ACTS 20:35
“In all this I have given you an example that by such work we must support the weak, remembering the words of the Lord Jesus, for he himself said, ‘It is more blessed to give than to receive.’ ” - NRSV.
PRESIDENT’S LETTER
Dear St. Michael’s College School Community,
Welcome to the 2023-24 St. Michael’s College School annual report. Our focus, as always, continues to be on our students and you, the St. Michael’s College School community. Over the past year, the impact of our parents, alumni, donors, and community partners has been unprecedented and aligned with our call to ‘Be the Good’. These special relationships continue to ensure St. Michael’s maintains its leadership role in Catholic education for years to come.
It is because of your gift that our academic and co-curricular programmes are flourishing through the exploration of innovative and creative approaches that prepare our students for university and life. Your generosity and support also ensure our bursary programme continues to offer financial assistance to qualified students in need, allowing St. Michael’s College School to remain an option for lower-income families.
Our celebration of community remains an integral part of who we are at St. Michael’s College School. The impact of your presence at the myriad of community events and your tireless efforts behind the scenes as dedicated volunteers is truly meaningful. These efforts not only are deeply appreciated and valued, but your commitment also serves as a model for our students.
In the past six years as president of St. Michael’s College School, I have quite simply been humbled by the outpouring of support and generosity from the SMCS community. Your passion and commitment to serve our community and advance the mission of our school is deeply appreciated. On behalf of the Basilian Fathers, students, faculty, and staff, we thank you for your prayers and countless expressions of support over the last academic year.
Yours in Christ,
Fr. Andrew Leung, CSB President
BE THE GOOD
PRINCIPAL’S REPORT
As is tradition, St. Michael’s College School was full of activity during the 2023-24 school year, exemplifying our commitment to nurturing holistic student development and aligning with our goal to ‘Be the Good’ in the world.
Our programme showcased excellence and modelled goodness in the classroom and co-curriculars, as well as in our commitment to community service, shaping our students into well-rounded young men who embody the school’s mission and values. Below are a few highlights from the many enriching experiences that reflect the collective efforts of our students, faculty, and the broader school community.
CLASSROOM
In September, St. Michael’s College School launched the Blue Notes initiative, a weekly journaling programme to teach students how to effectively think about, reflect on, and then write about specific themes and topics congruent with our school’s mission and vision. During the first half of the school year, monthly themes focused on the Basilian Charisms outlined in the school motto. Each monthly theme is further broken down into a weekly focus, and students are asked to reflect on how they might use their new understanding of the theme in their daily interactions inside and outside school.
CO-CURRICULAR ACTIVITIES
In February, SMCS hosted the eighth iDESIGN Central Toronto VEX Robotics Competition. Forty-five teams from around Ontario, including three from SMCS, competed in the tournament. Teams can spend more than 150 hours designing, building, and testing their robot in preparation for these tournaments.
Our annual Career Day gave Grade 11 students the opportunity to participate in a ‘fireside chat’ with a diverse range of guest speakers and speed rounds in which students, in groups of 10, spoke with individuals in diverse industries. Students had the chance to ask questions, network with industry experts — including SMCS alumni, and learn about our guest speakers’ educational pathways and job opportunities.
The Athletics Programme at St. Michael’s College School features 20 different inter-school sports and over 50 competitive teams. This past year included numerous CISAA titles and OFSAA medals in snowboarding, badminton, and track and field. In addition, several students committed to post-secondary athletics in USports and the NCAA across various individual and team sports. Many students also took advantage of the expanded intramural sports programme offered throughout the year. Intramural athletics at St. Michael’s College School provides students with fun, friendship, and personal growth opportunities.
Service to others, whether through big acts or small, is a key focus of St. Michael’s College School. Over the past year, our school has supported community agencies, including the Society of St. Vincent de Paul, Good Shepherd Ministries, the Out of the Cold Foundation, and Canadian Blood Services.
Sincerely,
Mr. Pat Daly Principal
BE THE GOOD
CHIEF FINANCIAL OFFICER REPORT
FINANCIAL REPORT FOR FISCAL 2024
ST. MICHAEL’S COLLEGE SCHOOL CURRENT FUND
Overall, the Current Fund which funds the School’s operations continued to be in a strong financial position largely due to the receipt of $8.8 million (2023 - $6.0 million) of non-operating revenue, comprised of grants from the SMCS High School Foundation, the Scholarship Fund, and the School’s Investment and Property Rental Income as summarized in following table.
