Financial Report The 2021 School/Financial Year presented a number of challenges with the continuation of prevailing Covid-19 pandemic implications. Our School even endured its own Covid-cluster and the entire school community was forced into a 14-day quarantine period. The distance learning practices and disciplines that evolved throughout 2020 were quickly re-established in 2021 such that there was no time delay transition unlike other peer schools, and no disruption to the quality of delivery of Trinity’s core education product. The school community continued to work proactively and responsibly together and significant programs were implemented to support families and staff in need. Noting the impact on the students’ ability to participate in the richness of the full life of the School, the School Council resolved to provide fee rebates to all families in recognition of this reality. The 2021 financial support provided to our community totalled a reduction in fee revenue of almost $1.2M. Over the two-year period of lockdowns and remote learning, the School provided over $6M in financial relief to families, including bursaries, payment respite and payment plan offerings. Whilst financial relief was not the only support provided to families, with correlated access to counselling, care packages and vaccination access offered, amongst other activities, it was a significant metric in School Council and management monitoring the support required for our community. The Trinity Staff cohort also approached the School in the latter months of 2020 to request that no indexation be applied to their 2021 salaries, in recognition of the hardship being faced in the community and acknowledging the support of the School for their work and security. School Council again would like to formally recognise
16 | THE TRINIT Y GRAMMARIAN
A summary of the financial position of the school follows, along with comparative information for the previous year.
Income
2021
2020
$50,674,000
$49,960,000
Grants
$6,468,000
$6,115,000
Other income
$4,972,000
$2,900,000
$62,114,000
$58,975,000
2021
2020
$26,919,000
$26,906,000
Education expenses
$6,286,000
$5,497,000
Scholarships and bursaries
$2,855,000
$3,028,000
Depreciation (non-cash)
$4,809,000
$4,887,000
Maintenance, cleaning and grounds
$4,109,000
$4,355,000
Administration expenses
$5,274,000
$5,091,000
Significant one off and non-cash items
$1,519,000
$6,903,000
$351,000
$314,000
$9,992,000
$1,994,000
$62,114,000
$58,975,000
Tuition fee income
Expenditure Academic salaries and on-costs
Finance and other costs Retained for capital development
the commitment of the Staff cohort across all aspects of our operations and the professional and dedicated manner in which they did, and continue to, undertake their roles and impact the young people in our care. Over the past four years, the School Council has acknowledged historical instances where Trinity failed in its duty of care to students. Such behaviour is abhorrent, and the school has created non-cash reserves to develop appropriate restitution processes and services to support past students and staff. The North East Link Project operated throughout the year impacting on 20% of the Marles Playing Fields at Bulleen being temporarily lost to the State Government as a construction site. The School was able to negotiate financial compensation from the State to relocate and construct eight tennis courts, 16 cricket practice wickets, an archery range
and various minor infrastructure improvements. The funding agreement will also result in further improvements to the Marles Playing Fields property including the new southern boundary roadway and parking (just completed), new changerooms, and relocated maintenance compound and caretaker’s residence.
Expenditure
