St. Margaret's School Annual Report 2018

St. Margaret’s School

Annual Report 2018

St. Margaret’s School Confident girls. Inspiring women.

A Message from the Chair, Board of Governors

The AGM and Annual Report give the Head of School and the Board of Governors an opportunity to report to the Society on the accomplishments, and financial health of St. Margaret’s.

In addition, this year we recognize and thank Ms. Thornicroft for her contributions to the school during her tenure as Head of School and wish her well as she embarks upon the adventure of retirement.

The Board of Governors consists of volunteers who are elected by the Society to be responsible for the strategic and fiduciary oversight of the school. I would like to thank the members of our current Board who generously contribute their time and resources in support of the school: Julie Akeroyd, Deanna Chan, Cristen DeCarolis Dallas, Olga Gould, Christian Mattenley, Anthony Minitti and Bernard Tonks.

This year’s Annual Report from the Board of Governors and the Our Girls’ Report again demonstrate the dynamic nature of St. Margaret’s. In its 110th year, St. Margaret’s continues in its unwavering commitment to providing each student with the very best in all-girls education, one that equips her to reach her full potential academically and steer a course to her dreams for the future.

Sincerely,

Carmen Campbell-Hewitt Chair, Board of Governors

Annual Report 2018

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A Message from the Director of Finance and Corporate Services

Grant Thornton LLP have audited the financial statements and they have expressed an unqualified opinion on their fair presentation. As in previous years, St. Margaret’s School’s audited financial statements report using three (3) primary funds, consisting of the General Fund (for operations), the Capital Fund (for capital expenditures and funds restricted for capital purposes), and the Restricted Fund (for internally and externally restricted purposes).

During the fiscal year ending June 30, 2018, combined revenues (all funds) and combined expenses (all funds) each increased by 5% over the prior year. The School’s General Fund had an excess of revenue over expenses in the amount of $727,918, which the Board of Governors transferred to the Capital Fund to fund capital asset purchases during the year and to internally restrict funds for the campus renewal project.

Capital spending was $395,300, the same level as in the previous fiscal year ended June 30, 2017. Designing and planning for major capital upgrades and construction were performed during the year and the Board and administration look forward to communication and finalization of those plans soon, including development of financial and fundraising plans for the project.

Restricted fund balances at year end are included in both the Capital Fund and the Restricted Fund and total $4,277,421 (internally restricted - $3,480,507; externally restricted - $796,914).

The overall school financial position continues to be stable. The independent school market has become more competitive in recent years, and it is incumbent on the School to continue to be fiscally responsible in setting tuition fees, generating additional revenues, and controlling its costs. Administration is proudly promoting St. Margaret’s School as Canada’s first girls’ STEM school and the admissions office is actively broadening our market in its student recruitment efforts. The finance office, working with other areas within administration such as admissions, marketing, advancement, and external relations, continue to focus on continuous improvement, customer service, and transparency of information.

In 2017, we received our CAIS (Canadian Association of Independent Schools) accreditation. 2018 marks our 110th anniversary year and we look forward to future developments and changes with anticipation.

Thank you for your support.

Sincerely,

Ms. Donna Phillips, CPA, CGA, MBA Director of Finance and Corporate Services Annual Report 2018

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Summary Statement of Financial Position as at June 30, 2018

2018 $

2017 $

Cash and cash equivalents

6,289,082

6,434,728

Marketable securities, at fair value

1,107,442

1,054,926

Receivables

212,387

267,741

Inventories

117,818

91,145

52,688

99,988

10,503,862

10,706,084

18,283,279

18,654,612

Payables and accruals

1,757,250

1,911,261

Prepaid fees

7,852,893

8,629,676

9,610,143

10,540,937

2,045,333

2,247,553

Externally restricted

796,914

752,150

Internally restricted

3,480,507

2,763,590

Unrestricted

2,350,382

2,350,382

8,673,136

8,113,675

18,283,279

18,654,612

ASSETS

Prepaids Capital assets

LIABILITIES

FUND BALANCES Invested in capital assets

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St. Margaret’s School

Summary Statement of Cash Flows for year ended June 30, 2018

2018 $

2017 $

10,434,223

11,313,230

Government and other grants

835,858

726,596

Classroom rentals and external programs

385,604

355,660

School Store

191,370

172,727

Other income

128,697

42,189

Donations

127,535

145,810

33,498

(4,262)

12,136,785

12,751,950

Salaries and benefits

(8,171,263)

(8,079,723)

Materials and services

(3,720,369)

(2,752,040)

(395,299)

(392,197)

–

(12,573)

4,500

–

(12,282,431)

(11,236,533)

Net increase (decrease) in cash and cash equivalents

(145,646)

1,515,417

Cash and cash equivalents, beginning year

6,434,728

4,919,311

Cash and cash equivalents, end of year

6,289,082

6,434,728

Sources of Cash Tuition, boarding and related fees

Proceeds from investing activities

Uses of cash

Purchase of capital assets Payment on capital lease Gain on sale of assets

Annual Report 2018

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Summary Statement of Operations for year ended June 30, 2018

