1
Message from the Chair of the Board of Trustees
2
Message from the Head of School
3
Message from the Chair of the Finance Committee
4
Consolidated Statement of Operations
4
Consolidated Statement of Financial Position
5
Advancement Report: Building our Significance
6
Annual Giving
8
The Gift of Time
Our Vision To be embraced as an outstanding school with an unparalleled educational experience.
Our Mission TMS delivers a seamless, internationally-acclaimed educational experience designed to inspire and challenge students to discover the best of who they are and to achieve their full potential.
*Photos taken in the 2019 Academic Year
MESSAGE FROM THE CHAIR OF THE BOARD OF TRUSTEES
Each year I have the privilege of writing and reporting back to you on behalf of the Board of Trustees. Our Board, comprised of dedicated volunteers, seeks to partner with the School’s Leadership Team to navigate the strategic challenges ahead of TMS. This is a School Community we all care deeply about and so it is a responsibility that we take very seriously. This year, more than ever, has highlighted the importance and challenge of that work.
It would be naive to reflect on this year through any other lens than that of the pandemic. Despite the early part of the year being amongst the most successful in the School’s history in every way, we inevitability think of the year through our shared experiences of the lockdown and its impact on our families and students.
Our School seeks to build three mindsets in our students – a Positive Mindset, a Resilient Mindset and an Entrepreneurial Thinking Mindset. Our students have certainly needed all three over these last few months. However, alongside that, our community has also required all three mindsets as we navigated through most of this year.
It is a testament to the strength of the School Community, in its entirety, that you are able to read an Annual Report that continues to show the clear direction and solidity of TMS. It is a positive report, it demonstrates the resilience of our planning and it clearly shows an entrepreneurial navigation through incredibly challenging times. As always, I want to pay special tribute to our staff, teachers and the school leadership team. They have given their time, their passionate care and their incredible effort to not only allow our School to survive but to allow our School to remain strong.
Finally, I want to recognize and thank David Young for his exceptional leadership, as he will be leaving us at the end of this current school year. David became Head of School in 2015 and, under David’s leadership, and with the support of his wonderful leadership team, TMS has evolved unrecognizably over this time. Notwithstanding the events of this year, looking back over David’s term as Head, he has overseen a period during which TMS has never been stronger and has achieved so much. Just a few accomplishments of which we can all be proud are historically high enrolment, retention, parent engagement, philanthropic support, and an impressive new campus with more to come. TMS has been blessed to have such great leadership and we look forward to ever greater success for our School in the coming years.
Greg Kanargelidis Chair, Board of Trustees
1
MESSAGE FROM THE HEAD OF SCHOOL
As I look back on the 2019-2020 Academic School Year, I realize that it was one of the most significant years in our School history.
It was a school year split into two fundamentally different experiences although strangely, perhaps both parts evidenced important common threads of deep resilience and an incredible abundance of care.
The 2019/20 School Year was shaping up to be one of the most successful years in recent school history. In January we opened our spectacular new building at the Lower School – our welcoming and beautiful Atrium and the massive expanse and possibility of our new double Gym, all framed by landscaping that made our old concrete parking lot a distant memory. With designs completed and large donor support confirmed, we were excited about the upcoming summer build at the Upper School which was set to transform spaces for eating, learning and building student connections. The new Dining Hall would have ensured our students and faculty came together to share a meal each day and would also have provided fresh lunch options for our Lower School students. Last year, we made the strategic decision to grow our Upper School and had moved forward on that by adding a 3rd Grade 9 class – a class that joined us in September. As March Break approached, we had also enjoyed our strongest ever enrolment and re-enrolment. We felt close as a community, aligned and full of momentum. Then we went away for March Break and everything changed.
With a lockdown being imposed, our teachers created a fully online program within a week and implemented that program to start Term Three. So began a whole community endeavour 2
to enhance and develop our offerings in different parts of the School. Our teachers and staff huddled together each day and connected each week with schools all over the province, seeking to develop their programs. Our parents were drawn into active partnership, particularly those with younger students and their feedback also became an integral part of the growth of TMS’ ability to continue to deliver an excellent educational experience. Most important of all, our students stepped into learning in a manner they had never experienced before. It was a really difficult time for our community - it was a bumpy, imperfect journey. It was an anxious time for everyone – students, parents and staff alike. It was a time when TMS invested heavily in our community, which was worth every penny.
