Report Card 2023-2024

REPORT CARD

Learning For Life. Creating The Future.

2023 –2024

INTRODUCTION The 2023-2024 academic and fiscal year at Pickering College was one of record-breaking growth, program expansion, and strategic investment made to enhance our students’ learning experience.

It was an exciting year, marking our highest-ever enrolment of 510 students, as we continued to strengthen our educational offerings. A key milestone we reached was the launch of our ESL Boarding Academy, designed for students requiring additional English language proficiency support. With seven students enrolled in its inaugural year, this program provides a full-year credit curriculum for Grade 9 and 10 students and represents an important step in broadening access to our academic community.

Our Quaker founding continues to play a significant role in our programs and our approach, as you will note throughout this report. Collectively, we have made additional strides to solidify our relationships with the local Quaker community as well as Quaker schools around the world.

Quaker values, referred to as the SPICES, figure prominently into our day-to-day life at PC. From a financial performance perspective, the school has exceeded expectations with an excess of revenue over expenses. This surplus allowed us to allocate interest earnings to our endowment and internally restricted funds, while also funding essential capital projects. The remaining funds have been added to our unrestricted reserves, contributing to the school’s overall financial strength.

In addition, we have made considerable progress on major capital projects, investing in property, buildings, and equipment. This includes substantial work on West Lake House, set to open for the 2025-2026 academic year, and the commencement of a major renovation of the Eric Veale Memorial Arena. Our commitment to sustainability and experiential learning continued with the development of Blue & Silver Farm, which expanded outdoor education opportunities for our students.

OUR VISION To develop innovative,

Looking ahead, we have developed a retooled strategic approach, moving away from Build, Fund, Innovate, which has served us so well. Our refreshed strategy will provide a blueprint that enables us to live and breathe our mission which is accomplished through the interconnected pillars of Inspire, Innovate, Invest. It is a bold path that we will forge together.

As you look through the pages of this report, we are confident you will marvel at the accomplishments of our bright young learners, as we remain steadfast in delivering exceptional education and ensuring that Pickering College continues to thrive as a leader in education.

Dr. Cinde Lock Head of School

courageous and compassionate global citizens who take action, true to Quaker values.

OUR MISSION To instil in each individual the ability and responsibility to make the world greater, better and more beautiful than they discovered it.

3

TOP

ENGAGED STUDENTS

399 +___ 118 517

OF THE CLASS

Pickering College is the first independent school in Ontario to become a full Member School in the UNESCO Associated Schools Network

1

day students

14

14% of our students receive financial aid

boarding students 100% of our graduates accepted to the post-secondary institution of their choice

100

%

85

% .5

36

students JK - Grade 12

Grade 9-12 students on Head of School’s Honour List

140

PARTICIPATION RATES FOR

ANNUAL GIVING 98% of our 2024 graduates earned the Global Leadership Diploma 18% of our 2024 graduates received the Global Leadership Diploma with Distinction

36 countries represented in our school community

100%

59.1%

Board Members

Corporation Members

56.7%

35.2%

2.1%

Staff

Parents

Alumni

140 community organizations served by our student and staff volunteers

AN INCLUSIVE AND GENEROUS SCHOOL COMMUNITY VALUED PARTNERSHIPS

10,455,434

$

94%

of our graduating class are Ontario scholars

1,751,800

$

scholarship offers received

85.4

%

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FULL SCHOOL RETENTION

TOTAL FUNDRAISING

OUR PARENTS SAY...

At Pickering College our children are encouraged to discover their voice and speak their truth in a respectful manner which instills basic confidence in them. It is wonderful to be part of a diverse community where equality, integrity, responsibility and stewardship are instilled together with a desire for a basic simplicity, harmony and peacefulness which is refreshing in a world that is increasingly becoming more and more complex and divisive.

3.6%

ANNUAL RATE OF RETURN ON ENDOWMENTS

–PC Parent

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QUAKERISM AT PICKERING COLLEGE Friends. This revelation has remained at the heart of Friends’ lives and witness ever since. The belief that there is that of God in every person led to the Quaker practices of careful listening, compassion, nonviolence, full equality for women and all people, and action in pursuit of social justice.

Quakers first established schools in England to provide their children with a “guarded” education to protect the children from the influences of the larger society. When Friends arrived in America over 300 years ago, they immediately founded schools to educate all children. Believing that spiritual, social, and intellectual growth are closely linked, Friends have always stressed the importance of an education that supports the overall development of the child.

THE FOUNDING OF PICKERING COLLEGE Pickering College was founded by the Religious Society of Friends, also known as Quakers, in 1842. While we are not formally a Quaker school today, we remain the only Quaker-founded school in Canada and the influence of their guiding values is immense.

We live in an increasingly secular world; our school prides itself on being multicultural and ecumenical. Today, we boast students from over 30 countries and a multiplicity of religious and cultural backgrounds. This is, and has been for years, one of the great strengths and benefits of a Pickering College education.

And yet our approach to education, and more fundamentally, our approach to how we reach out to our students and our belief in what students can and ought to do in this world, is profoundly influenced by the spiritual nature of our Quaker founders’ beliefs. In some ways, the role of Quakerism has become so pervasive in everything we do and everything we are as a school that we take it for granted. It 6

guides our gathering in Morning Meeting, our use of silence, our approach to decision-making, the strength of our community, the depth of our values, and the inspiration for our action. Yet in other ways, and for many parents, students, alumni and staff, the understanding of Quakerism and the role it plays in our school is a great unknown.

QUAKER HISTORY The Religious Society of Friends emerged in mid 17th century England during a period of political and social upheaval.

Thousands of “seekers” were looking for something to believe in to give meaning to their lives. One such seeker, George Fox (1624-1691), after years of spiritual questioning, experienced a revelation on Pendle Hill, in the heart of England’s Lake District. This revelation—that there is “that of God” in each person, and that one can gain access to God through stillness and the practice of silent worship—led to the birth of the Religious Society of

The founding of Pickering College dates back as early as 1838, when Canadian Friends were considering a boarding school in Upper Canada, since most schools were operated by churches at the time. In 1839, Joseph John Gurney, a prominent English Quaker reformer, counselled those gathered at the Canada Half-year Meeting to establish a school without delay. Gurney traveled with a delegation to the Quaker settlements in Prince Edward County and helped to select a site for a proposed Quaker boarding school, on land which Gurney himself purchased to help the project.

Pickering College began as the West Lake School in 1841 without any government money. Female students enrolled in the fall of 1841 and boys arrived on campus in early 1842. The West Lake School tried to offer the Quaker ‘guarded’ education, believing, “A child is not naturally good nor is he naturally evil; he is simply innocent. . . The object of moral and religious education is therefore to give every opportunity for the good principle

in the soul to be heard and followed and as little opportunity for the evil principle to be heard and followed.”

Although internal and external challenges contributed to the school closing on several occasions and moving from West Lake to Pickering to Newmarket, the school always retained the distinctive qualities founded on Quaker values.

The Quaker idea of “That of God Within” required witness to the equality of people leading to an open entrance policy that had no admissions qualifications based on race, religion, culture or ethnicity, a unique and defining quality of the school.

The school also recognized the equality of potential, with an open entrance policy that recognized students whose earlier education might have been neglected and who might find what they needed for success in a supportive Quaker ethos.

By the turn of the 19th century, students from around the world were enrolled.

