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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 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.
A summary of the financial position of the school follows, along with comparative information for the previous year.
Income
Tuition fee income
Grants
Other income
2021 2020
Expenditure
Academic salaries and on-costs
2021 2020
$26,919,000 $26,906,000
Education expenses Scholarships and bursaries
$6,286,000 $5,497,000 $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 Finance and other costs $351,000 $314,000 Retained for capital development $9,992,000 $1,994,000
$62,114,000 $58,975,000
Expenditure
Further funding for the latter projects will be received in 2022 and 2023 whilst lease payments are set to be received for at least the next five years. School Council has resolved to reinvest such funds into the Marles Playing Fields and support the completion of the existing Master Plan for the site. The chart on this page details the comparative fundraising income that has been generated by the School. The decline in donations over the past two years is indicative of the pandemic’s impact on operations and the revised focus on Covid-19 fee relief, TLC support and other wellbeing and community engagement activities. With the impending new Strategic Plan, Master Plan, Giving Day and normal activities resuming, the Community Engagement team looks forward to regenerating fundraising and philanthropic efforts over the course of this year.
In accordance with the Victorian Registration and Qualifications Authority registration requirements, the School is obligated to also provide business performance information to the community on the Early Learning Centre and Boarding operations.
The School operates boarding services for local and international students in Years 9 to 12 in the senior boarding residences located south of the Birrell Oval, on Charles Street and College Parade. In 2019, the School Council resolved to cease boarding operations at the end of the 2022 school year. This decision has meant the Boarding House numbers are declining as no new enrolments are being accepted.
The Houses are managed by our Director of Boarding, Ian Lundie, together with a team of residential tutors. Some 17 boarders were enrolled during the 2021 school year, reducing to the final six for 2022.
The School also operates an Indigenous boarding house called Dadirri House. Chris and Vanessa Johnson manage this program at the dedicated residence at 49 Wellington Street. Four Indigenous students can be accommodated with the Johnson family each year.
The move to and from distance learning impacted significantly on the boarding operations and the boarders themselves. Despite the challenges, the boarders remained upbeat and enthusiastic about their situation and our departing Year 12 boarders all performed very well in their VCE.
The School also operates a Registered Early Learning Centre with three-year-old and four-yearold kindergarten services being provided. Both programs were fully enrolled in the 2020 school year with 22 spaces approved for each room.
The program is led by our ELC Director, Naomi Wright, and the team of ELC teachers and coeducators. An externally-managed and registered out-of-school-hours care program operates on the ELC site after school each day during term. The ELC operations also sit within the School’s (Company) single entity financial reporting framework and are subject to annual external audit. The program receives direct government recurrent grants for kindergarten programs. No other recurrent grants are used for ELC purposes with the program operated by the School using ELC fees and school funds.
The ELC program is subject to formal review and regulatory audit by ACEQA/Department of Education and the most recent audit saw the School achieve ‘exceeding the standards’ ratings for the majority of categories.
All Boarding and ELC operations are governed by the School Council and managed on a day-to-day basis under delegation to the Principal. The programs are funded via specific fees and school funds. No government recurrent grants apply to the financial operations of the boarding programs. Staff are employed directly by the School and the services operate from schoolowned properties.
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
2018 2019 2020 2021
Both the Boarding and ELC services have recently been recognised within the School’s Constitution to also ensure compliance with changes to the Education Training Reform Regulations by the Victorian Government. Their operations sit within the School’s (Company) single entity financial reporting framework and are subject to annual external audit.
Whilst we will acknowledge the conclusion of senior boarding services at the end of the 2022 school year, we look forward to continuing to enhance the Indigenous Support Program and Dadirri House in the years ahead. The School’s direct work with the Melbourne Indigenous Transition School (MITS) will aid the continued success of our program.
The School’s overall financial position remains strong and continued healthy enrolment demand places the organisation in an excellent situation to respond to the impending strategic and development plan major goals and actions. Thanks to the School Council, the Finance and Risk Committee and the Finance team for their support and continued diligence and efforts during the past financial year period.
Mark Glover
Director of Business
Copies of the Audited Financial Statements can be obtained from the office of the Director of Business.