As I write this in November, looking back in reflection, I recognize that our School is in a strong place. Of course we remain firmly within the landscape, restrictions and concerns of the pandemic, but the manner in which we navigated this together over the past year has allowed us to step into next year in a very solid place. I am unequivocal in my belief that our staff and teachers deserve so much praise for the work they have committed to TMS. I am equally clear in my belief that the support, trust and partnership of our families has allowed us the ability to arrive at this point in such a positive way. I look forward to the new challenges and opportunities that will come our way, but know we will face them from a very strong foundation. Thank you!
David Young Head of School
MESSAGE FROM THE CHAIR OF THE FINANCE COMMITTEE
TMS is a leading independent school in Richmond Hill that combines the Montessori and International Baccalaureate frameworks to provide students from 18 months to Grade 12 the foundation for a life of goodness and excellence. TMS is a member of CIS and accredited by CCMA, CAIS and the IBO. Our Mission is to deliver a seamless, internationally-acclaimed educational experience designed to inspire and challenge students to discover the best of who they are and to achieve their full potential.
These summarized financial statements were prepared from the information contained in the annual consolidated financial statements for TMS that is audited by SRCO Professional Corporation Chartered Professional Accountants. The annual financial statements were prepared in accordance with Canadian accounting standards for not-for-profit organizations. The Board carries out its fiduciary responsibility by approving the annual operating and capital plans, monitoring the financial results of the School on an ongoing basis and ensuring that the longterm financial strategy is closely aligned with the overall Strategic Plan. The financial stability of the School is one of the primary goals of the Board.
The global pandemic impacted TMS significantly in the last few months of the fiscal year, resulting in a $1.4M refund for preschool programs and ancillary programs. However, given the strong enrollment level that had been built to begin the year, the School still ended up with a healthy operating surplus with a strong cash position and no debt. This allowed TMS to begin to make significant investments in areas such as staffing, technology enhancements, facility ventilation upgrades, personal protective equipment, and sanitation supplies in response to the pandemic. All of this was done to ensure that both campuses were healthy and safe for our students for the upcoming academic year.
We are extremely grateful to our Annual Giving and Capital Campaign donors who continue to support our fundraising goals. While capital expansion plans were temporarily put on hold, we hope to resume these projects in the near future. As a reminder, while operational funds are primarily designed to cover academic spending, we are able to move forward on additional enhancements to projects and programs through generous charitable donations from our community.
Deborah McMillan Chair, Finance Committee
3
Consolidated Statement of Operations (For the year ended June 30, 2020)
Revenue Revenue Type
Expenses
June 30, 2020
Tuition Fees
June 30, 2019
19,376,391
19,668,507
Registration Fees
784,000
772,691
TMI Fees
551,449
Program Fees
Expense Type
June 30, 2020 11,088,935
10,965,285
Administrative
3,897,697
3,888,946
523,332
Facility Management
1,388,617
1,387,437
931,961
919,281
TMI Expense
668,816
660,804
Donations and Fundraising
190,642
279,072
Program Expense
798,178
789,776
Investment Income
177,495
279,527
Financial Aid
179,650
200,050
Rental/Sundry
255,238
305,257
Amortization
636,530
905,717
22,267,176
22,747,667
18,658,423
18,798,015
3,608,753
3,949,653
Total Revenue
Academic
June 30, 2019
Total Expenses
Excess of Revenue over Expenses
Consolidated Statement of Financial Position (As of June 30, 2020)
Assets Asset Type
June 30, 2020
June 30, 2019
11,182,642
14,412,157
Accounts Receivable
407,766
221,443
GST Recoverable
209,583
475,658
Prepaid Expenses
132,070
106,453
4,018,495
3,979,468
Capital Assets
41,654,511
34,582,423
Total Assets
57,605,067
53,777,602
Cash & Short Term Investments
Long-term Investments
4
Liabilities Liability Type Accounts Payable & Accrued Liabilities
June 30, 2020
June 30, 2019
2,088,885
3,644,657
15,221,101
13,685,791
1,997,200
1,758,026
Total Liabilities
19,307,186
19,088,474
Net Assets
38,297,881
34,689,128
Deferred Revenue Deferred Capital Contributions
BUILDING OUR SIGNIFICANCE Capital Campaign Update
Thank You! Anonymous TMS Family Anonymous TMS Family Bajaj Family A. and J. Baldassarra and Family M. and M. Baldassarra and Family Campione Family Chang Family Cortellucci Family Coyle and McCann Family Dell’Elce Family Doobay Family Durisin Family
Building our Significance means providing a venue within which students, families and staff can thrive. At TMS, this means developing intentional spaces through which excellence in learning can occur in ways that realize TMS’ vision and values. During our 2019-2020 Academic Year, we opened our Phase 1 expansion at the Lower School to students and families, introducing them to amazing new spaces like the Atrium, the Gym and the Grove. TMS would like to thank all donors who have continued to support the Capital Campaign, with a special mention to those families who have made leadership gifts (over $25,000) toward Building our Significance.