Readiness to seek and support the potential within every human being was a cornerstone of a coming educational revolution in North America and the origins of this can be traced to the Quaker foundations of Pickering College.

QUAKERISM AT PICKERING COLLEGE The role of Quakerism at Pickering College is a unique and defining aspect of our school. Retaining a close relationship with our Quaker heritage provides a philosophical, moral and operational framework for our planning and decisionmaking.

While the basic tenet of Quakerism is that “there is that of God in every person,” many people at Pickering share a different interpretation and belief in God. For that reason, we change the wording slightly to reflect the educational context to say that “there is that of good in every person.”

Restated, this means a belief that there is a divine spirit in every human being and therefore the belief that all human beings

have equal worth and dignity. Sometimes at Pickering we refer to this as “finding the light” within each child—that inner potential that is waiting to shine upon the world. Hence, Quakers believe that education is an “opening up” rather than a “filling up” and we therefore work with each student to find and express their unique qualities and passions.

Staying true to the Quaker approach means: • recognizing that there is good in every person, regardless of age, gender, and ethnic background; • providing a high degree of caring, compassion and support; • developing a strong social consciousness; • using consensus in decision-making; • emphasizing traditional Quaker values such as non-violence and simplicity, as well as the school values of community, compassion, integrity, respect and responsibility; and • building our community through Morning Meeting.

Staying true to the beliefs and ideals deeply held by our Quaker founders means continuing to be a school that combines academic excellence with moral depth. All of these qualities are embedded in the Pickering College approach to education.

If we are true to our Quaker roots, our students will be taught, and will come to exemplify, the belief that they are to be seekers of those universal principles and values—as articulated in our Guiding Values, Traits and Guiding Principles— during their time at our school and, more importantly, once they leave our protective shelter and go forth in the world as leaders, ready to change the world.

OUR QUAKER VALUES Pickering College was founded by the Religious Society of Friends, known as Quakers, in 1842. We remain the only Quaker-founded school in Canada and the influence of their guiding values is immense. Quaker values— referred to as the SPICES—permeate the education and atmosphere at Pickering College. These values are taught, modeled, and lived by both students and teachers.

Simplicity guides students and staff to focus on fewer ideas or materials, to explore key concepts more deeply and fully, to set priorities, and to prefer clarity over clutter.

Peace is an endeavour to see the good in each person, regardless of background. Our focus is on collaborative and restorative resolution of conflict.

Integrity means being authentic and keeping consistency between one’s values and one’s actions. We are also open to new ideas, new solutions, and new paths.

Community building centres on simple gestures of kindness, warmth and inclusion; it is gathering interconnected individuals whose collective actions create a sense of belonging and encourage participation, so we accept and take care of one another.

Equality is essential, yet different than sameness. Equality asks that we give and receive the same respect, kindness and care for one another.

Stewardship means taking care of what has been given, not just for our own use but for people around us and for future generations. We should be active stewards of things, of ourselves, of each other, and of ideas and ideals.

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BUILD PICKERING COLLEGE’S

STRATEGIC DIRECTION In the development of our strategic plan, the Board has reconfirmed our commitment to Quaker values as an important differentiator, providing an ongoing link from our founding to our future. The Board identified the ongoing role of the Global Leadership Program in building Pickering College’s reputation as a leader in education. Digital transformation, progress through disruption, identifying new sources of revenue, partnerships and innovation round out the commitments we are making to the future of the school and to our community.

Our winning aspiration is to be the first choice of school for families seeking a caring and experiential program in which their children learn how to lead a meaningful life.

TO BUILD, TO FUND, TO INNOVATE The plan is straightforward with three new overarching strategic choices.

To Build We develop facilities and facilities use to enhance stakeholder experience.

To Fund Our priority is to engage the community, develop revenue streams, and build brand awareness.

To Innovate We have a responsibility to envision the future of education and provide a transformative learning experience for our students.

On the following pages, there is a description of each initiative and the highlights of accomplishments from 2023-2024.

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Build PLAN JK-12 AND STAKEHOLDER PROGRAMS IN THE ENHANCED FACILITIES

Highlights from 2023-2024  West Lake House is on schedule for the 2025-2026 school year; 84% tendered on West Lake House and on budget. The building is on target for a Spring 2025 occupancy.  Redevelopment plan in progress, including plan for Roger’s House, which will lead to looking at enhanced spaces.  Extensive use of Maker Space, 3D printer throughout the year with all grades and divisions. Developed Technological Education Plan and have begun tracking technology activities and assessments in our maker space  Extensive use of Blue & Silver Farm, including chicken and maple projects, reaching K-12 students and all students on site for Bookers Run (Nov 2023)  Alumni House is in regular use by the Pickering College Association (PCA) and its committees, and the Divisional Directors for meetings with Grade Reps and parents.

EXECUTE THE LONG-TERM FACILITIES PLAN

• Plan JK-12 and stakeholder programs in the enhanced facilities • Execute the long-term facilities plan • Develop concept plan and renovate arena

Highlights from 2023-2024  Alumni House and ESL Boarding Academy completed  Farmhouse renovation complete; Greenhouse infrastructure and install being developed; Camping platforms and tents installed; Maple bush phase 1 complete, garden beds redone and chicken coop complete  Sustainability review completed  Redevelopment of Firth House and Rogers House planning underway to maximize residential, classroom and make spaces accessible.

DEVELOP CONCEPT PLAN AND RENOVATE THE ARENA

Highlights from 2023-2024  Preliminary budget approved December 2023.  Design phase complete.  Permit drawings submitted to the Town of Newmarket  More than $9,000,000 has been raised to date for the Eric Veale Memorial Arena renovations.  Scheduled completion March 2025

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FUND

INNOVATE

COVER OPERATING EXPENSES BY NON-FUNDRAISING INCOME

INTEGRATE TECHNOLOGY IN INNOVATIVE WAYS TO CREATE AUTHENTIC LEARNING EXPERIENCES

Highlights from 2023-2024 O n-track for highest boarding numbers in over 25 years, significant progress towards filling all spaces  E SL Boarding Academy growth from seven students in Year One to 12 students in Year Two  New direction for specialized day camps planned for summer 2025

BROADEN BASE OF MAJOR DONORS

Fund • Cover operating expenses by non-fundraising income • Broaden base of major donors • Create brand awareness as a leader in education • Foster stronger community relationships

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Highlights from 2023-2024 W ealth screening, wealth transfer and donor ranking for our constituents complete  S tewardship plans are in place for existing major donors and are being developed for new donors

CREATE BRAND AWARENESS AS A LEADER IN EDUCATION

Highlights from 2023-2024  A robust communications program has been created to communicate PC’s new Middle School program, SPARC, as it is developed and implemented.  S uccessful in promoting a monthly Quaker value; incorporated queries and silence into meetings R e-established our affiliate membership with the Friends Council on Education  Pickering College received the ST Secondary School Award, North American School.

This is the third time in the last four years Pickering College has won this category.

The school also received the Readers’ Choice Award winner, placing first in the Private School category in Newmarket.

