2023 Annual Review

FINANCE

Summary of financial performance In accordance with the Strategic Design 2023-2025 , 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 2023 highlight the School’s strong financial position. The annual operating surplus of $3.03M (2022: $3.68M) was driven by the following factors: • tuition fees in 2023 were increased by 4.5 per cent • a strong return on the School’s investments and interest income • continued strong philanthropic support, with contributions received towards the School’s bursary and building funds • consistent and strong operational and financial delivery. The School has also recorded other comprehensive income of $9.3M with an increase to the asset revaluation reserve as a result of an indexation review of the School’s land and buildings. 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 75 per cent of total revenue (2022: 76 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 64 per cent (2022: 64 per cent) of our annual expenditure • delivering excellent academic programs • 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. Capital programs and infrastructure The School continued investment in environmental sustainability initiatives, and launched its Sustainability Policy in 2023. 2023 saw the ongoing realisation of the School’s continued investment in IT infrastructure and systems across the Spring Hill and Marrapatta campuses, with an increased focus on cybersecurity. The School also continued to invest in improved amenities on the Spring Hill campus throughout 2023. This included the greening of spaces, which directly benefitted students. Monitoring of financial performance and effectiveness Management and the Board of Trustees, with support from its Audit, Risk and Compliance Committee, continually monitor the School’s financial performance and effectiveness. This is undertaken through monthly financial reporting, a robust budget process and annual review of the School’s 10-Year strategic forecasting.

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BRISBANE GIRLS GRAMMAR SCHOOL ANNUAL REVIEW 2023