2013 Annual Review

GENERAL REPORT MS COLETTE PRETORIUS CHIEF FINANCIAL OFFICER

FINANCE IN FOCUS

The continued subdued economy in Queensland has had little impact on the School’s financial performance with only a slight rise in timing of collection of debts; debtor balances outstanding still remains low compared to industry standards. The political climate has been of interest to the School with education policy, revisions to the national curriculum and funding of private schools under ongoing review by the new Government.

The year-end financial results were favourable and were in line with the Board-approved annual budget. The graph below compares the School’s financial results over the past five years.

35,000,000.00

30,000,000.00

25,000,000.00

2013

20,000,000.00

2012

2011

15,000,000.00

2010

10,000,000.00

2009

5,000,000.00

INCOME

EXPENSES

SURPLUS

The graph indicates that the surpluses have reduced from 2009 to 2012 but improved for 2013. Surpluses are used to fund payments on capital loans, capital expenses, savings for large future capital projects and savings for uncertain events. The improvement in the surplus in 2013 is a result of an efficiency improvement strategy implemented with the aim of keeping fee increases to a minimum.

The following graph shows that the key sources of income for the School are: • Tuition Fee Income – 71% • State and Commonwealth Government Funding – 20%. Both of these income categories rely heavily on enrolment numbers. The School has recorded full enrolments in 2013.

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BRISBANE GIRLS GRAMMAR SCHOOL 2013 Annual Review