FOSTER STRONGER COMMUNITY RELATIONSHIPS

Highlights from 2023-2024  Alumni Avish Sood selected as Keystone Award Winner in May 2024, along with Honourable Mentions celebrated at the Changemakers event, honouring five individuals and organizations taking action to make the world greater, better, and more beautiful than they discovered it. A lumni events have been hosted in Bermuda, Bahamas, Hong Kong and Japan as well as a Young Alumni Event in Toronto as well as on campus for Reunion Weekend, Hockey on the Hilltop an alumni post-secondary transition event, a debate reunion and a volleyball tournament. C areer Conversations launched, Senior School heard from many community members, including parents and past-parents, former board members, and other PC community friends.  CHOP FM held several interviews with community organizations, broadening awareness of the station and opening the door to more regular community programming  Continued efforts to establish partnerships with post-secondary institutions (e.g., Guelph, Queen’s, St FX)

Highlights from 2023-2024  Developed a Technological Education Strategy that focuses on integrating technology in education to enhance student leadership, creativity, designing thinking, entrepreneur mindsets, collaboration, communication and digital citizenship.  VR technology has been leveraged in Comm Tech, Geography and History lessons to amplify student learning and create new contents.  Robotics co-curricular programming is in place (VEX and First Robotics).  Students in the Junior Robotics Club participated in creating First Lego League robotics, enhancing their learning of STEM skills in the arts and design world.  Cohosted a VEX-IQ tournament welcoming 40 teams. The event was action-packed, with robots designed to pick up and place 60 cubes of various sizes in different goal areas within a minute.  Our students participated in two First Robotics competitions after developing a competitive robot earlier in the season.

USE THE GLP AS A PLATFORM TO ENACT OUR VISION OF THE FUTURE OF EDUCATION

Highlights from 2023-2024  All divisions are implementing changes from the GLP review. Highlights include the new building blocks in the Junior School, the enhanced Design and Build/Outdoor Education in the Middle School and the Incubator and Mentorship Programs in the Senior School.  The Middle School program is evolving to enhance experiential education and partnerships through the development and implementation of SPARC (Student Projects Advancing Real Change).  Regular features in The Pillars, PC Connects and Newsfiles as well as on PC’s social media channels. Display in the lobby of Rogers House.

ENHANCE THE STUDENT EXPERIENCE WITH A SPECIAL FOCUS ON MIDDLE SCHOOL

Highlights from 2023-2024  ESL Boarding Academy participated in six experiential excursions.  Grade 8 travelled to Ottawa to align with Grade 8 History program.  Grade 5 leadership program is developing with students taking on more leadership roles including Dining Room table helpers, helping with morning drop-off, and at recess as well as regularly hosting Morning Meetings.  Assistant Co-Curricular Director established with focus on Junior & Middle School programming.  Ametros (AI-based experiential platform) for social-emotional learning was piloted with Grade 8.  Engaging in student leadership development across the Middle School with the introduction of new clubs & councils.  Middle School Student Committee planning in alignment with Senior School Student Committee multiple events during the year.

Innovate • Integrate technology in innovative ways to create authentic learning experiences • Use the glp as a platform to enact our vision of the future of education • Enhance the student experience with a special focus on Middle School

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INSPIRED STUDENTS

JUNIOR SCHOOL HIGHLIGHTS Grade 3 students spent time outdoors digging to investigate the various components that make up soil. Students discovered minerals, water and organic matter, both living and non-living. They worked with a partner to collect loam soil, sandy loam soil and clay loam soil. Students used the samples for various experiments and investigations in class.  Grade 4 students learned about the pros and cons of mining, with an interactive mining experience using cookies. They mined for minerals (chocolate chips) using their tools (toothpicks) and discovered that the mining process had a devastating impact on the environment (the rest of the cookie).  The Grade 5 class was the inaugural group of students to stay overnight at Blue & Silver Farm’s camping platforms. They participated in a night-time hike and stargazing search, played games and enjoyed stories, songs and marshmallow s’mores around a campfire under a starry sky.  The Grade 1 students joined Dr. Lock in her home to make apple crisp, with the help of 12

The Grade 3 class visited Blue & Silver Farm with Ms. Amadori. Prior to the visit, they heard the story Awasis and the World-Famous Bannock. The students were introduced to campfire safety. They had an opportunity to explore the farm to gather the materials to build and light the fire.

They then cooked their own bannock over the fire with roasting sticks. 

Ms. Amadori. Students used apples they picked off our very own trees and each got to customize their own crisp.

They enjoyed story time with Dr. Lock and Ms. Downer while the food was in the oven and got to eat their yummy desserts as a treat at the end of the day. 

hold five pumpkins using only popsicle sticks and clothespins. 

Inspired by the story, Leaf Man by Lois Ehlert, the Senior Kindergarten students created their very own leaf people and animals using leaves they collected outside. The leaf learning Junior Kindergarten students continued during Reggio inquiry, as students looked enjoyed being painters, closely at an interesting leaf engineers and witches for Halloween! They learned the of their choice. They drew poem Five Little Pumpkins and their leaf in their sketchbook and labeled it accordingly.  students were challenged to build a gate that would

On Halloween, the Grade 5 students took on the leadership challenge of running a Haunted House for their fellow Junior School students. They decorated the classroom, each took on a different position and tailored the experience to every age range and comfort level to make sure it was a fun time for all the participants.  After reading a book entitled A Tree Can Be…, Grade 1 students were excited to write and illustrate their own “A Tree Can Be…” book. They used materials to create their

own trees and added a photo of their tree to their book.

They shared their books with the rest of the class.

They then led the Junior and Middle School Morning Meeting and presented their collaborative “A Tree Can Be…” book and shared all the things that trees mean to them as well as why we need to show care and kindness to Using a sorting chart, they the trees and nature around identified and classified us.  bones, determining whether the owl had consumed a The Grade 4 students mole, vole, or starling. This engaged in a hands-on activity provided valuable science activity related insights, while using artificial to their unit on habitats. owl pellets for a safe and Instead of using real owl educational experience.  pellets, they dissected synthetic and sanitized The Senior Kindergarten versions. During this unit, students took a keen interest they learned that barn owls in learning more about snow, are endangered in Ontario, wondering where it comes they are present on every continent except Antarctica, from, how it is formed and what do snowflakes look and their diet includes like up close? To make these moles, voles, and small discoveries, SK ventured birds. Owl pellets, usually outside on a snowy day consisting of undigested to capture snowflakes on claws, bones, beaks, and frozen black pieces of paper surrounded by hair and for closer observation. They feathers, were simulated for then looked at photographer the purpose of the exercise.

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INSPIRED STUDENTS

JUNIOR SCHOOL HIGHLIGHTS

Wilson Bentley’s detailed photographs of individual snowflakes and students wrote about what they found interesting in their inquiry journals. Students also used different materials to make their own snowflakes on the light table.  Grade 3 students monitored the growth of lettuce plants, planted in the FarmBot CNC planting system by Senior School Green Team, by recording the height of the plants, the number of leaves on the plant, the health of the plants, and the condition of the soil, to make sure the FarmBot was watering correctly. Students helped to harvest the lettuce and delivered the crop to the kitchen staff, where we enjoyed our lettuce in the salad bar!  14

The entire Junior School took turns visiting the new Sugar Shack at Blue & Silver Farm for Maple Day! Throughout the winter, many classes contributed to tapping our own trees and after collecting around 80 gallons of sap, students were able to witness the boiling process up close.

Each student got to enjoy a sample of sweet syrup! 

