University of Pennsylvania and the

University of North Carolina, and through the Winchester Junior Fellowship scheme, recruits young graduates tocome to Winchester The scheme opens up familiarity with the sphere of university study in USA and provides uswith a resource for pupils’ SAT preparation

HERITAGE AND ANCIENT BUILDINGS

Objective 3: “Conserving and developing the College’s buildings and facilities”

One of the College’s main charitable objects is the preservation of the ancient buildings with their contents, for thepublic benefit

The College maintains entirely at its own expense listed buildings including medieval buildings of national

importance from the late 14thCentury These encompass eighteen Grade I listings, six Grade II* and eighty oneGrade II In doing so, the College receives no support, financial or otherwise, from local or central Government.Many of these buildings are available to visit through daily guided tours or through access to the collections andarchives

The College is also principal sponsor of, and a leading participant in, the City of Winchester Heritage Open Dayweekends in September 2018 and 2019, opening many of its collections and offering talks and lectures to the publicover the four day weekend.

To celebrate the wealth of its unique collections the school has embarked on a series of publications During the yearthe school published an illustrated catalogue of the Duberly Collection of Chinese ceramics, many of which are ondisplay in the Treasury and “50 Treasures from Winchester College”, a fully illustrated book highlighting fifty of themost interesting, unique and important objects from the school s collections Each object is accompanied by an essaywritten by one of the school community, including pupils, staff, and Fellows

Winchester College Treasury

The College has significant collections of early English silver, ancient Greek vases and other antiquities, Chineseceramics, stained glass, tapestries, furniture, and English watercolours Many of these objects are now on publicdisplay in the College Treasury, which has been made possible entirely through the generosity of a small group ofdonors, who have not just provided for the building’s creation but also endowed it to help deliver, along with theschool’s own contribution, its long term operations and activities

While primarily a teaching space for the College’s pupils, the Treasury welcomes visitors from the wider

community It is open free of charge to members of the public every afternoon each week and to special interestgroups by appointment Admission is currently free During 2018/2019 over 3,000 external visitors visited theTreasury An outreach programme has been developed and taught sessions provided to local primary and

secondary schools

In addition to the core collection, there are several special exhibitions each year In 2018/2019, these included

“English Watercolours and World War I Watercolours”, “The Classical Legacy from the 15th18thcenturies” (curated

by a group of pupils) and “Romanesque Art”

Throughout the year, the Treasury offers a range of curriculum workshops for local primary school pupils Recentexhibitions have included Ancient Greece for KS2 pupils, entitled ‘Groovy Greeks’; and the Chinese New Year forKS1 pupils The Treasury hosts regular exhibitions, such as the 2018 Sports Exhibition, and Primary schools eventse.g ‘Museums Take Over Day’ when Year 6 pupils from Stanmore Primary school were invited to take over theTreasury for the day in Autumn 2018 and created their own ‘pop up’ art show inspired by the Treasury collections.The children produced artwork and spent the day framing and hanging, before showing around their parents thatafternoon

Archives

The College’s archives are of national importance Access is granted to a broad range of the general public, scholarsand researchers – family historians, local historians, military historians, students from sixth form colleges through toPhD students, academics, local councils and organisations, special interest groups and societies, other

schools/museums/archives in the UK and beyond Some are interested in alumni, former teachers, land and

property once owned by the college, the tenants living on those estates, the history of the school, aspects of schoolsport and school traditions, service of OWs in WW1 and WW2, etc Others are undertaking thematic studies across anumber of schools Enquiries come from people living locally, across the UK and from abroad; and from OldWykehamists, parents and former parents and those with no previous connection with the College Some visit theCollege to carry out their own research, others contact the Archivist by letter, phone or email and she undertakesresearch on their behalf

In the calendar year 2018, the Archivist received 770 external enquiries and 48 visitors and in the first nine months of

2019, 580 and 46 respectively No charge is made for answering enquiries nor to those wishing to visit the Archives,which are open by appointment throughout the year

The archives are also visited by groups for tours of the archive rooms and to see exhibitions of documents In thelast year, groups have included guides from Winchester Cathedral; members of The Friends of Czech Heritage;members of the Tile and Architectural Ceramics Society; undergraduates from the University of Winchester to seeAnglo Saxon charters; members of The Broderers Company The school also offered tours of the archive rooms tothe public as part of its Heritage Open Day programme

