Treasurer s Report AGM 2016
Content Lycée Condorcet Registrations Snapshot Revenue Grants Expenses Cash and Cash Equivalents Working Capital Ratio Financial Year 2017 Perspective Communication Financial Statements Directors Declaration
Lycée Condorcet Registrations Australian Securities and Investment Commission (ASIC) registered company - Lycée Condorcet The International French School of Sydney Ltd Australian Business Number (ABN): 68 003 977 160 Australian Charites and Not-for-Profit Commission (ACNC) registered Board of Studies Teaching & Educational Standards NSW (BOSTES) registration granted under the Part 7 of the Education Act, 1990 School is Licensed as a French School Abroad and has an agreement with AEFE (Agence Enseignement Francais a l etranger) Note: not signed since 31 July 2002 Memberships and Associations e.g. Australian Independent Schools (AIS) Q. What does that mean from a financial perspective???
What that means in funding? We are entitled to both Commonwealth and State grants We are entitled to grants from the AEFE We are entitled to apply for grants from AIS Currently the contribution from AEFE is a non cash injection: 17 Staff (ISVL) - 49% of Salaries covered by AEFE 17 ISVL (Indemnité Spécifique de Vie Locale) staff (16 teachers, 1 admin) ISVL - Local Life allowance, added to the index-based cost of residents -it intends to compensate the difference in the cost of living with France (takes into account inflation, exchange rates etc). ISVL and allowance is 100% funded by the school. 5 personnel - 100% of Salaries covered by AEFE 2 Principals 1 Financial Controller (DAF) 2 Expatriate Teachers
Snapshot Revenue An overall increase in revenue of $1,417,607 (11.2%) coming from; School Fees $10,792625 (Note 2). Increase of $1,148,529 Grants of $3,066,489 (Note 5). Increase of $333,443 Expenses Employee Benefit Expense increased by $485,011 (6.8%) Repairs, Maintenance and Cleaning increased by $103,889 (25.2%) Other Expenses increased by $238,727 (15.9%) Cash and Cash Equivalents stands at $6,006,470 which represents an increase of $1,585,029 (35.8% YoY) (Note 6) Operating Surplus stands at $1,584,158 which is an increase of $570,551 (56.3% YoY) and it is mainly due to; Increase in students numbers Increase in School Fees Increase in Grants
Revenue Revenue of $14,098,003 Commonwealth & State Government Grants, 3,066,489, 22% Interest Received, 157,605, 1% Canteen Trading Surplus, 33,857, 0% Operating Revenue FY16 Donations Received, 2,100, 0% Sundry Income, 45,327, 0% School Fees, 10,792,625, 77%
Revenue FY15 FY16 12,000,000 66.2% 80% 10,000,000 60% 40% 8,000,000 11.9% 12.2% -3.1% 20% 0% 6,000,000 4,000,000-46.3% -20% -40% -60% 2,000,000-95.8% -80% -100% - School fees Commonwealth and State Government Grants Interest received Canteen Trading Surplus Donations received Sundry Income 2016 10,792,625 3,066,489 157,605 33,857 2,100 45,327 2015 9,644,096 2,733,046 162,657 63,010 50,317 27,270 YoY 11.9% 12.2% -3.1% -46.3% -95.8% 66.2% -120%
Revenue FY14-FY16 16,000,000 14,000,000 152.2% 173.9% 200% 150% 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 11.9% 8.6% 13.1% 14.0% 9.6% 12.2% -46.3% -3.1% -95.8% 66.2% 11.2% 10.0% 100% 50% 0% -50% -100% - School fees Commonwealth and State Government Grants Interest received Canteen Trading Surplus Donations received Sundry Income TOTAL INCOME 2016 10,792,625 3,066,489 157,605 33,857 2,100 45,327 14,098,003 2015 9,644,096 2,733,046 162,657 63,010 50,317 27,270 12,680,396 2014 8,878,838 2,417,068 142,645 57,508 19,954 9,956 11,525,969 FY16-15 11.9% 12.2% -3.1% -46.3% -95.8% 66.2% 11.2% FY15-14 8.6% 13.1% 14.0% 9.6% 152.2% 173.9% 10.0% -150%
Grants FY 15 & FY 16 3,000,000 2,500,000 42.0% 20.3% 2.3% 60% 40% 20% 2,000,000 1,500,000 1,678,206 0% -20% -40% 1,000,000-60% 500,000 - Commonwealth - Recurrent Grant 530,022 State - Recurrent Grant State - Interest Subsidy 45,370 7,226-100.0% -100.0% -100.0% Other Grants AIS Block Grant AEFE Grants 2016 2,382,660 637,416 46,413 - - 450,000 2015 1,678,206 530,022 45,370 7,226 450,000 22,222 YoY 42.0% 20.3% 2.3% -100.0% -100.0% -100.0% 22,222-80% -100% -120%