Corus Quay, an eight-storey building located on the Toronto waterfront. They Volcanoes are a great way to toured the production studios for Q107, AM 640 Talk explore solids, liquids and Radio and The Edge 102.1 FM. gasses. A volcanic eruption The students were excited to releases all of these states of matter. The Grade 2 students meet with afternoon hosts designed, built, and erupted Dan Chen and Joanne Wilder their own volcanoes to witness and compared their on-air experiences with what they this firsthand. They were collaborative, innovative, and observed in this professional setting. The visit included had lots of fun!  a closeup look at master control for 13 live television The the Junior School Radio feeds, audio production Elective students toured facilities, soundproof the broadcast facilities at

baby chicks! The students loved observing these animals. They continued to grow on campus under heat lamps until they were big enough to move to their permanent home, the brand new chicken coop at Blue & Silver Farm.  The Grade 4 students participated in an inquiry into the 300-year-old grandfather clock in Dr. Lock’s office. This was television studios and part of their science unit Nelvana animation work on machines and their areas with editors and producers happily discussing mechanisms. Students got to look inside the clock and their work. The students were encouraged to try to explored a high tech figure out why they thought board room, the Corus auditorium and other unique the clock hadn’t worked for over 50 years. Professionals presentation spaces. They also visited the set of Global’s were brought in to revitalize the clock and it chimed for The Morning Show.  the first time since 1971.  After many days of incubating in the Junior Kindergarten and Grade 2 classrooms, our chicken eggs finally hatched to reveal fluffy

In the Spring, the Kindergarten, Grade 1 and Grade 2 students presented the Primary Musical, The Greatest Pet Show Ever on

the Meeting Room stage.

This show was a celebration of all our pets – both real and imaginary! The cast practiced in their music classes and brought the story to life on stage in front of an adoring audience of family and friends. From Grade 2 cats and Grade 1 dogs to Kindergarten sharks and frogs, the musical was a great success!  Grade 5 students enjoyed a wonderful overnight trip to Sudbury! At Dynamic Earth, they visited the 13,000 kg Big Nickel (the world’s largest), explored the replica mine 70 feet underground, watched an awe-inspiring BBC Planet Earth cave documentary and participated in a mine structures building challenge. After dinner, they played at Ramsay Lake Park. On the second day students explored Science North, enjoying the many interactive activities the museum has to offer. 

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INSPIRED STUDENTS

MIDDLE SCHOOL HIGHLIGHTS Students in the Grade 6 classroom used the Makerspace to construct a town with a fully working parallel circuit, including switches, motors and solar panels! Dr. Lock, Ms. Downer, Ms. Clement, Mr. Armstrong, and Ms. Elliott visited to check out the students’ Electrical Town Projects, ask some good questions and provide feedback on the students’ electrical schematic drawings.  All of Middle School attended a three-day trip to Camp Muskoka to bond with peers in their grade, across the division and within their house. They played forest games, built fires & shelters, challenged themselves on the ropes course, flew across the lake on a zipline, had a canoe race and celebrated with a karaoke dance party.  The Grade 6 students learned about biodiversity through a trip to Blue & Silver Farm and a lab in class. Students played a tag-based survival game and learned about food webs, invasive species, natural disasters and the importance of biodiversity. The students were also led through a classification of living things activity. Using technology, they identified various species of living things 16

and classified them into six main categories. Back in the classroom, students did a dissection lab. They had practice with following a procedure and maintaining proper use of dissection tools and PPE while performing a dissection. They made connections with our biodiversity unit, understanding the importance of a variety of food in resources for a healthy ecosystem.  As part of the National Day for Truth and Reconciliation, Middle School students stenciled moccasins at six different locations around

campus. This was part of the Moccasin Identifier Project, a nation-wide initiative to recognize the Indigenous people who have walked this land for thousands of years.

Students and staff were able to visit the locations throughout the day to learn and reflect.  The Grade 8 class travelled to the Tiffin Centre for Conservation for a day of experiential learning focused on water. The students enjoyed three immersive workshops. The first workshop used a model community to explore how humans impact the

watershed. In the second workshop, on water health, students learned how the Nottawasaga Valley Conservation Authority monitors the health and diversity of the aquatic insect population to better understand water quality in the region. In the final workshop, the group walked on a few of the property’s 11 kilometres of trails.  The Middle School robotics club gave a special presentation at Morning Meeting where they spoke about how VEX Robotics works, what they have learned from being in this

develop public speaking technique. The club interviewed Mr. Colin Robertson, a former diplomat, at the Middle The Middle School School Morning Meeting Photography Club spent about his career and the time photographing sports, challenges and opportunities nature, and various spots that exist in the foreign around the school. They service. After the meeting, learned a lot about angles, Mr. Robertson led a perspective, lighting and subject matter. They also had workshop for Grade 7 and 8 an opportunity to learn some students. The visit from Mr. Robertson was a tremendous tips and techniques from opportunity for the members professional photographer of the Debate Club to Stan Behal while he was at the school taking photos.  enhance their understanding of global affairs, hone their interviewing skills, and Middle School Debate develop their debating practiced Canadian strategies.  Parliamentary Debate to club. They then they did a live demonstration with some of their robots. 

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INSPIRED STUDENTS

MIDDLE SCHOOL HIGHLIGHTS Grade 7 students learned about Indigenous voices and skills, with a workshop on lacrosse, learning to make mittens from leather and wool, fire building & safety, outdoor cooking demonstrations and creating their own solar ovens. They spent some time at Blue & Silver Farm to practice some of these skills in our beautiful outdoor space. 

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on Canadian currency.

Students then tallied data and prepared a summary report they gave to the Bank of Canada. 

Grade 8 students learn about food, from food insecurity to nutrition to preparation and marketing. They took a trip to the Daily Bread Food Bank in Toronto. Back at school, they focused on nutritional components of a healthy diet and meal, then worked in groups to complete a challenge where they prepared a smoothie bowl that considered cultural fusion and had a budget for purchasing ingredients. They made their own food truck signs and menus, which they presented at the final food truck fair. 

Mr. Shum, a PC parent and commercial pilot visited the Grade 6 students. He shared his expertise on the four forces of flight, properties of air, training to be a pilot, and what instruments and controls they use. As part of their studies on flight, the Grade 6 students built their own planes, and had to pitch their team and their design to judges. The students had to be persuasive as they communicated their engineering, creativity and critical thinking skills.

This was a Pillar project, focusing on Adventure and Wisdom. 

Middle School students got into the festive spirit and made holiday cards to distribute to senior citizens connected with CHATS and Southlake Regional Health Centre. This activity reflected our values of connecting with the community and serving others. 

Canada has been printing money for over 150 years.

In that time, an Indigenous woman has never been featured on a Canadian bank note. The Native Women’s Association of Canada created Change The Bill, a call to action that aimed to promote

The Grade 7 classes learned about Form and Function in Science. The students suited up in their hard hats and vests and witnessed construction of the new building, West Lake House, up close. The students asked questions and learned some valuable information about building structures that they could apply to their projects. 

reconciliation through art by commissioning Indigenous artists to reimagine the $20 bill with the Indigenous women who are their heroes.

Our Grade 8 historians researched the legacies of the women featured on the bills, and printed and mounted the art for display.

They designed their own $20 bills that acknowledged the contributions of other 19th century Canadian history makers, which were displayed in the Meeting Room for visitors to cast their vote on the most worthy bill designs to be featured

Three Grade 8 students attended the Future Prize Competition for Middle School hosted by the Future Design School. Forty teams from CIS schools all over the GTA participated in this competition. The day began with team building activities and our students came up with their own energizing cheer. Students worked collaboratively all day and learned how to use design thinking techniques for brainstorming, idea generation, prototyping and preparing pitches.  Students in Grades 4 to 8 participated in an anti-racism workshop with the Get REAL movement. A key point was to bravely be the change you

want to see in the world and not to “co-sign” behaviour by not speaking up when you see something wrong.

