Finance Report - Mother Teresa Catholic College
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Finance Report
MOTHER TERESA CATHOLIC COLLEGE
2020 Annual Community General Meeting
Finance Report
Michelle Reed
17 November 2020
Presented by Michelle Reed
Business Manager
2020 Recurrent Income
2020 Recurrent Income
"Recurrent Income" :
Income used to address our day-to-day operating expenses
The school received $1.95M from recurrent Tuition and Compulsory
Fee Income Other Recurrent Income State Govt. Grants
Fees in 2020, after providing $360K in discounts and fee concessions. Australian Govt. Grants Trading Income
The State and Australian Government provided Base Allocations to
the college, funding the school on a per-capita basis. Additional
loadings were provided to support Students with Disabilities,
Aboriginal & Torres Strait Islander students, SES and Size Loadings
and New School support.
Catholic Education WA Ltd (CEWA) provided $1.63M from the Co-
responsibility Fund to assist the school to meet loan repayments.
The college will continue to be funded on a per-capita base under the
Commonwealth "Funding Allocation Model" (FAM) in 2021.
2020 Recurrent Income
Fee income includes tuition, compulsory
2019 2020 levies & camps
Fee Income 1,541,040 1,950,168
Other Recurrent Income 161,014 98,089
State Govt. Grants 1,945,523 2,340,210
Australian Govt. Grants 5,742,653 6,376,028
Trading Income 264,919 312,727
p
Total Recurrent Income 9,655,149 11,077,222
2020 Recurrent Expenses
“Recurrent” Expenses: Recurrent Expenditure per
2020 Recurrent Expenses
Expenses connected with daily Student
activity and operations of the 30,000.00
school
Salaries and associated on-costs 22,500.00
account for 55% of total
12,644.38
operational costs.
15,000.00
Interest and finance costs have
grown significantly, following
drawdown of loans taken out for 7,500.00
11,827.31
the college Capital Development
Salaries & Oncosts Curriculum & Departmental Finance programs.
Operating & Maintenance Costs Property Maintenance & Utilities Trading Expenses '-
Depreciation Recurrent expenditure per student
2019 2020
increased from $11,827 in 2019 to
$12,644 in 20202020 Recurrent Expenses
2019 2020
Salary increases in
Salaries & Oncosts 6,539,002 8,495,764
accordance with CEWA
Curriculum & Departmental 433,891 667,358 and EBA agreement
Finance 570,534 567,397
Operating & Maintenance Costs 806,651 852,823
Property Maintenance & Utilities 511,356 610,806
Trading Expenses 192,836 248,444
Depreciation 1,490,852 1,564,458
Total Recurrent Expenditure 10,545,122 13,007,0502020 Assets
The College held $46.7M in assets at
1 January 2020. The following additions
$46,000,000.00 were made between 1 January 2020 and
30 September 2020:
$45,500,000.00
$45,000,000.00
Buildings (WIP) $1,056,417
Improvements $12,427
$44,500,000.00 Furniture & Fittings $20,182
$44,000,000.00
IT Equipment $33,727
Plant & Equipment $19,570
$43,500,000.00
Motor Vehicles $69,309
$43,000,000.00
College Assets have been depreciated by
$42,500,000.00 $1.17M between 1 January 2020 and 30
01.01.2020 30.09.2020
September 2020, with a closing net book
Buildings Improvements Furniture & Fittings IT Equipment Plant & Equipment Motor Vehicles
value of $45.6M at 30 September 2020.2020 Loans
14,000,000 The College building projects continue to be funded
through State Government Low Interest Loans and
CDF Bank Loans.
The school owed a total of $39.6M at the
10,500,000
commencement of 2020.
Two new loans were taken out during 2020 –
$1.096M for Stage 4 works and a $60K bank loan for
7,000,000
the school bus.
$1.31M was paid towards Principal during the year.
The college will have loans valued at $38.4M at 31
December 2020.
3,500,000
Principal payments on Stage 4 Low Interest Loan will
commence in February 2021.
The school does not generate sufficient income from
'-
School Fees to cover our loans and CEWA Ltd
Stage 1 CDF Stage 2 CDF Stage 3 CDF Stage 3a CDF Bus CDF Stage 1 LIL Stage 2 LIL Stage 3 LIL Stage 3a LIL Stage 4 LIL continues to provides debt servicing assistance
2019 2020
through co-responsibility funding.Enrolments 2016 – 2021 (Budget)
1100
1007
837
The College continues 825
to see strong enrolment 702
growth, with a projected
student base of 1007 550
548
students from K-Y10 in 427
2021, an increase of
325
17% from 2020 275
0
2016 2017 2018 2019 2020 2021School Fees 2021
The College has not increased Tuition fees in 2021, in accordance with CEWA instructions.
The Amenities Levy, ICT Levy, Subject Levy, P&F and Building levies have also remained at 2020 rates for the 2021
school year. Kindy fees have been reduced in 2021. As in previous years, some year groups will incur additional
charges for direct costs paid to third parties on behalf of students, including:
Subject selection Sacramental Program 123 Magic, OT & Speech Therapy Booklist Yr 7 iPad Levy
Swimming Excursions Camps Yr 1 iPad Levy Yr 10 iPad Levy
2021 Fee Schedule
Tuition Amenities Levy ICT Levy Subject Levy Building Levy P&F Levy Total
3YO Kindergarten 3,200 0 0 0 0 0 3,200
Kindergarten 1,005 206 150 0 251 61 1,673
PP-Year 6 1,256 206 150 0 251 61 1,924
Y7-Y10 3,460 210 150 391 346 61 4,618
The College Board ratified the 2021 fees at the Board meeting held on Tuesday 10 November 2020.School Fees 2021 • The College has endeavored to keep additional charges to parents to a minimum. Excursion costs will continue to be heavily subsidised by the College in 2021. • Families with two or more children across Pre-Primary to Year Seven will be entitled to Sibling Discounts. • Families holding eligible Pensioner or Health Care Cards are entitled to apply for a discount under the CECWA HCC Discount Scheme. The discount will apply to Tuition Fees, Amenities Levy, and Building Levy. • All other third-party charges, such as Booklist, Camps, Screening etc. are direct on-charges from external suppliers and are not discounted under the HCC Discount Scheme. • Families facing significant financial hardship are invited to apply to the College for a School Based Discount. Please contact the College Finance staff to arrange a meeting to discuss, if required. • The School Fee Policy and Fee Schedule is available on the College website. • Families withdrawing their children from the College are required to provide one term's notice in writing to the Principal. Parents are liable for charges where minimum notice is not received. • Any queries regarding fees or fee-related matters should be directed to the Finance Office. • We thank families for their continued support of the College through payment of their fees and give special thanks to those families that have worked with the College to establish appropriate payment arrangements during COVID-19.
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