Digitisation of some records continues – by Christmas 2019, editions of the magazine, The Wykehamist, from 1866 to

1945 will have been digitised and made available to see on line at https://winchestercollegearchives.org Another ofthe school’s websites, www.winchestercollegeatwar.com, is currently being updated to improve functionality and toinclude conflict before WW1 and between WW1 and WW2

The Fellows’ Library

The Fellows’ Library is a varied and important collection of around 12,000 books and manuscripts There are about

40 medieval manuscripts, 52 incunabula (15th century printed books), almost 1,000 16th century books, and around2,000 items from each of the 17th, 18th and 19th centuries Books have been central to the school since its

foundation Among the earliest gifts to the Library were books from the library of the Founder, William of

Wykeham (d 1404) Over the centuries, there have been many major gifts, including those of William Moryn in 1543and Alexander Thistlethwayte in 1767

The Library collections are often used in teaching For example, English classes come to see the First Folio of

Shakespeare and History classes to look at medieval manuscripts; the excellent collection of early scientific books isoften used by pupils studying Physics and Biology and the library’s collection of 20th century artists’ books forms apart of the Art school curriculum The collections are made available to pupils from other local schools and externalgroups Eleven external groups visited the Library in the year, including in June the Anniversary meeting of theRoxburghe Club

Books from the Library are always on display around the College: in Treasury, Moberly Library, the Headmaster’soffices, and in the Library itself Owing to the nature of the collection, however, access cannot be entirely open.Visiting scholars are accommodated by appointment and the Librarian responds to enquiries from researchersunable to visit Winchester The Library catalogue is now publically available through COPAC, an on line resourcethat allows researchers and scholars to search the catalogues of ninety libraries at once, including the UK nationallibraries, University libraries, and specialist libraries, thereby making knowledge of the College’s holdings publiclyavailable

Similarly, the College’s early English imprints have been added to the British Library’s Electronic Short Title

Catalogue and detailed information about the College’s fifteenth century printed books have been catalogued for theMaterial Evidence in Incunabula (MEI) project and detailed records can now be viewed online

The Library collections continue to grow with contributions from various sources In 2018/2019, the Library made

two significant acquisitions: Samuel Morland’s (Old Wykehamist) Description and Use of Two Arithmetic Instruments

(London 1673) and John Keats’s Lamia, Isabella and Other Poems (London, 1820)

Loans

The College provides free loans, where appropriate, of the College’s treasures and archival materials to local and

national museums and galleries for public display Francois Lemoyne’s Annunciation (1727) has been on loan to the

National Gallery since 2011

The Angel of the Annunciation, a late 14th century sculpture originally above Middle Gate, remains on long term loan

to Hampshire Cultural Trust It is displayed in Winchester City Museum

Conservation and development of the College’s buildings and facilities

The Governing Body is committed both to maintaining the College’s ancient buildings and to supporting a majorprogramme of capital expenditure, subject to available funding For the past decade, the College has been followingits Conservation and Development Framework, which was published in March 2009 after extensive public

consultation The Framework set out priorities and was designed to provide a flexible template which would guidedetailed decisions on the use and development of the campus over a period of ten to fifteen years, examine

opportunities for improvements to the environment and landscape, and how better to use the College’s assets for thebenefit of the local community and economy It recognised that the College’s needs would change over time andthat its plans would need to remain flexible to meet changing demands and requirements Ten years have nowpassed and in the year the Warden and Fellows approved the preparation of a new 25 year plan for the futureconservation and development of the school and its environment, both built and natural Known as the EstateDevelopment Plan this is intended, in time, to take into account the school’s changing needs and changed priorities,including sustainability and the unique beauty of the schools’ buildings and surroundings

Gardens and Grounds

The College is hugely fortunate in having extensive grounds of approximately 250 acres, including 100 acres ofancient water meadows; 4.5 miles of the River Itchen; 52 acres of playing fields and 11 acres of formal gardens.Many of the grounds maintained by the school are 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 main River Itchen with its carriers

is a Special Area of Conservation St Catherine’s Hill is a public access area and is leased to the Hampshire WildlifeTrust The College has given access rights over parts of its land to the City Council in order to complete the newSustrans cycle track that makes use of the old railway viaduct