Students learned what racism, systemic racism, anti-racism, stereotypes, micro aggressions, bias, white privilege, and colour evasiveness mean and they learned some historical context as it relates to anti-Black discrimination. Students came away feeling empowered, informed, and with concrete ways to support themselves and/or peers of colour as allies 365 per year.  Middle School students took part in an inspiring public speaking tournament.

Throughout the morning students presented their persuasive speeches on a topic of their choosing and their interpretive fiction readings to a small group of their peers and a panel of judges. Congratulations to the students for all the hard work and practice that went into their presentations and thank you to our judging panels, who were made up of faculty, staff, and volunteers from the PC community!  The Grade 7 students had a great trip to Quebec City. They participated in interactive activities that

engaged them in the history and culture of the city.

Some highlights included a tour of the Old City, and a workshop at the Martello Towers; as well, visits to the Aquarium, Montmorency Falls and a traditional Wendat Village. The students did an outstanding job of representing Pickering College and created some lasting memories.  19

INSPIRED STUDENTS

SENIOR SCHOOL HIGHLIGHTS The Grade 10 GLP focused on social justice through experiential learning. After an introductory session, the students were broken into groups and taken on a walking tour of Newmarket to visit grassroots organizations making a difference in the community, such as Inn From The Cold, Community Living, NACCA, Girls’ Inc, NewMakeIt and more. The tours finished at the Newmarket Community Fridge. Many students and The Grade 10 STEM math teachers donated food to the course participated community fridge as a way in a design and build to take action to support this challenge that followed the engineering problem-solving community organization. At the end of the day, students process. Students designed recorded a video to express a method for a cup carrying what they learned about a marble to drop the marble grassroots organizations on a target while travelling during the experience.  down a zip line without any human intervention.

The Grade 11 LEAP Class The activities tapped into embarked on a backpacking students’ ability to think trip to the Western Uplands critically and creatively, of Algonquin Park, spanning and to test and revise their two nights and three solutions.  days. They covered a total distance of 35 kilometres, Grade 12 Physics students carrying backpacks weighing built ping pong ball between 15 to 20 kilograms launchers and spent a each. They learned essential second class testing them survival skills, like filtering and making calculations. Dr. water to stay hydrated and Lock dropped by to see the tests in action and speak with cooking meals on mini stoves. Bear safety was students about their work, their theories, and even took paramount, so they diligently hung their food high in the part in some launches.  trees.  Our Grade 9 students spent three days on the shores of Lake Vernon at Camp Tawingo to kick off their school year. Grades 10, 11 and 12 students each enjoyed their own team building excursion at Kettleby Valley Camp to mark the beginning of the school year and connect with each other while honing their archery and climbing skills. 

20

The inaugural class of the ESL Boarding Academy kicked off this year! Grade 9 and 10 students in this program took part in experiential learning at the Toronto Zoo as part of their Ecosystems and Climate Change science units. Students engaged in teacher led tours, recorded observations on the Rouge Watershed landscape and explored wetlands in the Canadian Domain. Prior to the visit they engaged in debate on the creation of the Rouge National Urban Park as a strategy for mitigating the effects of climate change in the Great Lakes Region.  Grade 12 English students gathered for a community lunch in the Meeting Room.

Students were invited to bring in foods that reminded them of home.

As part of their poetry unit, each student created a “Where I am From” poem and students completed a gallery walk of poem excerpts placed around the room. After lunch, students were invited to create a collaborative “Where I am From” card to depict the PC community. This was a moment for our Grade 12 students to come together and reflect on who they are, and what PC means to them. 

Grade 9 students visited Dogwood Forest in Port Perry and explored the relationship of human development and the natural environment, contrasting the balance of sustainability and human productivity required to work with nature in a way that does not compromise human health or the natural environment. Students learned about design

elements of well-established outdoor education facilities and considered building materials, financial and environmental impact as they then developed their own outdoor learning space ideas for the Blue & Silver Farm. 

They got to test ‘flying’ two prototypes out of a thirdfloor window in Rogers House, between our pillars, taking their observations and learnings back to the drawing board to then build their final prototype. 

The Grade 11 GLP cohort tested Mars lunar landers they constructed in their design and build activity.

Grade 12 students had the chance to visit the Museum of Contemporary Art in Toronto. They 21

INSPIRED STUDENTS

SENIOR SCHOOL HIGHLIGHTS were captivated by the diverse range of artworks, from installations and short films, to painting, photography and sculpture.

This experience inspired them to appreciate how contemporary artists address current issues through various mediums. The visit allowed students to explore how art and media can serve as powerful tools for storytelling, advocacy, and communication. It exposed them to diverse perspectives and ways artists comment on the world around them.  Four Senior School students had an opportunity to attend the Canadian Student Leadership Conference (CSLC) in Saint John, New Brunswick, hosted by Saint John High School. The fourday conference was attended by students from all over Canada and was filled with tons of school spirit. Student leaders had the opportunity to attend a number of workshops, plan and execute a pop-up Relay for Life and listen to energizing keynote speakers. Students also learned about schools in different provinces and what student events are hosted in schools across the nation. 

22

The Grade 11 Physical Geography students strapped on hip-waders to

collect, record and analyze data, creating a profile of the Humber River which is one of the main Toronto drainage basins forming south of the Oak Ridges Moraine. The data collected by students was used to calculate average depth, current speed, cross sectional area and discharge of the river.  The Senior Jazz Band welcomed Ernesto Cervini, a Canadian Juno Award winning musician, composer and drummer. He worked with the rhythm section and the entire band on musical details and embracing the various styles of jazz music. He gave the students some valuable insight and

feedback which improved their understanding and overall confidence with their repertoire!  In Grade 9 Healthy Active Living, students tried out a number of challenging Paralympic sports. This unique and exciting opportunity was connected to the Physical Education curriculum and allowed students to learn the skills required for three different Paralympic sports – wheelchair basketball, goal ball and sledge hockey.  The Pickering College Senior Jazz Ensemble was a top 10 finalist in the Private School category for the

CBC Canadian Music Class Challenge, which celebrated music education across the country. Schools submitted a recording of themselves performing a pre-approved song.  The Grade 10 students of the ESL Boarding Academy went on a tour of the Legislative Assembly of Ontario at Queen’s Park to witness firsthand where the province’s lawmakers work.

They met the Members of Provincial Parliament (MPPs) Dawn Gallagher Murphy of Newmarket–Aurora riding and Chris Glover of the Spadina-Fort York riding, who took time out of their

busy schedules to welcome, chat with, and gift the students with lapel pins.  The Grade 9 Science classes traveled to the Ontario Science Centre and participated in the Expedition Mars program.

Students were in both mission control and spacecraft simulators and had to work together to safely land a spacecraft on Mars, overcoming dust storms, meteorite impacts, and technological malfunctions. 

Meadowbrook Public School in Newmarket. The team ran a volleyball clinic for 10 girls in Grades 6 and 7 as a part of the Girls Inc. after-school program. The organizers of the program were amazed by the PC girls’ organization, positivity and patience.

They were outstanding role models for their young fans!

Girls Inc. is a non-profit, international organization, whose mission is to “empower girls to reach their full potential through gender specific programming that inspires all girls to be strong, smart, and bold.” 

