The Pembroke School Annual Report : Annual Report 2017
Financial Report 2017 was the third 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 Foundation 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 and gifts. The School currently operates four Australian Tax Office endorsed tax deductible gift recipient funds: • Pembroke Building Fund • Pembroke Scholarship Fund • Pembroke Community Circumstances Fund • Pembroke Library A financial summary for the 2017 year is shown below: 2017 $ 2016 $ Opening Balance 1 January 6,624,504 6,051,560 Add: Donations received 903,420 704,105 Net investment return 361,670 289,931 Total Income 1,265,090 994,036 Subtract: Grants 2,662,459 420,402 Expenses 747 690 Total Outgoings 2,663,206 421,092 Closing Balance 31 December 5,226,388 6,624,504 Comprising: Pembroke Building Fund 2,107,960 3,724,904 Pembroke Scholarship Fund 2,921,564 2,695,545 Indigenous Reserve 196,864 204,055 Monies held in the Pembroke Building Fund are primarily invested in short term deposits with the funds then applied to School building projects in accordance with the requirements of Australian taxation legislation. In 2017 Building Fund grants to the School totalled $2,550,000 (2016: $300,000) in support of two major building projects being the Middle School Development at 3 Shipsters Road ($2,000,000) and completion of the Environmental Learning Centre at Old Watulunga ($550,000).