A five year project to restore the water meadows, which qualified for Higher Level Stewardship, and which

involved new fencing, bridges, felling of non indigenous plants and trees planted in the 1960s and reintroduction ofcontrolled grazing, was completed in 2017

Environmental Initiatives

In addition to maintaining and providing access to its natural environment and surroundings as described in theprevious paragraph, for a number of years, the College has been conscious of the need to reduce its energy use andthis has influenced both maintenance strategy and project specifications A first survey of the College estate togauge the potential use of low carbon technologies was completed in 2010 and wherever practicable its

recommendations have been implemented Solar panels have been located on four College roof top locations and awood pellet fired biomass boiler installed The boiler was constructed in conjunction with the redevelopment ofNew Hall and now serves both New Hall and, through a district main, the most energy hungry buildings includingthe Ancient Buildings and medieval heart of the College, including the Treasury Two sets of solar panels will bereplaced as part of the Kingsgate Park Project with more modern, more efficient models The College continues toexplore low carbon and energy efficient solutions as it maintains and plans the development of its facilities

Particular attention has been paid in the Kingsgate Park Project where the school is targeting a BREEAM “excellent”rating Over summer 2019, after extensive environmental assessments, the school constructed an outdoor classroomand dipping platform over the river to educate pupils, both from the College and other schools, in natural history.More modest schemes have also been adopted; replacing existing lights with LEDs where and when applicable,including all theatre lighting in New Hall, installing motion and day light sensing lights, replacing larger hot watercylinders in Boarding House for smaller and efficient heat exchangers reducing storage of hot water by up to 50%.The school is engaged in an ESOS project to monitor its energy use and the programme of replacing domestic boilersacross staff housing with high efficiency modern models has recently been completed Appropriate measures areimplemented as each building on the campus is refurbished

The College has an extensive waste management programme, covering minimising waste and recycling whereverpossible including paper and cardboard, used cooking oil for biodiesel Packaging materials used for packed mealsare either recyclable or compostable Local suppliers are used to minimise vehicle miles

As a matter of good housekeeping the school as always tries to minimise food waste Wherever possible surpluscooked food is re offered or used as an ingredient in a different dish Peelings and trimmings that cannot be reusedare collected and sent to an anaerobic digestion plant to be turned into electricity and bio fertilizer for agriculturaluse All Houses have at least 3 meat free meals per week and discussions are in hand to increase from that base

In maintaining its grounds and playing fields, green waste is ‘graded’ as it is collected: fine materials are naturallymulched down on site and re used around the grounds, heavier ‘woody’ waste goes to an off site composting siteand does not contribute to landfill In addition, the College is responsible for much of the local natural environment

It maintains and dredges the Itchen Navigation to prevent silting and resulting flooding, and keeping the waterwayopen for rowing and aquatic life Flowing water erodes riverbanks and keeping it flowing inside its banks is anongoing challenge Historically, this has been done by pouring thousands of tons of chalk into the river, or worsestill placing iron sheets along the edge of the river, removing any sort of gradual transition from land to water.Nowadays, bank work is done with consideration for a gradual transition into the water, planting local plantssourced from other areas of the water meadows, not from outside, allowing a whole host of plant, invertebrate,mammal and bird life to take advantage of the eco system that evolve in this zone

The water meadows are managed “naturally” through grazing, removing the need for machinery to control growthand protecting wild flowers Areas of scrubland are managed to provide valuable refuge for small mammals andnesting birds, while avoiding the scrub taking over large areas, blocking out the light that allows the grassland togrow, where those same small mammals and birds will feed.

