A poor year in Windsor

In 2001, Eton's income was more than pound;30million, of which nearly pound;21.7m was from fees.

Eton is one of the largest private schools, with nearly 1,300 pupils, and last year charged fees of around pound;16,500 a year.

The balance sheet shows the true wealth of the college, with net assets of more than pound;162m.

But Eton's financial position is not as strong as it has been. Income in 2001 actually fell by over 10 per cent compared to 2000, when it was over pound;34m.

The main cause was a slump in trading turnover, which had been just shy of pound;6m in 2000, largely due to a lucrative property development. Investment income also declined sharply. And spending topped pound;38m, meaning that the college had a deficit for the year of pound;7.8m.

Net assets fell by a huge pound;27m between 2000 and 2001, mainly due to a fall in the value of investments from pound;123m to pound;100m.

Fees are to rise from September by pound;1,500 a year due to falling investment returns.

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