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Finance
This section of the report outlines financial information for the 2020/2021 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 and student recruitment, staff development and training, and development and maintenance of facilities in line with our mission for sustainability. We are pleased to report that our audited financial results for the year 2020/2021, ending 31 July 2021, compare favourably to the budget approved by the Board of Governors. Revenue grew just 0.5% versus the budget, as a result the ongoing effects of the restrictions imposed by pandemic on College operations. Operating expenses were -1.5% less than budgeted expectations. Overall, the net surplus amounted to S$17.7 million or 7.5% of revenue, favourable to budget by S$4.5 million. 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 comprised 92.8% of total revenue. Donations, investment income and other income contributes to 5.2%. Activities and trips income was 2.1%; notes below in the strategic development.
EXPENDITURE
69.7% of the College’s expenses are derived from salaries and benefits. Campus operations represent the next biggest expense, comprising 13.7% of the total. Learning resources, technology, administration, donation and other expenses constitute another 16.6%. The 1.6% Activities and Trips expenditure reported does not include staff costs for delivering programmes; these are incorporated in the previously noted salaries and benefits expenditure.
College income
90.4% Tuition and boarding fees and development levy
2.1% Activities & Trip revenue 2.4% Admission fees 1.2% Donation income 0.9% Investment income 3.0% Other income 69.7% Salaries and benefits
College expenditure
13.7% Campus operations
1.6% Activities & Trip expenses 3.4% Learning resources 1.5% Technology 0.9% Administration expenses 9.2% Other expenses
STRATEGIC DEVELOPMENT: COMMUNITY AND HOLIDAY PROGRAMME DEVELOPMENT
In 2020/2021 the College continued to develop its community (weekend and after school) and holiday programmes in order to provide a first-class holistic educational programme to enrolled students. Implementation of a cost-neutral model has continued in line with the strategic aim of creating long term financial sustainability and a more inclusive programme for current students. Continuing to bring in-house the development and management of high-demand programmes for currently enrolled students has provided consistent access and increased opportunities for enrolled students at all levels of attainment. The College also continued to run subsidised school holiday programmes for enrolled students during school holiday periods where travel and external activities continued to be curtailed by restrictions imposed by the pandemic.
Funding for scholarships is generated through school fees, the UWCSEA Nominee Programme, corporations, foundations, National Committees, and parent, alumni and staff donations. A total of S$8.4 million was given to scholarships during the 2020/2021 school year, enabling the UWCSEA community to welcome 105 scholars from 65 countries to our boarding community in Singapore.
71.6% UWCSEA school fees
Source of funding
19.9% Corporations and major donors
3.1% UWCSEA Annual Fund 2.0% National Committees 3.4% Parents of scholars
S$8.4 million
Total financial support
In addition, fundraising through the UWCSEA Foundation supported another seven scholars to attend other UWCs around the world • 3 UWC East Africa Scholarships • 2 UWCSEA Staff Fund Scholarships at Waterford Kamhlaba UWC • 1 UWCSEA Refugee Scholarship (Iraq) at UWC in Mostar • 1 UWCSEA Staff Fund Scholarship at UWC Mahindra
