The numbers: Christ's Hospital

Christ's Hospital runs a boarding school that has an admissions policy based on need rather than the income of the parents.

Total income £17.9m for the year ending 31 July 2006, compared with £19.6m for the year before.

Highest salary One employee was paid between £100,000 and £110,000.

Reserves policy Free reserves were £7.6m at the end of the year. The charity's policy is to hold free reserves equal to three months' operating spending, which is about £4.1m. The surplus is represented by the margin on the property portfolio, which the charity intends to realise from time to time.

Fundraising costs The charity spent £236,000 on fundraising and its voluntary income was £1.66m, giving it a fundraising ratio of 14p in the pound. The previous year's ratio was 11p.

Pension The school is part of the national Teachers Pension Scheme. Non-teaching staff can belong to the Christ's Hospital Pension Scheme, a final-salary scheme that closed to new members in 2004. In 2005, member contributions for the charity's pension were increased from 4 per cent to 6.5 per cent.

How performance is communicated The annual review gives a clear description of the charity's work. It also makes a good attempt to show what the charity's objectives and aims are. The report, however, does not seem to flag up areas where the charity feels it did not perform well. More detail on activities is available in the trustees' report and accounts, which are available online at www.christs-hospital.org.uk.

The charity says: "We put in place a new financial strategy for our investments, based on the total return concept. This decision accounts for the drop in income compared with the previous year. Total return enables our investment managers to maximise the total return from our investment, rather than investing for maximum income, possibly at the expense of growth.

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