The Pembroke School Annual Report : Annual Report 2017
Pembroke Endowment Fund The Endowment Fund is the portal for all non-deductible donations and gifts including bequests. Donations and gifts received by the Fund are mostly invested for the long term as per the Foundation Investment Strategy. By maintaining and growing the Fund the aim is to provide ongoing support of School activities and initiatives well into the future. A financial summary for the year is shown below: 2017 $ 2016 $ Opening Balance 1 January 2,457,968 2,167,942 Add: Donations and bequests received 421,326 302,278 Net investment return 278,887 51,165 Total Income 700,213 353,443 Subtract: Grants 74 , 111 63,200 Expenses 64 217 Total Outgoings 74,175 63,417 Closing Balance 31 December 3,084,006 2,457,968 Comprising: Principal’s Bursary 1,535 ,104 1,406,501 Margaret Davey Bequest 126,913 120,821 General 1,421,989 930,646 In 2017 grants totalling $74,111 (2016: $63,200) comprised Principal’s Bursaries $25,000 (2016: $20,000), income from the Margaret Davey Bequest $8,000 (2016: $8,000) applied to the Pembroke Academy and other grants totalling $41,111 (2016: $35,200) applied to endowed prizes, student initiatives, indigenous and cultural activities. As at 31 December 2017 total net assets comprised short term deposits of $51,410 (2016: $50,000), listed securities and exchange traded funds totalling $2,952,153 (2016: $2,298,178) with the balance of $80,443 (2016: $109,790) held as cash and cash equivalents. The Pembroke Scholarship Fund comprises mostly long term funds invested in equities as per the Foundation Investment Strategy with capital maintained and the income applied to scholarships and bursaries. However some scholarships are funded by donors annually with the funds received and then applied in the same year. With the assistance of the Smith Family the Indigenous Reserve is used to assist Indigenous students with the cost of their education whilst attending Pembroke. In 2017 $112,459 (2016: $120,402) was granted as scholarships and bursaries to assist students with their tuition costs. As at 31 December 2017 total net assets comprised short term deposits of $2,664,500 (2016: $4,284,342), listed securities and exchange traded funds totalling $2,069,865 (2016: $1,874,588) with the balance of $492,023 (2016: $465,574) held as cash and cash equivalents.