In addition to its campus the College actively manages 215 Hectares of woodland with a view to both preserving thevalue of those woodlands while maintaining and conserving the landscape The College’s forestry strategy is thatany area of woodland that is felled should be restocked with another timber crop with a minimum of delay

Carbon sequestration is achieved through the growth of trees within the woodland Lower value timber, harvested

as thinnings, may be sold into the wood fuel market, providing a renewable alternative to fossil fuels such as oil, gasand coal The objective of active woodland management however is to produce higher quality, sawn log timber,which is sold into markets such as furniture and construction, where the carbon content is locked up for the longerterm Where the opportunity arises, new woodlands are planted, which will provide additional carbon

sequestration in years to come

Objective 4: “Providing appropriate up to date accommodation and teaching facilities”

The programme of major refurbishment of the ten boarding houses and College is now largely complete Work onthe eleventh house (Fearon’s) was completed in September 2018 A second cycle of refurbishment and

modernisation has now started, albeit at a lesser scale than the first During the 2019 summer holiday work wasundertaken on Chernocke House and the main central kitchens in College, serving the scholars and most schoolevents, were expanded, rebuilt and refurbished

In May 2019, after many years in the preparation, work started on site on the Kingsgate Park project, which isarguably the largest undertaking the school has contemplated in many decades, maybe even centuries The full planwill take some years to realise and funding is in place for the first phase, which is by far the largest As befits therenewed importance the school places on sport and exercise and the benefits they bring, the first phase focusses on anew sports centre and other sports facilities This incorporates a double sports hall, squash and fives courts, a pool,cardio vascular training area, rifle range and dojo, as well as substantially expanded changing and spectator

facilities The first phase also allows for reordering the layout of, and access to, the southern end of the campus,separating vehicle traffic from pedestrians, and providing accommodation for support departments such as theWorks Department and Laundry In later phases, other elements of the master plan will be brought forward ascapacity and funding allow, including the replacement and/or modernisation of Mill (Design and Technology), andAntrim House (the current Medical Centre)

Numerous other projects were carried out as part of the planned maintenance programme, to maintain and improvethe school’s buildings and facilities The refurbishment of St Michael’s Church (“Michla”) started in the year and isdue to finish in the first quarter of 2020 The project includes extensive alterations to the interior to provide a flexiblespace for use by the school and the public The cast lead roof of College Hall, a Grade 1 listed building, was

removed and the original lead was recast with the addition of 15% new material before being replaced

Construction of an outdoor classroom and dipping platform was started in the year and completed in October 2019

In Flint Court, the main classroom block, phase two of the project to replace the boiler and heating systems wascompleted successfully and the opportunity was taken to begin a cycle of modernisation and refurbishment of thisVictorian classroom block During the year, the IT provision in all the classrooms, both in Flint Court and all otherteaching spaces, was upgraded to enable the maximum possible use in the classroom of the Microsoft Surface prosbeing introduced across the school

Objective 5: “Undertaking a sustained fundraising programme”

Development Office

The College is committed to best practice in relation to all fundraising activities, which are carried out by the inhouse Development team who are subject to the scrutiny of the Development Committee and Governing Body TheCollege did not engage any third parties to carry out fundraising activities on its behalf during the year 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, andthe school’s Privacy Notices have been updated accordingly This national code of practice includes rules governingconsent, 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 themanagement of data and its communication strategy in line with best practice Face to face meetings with donorsand potential donors are always made by appointment and with full disclosure in advance of the purpose of eachmeeting No formal complaints have been received in the financial year 1 September 2018 to 31 August 2019 Aseries of guidelines, in line with the recommendations as set out in the Fundraising Regulator’s Code of FundraisingPractice, has 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 isneither tolerated nor encouraged by operating guidelines.

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 yearcan be found within the Financial Review later in this Report Particular emphasis is placed on attracting sufficientdonations to allow the College to achieve the bursary target outlined above In June 2019, the Development officelaunched its fundraising campaign for the Kingsgate Park Project described above To date pledges in excess of

£17m have been received

Winchester College Trading Company (Enterprises)

Winchester College Enterprises hosts residential courses and sports and activity camps for children, organisescatered events including wedding receptions, conferences and private parties, provides film locations and managescharity events on campus

There is extensive use of the College’s PE Centre and squash facilities by local schools and through sports clubmembership Enterprises also arrange guided tours of the ancient buildings seven days a week throughout the year,except Christmas and New Year Approximately 8,000 visitors a year enjoy access to the College; this is considered

an important feature in the attractiveness to tourists of Winchester as a historically significant city, which attractsfour million tourists per annum

