The Pembroke School Annual Report : Annual Report 2016
Financial Report 2016 was the second year of operation for both the Pembroke Endowment Fund and the Pembroke Public Ancillary Fund. Each Fund has an appointed investment advisor with the investments managed by the Foundation Board Investment Sub-Committee in accordance with the School board approved Investment Strategy. Those funds not required within the next five years are invested in equities and exchange traded funds with the balance held in cash and term deposits. The financial statements for both Funds have been adopted by the School Board as Trustee of the Funds and have been independently audited by KPMG, the School's external auditors. Pembroke Public Ancillary Fund The Pembroke Public Ancillary Fund is the portal for all tax deductible donations. The School currently operates four Australian Tax Office endorsed tax deductible gift recipient funds. Income for the year was $0.936 million ($0.791 million in 2015) comprising donations of $0.704 million ($0.615 million in 2015) and investment income of $0.232 million ($0.176 million in 2015). After deducting grants of $0.420 million ($0.109 million in 2015) applied to the Environmental Learning Centre at Old Watulunga and scholarships, the surplus for the year was $0.515 million ($0.682 million in 2015). The sub-funds managed by Pembroke Public Ancillary Fund comprise: 31 December 2016 $ million 31 December 2015 $ million Pembroke Building Fund 3.725 3.277 Pembroke Scholarship Fund 2.696 2.551 Other 0.204 0.224 Total Funds 6.625 6.052 As at 31 December 2016 total assets comprised short term deposits of $4.284 million ($3.593 million in 2015), listed securities and exchange traded funds totalling $1.875 million ($1.526 million in 2015), with the balance held as cash and cash equivalents. Pembroke Endowment Fund The Endowment Fund is the portal for all non-deductible donations including bequests. Income for the year was $0.378 million ($0.333 million in 2015) comprising donations of $0.302 million ($0.278 million in 2015) and investment income of $0.076 million ($0.055 million in 2015). After deducting grant expenditure of $0.063 million ($0.093 million in 2015) to support the School's Indigenous and cultural programs the surplus for the year was $0.315 million ($0.240 million in 2015). The sub-funds managed by the Pembroke Endowment Fund comprise: 31 December 2016 $ million 31 December 2015 $ million Principal's Bursary 1.407 1.392 Margaret Davies Bequest 0 .121 0 . 118 General 0.930 0.658 Total Funds 2.458 2.168 As at 31 December 2016 total assets comprised listed securities and exchange traded funds totalling $2.298 million ($1,968 million 2015), short term deposits of $0.050 million (nil in 2015) with the balance held as cash and cash equivalents.
Annual Report 2014