Fazel Family Fiorini Family Foti Family Franklin Family Galati Family Giardina-Papa Family Guglietti Family He and Zhao Family Holmes Family Kanargelidis Family Lew Family Lo Family
Ma Family Mo Family Muzzo Family Niem Family Rubino Family Singh Family Sodeifi Family Sonego Family Tomasso Family Zhang Family
5
ANNUAL GIVING
Thank You! Alves Family Arif and Sultana Family Arshad and Tirmizi Family Bozzo Family Bryson Family Campolucci Family Chai and Yu Family Chen and Wan Family Chen and Zhang Family Chen Family Cheung Family Chu and Su Family Clark Family Cordner Family D. Leung Family Dai and Wang Family De Mello Family Ding and Xiao Family Dou and Li Family D’Souza Family E. Fan and Family Eastwood Family 6
Annual Giving is a way to financially support a specific need at the School. In the 2019-2020 Academic Year, Annual Giving supported the TMS Solar Challenge. Our aim was to raise enough funds to support the installation of solar panels at both of our campuses – which we were able to do with the support of our generous donors! The panels, that are located across the top of both TMS gymnasiums, offset approximately 1/5 of our current electricity costs. This investment in solar is just the first step in a comprehensive sustainability plan for TMS that will look into all the ways that we can make our campuses (and how we function within them) greener. We would like to thank the following individuals and families for their incredible support of the TMS Solar Challenge:
Eng and Ou Family Facchini and Tamburro Family Fan and Yu Family Feng and He Family Feng and Pan Family Ferreidooni Family Franklin Family Gaudio Family Goldberg and Kwan Family Guo and Cao Family Haggart-Ives Family Hassan and Matin Family He and Lin Family He and Zhao Family Ho and Wong Family Hong and Liu Family Hosseini and Pirmoradi Family Huang and Wang Family Hutchinson Family Jin and Li Family
Kalsi Family Kanargelidis Family Kanargelidis Family Khaira Family Kim and Lee Family Kyeremeh Family L, Adams and Family Ladak Family Ladak Family Lai and Chan Family Langenhoven and Mowat Family Lau and Liu Family Le and Li Family Lee and Qin Family Lee and Wang Family Li and Ge Family Li and GeFamily Li and Xu Family Li Family Liang and Fan Family Liang and Shan Family Lin and Guo Family Liu and Li Family Liu and You Family
Liu and Zhang Family Liu Family Lok Family Lu and Zhao Family Luthra Family M. Abdelhamid and Family M. Liu Family M. Liu Family Ma and Shieh Family Ma and Yuan Family Mak Family Makos-Shahinian Family Malcolm Family Martins Family McLean Family McMillan Family Minas and Bakoos Family Mo and Chan Family Mohit and Naghshbandi Family Ng and Pan Family Ng and Pan Family
Nguyen Family Niem Family Niu Family Pan and Ling Family Pastoor Family Qian and Chen Family Qiao and Lin Family Qin and Yun Family Qiu and Zheng Family Reid Family Rovazzi Family Rubino Family S. Wang and Family Sconza Family Seamone Family Serroul Family Sharma Family Shen and Peimin Family Shou and Zhang Family Sivarajah and Subramaniam Family Somani Family Song and Su Family
Staples Family Su and Wong Family Su and Zhao Family Sun and Zhou Family Tabloie and SeyedAkhaven Family Thomas Family Thomas Family Tian and Cuo Family Tian and Gu Family Tin and Fung Family Tomasso and Sakhuja Family Torabitekyeh and MotedayenAval Family Tripathi Family Tsiantis and Nunno Family Tso and Fong Family Veerasamy and Sesmun Family Wang and Cheng Family Wang and Liu Family Wang and Tao Family