Many of the College facilities are made available to the public and the College continues to forge links with thecommunity through various economic, sports and tourism initiatives of the Winchester City Council, including theCultural Consortium, Discover Winchester, Kingsgate Village and the Business Improvement initiative

Enterprises also organise, either free or at cost, on behalf of the College, numerous charity and community eventsmaking use of the College’s facilities, including carol services, fundraising concerts, offering performance spaces forrehearsals, 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

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 2015 (“the Charities SORP”) and Financial Reporting Standard

102 These consolidated accounts incorporate the results of the College and its two wholly owned trading

subsidiaries, 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 outthe College’s main sources of income and the results of its activities:

Income

Gross scholarships and bursaries (3,677) (3,732)

Other school income including contributions towards bursaries 1,551 1,277

School fees and other school income 25,350 24,100

Kingsgate Park capital fundraising

New endowment

3,257 2,413

2,265 1,539

Analysis of net income by source:

Deficit in school income (3,846) (2,851)

Trading, investment and fundraising 2,647 2,913

Kingsgate Park capital fundraising

New endowment

3,257 2,413

2,265 1,539

The College and its subsidiaries have four separate income streams and in the 2018/2019 financial year these

produced income totalling £30.09m, a 4% decrease over the previous year’s £31.43m

The School’s core, charitable activities produce by far the largest part of this income, with school fees and incomefrom other activities associated with running the School producing a net £25.35m, 5.1% higher than the previousyear Included within this, gross school fee income grew by 3.4%, reflecting a 4.7% increase in school fees in

September 2018 from £38,100 to £39,912 and a decrease in the average number of pupils in School from 698 to 689.Bursaries, scholarships and other awards totalling £3.68m were deducted from these gross fees As explained morefully on pages 10 11, whilst the value of bursaries awarded decreased slightly in the year, there continues to bestrong demand and the College remains committed to increase bursary provision as funds allow

Trading income rose by £22,000 to £738,000 Winchester College Enterprises saw an increase in turnover as a result

of increased venue hire, including catered events, and wedding receptions As explained more fully on pages 20 21,the College continues to invest in green technology and receives a steady income from the Government’s Feed inand Renewable Heat Incentive Schemes

Income from the College’s investments and cash deposits increased by £712,000 to £3.38m Investment income fromthe College’s financial assets increased by £571,000 to £1.48m due to high dividend income received during the yearfrom our passive funds, managed by BlackRock, in part as a result of increased investment Property investmentincome, at £1.77m, saw an increase of £125,000 on last year, as although there was a decrease in agricultural rent as aresult of sale of a farm in Dorset, there was an increase in the residential houses rental return due to the newlyrenovated Ridding Court being successfully rented out, offset by two properties being temporarily used for staffaccommodation during the year Interest receivable, at £92,000, was up on last year due to increased cash balancesbeing held

Fundraising plays a critical role in the College’s financing In total, the amount raised in the year was £6.29m, up

£808,000 on the previous year (2018: £5.48m) The College remains extremely grateful to all donors.

Fundraising falls into two distinct categories Donations to endowed funds, up £874,000 at £2.41m, included

£1,159,000 for the College Bursary Fund, £919,000 for the Warden Sinclair Fund that provides assistance to boys whoare in receipt of a bursary to take full advantage of the opportunities available at the College, and £192,000 for theWykeham 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.Although new endowment is treated as income under charity accounting, in practice this money has to be ringfenced and invested, and hence is not immediately available to support the College’s activities The Kingsgate Parkcapital fundraising campaign for the ongoing major redevelopment of the PE Centre and squash courts, WorksDepartment, Laundry, Mill and Medical Centre, raised £3.26m during the year

Other fundraising and development income, which is available for immediate operational use, decreased by £1.06m

to £0.62m

Total expenditure in the year was £31.29m This was £2.19m or 7.5% higher than the previous year, although slightlybelow the College’s planned budgeted expenditure The College continues to be under significant cost pressure.Staff costs, which make up around 55% of total expenditure, experienced the largest increase of £1.09m The Collegecontinued to spend and invest in its academic and pastoral priorities, while ensuring that costs are controlled.Expenditure on generating non school income, which includes trading, investment management and fundraisingcosts, was slightly down on last year and remains closely scrutinised