These key sources of income enabled St. Michael’s to provide $2.0 million (2023 - $1.9 million) in scholarships & bursaries and to increase spending to support of the core academic and co-curricular programmes by nearly 6%, despite being in a time period of lower enrolment due to the lingering effects of COVID-19. The Core School Programme incurred a shortfall of $3.6 million (2023 - $1.6 million) as costs of operations exceeded tuition and incidental fee revenue generated from the School programme. This shortfall was addressed by Current Fund Investment and Grant Revenue, with remaining funds earmarked for current and future capital asset acquisitions and one-time expenditures. The following table summarizes the Current Fund financial results prior to the Current Fund Investment income, Grant Revenue, and amortization.
Scholarship Fund
Looking ahead, new student enrolment of 206 students for September 2024, is at the highest level since 2019 and the total student population has increased slightly to 751 students for the 2024-25 school year. The School has also developed and is actively promoting a campaign using the motto ‘Be the Good’ to build interest. Recent admissions inquires and Open House attendance are pointing towards increased enrolment in the future years. St. Michael’s is also planning to increase bursaries awarded to facilitate the attendance of deserving students, whose families would otherwise be unable to afford the full tuition cost.
SCHOLARSHIP FUND
Thanks to the generosity of benefactors and alumni the School maintains a separate Scholarship Fund to provide ongoing funding for several named In 2024, $514,000 (2023 -$456,000 ) was transferred from this fund to the contribution towards the School’s total cost of bursaries. In addition, due received and strong investment returns, the value of net assets in the Scholarship to $7.1 million as of June 30, 2024 (2023 - $6.6 million), as summarized
Thanks to the generosity of benefactors and alumni, the School maintains and is actively expanding a separate Scholarship Fund to provide ongoing funding for several named bursaries in perpetuity. In 2024, $514,000 (2023 -$456,000) was transferred from this fund to the current fund as a contribution towards the School’s total cost of bursaries. In addition, due to both donations received and strong investment returns, the value of net assets in the Scholarship Fund increased to $7.1 million as of June 30, 2024 (2023 - $6.6 million), as summarized in the following table.
($ Thousands)
St. Michael's College School Scholarship Fund Net Assets
Year Ended June 30, 2024
Scholarship Fund Net Asserts, Start of Year
Donations Received Investment Income
Less: Current Fund Transfer - bursary funding
Scholarship Fund Net Assets, End of Year
Williams & Partners, Chartered Professional Accountants LLP, have audited statements and have expressed an unqualified opinion on their fair presentation your ongoing support.
Williams & Partners, Chartered Professional Accountants LLP, have audited the school’s financial statements and have expressed an unqualified opinion on their fair presentation. Thank you for your ongoing support.
Alexander Cassar ’99 Chief Financial Officer
Alexander Cassar ’99 Chief Financial OTicer
ST. MICHAEL’S COLLEGE SCHOOL HIGH SCHOOL FOUNDATION
ANNUAL REPORT FOR FISCAL 2024
The St. Michael’s College High School Foundation was established in June 2005 with the purpose of raising, managing, and investing funds for the benefit of general charitable purposes carried out by St. Michael’s College School. The Foundation funds encompass the Basilian Fathers’ endowment, the Odette Arts Scholars Bursary Fund donation, and the Bathurst and St. Clair land proceeds. The Foundation endeavours to grow the fund capital while contributing annually to the School’s charitable purposes. This is accomplished by having investment policies in place that will generate yearly returns in excess of the legally mandated 5% disbursement quota (the returns for fiscal 2024 were 8%) through the application of prudent investment strategies. To date, $29.7 million has been gifted to the School, including $6.9 million in fiscal 2024. As of June 30, 2024 Foundation Assets available to support future School needs were valued at $147.6 million (2023 - $143.3 million).
Williams & Partners, Chartered Professional Accountants LLP, have audited the Foundation’s financial statements and have expressed an unqualified opinion on their fair presentation. The Foundation is overseen by an independent Board of Directors separate from the School.
John Piccininni ’77 Chair, St. Michael’s College High School Foundation Board of Directors
BE THE GOOD