Issue link: https://publications.tfs.ca/i/1511583
ENTRE NOUS 72 Nora Nestor Chair, TFS Audit and Finance Committee It is a pleasure to start in my new role as Chair of the TFS Audit and Finance Committee. The financials for the year ending June 30, 2023, demonstrate TFS' continued commitment to fiscal responsibility in constantly evolving times. TFS continued to build on the strength of its balance sheet, including creating a reserve for the air conditioning project at the West Campus. The school operated without debt and ended the year with a surplus of $2.8M. Inflationary pressures will continue to add pressure to operations, however the longterm plan of the school is sound and stable. We are grateful to the TFS community for its donations and support of the master plan, which are critical to giving our students an exceptional learning experience, inside and outside of the classroom. TFS Highlights of the Statement of Operations ($000s) Tuition and Instructional Fees $54,827 $ 50,364 Other Income $5,741 $ 4,220 Total Revenue $60,568 $ 54,584 Educational Expenses $38,437 $ 36,455 Administration and General Expenses $17,423 $ 14,435 Amortization Expenses, Net $1,876 $ 1,630 Total Expenses $57,736 $ 52,520 Excess of Revenue Over Expenses $2,832 $ 2,064 Highlights of the Statement of Financial Position ($000s) 2023 2022 Total Current Assets $27,008 $ 22,321 Capital Assets $50,514 $ 51,104 Total Assets $77,522 $ 73,425 Total Current Liabilities $39,253 $ 38,339 Obligation Under Capital Leases $204 $ 324 Long-Term Debt $ - $ - Deferred Capital Contributions $14,124 $ 13,652 Total Liabilities $53,581 $ 52,315 Net Assets $23,941 $ 21,110 FINANCIAL SUMMARIES A topographical 3D printed model of the Toronto campus with a preview of our new Master Plan building which will add 37,490 sq ft of space for our community.