73 | UWCSEA Annual Report 2018/2019
FINANCE This section of the report outlines financial information for the 2018/2019 year for the College. UWCSEA is incorporated in the Republic of Singapore. As a non-for-profit organisation, the College uses any financial surplus from the campuses for the sole purpose of betterment of the College. Every dollar of school fees supports the provision of our holistic learning programme, including provision of educational resources, staff recruitment, development and training, and development and maintenance of facilities. We are pleased to report that our audited financial results for the year 2018/2019, ending in July 2019, compare favorably to the budget approved by the Board of Governors. A number of adjustments due to changes in accounting policies were reflected in 2018/2019 financial statements. Adjusted for these changes, revenue grew 6.2% versus budget supported by continued solid enrolment numbers. Operating expenses were in line with budget. Overall, the net surplus amounted to S$16.4m or 8.1% of revenue, which was favorable to budget by S$13.2m. All surpluses were allocated to the College cash reserves, with the long term aim of ensuring the financial sustainability of the College.
INCOME
EXPENDITURE
Enrolment-related income comprises 90% of total revenue. Donations, investment income and other income contributes to 5.1%. Trips and activities, which represent 4.9% of the College’s revenue, are offset by an equal expense.
67.8% of the College’s expenses are derived from salaries and benefits. Campus operations represent the next biggest expense, comprising 17.2% of the total. Learning resources, technology, administration, donation and other expenses constitute another 10.1%. Trip and activities expenses represent 4.9% of total expenses, offset by an equal income.
67.8% Salaries and benefits 88.2% Tuition and boarding fees and development levy
College income
4.9% Activities and trips revenue 1.8% Admission fees 1.4% Donation income 3.7% Other income
17.2% Campus operations
College expenditure
4.9% Activities and trip expenses 2.6% Learning resources 2.2% Administration expenses 1.1% Technology 0.5% Donation expenses 3.7% Other expenses