Overall, the group’s net incoming resources for the year were, therefore, £4.47m, an increase over the previous year

of £0.61m However, the College and its charitable operations produced a deficit of £0.98m before depreciation, butthis becomes a deficit of £3.85m after depreciation of the College’s buildings and equipment This remains a starkreminder that fee income alone is insufficient to pay for the College’s primary objectives: education and bursaries,the Quiristers and Ancient Buildings Income from trading, investments and fundraising for day to day use,

contributed £2.65m, reducing the deficit to £1.20m

As noted above, a further £3.26m was received for the Kingsgate Park project and £2.41m received for the

endowment, but both of these are capital in nature and have to be set aside: the former to be spent on the

construction works of the new Sports Centre etc, and the latter added to the College’s investments, so that theincome generated may benefit both current and future generations

The College has a strong balance sheet enabling £6.03m (2018: £3.81m) to be spent on capital expenditure in the year,

including £0.4m on completion of Fearon’s boarding house refurbishment, £0.6m on refurbishment of ChenockHouse and £3.0m on the Kingsgate Park project

As reported last year, the College has put in place a loan facility to enable it to manage its cash flow requirements

On 27 May 2019, the College received the first tranche of £7.50m Further information can be found in note 27 tothese financial statements

Reserves policy

The College needs to have sufficient unrestricted reserves to enable it to meet its charitable obligations in the shortterm should there be an unexpected revenue shortfall The existence of unrestricted reserves also offers the Collegeflexibility to plan and fund major projects to develop and maintain its buildings and facilities The unrestrictedreserve (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 expendableendowment 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 Building and Quiristers However, in extremis, the Foundation couldprovide adequate cover for the College’s longer term capital expenditure commitments and any other longer termfinancial obligations

The College also has substantial other reserves, though by their very nature the use the College may make of theincome 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 in these Report and Financial

Statements

The College’s total reserves at the balance sheet date were £371.2m (2018: £369.1m) This comprised endowed reserves of £327m (2018: £330m), restricted reserves of £6m (2018: £3m) and net unrestricted reserves of £38m after

deducting the actuarially calculated, but volatile, funding deficit on the support staff final salary pension scheme of

£0.4m (2018: £36m and £0.5m respectively) The endowed funds are split between permanent endowment of £4m and expendable endowment of £323m (2018: £4m and £326m respectively).

Free reserves, i.e the unrestricted funds excluding the value of fixed assets less associated funding arrangements,

decreased by £3.2m to a negative £0.27m (2018: positive £2.9m), as a result of funds being used for significant

additions to fixed assets during the year The level of free reserves, albeit currently negative, are considered by theCollege to be adequate, when taken in conjunction with the availability of funds from the Winchester CollegeFoundation if required, and there are no material uncertainties around the College’s ability to continue as a goingconcern

Investment policies and performance

The College invests those funds it has been given to support its activities for the long term across a spread of

different asset classes The three main components are:

 just under 8,700 acres of rural properties with their ancillary residential, commercial, sporting and

woodland interests,

 23 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 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

To meet these objectives, the College’s investments as a whole are managed on a total return basis, maintainingdiversification 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 any asset of any nature and the College haslong had a policy of holding different asset classes In line with this approach, an Order has been obtained from theCharity Commission to allow the College to invest permanent endowments to maximise total return and to makeavailable 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%, (plus costs), ofthe value of the relevant investments, increasing to 3.5% in 2019/2020 Further information can be found in note 1.9and 6 of these financial statements

Investment policy, asset allocation and performance are monitored by the Investment Committee The InvestmentCommittee consists of six members; three Fellows and three external members selected for their relevant expertiseand experience The Warden may also attend

The College expects to see significant growth in the value of its endowment over the next decade or more as

property developments are realised In anticipation of this, the College undertook in 2016, with the help of

Cambridge Associates, an extensive review of its investment aims and objectives, its investment policy, appropriateextraction rates and an overarching asset allocation, in order to provide a sustainable income stream to support theCollege’s charitable objectives Over time, this will see capital proceeds reinvested into a broad mix of investments

At the balance sheet date, the College’s investments were valued at £266m (2018: £268m) and losses, mostly

unrealised, totalling £3.0m (2018: gain of £2.4m) were recognised in the year in the Statement of Financial Activities.