The Senior Girls’ Volleyball Team volunteered with Girls Inc. of York Region at 23

INSPIRED STUDENTS

SENIOR SCHOOL HIGHLIGHTS students took part, presenting an innovative idea to address disease, specifically eradicating AIDS, malaria, and a number of tropical diseases, and greatly reducing the number of deaths and illnesses that result from pollution. 

Four Senior School students attended the Quaker Youth Leadership Conference hosted by Germantown Friends School and William Penn Charter School. They had a great time exploring Philadelphia and meeting students from Quaker schools across the United States! 

24

The Grade 12 Leadership class hosted Dr. Lock, Mr. Schneider and Mrs. Hunt for PC’s first ever ‘PUMATalk’, a TED Talk style event focused on personal stories. Students were challenged with the question “What Lights Your Fire?” and prepared talks on a range of topics from dismantling traditional views of education, overcoming obstacles, stepping out of comfort zones, re-imagining introverts, challenging our dependence on social media

and developing a fearless mindset.  The Grade 12 Financial Accounting class travelled to University of Toronto Scarborough Campus to compete in the BE Unlimited Competition. The competition started with a challenging case study related to a struggling company within the seafood industry. The owner had experienced increased competition and lower profits and was looking for a recommendation on where he needed to go with his business for the future. With two hours to strategize, teams prepared their case and presented 15-minute pitches to a panel of judges.

One team made the top three out of 40 teams! They showcased their expertise before an audience of more

than 400, including fellow competitors, educators, and industry professionals.

Their comprehensive and innovative approach to the case earned them a well-deserved third place, accompanied by a prize of $800.  A group of nine students and three faculty from Pickering College spent 10 days in Tanzania over March Break, completing a six-day climb up Mount Kilimanjaro.

Kilimanjaro is the highest peak in the continent of Africa.  Professor Ian VanderBurgh, a prominent professor from the University of Waterloo and the director of the CEMC (Centre for Education in Mathematics and Computing), visited our enhanced Grade 10 and 11

Forty-nine students and five faculty travelled to Halifax to participate in the Atlantic Festivals of Music! The Halifax Concert Band received a Silver Award for their outstanding performance. math classes. He led dynamic problem-solving activities, prompting students to tackle challenging problems collaboratively. His guidance encouraged students to approach problem-solving with resilience and creativity, emphasizing the value of continuous learning and teamwork.  Students in the Grade 12 Law class visited the Superior Court of Justice and Ontario Court of Justice in Newmarket. Students were given a comprehensive look at the legal process, observed live court proceedings and saw various legal professionals including judges, crown prosecutors, defence counsels, clerks, and court reporters. 

A number of PC students attended the Toronto Youth STEM Innovation Conference, a high school student-led conference. The cornerstone of the conference is the Innovation Challenge, in which teams of students present solutions related to Sustainable Development Goals. A team of four PC

While in Nova Scotia, they explored Peggy’s Cove, Mahone Bay, Lunenburg and downtown Halifax. They enjoyed exploring, ate lots of seafood, and went to a performance by the National Youth Band of Canada where two of our PC students were presented with Outstanding Soloist Awards.  25

FINANCIAL ACCOUNTABILITY

For the year ending June 30, 2024

OVERVIEW

The academic and fiscal year ending June 30, 2024, marked a year with our highest ever enrolment and many investments in support of program enhancements and steady growth.

We began the school year with an enrolment of 111 boarding students and 399 day students for a total of 510 students (budget target was 512 students). In 2022/2023 school year we had a total of 475 students (102 boarders, 373 day). We also launched the new ESL Boarding Academy with 7 boarding students, for a total boarding population of 118 students. This new program offers students, who do not meet our English proficiency requirements, a specifically designed full-year credit program for Grade 9 or 10. And finally, having taken ownership of the Blue & Silver Farm in April 2023, we began to expand our outdoor education and farm programming.

STUDENT ENROLMENT

2023/24

399 +118 _ 517 day students

boarding (&esl) students

total students 2023/24

373 +102 _ 475 day students

boarding students

total students 2022/23

2023/24

121 104 +292 _ 517 junior school middle school

senior school

total students 2023/24

2022/23

2022/23

98 103 +274 _ 475 junior school middle school

senior school

total students 2022/23

Overall, financially, our excess(deficiency) of revenue over expenses, before amortization and the net change in unrealized gains on long term investments for the 2024 fiscal year was an excess of $1,970,478 as compared to the prior year excess of $1,181,223. This excess is important to the school as from this we allocate interest earned to our endowment and internally restricted funds, which totaled $348,687 and we funded approximately $818,000 in regular annual capital projects. The remaining excess has gone into unrestricted reserves. We are pleased with our overall financial results.

The 2024 audit was successfully completed by Doane Grant Thornton. Please note that the auditors have provided a clean opinion.

During 2024, many capital projects were underway which resulted in a total of $16,797,241 investment in property, building and equipment. Regular completed projects totaled $1,396,049. PC incurred $14,899,401 in costs for West Lake House, which is targeted to open mid 2025. A new major renovation was begun on the Eric 26

Veale Memorial Arena in 2024, with costs of $501,791 on June 30, 2024. While the arena has served us well, it was at the end of its life, with a cracked pad and the need to update the refrigeration system. This project includes replacing the cracked pad, new boards, new pipes, insulated walls, and upgrading the refrigeration system. A multi-purpose gym complete with a rock climbing wall will be added to the south end of the building. We won’t have use of the ice during the 2024/25 academic year but will be ready for the 2025/26 season! A number of these projects are a result of program growth and expansion, such as moving the Development team into one of our stand-alone houses, which is now called Alumni House and the creation of the ESL Boarding Academy House serving as a girls’ residence and classroom space for the new ESL Boarding Academy. We also began a renovation of the Farmhouse to support a tenant and future learning spaces. We continued with regular technology replacements, replaced all of the flooring and lights on the third floor of Rogers House, installed a new commercial oven, completed the second-floor renovations of the Head’s House. In addition, we began some of the 2025 capital projects, which include building a Greenhouse at the Farm, as well as expanding the farm outdoor learning spaces with rain structures, an outdoor kitchen and more compostable toilets!

REVENUE

In 2024, PC reported total tuition and other program related revenues of $24,433,483 on 510 students. This compares to $21,349,389 on 475 students in 2023.

In 2024, actual enrollment was 510 students consisting of 111 boarders and 399 day students. This was a significant increase from 2023 when we had 475 students of which 102 were boarders and 373 were day students.

We recruited 52 new boarding students (increased from 49 the year before) and that coupled with an 80% retention rate, resulted in a boarding population of 111. This growth continues to be on target to return to our regular 110-120 enrolment. We continue to maximize the day student population with the recruitment of 111 new day students and an 87% retention rate for a total day population of 399. A large portion of our growth was in the Junior School with the splitting of kindergarten into separate Junior and Senior Kindergarten classes. Our Middle School enrolment was steady and our Senior School grew by 11 students, with the increase in boarding. Of the $24.4 million in revenues, $22.0 million represents the tuition and fee revenue. This reflects an increase in tuition, an increase in enrolment and significant increase in enrolment and application fees.

