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Financial results
The Finance Committee also provides informal consultation to the School’s management across the year. This committee has direct responsibility for overseeing the financial operations of the School and is tasked with recommending annual budgets, reviewing and monitoring monthly results and formally recommending the annual financial statements to School Council.
The School’s annual financial statements are audited by Deloitte. These consolidated accounts include the revenue and expenses of the School and the Lauriston Foundation (which is the fundraising entity of the School).
Lauriston derives the majority of its operating revenue from tuition and residential program fees (see Figure 1 – Income 2022).
The School also supplements its income by hiring out facilities to external users, operating the uniform shop and Aquatic Centre.
The primary cost of operating the School is the employment costs of our staff together with other expenditure on educational resources for our students. When setting the annual budget, the School seeks to minimise increases in tuition fees and to operate with a modest operating surplus (after allowing for depreciation costs).
The surplus or deficit naturally varies from year-to-year depending on enrolment numbers, programs operated and expenditure incurred.
During 2022, the majority of the School’s operational expenditure related to staffing (see Figure 2 – Expenses 2022).
The School reported a modest surplus of $5.78M, for 2022, which included capital donations of $3.32 million.
Materials shortages and restricted labour supply impacted the Works program however construction has continued throughout 2022.
The capital works expenditure associated with the masterplan works has resulted in a decline in the School’s cash position during 2022.
Further capital expenditure will continue in 2023 as the Blairholme ELC construction progresses.
72.8% tuition & residential fees
8.2% government grants 4.1% childcare 7.7% other 7.2% donations for capital purposes
75.0% staff
5.0% educational / curriculum
6.4% services
2.8% sundry
1.3% development / marketing
5.5% depreciation
2.2% camps and student expenses
1.8% howqua boarding