General Fund $

Capital Fund $

10,701,963

189,000

Restricted Fund $

2018 Total $

2017 Total $

10,890,963

10,727,069

REVENUES Tuition, boarding and related fees Government and other grants

835,858

835,858

726,596

Classroom rentals and external programs

385,604

385,604

355,660

264,689

264,689

273,675

40,481

214,712

173,474

191,370

172,727

127,535

145,810

4,500

–

12,915,231

12,575,011

Tuition refund program fees Investment income and other

171,816

School Store

191,370

Donations

25,253

Gain on disposal of capital assets Total revenues

2,415

55,000

47,282

4,500 12,311,864

250,915

352,452

EXPENSES Salaries and benefits

8,135,613

8,135,613

8,214,009

Administration

1,541,785

1,541,785

1,025,939

Physical Plant

892,664

892,664

849,648

School Store

117,924

117,924

386,549

Admissions

403,672

403,672

375,566

Bursaries and scholarships

272,108

358,960

386,223

Information technology

131,846

131,846

130,909

Fundraising

60,262

60,262

9,629

Classroom rentals and external programs

28,072

28,072

16,021

87,451

32,340

597,521

596,309

86,852

Tuition insurance program claims

87,451

Amortization Total expenses

597,521 11,583,946

597,521

174,303

12,355,770

12,023,142

727,918

(346,606)

178,149

559,461

551,869

Transfer for capital asset additions during year

(201,800)

201,800

–

–

Transfer for capital renewal project

(526,118)

526,118

–

–

Excess (deficiency) of revenue over expenses

Transfer internally restricted campus renewal funds

51,529

(51,529)

–

–

Fund balances, beginning of year

2,350,382

2,405,978

3,357,315

8,113,675

7,561,806

Fund balances, end of year

2,350,382

2,838,819

3,483,935

8,673,136

8,113,675

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St. Margaret’s School

Internally and Externally Restricted Fund Buckets at Year End 2018

$375,000

$325,000

$225,000

$1,037,954

Operating Reserve

Capital Reserve

Contingency Reserve

Tuition Insurance Program

$905,916

$793,486

$615,065

Endowment

Campus Renewal

Scholarships and Bursaries

Annual Report 2018

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Auditors’ Report

8

St. Margaret’s School

Annual Report 2018

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SMS Annual Fund

Gifts to the Annual Fund are used by the school the year they are received. These gifts fund a number of priority projects identified by the school each year and have an immediate impact on our students. The Annual Fund follows the School’s fiscal year: It begins in July and ends in June. The entire SMS community is formally invited to participate in the fall, but individuals can contribute at any time throughout the school year. Contributions are tax deductable.

Donations Distribution of Funds Received FY 2018

$13,948

School’s Greatest Need (34%)

$15,834

$42,753

Capital Projects (43%)

Scholarships, Bursaries & Awards 12%)

Endowment (11%)

$55,000

Annual Report 2018

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Donor List 2017 – 2018

Thank you to all the donors who make program enhancing projects possible throughout the school! Your tax-deductible donation ensures that our independent, non-profit school continues to offer an enriching and supportive environment, designed to help each SMS student find her voice and her passion.

Ahmed Mtiraoui

Jin Qin

Provincial Employees Community

Annette Millar

Jinghua Xu

Services Fund

Anthony Minniti

Joyce Clearihue

Qiufang (Mona) Mo

Benefaction

Karen Allan

Rich Allan

Bing Dou

Kathleen Kirkpatrick

Richard Zwicky

Carlos Atachahua Espinoza

Ken Halstead

Robert Ball

Carmen Campbell-Hewitt

Kent Banks

Robert D. Reid

Cathleen Thornicroft

Kim Fogarty

Rosalyn Hillditch

Christine Godfrey

Lauren Hudson

Roscoe Tuck

Chunyong Huang

Lee Luxford

Rosemary Chapdelaine

Courtenay White

Lei Che

Russell Anderson

Cristen Dallas

Letong Li

Sal Starzun

Danya Scott

Lisa Banks

Sally Tuckey

David Poore

Lucas Corwin

Salus Systems

Dawn MacPherson

Lynda J. Brown-Ganzert

Scott Tinis

Deanna Chan

Lyndsay K. Arsenault

Sharon Bleuler

Debbie Dykes

Mackenzie Rampton

Shauna McRanor

Dongyu Xia

Margaret Dykes Page

Sheila Bienenstock

Douglas Kelly

Margaret Gilliam

Stephanie Robertson

Dr. E. Thompson Inc.

Margaret Vrabel

Stephen Roberts

Fang Huang

Marie Dunn

Terry Willow

Finn and Izzy

Marilyn Mair

Tyler Macomber

George McMeekin

Mark Reimer

Vancouver Foundation -

Geri Devlin

Marlene Nicholson

Dorothiruth Moore

Glen Lyon

Mary H. Richardson

Wai Fan Yip

Gordon Broom

Matthew Hartney

Wei Liu

Guibo Peng

Maxine Kinakin

Yangfang Li

Guo Bai

Meredith Schroeer

Yidong Zhuang

Guoping Xu

Mingda Liu

Yongdong Tang

Haixing Huang

Morten Guo

Yorozu Tabata

Jeremy Mannall-Fretwell

Pam Steeves

YuFu Huang

Jiang He

Pamela Allan

Jianwei Ding

Philip Pierce

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St. Margaret’s School

St. Margaret’s School is the only all-girls school on Vancouver Island, and Canada’s first all-girls STEM school. Since 1908, we have been dedicated to the education, development and well-being of girls. We offer empowering education for all ages, from early childhood to graduation, plus an outstanding boarding program for Grades 7 to 12 that attracts top students from all over the world.

Mission: Empowering her to set her own course & shape her own dreams.

Vision: Confident Girls. Inspiring Women.

Motto: Servite In Caritate / Service with Love

St. Margaret’s School Confident girls. Inspiring women.

1080 Lucas Avenue, Victoria, British Columbia, Canada V8X 3P7 250-479-7171 www.stmarg.ca

INDEPENDENT GIRLS’ SCHOOL FOUNDED IN 1908

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JK TO GRADE 12

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D AY A N D B O A R D I N G