In terms of diversifying our revenue sources, the national benchmark targets 90% of total revenue to come from tuition and fees and 10% from other sources. In 2024, parents paid tuition and fees representing 84.5% (86.1% in 2023) of PC’s total revenue. Auxiliary programs represented 8.1% (6.6% in 2023), investment income represented 1.3% (1.2% in 2023) and donations and fundraising revenue was 3.2% (2.8% in 2023) of total income. Rental and other income represented 2.7% (3.2% in 2023) of total income.

During 2024, we continued to have a generous PC community, raising a total of $11,136,411 ($12,756,536 in 2023).

Our 2024 funds raised can be broken down as: $467,900 through Annual Giving, with individual giving and special events; $250,000 in Unrestricted Bequest Revenue; $9,287,986 in restricted donations, in support of future capital, the Arena, Blue & Silver Farm, PC Power of Community, Communications Technology, educational programs and annual scholarships and bursaries; $316,550 to endowments; $778,598 in support of West Lake House and Gifts in kind of $35,377 were received.

Individual annual giving exceeded our target, but Special Events were slightly below budget with the change in timing of the Golf Tournament. A new mom and a new dad event were introduced during the year.

With respect to charitable giving at PC, our Board of Directors continue to lead the way with 100% participation followed by the Corporation at 59.1% (51.7% in 2023), faculty and staff participation at 56.7% (54.8% in 2023), giving by our parents at a participation rate of 35.2% (38.6% in 2023) and 2.1% (1.4% in 2023) of our alumni contributed.

...continued on page 29

27

STATEMENT OF OPERATIONS

...continued from page 27

2024

For the year ended June 30

2023

REVENUE Tuition and other program-related revenue Auxiliary programs

$

21,969,708

$

19,576,506

Auxiliary program revenue increased significantly to $2,115,088 ($1,509,167 in 2023). The increase comes from the addition of the ESL Boarding Academy and some growth in the ESL Overnight Summer Camp, summer Day Camp and Hilltop Shop revenue. Net income on auxiliary programs increased to $406,458 from $273,679 in 2023. Summer camps and the ESL Boarding Academy all have more capacity to grow. Rental and other income of $692,156 is slightly less than last year’s income of $729,677. The 2023 income included a one-time insurance expense reimbursement. In 2024 the largest source of income is short term interest income of $435K. We are managing cash flow tightly to take advantage of interest income opportunities.

2,115,088

1,509,167

348,687

263,716

24,433,483

21,349,389

Rental and other income

692,156

729,677

Donations and fundraising

717,590

494,465

Amortization of deferred educational program contributions

43,972

146,245

25,987,201

22,719,776

Instructional and co-curricular programs

13,427,689

11,746,836

Instructional/residential/arena buildings maintenance & grounds

3,470,447

3,200,434

Advancement

2,449,602

2,318,945

Management, administrative and operations

2,071,355

1,980,350

Auxiliary programs

1,708,630

1,235,488

889,000

1,056,500

Total

24,016,723

21,538,553

WEST LAKE HOUSE

(Deficiency) excess of revenue over expenses before items below

1,970,478

1,181,223

ANNUAL GIVING

Investment income from long-term investments

Total

Deferred educational program revenue represents the recognition of donations that have been given for specific purposes. In 2024 PC recognized $143,972 ($146,245 in 2023) in revenue, from donations in support of the PC Power of Community and specific programs. The amount to be recognized varies from year to year depending on the donations received.

Overall total revenue has increased by $3,267,425 or 14.3% based on 35 more students, a tuition increase, new ESL Boarding Academy, interest income and unrestricted bequest revenue. Revenue is also $1.2M or 4.7% above budget.

EXPENSES

Scholarships and bursaries

REVENUE DATA

UNRESTRICTED BEQUEST

$250,000 $778,598

Canada Emergency Wage Subisdy

Amortization of property, buildings and equipment Amortization of deferred capital contributions Realized gain on long-term investment portfolio Net change in unrealized gain (loss) on long-term investments Excess (deficiency) of revenue over expenses for the year

-

-

1,970,478

1,181,223

(484,560)

(406,132)

75,281

66,274

-

-

460,631

335,458

$ 2,021,830

$ 1,176,823

The above Statement of Operations is an excerpt from the complete Audited Financial Statements.

Complete Audited Financial Statements, including notes, are available upon request from the school’s Business Office.

$467,900 RESTRICTED DONATIONS

$9,287,986

ENDOWMENT GIFTS IN KIND

$316,550 $35,377

TOTAL 28

$11,136,411 29

56

%

WHERE DID WE SPEND OUR MONEY?

EXPENDITURES

Instructional expenses totaled approximately $13.4 million in 2024 ($11.7 million in 2023). PC spends approximately 56% of its total operational budget on direct instructional and co- curricular program costs with salaries and benefits representing about 80% of that total. In 2024 we had a 5% salary increase and grid movement after a 3% salary increase in 2023. We are committed to faculty salaries matching the York Region Secondary School Board salaries for our faculty. We completed the implementation of the new boarding staffing model with equity adjustments to all boarding positions. The new boarding staffing model separates boarding staff from supply teachers to allow the boarding staff to focus on the evening and weekend boarding program.

We also implemented a reduced teaching load in 2023/24 for the senior school faculty, moving a regular teaching load to 5 courses reduced from 6. This has been a long-standing goal that we have been able to achieve. The Junior School will receive some support in 2024/25 to provide more prep time. We hired a new Kindergarten teacher and ECE for the new JK class. We hired a full time Design and Innovation Teacher, who works with all grades to enhance learning through the use of the Maker Space. We also increased our Outdoor Education teacher to fulltime, to allow increased programming at the farm. We hired a Farm Manager in the last quarter of 2024 and a farm tenant. Program budgets and actuals increased as new programming has been introduced and enhanced.

Information Technology costs increased to reflect more software being used and increased costs related to security.

PROGRAMS

4%

SCHOLARSHIPS

%

14

FACILITIES

Auxiliary Programs expenditures increased significantly to $1,708,630 ($1,235,488 in 2023) as the ESL Boarding Academy was introduced.

%

10

Scholarships and bursaries decreased to $889,000 from $1,056,500 in 2023. In 2024, 20% (26.5% in 2023) of boarding students and 12.6% (14% in 2023) of day students received financial aid. As our endowments grow, our ability to award more scholarships and bursaries will also increase. A healthy endowment and a strong financial aid program are a key strategy to attract and retain boarding students and potentially relieving tuition increase pressure and affordability concerns for families in the future.

ADVANCEMENT

%

9

%

7

Advancement costs (Admission, Development, Alumni and Parent Relations and Communications) have increased by $130,657 over last year, totaling $2,449,602 ($2,318,945 in 2023). Admission recruitment initiatives increased over 2023.

ADMINISTRATIVE

AUXILIARY PROGRAMS

Facility costs (instructional and residential buildings maintenance) for 2024 were $3,470,447 an 8.4% increase from the $3,200,434 in 2023. We have taken on the operation and maintenance of the farm, Alumni House and Academy House in 2024. We are continuing to undertake facility projects that we deferred. Salaries increased 5%.

It is important to note that we opted to continue with enhanced cleaning and sanitizing procedures in common areas as a best practice to support a healthy environment and as a result our supplies and cleaning costs continue to be high. We continue to monitor utility costs as hydro costs in particular are increasing and above budget.

