Issue link: https://publications.tfs.ca/i/1488517
1 8 T F S F O U N D AT I O N FINANCIAL SUMMARIES Arnaud Soupa Chair, TFS Audit and Finance Committee It has been my privilege to continue in my role as Chair of the TFS Audit and Finance Committee. The financials for the year ending June 30, 2022 demonstrate TFS' continued commitment to fiscal responsibility. TFS resumed strengthening its balance sheet further following the COVID challenges: net assets increased by $2.1M and the school remained debt free. As TFS faces increasing operating and capital expenditures, the school will continue to manage its finances responsibly and with a forward-looking approach. We are grateful to the TFS community for its donations, which are critical to give our students an exceptional learning experience, inside and outside of the classroom. TFS Highlights of the Statement of Operations ($000s) Tuition and Instructional Fees $ 50,364 $ 47,866 $ 47,376 Other Income $ 4,220 $ 2,046 $ 3,259 Total Revenue $ 54,584 $ 49,912 $ 50,635 Educational Expenses $ 36,455 $ 35,974 $ 33,912 Administration and General Expenses $ 14,435 $ 12,235 $ 12,668 Amortization Expenses, Net $ 1,630 $ 1,623 $ 1,314 Total Expenses $ 52,520 $ 49,832 $ 47,894 Excess of Revenue Over Expenses $ 2,064 $ 80 $ 2,741 Highlights of the Statement of Financial Position ($000s) 2022 2021 2020 Total Current Assets $ 22,321 $ 17,852 $ 15,245 Capital Assets $ 51,104 $ 51,532 $ 52,469 Total Assets $ 73,425 $ 69,384 $ 67,714 Total Current Liabilities $ 38,339 $ 36,916 $ 34,858 Obligation Under Capital Leases $ 324 $ - $ - Long-Term Debt $ - $ - $ - Deferred Capital Contributions $ 13,652 $ 13,423 $ 13,892 Total Liabilities $ 52,315 $ 50,339 $ 48,750 Net Assets $ 21,110 $ 19,045 $ 18,964 Students participate in a time-honoured TFS tradition with the annual Tie Ceremony at the West Campus