Of the balance sheet value, 64% was represented by the College’s rural holdings, 28% by the financial assets

portfolio, 7% by the portfolio of residential properties and 1% by the fees in advance scheme investments The totalreturn for the year on the College’s investments, excluding Barton Farm, was 1.6% The components are analysedbelow

The College’s rural holdings and their associated interests were valued at the balance sheet date at £168.9m, adecrease of £13.7m on last year This includes the College s interest in Barton Farm (land on the outskirts of

Winchester), on which, in October 2012, outline planning consent was granted at Barton Farm for 2,000 houses Thedevelopers, CALA Homes (Thames) Limited, obtained detailed permission for 423 houses in March 2014 In June

2016, the College received a net £12.1m for a smaller parcel of land sufficient to build 223 houses and in May 2018, afurther net £15.0m for a parcel of land sufficient to build 200 houses

A planning application for Reserved Matters Approval (RMA), submitted in the summer of 2019 for 251 houses, iscurrently going through due process with Winchester City Council, with consent expected in the New Year

Additionally, RMA was sought in October 2019 for the balance of 1,326 houses and the neighbourhood centre.Elsewhere across the College’s rural holdings, £39,000 of small land purchases and farm improvements were madeduring the year, along with a sale of a farm of over 800 acres in Dorset for net proceeds of £9.5m

Further information can be found in note 15(a) to these financial statements

Agricultural rents and forestry income received in the year were similar to last year at £1.29m The total return fromthe College’s farm holdings for the year was 0.2%

The portfolio of residential houses is held principally for the rental stream they generate Rents received in the yearincreased by £203,000 to £473,000, due predominantly to the successful letting of the 11 residential units of RiddingCourt that were completed in August 2018 The residential houses produce a net yield of 2.2% on a current

valuation of £18.43m

The College’s financial assets portfolio is managed externally by four investment managers: BlackRock, who lookafter our range of passive funds, Troy Asset Management and AQR Ltd, who manage the absolute return portfolio,and UBS who hold our private equity fund During the year, the College stopped using Ruffer LLP The investmentmanagers report to the Investment Committee on a regular basis In addition, the College directly holds positions inTetragon Finanical 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)

In accordance with the investment review mentioned above, proceeds from land sales, together with new donations

to the endowed funds, are invested into the financial assets portfolio During the year £7.0m was added to thepassive funds portfolio managed by BlackRock, £4.5m was invested in newly appointed Troy Asset Management,

Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United KingdomAccounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable inthe 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 parent charity’s affairs as at 31 August 2019and of the group’s incoming resources and application of resources, including its income and expenditurefor 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 applicablelaw Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit ofthe financial statements section of our report We are independent of the group in accordance with the ethicalrequirements 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 theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report

In connection with our audit of the financial statements, our responsibility is to read the other information and, indoing so, consider whether the other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated If we identify such materialinconsistencies or apparent material misstatements, we are required to determine whether there is a materialmisstatement in the financial statements or a material misstatement of the other information If, based on the work wehave performed, we conclude that there is a material misstatement of this other information, we are required to reportthat fact

We have nothing to report in this regard

Notes Unrestricted

Funds

RestrictedFunds

EndowedFunds

2019 Total

2018 Total

£’000 £’000 £’000 £’000 £’000

Incoming resources:

Income from charitable activities

Capital applied to income 6 3,598 840 (4,438)

Education and grant making 9 (26,870) (1,017) (809) (28,696) (26,507)

Preservation of buildings and contents 9 (476) (24) (500) (444)

before transfers and investment gains

Gains on revaluation of tangible fixed

assets

(Losses)/Gains on property investments

Gains on financial assets portfolio

Gains/(Losses) on fees in advance

investments

12151516

126

13

809(3,948)915

935 (3,948) 915 13

956 495 1,894 (60)

Pension scheme actuarial (losses)/gains 26 (266) (266) 1,721

Net movement in funds for the year 1,277 3,207 (2,364) 2,120 8,872

Fund balances brought forward 36,251 3,027 329,808 369,086 360,214

at 31 August 2019