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
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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