SCHOLARSHIP DATA DOLLARS AWARDED Percentage of boarding students on aid Average award—boarding student Percentage of day students on bursaries Average award—day student

30

2023/24

2022/23

$ 889,000

$ 1,056,50

20%

26%

$ 25,136

$ 23,500

12.6%

8%

$ 20,291

$ 14,067

Management, administration and operations costs were 4.6% ($91,005) higher than prior year. This line includes costs in relation to the operation of the Head of School’s office, Assistant Heads, Business Office, Human Resources and Reception. In addition, school-wide infrastructure costs are charged here and professional fees, such as legal and audit fees are reflected in this cost centre. Staffing costs increased with a 5% cost of living adjustments and equity adjustments, legal fees, vacancy recruitment costs and staff recognition costs increased this year.

Overall, total expenditures have increased by $2,478,170 or 11.5 % in 2024 but were 1.8% or $433,889 under budget.

31

ENDOWED FUNDS

ENDOWMENTS

2024

As at June 30

2023

SCHOLARSHIPS AND MEMORIAL FUNDS 1985 bursary fund

$

100,100

$

100,100

Harry M. Beer memorial fund

309,360

322,834

C.R. Blackstock memorial fund

204,065

204,065

Richard Hayden memorial fund

25,000

25,000

Helen and Henry Jackman fund

179,126

179,126

Kirshenblatt and Miller fund

25,000

25,000

Gertrude L’Anson fund

35,000

35,000

Edward M. Lau ‘81 memorial fund

182,720

189,540

Joseph McCulley memorial fund

562,640

578,017

R.S. McLaughlin memorial fund

200,000

200,000

Harvey Ng bursary fund

100,317

103,517

Robert and Shirley Prittie bursary fund

312,048

321,445

Promise fund

176,634

174,363

Rathlyn Foundation fund

636,070

325,450

Ed and Elizabeth Richardson fund

427,050

459,850

For the year ended June 30

Gerry and Anita Smith fund

61,001

59,936

ASSETS

Spring Family scholarship fund

2,554,706

2,595,892

Current assets

Peter Widdrington memorial fund

242,390

253,226

Long-term assets

Barney Jackson memorial fund

148,958

148,958

Other

350,800

361,823

6,832,985

6,663,142

OTHER ENDOWMENTS

Our portfolios are continuing to improve and re-establish their annual income to a reasonable level, after changing managers in 2021. The regular long-term gross investment income earned during 2024 totaled $233,126 ($191,443 in 2023), which was a rate of return of 3.6%, and 2.6% after management fees. After management fees of $63,828 net investment income totaled $169,298 ($131,680 in 2023). As part of our ASNPO reporting, it should be noted that all the income earned on the long-term investments is recognized as income in the year that it is earned. The income is then transferred to the Restricted for Endowment purposes in the net asset section of the balance sheet. In addition, the change in the unrealized gain on the investments is also recognized on the Statement of Operations and transferred to the Restricted for Endowment net asset. As at June 30, 2024 the realized gain on the sale of the long term investment portfolio shows below the normal operations, as it is not an operational item. The unrealized gain(loss) on investments was $305,016 in 2024 improving from an unrealized loss of ($155,615) in 2023. In total, $300,178 ($295,619 in 2023) was withdrawn to fund awarded scholarships and bursaries and other endowed purposes.

Liquidity and Net Assets

SUMMARY STATEMENT OF FINANCIAL POSITION 2024 $

47,376,834

2023 $

48,081,284

62,104,135

45,109,353

109,480,969

93,190,637

Current liabilities

27,550,146

23,733,001

Long-term liabilities

40,944,195

30,809,388

68,494,341

54,542,389

LIABILITIES

Allan Family fund

168,640

171,076

Keith “Booker” McLaren fund

124,631

126,850

Cyril Howarth memorial fund

10,804

10,804

NET ASSETS

Eric Veale memorial arena fund

221,836

208,287

Internally restricted

5,650,058

5,471,544

Joshua Weinzweig memorial fund

110,667

109,682

Restricted for endowment purposes

8,196,708

7,549,517

Sturrup Family endowment fund

415,750

408,920

Construction in progress

(23,703,225)

(8,302,033)

6,379

6,371

Unrestricted

50,843,087

33,929,220

1,058,707

1,041,990

40,986,628

38,648,248

7,891,692

7,705,132

$ 109,480,969

$ 93,190,637

305,016

(155,615)

Other SUB-TOTAL before unrealized gain (loss) Unrealized gain (loss) on restricted endowment funds

TOTAL $ 8,196,708 $ 7,549,517

The scholarship and other endowment funds represent accumulated donations to the school that have been externally restricted for endowment. Some fund balances include accumulated interest that has not yet been awarded. As a result, there are times when a total fund balance goes down, if some of the accumulated interest is awarded. Funds with a balance of at least $25,000 are shown indvidually, and all of the other scholarship funds are grouped together as Other.

32

Endowments in 2024 grew by $316,550, most notably with growth of the Rathlyn Foundation Bursary. Continued growth in the scholarship and bursary funds is one of the key strategies to continue to attract and grow the student population at PC. In 2024, 20% (26.5% in 2023) of boarding students and 12.6% (14% in 2023) of day students received financial aid, at an average award of $20,291. For the 2023/24 academic year, our boarding population has grown to 111 students, and while 20% have financial aid, the average award has increased from $23,500 in 2022/23 to $25,136 in 2023/24.

The above Statement of Financial Position is an excerpt from the complete Audited Financial Statements.

Complete Audited Financial Statements, including notes, are available upon request from the school’s Business Office.

33

LIQUIDITY AND NET ASSETS

The school’s cash and cash equivalents have decreased slightly over last year. Our overall cash and cash equivalents totaled $45,356,417 as at June 30, 2024 ($46,668,879 in 2023). Cash continued to increase with successful fundraising in capital and restricted donations, and cash flow from operations continues to be positive with increased enrolment and an operating excess. Cash decreased with our significant capital investments as we build West Lake House. The school continues to closely monitor cash flow.

Overall, net assets have increased to a total of $40.9 million. Net Assets consist of internally restricted funds, endowments, and an unrestricted net asset/equity account. We have combined our investment in property, plant and equipment and operations into one unrestricted account in net assets, it has a balance of $50,843,087.

Our unrestricted net asset account increases with capital projects we complete and any excess of revenue over expenditure. In addition, we have shown the construction in progress for West Lake House and the Arena as its own line in net assets.

CONCLUSION

Overall, 2024 was successful and financially we exceeded our goals. We continued with the construction of West Lake House, started a significant renovation on the Eric Veale Memorial Arena, launched a new ESL Boarding Academy program, grew our enrolment, introduced new design, technology and innovation programming and really expanded our use of the farm and the related land-learning and outdoor education programs. We spent time planning for new sources of revenue, continued cost control measures, monitored cash flow and long-term investments closely.

We are starting the 2025 fiscal year with 520 students (111 boarders, 409 day students)! The ESL Boarding Academy has grown to 12 boarding students, bringing our boarding population to 123! In the long term we must continue to strive for innovation, new sources of revenue, continued cost control measures and continue to monitor cash flow closely. We are focused on large capital projects coming in on time and within the budget. We must be flexible in our operations. Financial planning and modelling will be core to our business operations over the next few years as we focus on our financial sustainability.

We continue to have a very dedicated team here at Pickering who face the challenges and seize the opportunities that lay ahead.

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PICKERING COLLEGE 16945 Bayview Ave. Newmarket, ON L3Y 4X2 Canada

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Web: www.pickeringcollege.on.ca Email: info@pickeringcollege.on.ca Voice: 905-895-1700