Grants FY13 to FY16 3,500,000 3,000,000 2,500,000 3,066,489 2,733,046 2,417,068 2,863,082 3,500,000 3,000,000 2,500,000 2,000,000 2,000,000 1,500,000 1,500,000 1,000,000 1,000,000 500,000 500,000-2016 2015 2014 2013 AEFE Grants 22,222 207,407 518,153 AIS Block Grant - 450,000 - DER Grant - Fully Expended 20,332 63,450 Other Grants - 7,226 3,503 1,539 State - Interest Subsidy 46,413 45,370 62,731 70,496 State - Recurrent Grant 637,416 530,022 479,888 494,182 Commonwealth - Recurrent Grant 2,382,660 1,678,206 1,643,207 1,715,262 Total Grants Expended 3,066,489 2,733,046 2,417,068 2,863,082 -
Lycée (Yr 11 & 12) Grants FY16 Calendar year 2015, Yr 11-12 students (1 ere et terminale) finally became eligible for Australian Gov t grants! (~$4,000) The Board passed on 50% of this grant to students in Yr 11-12 in the form of a school fee reduction. $ 2005/2006 2006/2007 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 PS/MS 6,500 6,730 7,134 7,490 8,690 9,038 11,500 12,190 12,800 13,248 13,480 13,817 GS 6,500 6,730 7,134 7,490 8,490 8,830 9,448 10,015 10,516 10,884 11,074 11,351 Elementaire 4,100 4,245 4,500 4,725 5,725 5,954 7,145 7,502 7,727 8,152 8,295 8,502 College 6,400 6,625 7,022 7,375 8,375 8,710 10,017 10,318 10,576 10,946 11,138 11,416 Lycée 10,100 10,455 11,082 11,636 12,650 13,156 13,682 14,092 14,444 14,950 12,836 13,157 IB 12,636 13,650 14,196 14,764 15,207 15,587 16,133 14,831 15,202 Note: this is the legacy of Mr Patrice Ribault s Chairmanship
Expenses Expenses of $12,513,845 Interest paid on borrowings, 238,625, 2% School excursions & camps, 397,448, 3% Other Expenses, 393,618, 3% Purchase of materials, 414,896, 4% Repairs, maintenance & cleaning, 516,057, 4% Administration & other overheads, 529,702, 4% Superannuation, 624,572, 5% Personnel expenses & salaries, 7,011,260, 56% Depreciation, 881,184, 7% Contribution to AEFE, 1,506,483, 12%
Expenses FY16 vs. FY15 8,000,000 7,000,000 6,000,000 5,000,000 25.2% 19.3% 30.7% 35% 30% 25% 20% 4,000,000 3,000,000 2,000,000 7.4% 0.8% 3.2% 9.5% 4.9% 0.8% 15% 10% 5% 0% 1,000,000-7.9% -5% - Personnel expenses and salaries Contribution to AEFE Depreciation Superannuation Administration and other overheads Repairs, maintenance and cleaning Purchase of materials School excursions and camps Interest paid on borrowings Other Expenses 2016 7,011,260 1,506,483 881,184 624,572 529,702 516,057 414,896 397,448 238,625 393,618 2015 6,529,480 1,493,818 853,994 570,313 504,964 412,168 347,638 394,113 259,051 301,250 YoY 7.4% 0.8% 3.2% 9.5% 4.9% 25.2% 19.3% 0.8% -7.9% 30.7% -10%
Cash and Cash Equivalents (Note 6) $1.58M
Working Capital Ratio Working Capital Ratio describes the capacity to pay current debts (Current Assets/Current Liabilities) The minimum recommended ratio stands at 1.0 The schools Working Capital Ratio has increased (strengthened) over the last 6 years
Financial Year 2017 Perspective Building D point work (re-mortering b/w bricks) - $500,000 Phase One of Masterplan - $2,000,000 + variations (15%) ~ $2,300,000 Currently no grants from AIS, AEFE or Aus. gov t to subsidise these works Phase Two Master Plan (the Canteen) is not eligible for AIS grants or Aust. gov t subsidies Cost of these works will be from LCS cash reserves There is no debt finance on the current works Cash and Cash Equivalents stands at $6,006,470 (Note 6) this will ~ half in FY2017 to ~ $3,000,000
Communication This presentation will be made publically available on the web site.
Financial Statements Financial Statements will be published to allow questions by the members. Financial Statements will be tabled and voted at the next Board meeting.
Directors Declaration In the Directors opinion there are reasonable grounds to believe that the company is able to pay all of its debts, as and when they become due and payable.