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 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.

College income

88.2% Tuition and boarding fees and development levy

1.8% Admission fees 1.4% Donation income 3.7% Other income 4.9% Activities and trips revenue

EXPENDITURE 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

17.2% Campus operations

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 College expenditure

FINANCIAL SUPPORT: SCHOLARSHIP PROGRAMME AT UWCSEA Funding for scholarships is generated through school fees, the UWCSEA Nominee Programme (UNP), corporations, foundations, National Committees, and parent, alumni and staff donations. A total of S$7.12 million was given to scholarships during the 2018/2019 school year, enabling the UWCSEA community to welcome 89 scholars from 45 countries to our boarding community in Singapore.

Funding for UWCSEA-enroled scholars

69% UWCSEA school fees

19.4% Corporations and major donors

Source of funding

3% National Committees 4.5% UWCSEA Fund 4.2% Parents of scholars

S$7.12 million Total financial support

In addition, fundraising through the UWCSEA Foundation supported another nine scholars to attend other UWC’s around the world: • 1 UWCSEA Refugee Scholarship at UWC Dilijan (South Sudanese) • 2 UWCSEA Refugee Scholarships at UWC Mostar (Palestinian and South Sudanese) • 1 UWCSEA Refugee Scholarship at UWC Atlantic (Sri Lankan) • 1 Singaporean scholar at UWC Costa Rica • 2 UWCSEA staff-funded scholarships at Waterford Kamhlaba UWC • 2 UWCSEA staff-funded scholarships at UWC Mahindra