2020 Annual Review

Finance

In accordance with the Strategic Design 2020-2022 , the School’s financial management must deliver appropriate, sustainable, transparent and empowering fiscal management that balances the surplus requirement for future reinvestment with immediate educational program priorities.

Annual Financial Statements for 2020 highlight the School’s strong financial position. The annual operating surplus of $3.40M (2019: $4.079M) was driven by the following factors: • a 10 per cent Tuition Fee discount provided to all families for Term 2, of 2020 as a result of the impact of COVID-19 ($905K) • strong philanthropic support for the Science Learning Centre, with capital donations $896K greater than expected for 2021 • reasonable savings across the School as a result of the reduced delivery of activities during Term 2, offset in part by increased expenditure to support remote teaching and learning • other revenue (and offsetting costs) arising from School activities and tours reduced as a result of the impact of COVID-19. The School has continued to generate consistent and reasonable surpluses each year, which are used by the School to fund payments on capital loans, capital expenses and to provide for future capital projects and ensure long-term sustainability. The main revenue source of the School is tuition fees, comprising 74 per cent of total revenue (2019: 72 per cent). The Board remains committed to keeping the School’s annual increase in tuition fees as low as possible for the broad and deep offerings sought and expected by our families, and to ensuring a consistent and reliable approach when setting fees.

This includes maintaining a long-standing policy of an all-inclusive fee, with no additional levies, while addressing a decline in real terms of government funding from both State and Federal Governments. Three of the most significant categories of expenditure in delivering the exceptional education for which Girls Grammar is renowned are: • employing the best teachers and other professional staff it is possible to secure and remunerating them fairly and appropriately, this representing around 70 per cent (2019: 66 per cent) of our annual expenditure • delivering excellent academic programs, and • providing the resources required to deliver the current quality and standard of a Brisbane Girls Grammar School student experience and, additionally, the School’s physical resourcing requirements into the future. The ongoing growth, liquidity and financial stability of the School is supported by the ongoing careful review of the School’s procurement and efficiency opportunities to find sustainable cost and productivity savings without reducing or impacting on the experience of its students, families and staff. The impacts of COVID-19 on the School’s families were managed carefully, with individual circumstances considered in assessing the management and timing of Tuition Fee payments.

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Brisbane Girls Grammar School Annual Review 2020