77 | UWCSEA Annual Report 2019/2020
FINANCE This section of the report outlines financial information for the 2019/2020 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 2019/2020, ending in July 2020, compare favourably to the budget approved by the Board of Governors. Revenue grew 3.9% versus the budget, supported by continued full capacity enrollment despite the effects of the COVID-19 pandemic on the global economy. Operating expenses were in line with budgeted expectations. Overall, the net surplus amounted to S$23.2 million or 9.8% of revenue, favourable to budget by S$11.3 million. 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 91.4% of total revenue. Donations, investment income and other income contributes to 8.6%. Activities and trips income is included in other income.
71.4% of the College’s expenses are derived from salaries and benefits. Campus operations represent the next biggest expense, comprising 12.8% of the total. Learning resources, technology, administration, donation and other expenses constitute another 15.8%. Activities and trips expenditure is included in other expenses.
71.4% Salaries and benefits
88.9% Tuition and boarding fees and development levy
College income
2.5% Admission fees 1.2% Donation income 1.2% Investment income 6.2% Other income
12.8% Campus operations
College expenditure 3.7% Learning resources 1.7% Administration expenses 1.2% Technology 0.4% Donation expenses 8.8% Other expenses
STRATEGIC DEVELOPMENT: FINANCIAL RELIEF PROGRAMME LAUNCH In 2019/2020, UWCSEA initiated a Financial Relief Programme (FRP), designed to support families of currently enrolled students in the UWCSEA community should they experience a sudden unexpected change of circumstance. The FRP is a short-term financial relief in the form of a contribution towards up to a terms UWCSEA school fees for each child enrolled at the College. In developing this permanent programme for the College, Governors and leadership kept several principles in mind: care for our community; fiscal responsibility; and fairness. A detailed FRP Policy was developed and applies to any current fee-paying family, with the exception of members of the Board of Governors.