Wang and Wu Family Wang and Xue Family Wang and Zhao Family Wei and Wang Family Willis Family Wong and Kim Family Wu and Guo Family Wu and Guo Family Wu Family Xia and Zhang Family Xie and Wang Family Xing and Yuan Family Xiong and Xu Family Xu Family Yang and Guo Family Yang and Lin Family Yang and Lu Family Yannakis Family Yin and Zhang Family Young Family Youssef Pour and Motlagh Family Yow and Chen Family Yow and Chen Family Yu and Chai Family
Zeng and Li Family Zhang and Lin Family Zhang and Lu Family Zhang and Yu Family Zhang and Zhan Family Zhang and Zhan Family Zhang and Zhan Family Zhao and Shi Family Zhao and Shi Family Zheng and Dong Family Zheng and Yang Family Zheng and Yu Family Zhu and Liu Family
7
Time is a way to define and celebrate meaningful volunteer opportunities. We welcome the involvement of parents and family members to help with a range of activities and events, and to be active participants in the daily life of the School. The experiences of TMS students are enriched by the involvement of our volunteers. TMS wishes to thank all the parents, alumni, staff, students and friends who gave so readily of their time and expertise, especially in such an unprecedented year.
THE GIFT OF TIME Volunteering at TMS
Thank You! Classroom and Grade Representatives TMS recognizes and appreciates the efforts of parent volunteers who worked throughout the 2019-2020 Academic Year to keep TMS families informed and connected to information and school-wide initiatives at both TMS campuses. They are: Shabneez Ali Jenn Chen Cheryl Cheung May Cheung Pauline Chow Jacky DuFour Pia Galati
Veronika Gold Mengjie Guo Melody Holmes Anita Hung Keira Jiao Coral Komor Denise Luckie
Alexandra Makos Dorenda McNeil Michelle Omimi Daniella Pacitto Leila Riahi Anne Rickwood Shilpy Singh
Tamila Torobitkayeh Deseree Wong Peng Wu Chen Yu Alice Zhao Amy Zhu
Thank You!
8
Holiday Marketplace Volunteers In November 2019, TMS hosted what could be considered our most successful Holiday Marketplace to-date. In a time that seems unfathomable now, our Upper School was bustling with our School Community, and neighbourhood Community, enjoying our vendors, activities, performances, and refreshments. We are so grateful to the Holiday Marketplace Committee, made of up dedicated parent volunteers, without whom, this event would not be the success it is. They are: Anita Hung, Chair Jane Bilwani Coral Komor Tamila MotedayenAval
Pizza Lunch Volunteers TMS would like to recognize the efforts of our many enthusiastic volunteers who did such a wonderful job coordinating the School’s monthly Pizza Lunch Program. A special thank you to the generous efforts of Pizza Lunch Coordinator Ruta Nikfar who in addition to the Pizza Lunch Volunteers, made the program a success.
Anne Rickwood Monika Samant Hongnan Zhang
2019-2020 BOARD OF TRUSTEES
ACADEMIC HEADS
Greg Kanargelidis
Nancy Coyle
(Chair)
Director, Toronto Montessori Institute
Bowen Lew
Rachel Marks
Thomas Lo
Head of Elementary
Deborah McMillan (Chair, Finance Committee)
Yalda Riahi To Anh Tran (Secretary)
Monika Samant
Carolyn Reid Head of Toddler and Children’s House
Blaine Seamone Director of Teaching and Learning, Lower School
Sheila Thomas
Head of Upper School
Peter Hill Assistant Head, Upper School
HEAD OF SCHOOL David Young
MANAGEMENT TEAM Silvana Fazzari
CHIEF ADMINISTRATIVE OFFICER Vince Haines
Director, Enrolment Management
Dionne Malcolm
Director, Strategic Communications and Marketing
Richard Martin Facilities Supervisor
EXECUTIVE DIRECTOR, COMMUNITY DEVELOPMENT Kirsten Eastwood
Fayyaz Masood, Controller Linda Raponi, Office Manager Rakesh Tripathi, Director, Advancement Abel Wong, IT Supervisor